泡泡玛特(09992) - 2025 - 中期业绩

Interim Results Announcement Interim Results Summary POP MART International Group Limited announced its unaudited consolidated results for the six months ended June 30, 2025, reporting significant growth in revenue, gross profit, operating profit, and net profit, with substantial increases in basic and diluted earnings per share Key Financial Highlights | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 13,876,276 | 4,557,831 | 204.4% | | Gross Profit | 9,761,064 | 2,919,105 | 234.4% | | Operating Profit | 6,043,741 | 1,126,417 | 436.5% | | Profit for the Period | 4,681,713 | 964,142 | 385.6% | | Profit Attributable to Owners of the Company | 4,574,368 | 921,333 | 396.5% | | Non-IFRS Adjusted Net Profit | 4,709,630 | 1,017,625 | 362.8% | | Basic Earnings Per Share (RMB cents) | 344.17 | 69.49 | 395.3% | | Diluted Earnings Per Share (RMB cents) | 342.95 | 69.22 | 395.4% | Interim Condensed Consolidated Financial Information Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the company's revenue increased by 204.4% year-on-year to RMB 13,876,276 thousand, gross profit grew by 234.4% to RMB 9,761,064 thousand, operating profit surged by 436.5% to RMB 6,043,741 thousand, and profit for the period rose by 385.6% to RMB 4,681,713 thousand Consolidated Statement of Profit or Loss | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 13,876,276 | 4,557,831 | | Cost of Sales | (4,115,212) | (1,638,726) | | Gross Profit | 9,761,064 | 2,919,105 | | Operating Profit | 6,043,741 | 1,126,417 | | Profit Before Income Tax | 6,156,872 | 1,228,438 | | Income Tax Expense | (1,475,159) | (264,296) | | Profit for the Period | 4,681,713 | 964,142 | | Profit Attributable to Owners of the Company | 4,574,368 | 921,333 | | Profit Attributable to Non-controlling Interests | 107,345 | 42,809 | | Total Comprehensive Income for the Period | 4,658,377 | 1,069,848 | | Basic Earnings Per Share (RMB cents) | 344.17 | 69.49 | | Diluted Earnings Per Share (RMB cents) | 342.95 | 69.22 | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's total assets increased to RMB 21,356,679 thousand, a 43.6% rise from December 31, 2024, driven by a significant increase in cash and cash equivalents within current assets, alongside substantial growth in total equity and an increase in total liabilities Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Assets | | | | Total Non-current Assets | 3,506,097 | 2,634,591 | | Total Current Assets | 17,850,582 | 12,236,081 | | Total Assets | 21,356,679 | 14,870,672 | | Equity | | | | Equity Attributable to Owners of the Company | 14,184,042 | 10,683,505 | | Non-controlling Interests | 245,532 | 201,134 | | Total Equity | 14,429,574 | 10,884,639 | | Liabilities | | | | Total Non-current Liabilities | 1,003,907 | 616,005 | | Total Current Liabilities | 5,923,198 | 3,370,028 | | Total Liabilities | 6,927,105 | 3,986,033 | | Total Equity and Liabilities | 21,356,679 | 14,870,672 | | Cash and Cash Equivalents | 11,922,694 | 6,109,017 | | Trade Receivables | 971,579 | 477,723 | | Inventories | 2,273,691 | 1,524,521 | | Trade Payables | 1,627,664 | 1,010,109 | Notes to the Interim Condensed Consolidated Financial Information General Information POP MART International Group Limited, incorporated in the Cayman Islands, primarily engages in the design, development, and sale of trendy toys in China and overseas, with its shares listed on the Main Board of the Hong Kong Stock Exchange since December 11, 2020 - The company's main business involves the product design, development, and sale of trendy toys, covering markets in China and overseas[8] - The company was incorporated in the Cayman Islands on May 9, 2019, and listed on the Hong Kong Stock Exchange on December 11, 2020[8] Basis of Preparation This interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 and is consistent with the accounting policies adopted in the annual financial statements for the year ended December 31, 2024, with the adoption of an amendment to IAS 21 expected to have no material impact on the current or future periods - Interim financial information is prepared in accordance with IAS 34 and is consistent with the accounting policies of the previous year[10] - The company first applied the amendment to IAS 21, "Lack of Exchangeability," from January 1, 2025, with no significant impact expected[11] - New or amended accounting standards issued but not yet effective are not expected to have a material impact on the Group's current or future reporting periods, though IFRS 18 may have a general impact on presentation and disclosure upon its effective date[12][13] Segment and Revenue Information The Group has reclassified its business into two