Pop Mart - Dolphin Research

Pop Mart

Dolphin ResearchAug 20 at 01:45 PM

Pop Mart: Bubble Burst — Is the Hypergrowth Story Over?

The business struggled to lap last year's high base. The ongoing overseas reorg further weighed on results, dragging overall performance below expectations.

Pop Mart 1H26 Financial Results Overview Unit： CNY 100mn 1H21 2H21 1H22 2H22 1H2

Pop Mart Revenue (CNY 100mn) Unit： CNY 100mn 250 DolphinResearch DolphinResearch

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POP MART

HK09992

Pop MartFinancial Analysis

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Dolphin ResearchAug 20 at 11:06 AM

Pop Mart (Trans): FY growth of 20% is only a 'maybe'; buybacks to provide a floor.

1H revenue was RMB 17.17bn (+23.8% YoY). The company also announced a RMB 2–5bn buyback over the next six months.

Overseas revenue fell 11% YoY. Margin contracted to 29.7% from 33.7%.

Management flagged greater pressure in 2H than 1H, noting the full-year 20% growth target is only 'maybe achievable'. It also designated 2026 as a reset year, shifting focus to org., inventory and infrastructure.

POP MART

HK09992

Pop Mart

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Dolphin ResearchMar 25 at 02:09 PM

Pop Mart: Revenue Surges, Shares Plunge — Who Got It Wrong?---

2026 guidance signals a marked slowdown

泡泡玛特2H25财务数据概览单位：亿/CNY 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 2H25e

泡泡玛特收入(亿元) 单位：亿元 DolphinResearch DolphinResearch Dolphin 单位：% 250 250% 4.4% esea

泡泡玛特海外营收&占比变化单位：亿元 120 DolphinResearch DolphinResearch 单位：% cn 50% Res 45.9% 45

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Allianzim US Large Cap Buffer10 Mar ETF

USMART

Pop MartFinancial Analysis

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Dolphin ResearchMar 25 at 10:06 AM

POP MART (Trans): 2026 'pit stop to refuel and change tires'

Below is Dolphin Research's Trans of the FY25 earnings call for $POP MART(09992.HK). This section provides a recap of the core takeaways.

1) Shareholder returns: the company plans to distribute 25% of net income attributable to shareholders as dividends. This implies a total payout of RMB 3.194bn and DPS of RMB 2.38.

2) Guidance: for 2026, management targets revenue growth of at least 20%, prioritizing healthy, sustainable growth over aggressive expansion. It aims to avoid revenue growth without profit. The company will add quarterly business updates in May and Nov to increase disclosure frequency...

Pop Mart 2H25 Financial Data Overview Unit： CNY 100M 1H21 2H21 1H22 2H22 1H23 2H

Sony

USSONY

Pop MartConference Minutes

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Dolphin ResearchAug 20, 2025 at 05:23 AM

Pop Mart (Minutes): The net profit margin in 2025 is expected to be around 35%.

The following are the minutes of the FY25Q2 earnings call of Pop Mart organized by Dolphin Research. For the earnings interpretation, please refer to "Pop Mart: Sewing Machine 'Smoking', Can Pop Mart Continue to Soar? - "

泡泡玛特财务数据概览单位：亿/CNY 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 1H25e 实际v vs预期

POP MART

HK09992

Pop MartConference Minutes

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Dolphin ResearchAug 19, 2025 at 03:15 PM

Pop Mart: The sewing machine is "smoking", can the bubble continue to soar?

On the evening of August 19th, Beijing time, Pop Mart (9992.HK) released its H1 2025 performance report. Both revenue and profit exceeded the levels of the entire previous year, making it a commendable report. Compared to the recently announced earnings forecast, the revenue remained stable, with a key highlight being the nearly 400% year-on-year increase in profit (the forecast indicated no less than 350%), surpassing market expectations.

泡泡玛特收入 (亿元) 单位：亿元单位：% 160 250% 140 海豚投研 DolphinResearch DolphinResearch Dolphin

60 单位：亿元 50 海豚投研 40 DolphinResearch 泡泡玛特海外营收&占比变化 30 20 10 0 3% 海豚投研 DolphinRese

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POP MART

HK09992

Pop MartFinancial Analysis

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Dolphin ResearchMar 26, 2025 at 02:04 PM

Pop Mart (Minutes): Sales growth in 2025 will not be more than 50%

The following is the minutes of the FY24 H2 earnings call for Pop Mart. For the financial report interpretation, please refer to "Pop Mart: Going Global and Achieving Great Success! Pop Mart is 'Racing' Forward."

POP MART

HK09992

Pop MartFinancial AnalysisConference Minutes

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Dolphin ResearchMar 26, 2025 at 12:14 PM

Pop Mart: Great Success on Global Business! Is Pop Mart on a "crazy ride"？

On the afternoon of March 26th, Beijing time, Pop Mart (9992.HK) released its performance for H2 2024. Overall, the performance is quite good, with overseas operations continuing the high growth momentum from Q3 and maintaining a strong surge. Domestic offline stores have also accelerated compared to Q3. The gross profit margin has reached a historical high due to the improvement in product structure and the increased proportion of high-margin overseas business. The expenditure on expenses has been relatively restrained, and ultimately, the profit has exceeded market expectations

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POP MART

HK09992

Pop MartFinancial Analysis

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Dolphin ResearchDec 10, 2024 at 12:45 PM

Pop Mart: Overseas explosive growth, this "bubble" cannot be burst

Papet Mart (2): Overseas "Surge", this "Bubble" cannot be broken. In the previous article, Dolphin focused on the comeback of the soul weapon - the diversification of IP monetization, and this section is still a continuing story. This article will focus on another lever it has propped up - the overseas market, discussing the following questions: 1. How did Papet Mart achieve reckless growth overseas? 2. How many more Papet Marts will be recreated overseas? 3. After five times in half a year...