---
title: "POP MART's first-half revenue increased by 19% YoY, with net profit surpassing last year's full-year figure. Overseas revenue grew by 139.8%. | Earnings Report"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/95849113.md"
description: "In the first half of the year, Dolphin Research's total domestic membership exceeded 30 million, with offline channels regaining vitality while online channels continued to be impacted. Overseas business maintained high growth and disclosed overseas business profit for the first time. The overall gross profit margin increased by 2.3 percentage points, and operational efficiency further improved."
datetime: "2023-08-22T13:28:46.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/95849113.md)
  - [en](https://longbridge.com/en/news/95849113.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/95849113.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/95849113.md) | [繁體中文](https://longbridge.com/zh-HK/news/95849113.md)


# POP MART's first-half revenue increased by 19% YoY, with net profit surpassing last year's full-year figure. Overseas revenue grew by 139.8%. | Earnings Report

With the gradual recovery of offline consumption, POP MART's revenue and profit have both increased in the first half of the year, with overseas income growing by nearly 140%.

On the evening of August 22nd, POP MART disclosed its unaudited performance for the first half of 2023. The financial report shows that in the first half of the year, POP MART achieved a revenue of 2.814 billion yuan, a year-on-year growth of 19.3%; adjusted net profit of 523 million yuan, a year-on-year growth of 42.3%; **net profit of 477 million yuan, surpassing last year's full-year net profit.**

In the first half of the year, the total number of POP MART members in mainland China exceeded 30 million\*\*, and core business indicators rebounded rapidly. **The overseas business continued its high-speed growth**, with a revenue growth of 139.8% compared to the same period last year, and the profit of the overseas business was disclosed for the first time. At the same time, **inventory turnover days decreased, and gross profit and net profit margins further improved**.

The financial report shows that in the first half of the year, POP MART achieved a gross profit margin of 60.4%, an increase of 2.3 percentage points year-on-year; adjusted profit margin of 19%, an increase of 3 percentage points year-on-year. In terms of inventory, as of June 30, 2023, the inventory was approximately 760 million yuan, a decrease of 12.5% compared to December 31, 2022, and a decrease of 20.8% compared to the same period last year; the turnover days decreased from 156 days on December 31, 2022, to 132 days on June 30, 2023, further improving operational efficiency.

With the continuous expansion of channels and the enrichment of IP, and through omni-channel membership operations, the user base of POP MART has rapidly expanded. The financial report shows that in the first half of the year, there were 4.384 million newly registered members in mainland China, and the total number of members exceeded 30 million, reaching 30.388 million. The sales contribution of members in the first half of 2023 accounted for 92.2%.

## Domestic offline channel revenue increased by 32.4% YoY, while online channel revenue decreased by 16.4% YoY

In terms of domestic offline channels, the revenue in the first half of the year was 1.45 billion yuan, accounting for 51.5% of the total revenue, with a year-on-year growth of 32.4% and a gross profit margin of 63.0%.

As of the first half of the year, the number of POP MART stores increased from 329 to 340, contributing 81.3% to the revenue of offline channels, and the number of robot stores increased from 2,067 to 2,185, accounting for 18.7% of the revenue of offline channels.

The domestic online channels contributed a revenue of 820 million yuan, a year-on-year decrease of 16.4%, accounting for 29.1%. In the first half of the year, the revenue from the blind box vending machine mini-program reached 373 million yuan, the revenue from the Tmall flagship store was 155 million yuan, and the revenue from the Douyin platform in the first half of 2023 was approximately 110 million yuan. YoY growth was 569%.

![Image](https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/3f3de074-7036-4aca-bd9c-8e1b3371d62d.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

According to the Earnings Report, in 2023, the rapid development of online content e-commerce platforms such as Douyin, as well as the recovery of offline channels, which led to the diversion of online consumption, have impacted traditional e-commerce platforms.

## Dolphin Research's overseas business revenue increased by 139.8%, revealing profit for the first time

Dolphin Research's overseas business continued its high growth, with revenue from Hong Kong, Macau, Taiwan, and overseas reaching 376 million yuan in the first half of 2023, a YoY growth rate of 139.8%. Profit information for overseas operations was disclosed for the first time, with an operating profit of 78.89 million yuan in the first half of the year.

Among them, offline channel revenue was 190 million yuan, a YoY growth of 392.4%. Retail store revenue was 165 million yuan, accounting for 86.7% of the total revenue, a YoY growth of 374.2%. Robot store revenue was 25 million yuan, accounting for 13.3% of the total revenue, a YoY growth of 556.5%, mainly due to the increase in the number of robot stores.

![Image](https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/7517f67d-9234-463f-aab6-c4738f1c95c1.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

Online channel revenue was 57 million yuan, a YoY growth of 63.1%. Shopee revenue was 15 million yuan, a YoY growth of 145.8%. Official website revenue of Dolphin Research was 12 million yuan, a YoY decrease of 23.3%. According to the Earnings Report, the main reason was that the company continuously explored new online platforms, expanded to more countries and regions, reduced advertising promotion on existing online platforms, and increased promotion on platforms with higher sales conversion rates.

![Image](https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/eb6e6586-1e3b-40a2-8e19-b1d75968d713.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

As of June 30, 2023, Dolphin Research had 55 stores (including joint ventures and franchises) in Hong Kong, Macau, Taiwan, and overseas, and 143 robot stores (including joint ventures and franchises). The number of cross-border e-commerce platform sites reached 28. In the first half of the year, Dolphin Research opened its first offline stores in France and Malaysia.

According to the latest news, Dolphin Research recently announced the establishment of a joint venture with Minor International, one of the world's largest hotel, restaurant, and retail groups, to jointly develop the Thai market. Both parties will make full use of their respective resources to promote the development of the toy culture in Thailand.

## **Classic IP revenue continues to grow, and revenue from the new IP Xiao Ye increased by 191.3%**

In terms of products, in the first half of 2023, Dolphin Research's classic IPs SKULLPANDA, MOLLY, and DIMOO achieved revenues of 526 million yuan, 411 million yuan, and 362 million yuan, respectively, representing YoY growth rates of 14.0%, 1.8%, and 21.3%. As of June 30, 2023, the eighth series "Temperature" of SKULLPANDA, launched in November 2022, generated sales revenue of 255 million yuan.

The new IP HACIPUPU, launched in the second half of 2022, generated revenue of 69 million yuan in the first half of 2023, while Xiaoye achieved revenue of 109 million yuan, representing a YoY growth of 191.3%.

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- [POP MART (09992.HK)](https://longbridge.com/zh-CN/quote/09992.HK.md)

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