reportable segments, "China Business" and "Overseas Business," following an organizational structure upgrade, with China Business revenue reaching RMB 8,282,812 thousand and Overseas Business revenue reaching RMB 5,593,464 thousand for the six months ended June 30, 2025, both showing significant growth - The Group has adjusted its reportable segments to "China Business" and "Overseas Business," and comparative data has been restated[14][15] Segment Revenue and Results | Segment | 2025 Revenue (RMB thousands) | 2024 Revenue (RMB thousands) | 2025 Segment Results (RMB thousands) | 2024 Segment Results (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | China Business | 8,282,812 | 3,521,231 | 4,049,193 | 1,262,004 | | Overseas Business | 5,593,464 | 1,036,600 | 2,469,468 | 350,899 | | Total | 13,876,276 | 4,557,831 | 6,518,661 | 1,612,903 | Revenue by Channel (First Half 2025) | Channel | China Business (RMB thousands) | Overseas Business (RMB thousands) | | :--- | :--- | :--- | | Retail Store Sales | 4,405,948 | 2,502,062 | | Online Sales | 2,937,255 | 2,560,742 | | Robot Store Sales | 678,298 | 142,443 | | Wholesale and Others | 261,311 | 388,217 | | Subtotal | 8,282,812 | 5,593,464 | | Total | 13,876,276 | | Details of Cost of Sales and Expenses For the six months ended June 30, 2025, total cost of sales and expenses amounted to RMB 8,078,207 thousand, with inventory costs, employee benefit expenses, and transportation and logistics expenses being significant components, all showing substantial year-on-year increases Cost of Sales and Expenses Breakdown | Expense Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Inventory Costs Included in Cost of Sales | 3,272,871 | 1,282,095 | | Employee Benefit Expenses | 992,685 | 657,748 | | Transportation and Logistics Expenses | 784,667 | 121,931 | | Commission and E-commerce Platform Service Fees | 642,451 | 206,785 | | Design and Licensing Fees | 451,171 | 192,352 | | Advertising and Marketing Expenses | 400,899 | 198,592 | | Total | 8,078,207 | 3,426,342 | Other Income For the six months ended June 30, 2025, total other income was RMB 67,232 thousand, primarily from government grants and licensing and other service income, representing a 112.9% increase from the prior year Other Income Breakdown | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Government Grants | 37,810 | 10,301 | | Licensing and Other Service Income | 25,769 | 18,949 | | Others | 3,653 | 2,336 | | Total | 67,232 | 31,586 | Other Gains / (Losses) – Net For the six months ended June 30, 2025, the company achieved net other gains of RMB 179,186 thousand, primarily driven by exchange gains and gains from remeasuring existing equity interests in a former joint venture upon business combination, compared to a net loss in the prior period Other Gains / (Losses) – Net | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Fair Value Changes of Financial Instruments at FVTPL | 23,696 | (33,305) | | Exchange Gains or Losses | 120,130 | (9,868) | | Gain on Remeasurement of Existing 50% Equity Interest in Former Joint Venture upon Business Combination | 42,165 | – | | Total | 179,186 | (34,069) | - The company recognized a gain of approximately RMB 42,165 thousand from the acquisition of a 50% equity interest in Pop Mart South Asia Pte. Ltd. in June 2025[20] Finance Income – Net For the six months ended June 30, 2025, net finance income decreased to RMB 65,506 thousand from RMB 83,775 thousand in the prior period, mainly due to lower interest income from cash and bank deposits Finance Income – Net | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest Income from Cash and Bank Deposits | 93,870 | 105,993 | | Interest Expense on Lease Liabilities | (28,275) | (19,766) | | Finance Income – Net | 65,506 | 83,775 | Income Tax Expense For the six months ended June 30, 2025, income tax expense significantly increased to RMB 1,475,159 thousand, primarily due to higher profit before income tax and an estimated average annual tax rate increase from 21.5% to 24.0% Income Tax Expense | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Income Tax | 1,661,562 | 275,915 | | Deferred Income Tax Credit | (186,403) | (11,619) | | Income Tax Expense | 1,475,159 | 264,296 | - The estimated average annual tax rate increased from 21.5% in the first half of 2024 to 24.0% in the first half of 2025[22] Dividends For the six months ended June 30, 2025, total dividends paid amounted to RMB 1,083,288 thousand, or RMB 81.46 cents per share, a significant increase from the prior period, with the Board not recommending an interim dividend for the current period Dividends Paid | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Dividends Paid | 1,083,288 | 373,025 | | Dividends Per Share (RMB cents) | 81.46 | 28.21 | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[23] Earnings Per Share For the six months ended June 30, 2025, basic earnings per share were RMB 344.17 cents and diluted earnings per share were RMB 342.95 cents, both showing substantial year-on-year growth Earnings Per Share Summary | Indicator | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :--- | :--- | | Basic Earnings Per Share | 344.17 | 69.49 | | Diluted Earnings Per Share | 342.95 | 69.22 | Basic Earnings Per Share Basic earnings per share are calculated by dividing profit attributable to owners of the company by the weighted average number of ordinary shares outstanding, amounting to RMB 344.17 cents as of June 30, 2025 Basic Earnings Per Share Calculation | Item | 2025 (RMB thousands / thousand shares) | 2024 (RMB thousands / thousand shares) | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company | 4,574,368 | 921,333 | | Weighted Average Number of Ordinary Shares Outstanding | 1,329,096 | 1,325,920 | | Basic Earnings Per Share (RMB cents) | 344.17 | 69.49 | Diluted Earnings Per Share Diluted earnings per share, which account for the potential dilutive effect of ordinary shares, were RMB 342.95 cents as of June 30, 2025, slightly lower than basic earnings per share Diluted Earnings Per Share Calculation | Item | 2025 (RMB thousands / thousand shares) | 2024 (RMB thousands / thousand shares) | | :--- | :--- | :--- | | Profit Used to Determine Diluted Earnings Per Share | 4,574,368 | 921,333 | | Weighted Average Number of Shares for Diluted EPS | 1,333,817 | 1,331,101 | | Diluted Earnings Per Share (RMB cents) | 342.95 | 69.22 | Investments Accounted for Using the Equity Method As of June 30, 2025, the closing balance of investments accounted for using the equity method was RMB 107,024 thousand, a decrease from the beginning of the period, primarily due to a transfer to a subsidiary Investments Accounted for Using the Equity Method | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Opening Balance | 136,783 | 107,001 | | Share of Profit for the Period | 47,625 | 18,246 | | Transfer to a Subsidiary | (74,527) | – | | Closing Balance | 107,024 | 112,928 | Trade Receivables As of June 30, 2025, total trade receivables significantly increased to RMB 971,579 thousand from December 31, 2024, primarily driven by growth in third-party receivables, with most receivables aged within 3 months Trade Receivables Breakdown | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables – Third Parties | 969,945 | 442,605 | | Trade Receivables – Related Parties | 12,468 | 44,033 | | Less: Impairment Provision | (10,834) | (8,915) | | Total Trade Receivables | 971,579 | 477,723 | Ageing Analysis of Trade Receivables (by Invoice Date) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 Months | 905,163 | 472,557 | | 3 to 6 Months | 70,351 | 9,752 | | Over 6 Months | 6,899 | 4,329 | | Total | 982,413 | 486,638 | - Impairment provision for trade receivables increased from RMB 8,915 thousand on January 1, 2024, to RMB 10,834 thousand on June 30, 2025[28] Share Capital and Treasury Shares As of June 30, 2025, the company had 1,342,943,150 issued and fully paid ordinary shares with a par value of RMB 882 thousand, and did not purchase, sell, or redeem any listed securities or sell any treasury shares during the reporting period Share Capital Movement | Item | Number of Ordinary Shares | Par Value of Ordinary Shares (RMB thousands) | | :--- | :--- | :--- | | As at January 1, 2024 | 1,348,243,150 | 885 | | Shares Repurchased and Cancelled | (5,300,000) | (3) | | As at June 30, 2025 | 1,342,943,150 | 882 | - As of June 30, 2025, the company held no treasury shares[28] Trade Payables As of June 30, 2025, trade payables for goods significantly increased to RMB 1,627,664 thousand from December 31, 2024, primarily due to increased procurement driven by business growth, with most payables aged within 30 days Trade Payables for Goods | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Payables for Goods | 1,627,664 | 1,010,109 | Ageing Analysis of Trade Payables (by Invoice Date) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 30 Days | 1,520,105 | 589,043 | | 30 to 90 Days | 45,435 | 370,583 | | 90 to 180 Days | 22,698 | 18,452 | | Over 180 Days | 39,426 | 32,031 | | Total | 1,627,664 | 1,010,109 | License Fees Payable As of June 30, 2025, total license fees payable amounted to RMB 553,892 thousand, comprising a current portion of RMB 546,245 thousand and a non-current portion of RMB 7,647 thousand, an increase from December 31, 2024 License Fees Payable Breakdown | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | License Fees Payable | 553,892 | 356,371 | | Less: Non-current Portion | (7,647) | (14,536) | | Current Portion | 546,245 | 341,835 | - License fees payable include fixed minimum payments and variable payments based on sales, related to exclusive and non-exclusive IP licensing agreements with artists[32] Management Discussion and Analysis Business Review POP MART's first-half revenue grew by 204.4% year-on-year to RMB 13,876.3 million, primarily driven by the advancement of its group-wide and internationalization strategies, enhanced IP operational capabilities, and product innovation, with the company being recognized for the first time in Time Magazine's "Time100 Most Influential Companies" list - Company's first-half revenue reached RMB 13,876.3 million, a 204.4% year-on-year increase[34] - The company was recognized for the first time in Time Magazine's "Time100 Most Influential Companies" list for 2025[34] Revenue Growth by Region (First Half 2025) | Region | Revenue (RMB millions) | YoY Growth Rate (%) | | :--- | :--- | :--- | | China | 8,282.8 | 135.2% | | APAC | 2,850.9 | 257.8% | | Americas | 2,264.9 | 1,142.3% | | Europe and Other Regions | 477.7 | 729.2% | IP Incubation and Operation IP operation and creative design are crucial for the company's growth, with 13 artist IPs generating over RMB 100 million in revenue during the first half, and THE MONSTERS family's LABUBU becoming one of the most popular global IPs, while core IPs like MOLLY, SKULLPANDA, CRYBABY, and DIMOO continue to thrive through differentiated operations and product innovation, with plush product revenue growing by 1,276.2% year-on-year, accounting for 44.2% of total revenue - IP operation and creative design are key factors for the company's sustained healthy growth, with 13 artist IPs generating over RMB 100 million in revenue during the first half[35] Core Artist IP Revenue (First Half 2025) | IP | Revenue (RMB millions) | | :--- | :--- | | THE MONSTERS | 4,814.0 | | MOLLY | 1,357.2 | | SKULLPANDA | 1,220.5 | | CRYBABY | 1,218.2 | | DIMOO | 1,105.1 | - LABUBU has become a world-class IP with its unique style, and the third-generation vinyl plush "High Energy Ahead" series has gained global popularity[36] - Plush product revenue reached RMB 6,139.2 million, a 1,276.2% year-on-year increase, accounting for 44.2% of total revenue, becoming a phenomenal hit[41][65] - MEGA COLLECTION brand operations have matured, achieving RMB 1,007.1 million in revenue in the first half, accounting for 7.3%[43] Consumer Reach The company continues to expand its global offline channels, operating 571 stores and 2,597 robot stores worldwide as of June 30, 2025, while online channels like POP MART H.A.P.P.Y. Box, Tmall, and Douyin achieved rapid growth, with official websites and self-developed apps covering 37 countries globally, and mainland China's cumulative registered members reaching 59.12 million, contributing 91.2% of sales Global Channel Count (As of June 30, 2025) | Channel Type | Quantity | Net Increase in H1 | | :--- | :--- | :--- | | Stores | 571 | 40 | | Robot Stores | 2,597 | 105 | - Offline stores in China increased by 12 to 443, Americas by 19 to 41, APAC by 5 to 69, and Europe by 4 to 18[44] - Online channels, including POP MART H.A.P.P.Y. Box, Tmall flagship store, and Douyin platform, all ranked first in industry sales during the 6.18 shopping festival[45] - Official websites now cover 37 countries, with self-developed apps launched simultaneously in 34 countries, integrating the "H.A.P.P.Y. Box" gameplay[46] - Cumulative registered members in mainland China increased to 59.12 million, with member sales contributing 91.2% and a repurchase rate of 50.8% in the first half[48] Theme Parks, IP Experience, and Innovative Business Incubation POP MART City Park continues to optimize service experiences, launching themed events and upgrading facilities, while THE MONSTERS frequently participate in fashion shows, and DIMOO was honored as "Special Friend for the 50th Anniversary of China-Thailand Diplomatic Relations," with the company also hosting large-scale offline exhibitions and opening "popop" accessory stores to explore IP extension possibilities - POP MART City Park, opened in Beijing in September 2023, underwent equipment upgrades in some areas in April 2025 and launched a "Sparkling Summer" theme event in June[49] - DIMOO was awarded the title of "Special Friend for the 50th Anniversary of China-Thailand Diplomatic Relations," releasing limited-edition figures and animated shorts that blend Chinese and Thai cultures[49] - The company launched "popop" accessory stores, deconstructing and extending IPs to create wearable art symbols[51] Financial Review During the reporting period, the company achieved substantial growth in revenue, gross profit, operating profit, and net profit, with gross margin improving to 70.3% primarily due to increased overseas sales, optimized product design, and cost control, and while expenses rose with business expansion, overall profitability significantly strengthened, resulting in increased net current assets, ample cash and cash equivalents, and a gearing ratio of 32.4% - Company revenue increased from RMB 4,557.8 million in the first half of 2024 to RMB 13,876.3 million in the first half of 2025, a 204.4% year-on-year increase[52] - Gross margin increased from 64.0% in the first half of 2024 to 70.3% in the first half of 2025, primarily due to increased overseas sales, optimized product design, and cost control[68] - Operating profit increased by 436.5% year-on-year to RMB 6,043.7 million[72] - Profit for the period increased by 385.6% year-on-year to RMB 4,681.7 million[75] - Net current assets increased to RMB 11,927.4 million, and cash and cash equivalents increased to RMB 11,922.7 million[80][83] - As of June 30, 2025, the gearing ratio was 32.4%, an increase from 26.8% as of December 31, 2024[87] Revenue Total company revenue increased by 204.4% year-on-year to RMB 13,876.3 million, with China region revenue growing by 135.2%, and overseas markets showing particularly strong performance with APAC, Americas, Europe, and other regions growing by 257.8%, 1,142.3%, and 729.2% respectively, while self-developed product revenue accounted for 99.1%, including a 231.6% increase in artist IP revenue and a 1,276.2% increase in plush product revenue Revenue and Proportion by Region (First Half 2025) | Region | Revenue (RMB thousands) | Revenue Proportion (%) | Revenue Change (%) | | :--- | :--- | :--- | :--- | | China | 8,282,812 | 59.7% | 135.2% | | APAC | 2,850,902 | 20.6% | 257.8% | | Americas | 2,264,882 | 16.3% | 1,142.3% | | Europe and Other Regions | 477,680 | 3.4% | 729.2% | | Total | 13,876,276 | 100.0% | 204.4% | Revenue by Region China region revenue grew by 135.2%, with offline channels increasing by 117.1% and online channels by 212.2%, while overseas markets saw rapid growth, with APAC, Americas, Europe, and other regions increasing by 257.8%, 1,142.3%, and 729.2% respectively, primarily driven by store expansion, online platform development, and localized operations China Region Revenue by Channel (First Half 2025) | Channel | Revenue (RMB thousands) | Revenue Proportion (%) | Revenue Change (%) | | :--- | :--- | :--- | :--- | | Offline Channels | 5,084,246 | 61.4% | 117.1% | | Retail Stores | 4,405,948 | 53.2% | 119.9% | | Robot Stores | 678,298 | 8.2% | 100.9% | | Online Channels | 2,937,255 | 35.5% | 212.2% | | POP MART H.A.P.P.Y. Box | 1,125,227 | 13.6% | 181.9% | | Tmall Flagship Store | 657,503 | 7.9% | 230.7% | | Douyin Platform | 561,138 | 6.8% | 168.6% | | Other Online Channels | 593,387 | 7.2% | 343.5% | | Wholesale and Others | 261,311 | 3.1% | 9.4% | | Total | 8,282,812 | 100.0% | 135.2% | APAC Region Revenue by Channel (First Half 2025) | Channel | Revenue (RMB thousands) | Revenue Proportion (%) | Revenue Change (%) | | :--- | :--- | :--- | :--- | | Offline Channels | 1,525,588 | 53.5% | 203.5% | | Retail Stores | 1,492,991 | 52.4% | 207.6% | | Robot Stores | 32,597 | 1.1% | 88.7% | | Online Channels | 1,069,214 | 37.5% | 546.7% | | POP MART Official Website | 312,968 | 11.0% | 690.3% | | Shopee | 280,778 | 9.8% | 584.6% | | Other Online Channels | 475,468 | 16.7% | 461.3% | | Wholesale and Others | 256,100 | 9.0% | 98.9% | | Total | 2,850,902 | 100.0% | 257.8% | Americas Region Revenue by Channel (First Half 2025) | Channel | Revenue (RMB thousands) | Revenue Proportion (%) | Revenue Change (%) | | :--- | :--- | :--- | :--- | | Offline Channels | 842,390 | 37.2% | 744.3% | | Retail Stores | 736,961 | 32.5% | 744.6% | | Robot Stores | 105,429 | 4.7% | 741.7% | | Online Channels | 1,326,565 | 58.6% | 1,977.4% | | POP MART Official Website | 886,501 | 39.2% | 2,984.2% | | TikTok Platform | 315,025 | 13.9% | 2,032.9% | | Other Online Channels | 125,039 | 5.5% | 514.6% | | Wholesale and Others | 95,927 | 4.2% | 413.5% | | Total | 2,264,882 | 100.0% | 1,142.3% | Europe and Other Regions Revenue by Channel (First Half 2025) | Channel | Revenue (RMB thousands) | Revenue Proportion (%) | Revenue Change (%) | | :--- | :--- | :--- | :--- | | Offline Channels | 276,527 | 57.9% | 569.6% | | Retail Stores | 272,110 | 57.0% | 571.6% | | Robot Stores | 4,417 | 0.9% | 464.8% | | Online Channels | 164,963 | 34.5% | 1,358.7% | | POP MART Official Website | 84,694 | 17.7% | 6,390.0% | | Other Online Channels | 80,269 | 16.8% | 702.4% | | Wholesale and Others | 36,190 | 7.6% | 624.4% | | Total | 477,680 | 100.0% | 729.2% | Revenue by IP Self-developed product revenue accounted for 99.1% of total revenue, growing by 213.8% year-on-year, with artist IP revenue increasing by 231.6%, including THE MONSTERS revenue growing by 668.0% year-on-year, and licensed IP revenue increasing by 119.4% - Self-developed product revenue accounted for 99.1% of total revenue, with a 213.8% year-on-year increase[63] - Artist IP revenue increased by 231.6%, with THE MONSTERS revenue reaching RMB 4,814.0 million, a 668.0% year-on-year increase[66] - Licensed IP revenue increased by 119.4% to RMB 1,524.8 million[66] Revenue by IP Type (First Half 2025) | IP Type | Revenue (RMB thousands) | Revenue Proportion (%) | | :--- | :--- | :--- | | Self-developed Products | 13,753,405 | 99.1% | | Artist IPs | 12,228,565 | 88.1% | | THE MONSTERS | 4,814,017 | 34.7% | | MOLLY | 1,357,248 | 9.8% | | SKULLPANDA | 1,220,504 | 8.8% | | CRYBABY | 1,218,170 | 8.8% | | DIMOO | 1,105,135 | 8.0% | | Licensed IPs | 1,524,840 | 11.0% | Revenue by Product Category Plush product revenue increased by 1,276.2% year-on-year to RMB 6,139.2 million, accounting for 44.2% of total revenue and becoming a phenomenal hit, with revenue from figurines, MEGA, and derivatives and other products also showing growth - Plush product revenue increased by 1,276.2% year-on-year, accounting for 44.2% of total revenue[65] - Revenue from figurines increased by 94.8%, MEGA by 71.8%, and derivatives and other products by 78.9%[65] Revenue by Product Category (First Half 2025) | Product Category | Revenue (RMB thousands) | Revenue Proportion (%) | Revenue Change (%) | | :--- | :--- | :--- | :--- | | Plush | 6,139,236 | 44.2% | 1,276.2% | | Figurines | 5,175,875 | 37.3% | 94.8% | | MEGA | 1,007,147 | 7.3% | 71.8% | | Derivatives and Others | 1,554,018 | 11.2% | 78.9% | | Total | 13,876,276 | 100.0% | 204.4% | Cost of Sales Cost of sales increased by 151.1% year-on-year to RMB 4,115.2 million, primarily due to higher inventory costs from increased sales, and increased design and licensing costs driven by a higher proportion of self-developed products and more co-branded products - Cost of sales increased by 151.1% year-on-year to RMB 4,115.2 million[67] - Inventory costs increased to RMB 3,272.9 million, and design and licensing costs increased to RMB 524.1 million[67] Gross Profit Gross profit increased by 234.4% year-on-year to RMB 9,761.1 million, with gross margin improving from 64.0% to 70.3%, primarily due to a higher proportion of overseas sales, optimized product design, enhanced cost control, and a decrease in the proportion of outsourced goods - Gross profit increased by 234.4% year-on-year to RMB 9,761.1 million[68] - Gross margin increased from 64.0% in the first half of 2024 to 70.3% in the first half of 2025[68] - Gross margin improvement is primarily attributed to a higher proportion of overseas sales, optimized product design, enhanced cost control, and a decrease in the proportion of outsourced goods[68] Distribution and Selling Expenses Distribution and selling expenses increased by 135.9% year-on-year to RMB 3,192.6 million, primarily influenced by a 546.7% increase in transportation and logistics expenses and a 51.4% increase in employee benefit expenses, supporting online channel growth and global business expansion - Distribution and selling expenses increased by 135.9% year-on-year to RMB 3,192.6 million[69] - Transportation and logistics expenses increased by 546.7% to RMB 677.1 million, mainly due to rapid growth in online channels and overseas revenue[69] - Employee benefit expenses increased by 51.4% to RMB 560.8 million, with the number of sales employees rising to 6,219[69] General and Administrative Expenses General and administrative expenses increased by 77.3% year-on-year to RMB 770.4 million, primarily due to an increase in administrative staff and design and development personnel to 1,830 - General and administrative expenses increased by 77.3% year-on-year to RMB 770.4 million[70] - The number of administrative staff and design and development personnel increased to 1,830[70] Other Income Other income increased by 112.9% year-on-year to RMB 67.2 million, primarily from increased government grants and IP licensing and other service income - Other income increased by 112.9% year-on-year to RMB 67.2 million[71] - Government grants increased to RMB 37.8 million, and IP licensing and other service income increased to RMB 25.8 million[71] Operating Profit Operating profit surged by 436.5% year-on-year to RMB 6,043.7 million, reflecting a significant improvement in the company's overall operating efficiency and profitability - Operating profit increased by 436.5% year-on-year to RMB 6,043.7 million[72] Finance Income – Net Net finance income decreased to RMB 65.5 million from RMB 83.8 million in the prior period, primarily due to reduced interest income and increased finance costs - Net finance income decreased to RMB 65.5 million from RMB 83.8 million in the prior period[73] Income Tax Expense Income tax expense increased to RMB 1,475.2 million, primarily due to higher profit before income tax and an increase in the effective tax rate from 21.5% to 24.0% - Income tax expense increased to RMB 1,475.2 million, with the effective tax rate rising to 24.0%[74] Profit for the Period Profit for the period increased by 385.6% year-on-year to RMB 4,681.7 million, reflecting the company's strong profitability during the reporting period - Profit for the period increased by 385.6% year-on-year to RMB 4,681.7 million[75] Non-IFRS Adjusted Net Profit Non-IFRS adjusted net profit was RMB 4,709.6 million, a 362.8% year-on-year increase, with an adjusted net profit margin of 33.9%, primarily by excluding share-based compensation expenses to better reflect operating performance Non-IFRS Adjusted Net Profit Reconciliation | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period | 4,681,713 | 964,142 | | Adjustment: Share-based Payment Expenses | 27,917 | 53,483 | | Non-IFRS Adjusted Net Profit | 4,709,630 | 1,017,625 | | Non-IFRS Adjusted Net Profit Margin | 33.9% | 22.3% | - Non-IFRS adjusted net profit increased by 362.8% year-on-year, with the adjusted net profit margin rising to 33.9%[78] Current Assets, Financial Resources, and Capital Expenditures The company's net current assets increased to RMB 11,927.4 million, with a significant rise in cash and cash equivalents, while trade receivables and inventories grew with business expansion but saw improved turnover days, and the company has no bank borrowings or pledged assets, with a gearing ratio of 32.4%, and capital expenditures increased year-on-year to RMB 374.5 million - Net current assets increased from RMB 8,866.1 million as of December 31, 2024, to RMB 11,927.4 million as of June 30, 2025[80] - Trade receivables increased to RMB 971.6 million, with turnover days decreasing from 11 days to 10 days[81] - Inventories increased to RMB 2,273.7 million, with turnover days decreasing from 102 days to 83 days[82] - Cash and cash equivalents increased to RMB 11,922.7 million, primarily due to increased cash from operating activities and a decrease in time deposits[83] - Trade payables increased to RMB 1,627.7 million, with turnover days decreasing from 74 days to 73 days[84] - As of June 30, 2025, the company had no bank borrowings or pledged assets[85][86] - The gearing ratio was 32.4%, an increase from 26.8% as of December 31, 2024[87] Capital Expenditures (First Half 2025) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Acquisition of Property, Plant and Equipment | 353,623 | 157,858 | | Acquisition of Intangible Assets | 20,900 | 28,587 | | Total | 374,523 | 186,445 | Staff Costs As of June 30, 2025, the company had 8,049 employees, with total staff costs amounting to RMB 992.7 million - As of June 30, 2025, the company had 8,049 employees, including 6,219 sales employees and 1,830 administrative and development personnel[91] - Total staff costs for the first half amounted to RMB 992.7 million[91] Future Plans for Material Investments As of June 30, 2025, the company held no material investments but will continue to seek potential strategic investment opportunities to generate synergistic effects - The company will continue to broadly seek potential strategic investment opportunities to generate synergistic effects for the Group[92] Material Acquisitions and Disposals For the six months ended June 30, 2025, the company did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the company did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures[93] Events After the Reporting Period As of the date of this announcement, no material events requiring further disclosure or adjustment have occurred after the reporting period - No material events occurred after the reporting period[94] Outlook The company will continue to focus on IP, enriching IP types, enhancing design innovation, and establishing a global supply chain, while also expanding its global business footprint, increasing investment in official websites and self-developed apps, strengthening differentiated channel positioning and member operations, and launching new businesses like theme parks to build a more comprehensive commercial ecosystem - The company will focus on enriching IP types, expanding its IP portfolio, maintaining high-quality design innovation, and strengthening the core of its IPs[95] - The supply chain will be globally deployed, seeking more suitable and efficient factories and suppliers, with a focus on sustainable development and environmental protection[95] - Continued expansion of the global business footprint, opening offline channels in key global landmark locations, and increasing investment in official websites and self-developed apps[96] - Enhanced refined member operation capabilities, continuously enriching content, interaction, and experience, and improving service quality[96] - While deepening its trendy toy business, the company will promote the launch of new businesses like theme parks to build a more comprehensive and richer IP-centric commercial ecosystem[96] Use of Net Proceeds from Listing The total net proceeds from the company's global offering were approximately HKD 5,781.7 million, and as of June 30, 2025, most proceeds have been utilized as intended in the prospectus, including expanding consumer reach channels and overseas markets, investing in technological initiatives, enlarging the IP portfolio, and for working capital - The total net proceeds from the global offering were approximately HKD 5,781.7 million[97] Intended Use and Utilization of Net Proceeds (As of June 30, 2025) | Intended Use | Allocation Ratio (%) | Amount Utilized (HKD millions) | Unutilized Balance (HKD millions) | | :--- | :--- | :--- | :--- | | Expansion of Consumer Reach Channels and Overseas Markets | 30.0% | 1,734.5 | – | | Potential Investments, Acquisitions, and Strategic Alliances | 27.0% | 311.8 | 1,249.3 | | Investment in Technological Initiatives | 15.0% | 703.1 | 164.1 | | Enlarging the IP Portfolio | 18.0% | 364.4 | 676.3 | | Working Capital and General Corporate Purposes | 10.0% | 578.2 | – | | Total | 100.0% | 3,692.0 | 2,089.7 | Interim Dividend The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[100] Corporate Governance Corporate Governance Code The company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and complied with all applicable code provisions during the reporting period, except for the roles of Chairman and Chief Executive Officer being performed by the same individual (Mr. Wang Ning), which the Board believes does not undermine the balance of power - The company has adopted the Corporate Governance Code in Appendix C1 of the Listing Rules and complied with all applicable provisions during the reporting period[101] - The roles of Chairman and Chief Executive Officer are held by Mr. Wang Ning, a structure the Board believes provides sufficient checks and balances and ensures consistent leadership[102] Model Code for Securities Transactions The company has adopted the Model Code set out in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions, and all directors have confirmed compliance with the code during the reporting period - The company adopted the Model Code in Appendix C3 of the Listing Rules, and all directors confirmed compliance during the reporting period[103] Purchase, Sale or Redemption of Listed Securities or Sale of Treasury Shares For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities or sold any treasury shares - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities or sold any treasury shares[104] Audit Committee The Audit Committee, comprising two independent non-executive directors and one non-executive director, has reviewed the accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters, including this interim financial information - The Audit Committee comprises Mr. Wu Liansheng (Chairman), Mr. Yan Jinliang, and Mr. Tu Zheng, with Mr. Yan Jinliang possessing professional accounting qualifications[105] - The Audit Committee has reviewed this interim financial information, and external auditor PricewaterhouseCoopers has conducted a review, finding no material issues[105] Publication of Interim Results and 2025 Interim Report This interim results announcement has been published on the HKEX and the company's website, and the 2025 interim report containing information required by the Listing Rules will be published in due course - This interim results announcement has been published on the HKEX and the company's website[106] - The 2025 interim report, containing information required by the Listing Rules, will be published in due course[106] By Order of the Board This announcement was issued by Mr. Wang Ning, Chairman and Chief Executive Officer of POP MART International Group Limited, on August 19, 2025, and includes the list of Board members - This announcement was issued by Mr. Wang Ning, Executive Director, Chairman of the Board, and Chief Executive Officer, on August 19, 2025[107][108]