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Pop Mart International Group Limited
(9992)
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Rating:80Outperform
Price Target:
HK$155.00
â–²(0.45% Upside)
Action:Reiterated
Date:08/30/26
The score is driven primarily by very strong financial performance (rapid growth, major margin expansion, strong cash conversion, and high returns) supported by a reasonable valuation. The main offset is mixed technicals, with negative MACD and the price still well below the 200-day moving average despite neutral momentum readings.
Positive Factors
Exceptional revenue and margin expansion
The sharp 2025 revenue acceleration and broad margin expansion show strong operating leverage and improving profitability. If the company can retain much of this scale advantage, higher earnings capacity should support continued investment in IP, retail distribution, and international growth.
Negative Factors
Sustainability of unusually strong growth
The exceptional 2025 acceleration creates a demanding comparison base for future periods. Even if the underlying business remains healthy, maintaining similar revenue growth and margin expansion will require continued successful IP launches, customer demand, and operating execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptional revenue and margin expansion
The sharp 2025 revenue acceleration and broad margin expansion show strong operating leverage and improving profitability. If the company can retain much of this scale advantage, higher earnings capacity should support continued investment in IP, retail distribution, and international growth.
Read all positive factors
Pop Mart International Group Limited (9992) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$177.66B
Dividend Yield2.02%
Average Volume (3M)7.18M
Price to Earnings (P/E)11.7
Beta (1Y)0.57
Revenue Growth86.78%
EPS Growth101.48%
CountryHK
Employees12,056
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)9.76
Shares Outstanding1,331,779,200
10 Day Avg. Volume12,689,128
30 Day Avg. Volume7,177,843
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)10.06
Price to Sales (P/S)6.20
P/FCF Ratio23.19
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$152.14Price Target Upside-1.40% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)7.06
Revenue Forecast (FY)HK$33.09B
Pop Mart International Group Limited Business Overview & Revenue Model
Company Description
Pop Mart International Group Limited, established in 2010 and headquartered in Beijing, China, specializes in the creation, development, and sale of collectible "pop toys" primarily within the Chinese market. Operating under its distinctive Pop Ma...
How the Company Makes Money
Pop Mart makes money primarily by selling designer toys and related merchandise under its portfolio of character IP. Its core revenue stream comes from retail sales of packaged collectible products (commonly blind-box figurines), where customers p...
Pop Mart International Group Limited Financial Statement Overview
Summary
Income Statement
93
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
85
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 39.79B | 36.16B | 13.04B | 6.30B | 4.62B | 4.49B |
| Gross Profit | 28.52B | 26.07B | 8.71B | 3.86B | 2.65B | 2.76B |
| EBITDA | 19.32B | 17.57B | 5.06B | 2.12B | 1.28B | 1.63B |
| Net Income | 13.03B | 12.45B | 3.13B | 1.08B | 475.66M | 854.34M |
Balance Sheet | ||||||
| Total Assets | 31.02B | 32.12B | 14.87B | 9.97B | 8.58B | 8.32B |
| Cash, Cash Equivalents and Short-Term Investments | 13.97B | 17.24B | 9.63B | 5.97B | 5.05B | 5.29B |
| Total Debt | 3.73B | 2.86B | 964.56M | 792.81M | 741.13M | 621.45M |
| Total Liabilities | 7.74B | 9.45B | 3.99B | 2.19B | 1.61B | 1.50B |
| Stockholders Equity | 23.05B | 22.29B | 10.68B | 7.77B | 6.96B | 6.82B |
Cash Flow | ||||||
| Free Cash Flow | 7.27B | 9.67B | 4.54B | 1.61B | 563.59M | 444.78M |
| Operating Cash Flow | 8.79B | 10.81B | 5.06B | 2.00B | 918.56M | 773.01M |
| Investing Cash Flow | -1.51B | -993.31M | -9.21M | 223.99M | -4.81B | -644.08M |
| Financing Cash Flow | -5.98B | -1.92B | -976.05M | -840.87M | -1.20B | -428.62M |
Pop Mart International Group Limited Technical Analysis
Negative
154.30
Price Trends
148.94
Negative
154.51
Negative
170.59
Negative
Market Momentum
-5.80
Positive
38.79
Neutral
35.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9992, the sentiment is Negative. The current price of 154.3 is above the 20-day moving average (MA) of 141.41, above the 50-day MA of 148.94, and below the 200-day MA of 170.59, indicating a bearish trend. The MACD of -5.80 indicates Positive momentum. The RSI at 38.79 is Neutral, neither overbought nor oversold. The STOCH value of 35.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9992.
Pop Mart International Group Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | HK$177.66B | 11.73 | 57.49% | 2.02% | 86.78% | 101.48% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | HK$1.02B | -4.14 | -5.52% | 9.09% | -18.78% | 42.15% | |
53 Neutral | HK$540.86M | -75.00 | -0.68% | 14.89% | -23.66% | -152.03% | |
50 Neutral | HK$175.00M | -28.23 | -36.67% | 92.02% | 1.90% | 11.43% | |
44 Neutral | HK$215.78M | -0.91 | -14.23% | 1.22% | 4.04% | -16.43% | |
40 Underperform | HK$80.44M | -0.45 | -69.53% | 1.18% | 16.96% | -94.77% |
* Consumer Cyclical Sector Average
HK:9992
Pop Mart International Group Limited
134.90
-87.75
-39.41%
HK:0869
Playmates Toys
0.48
-0.06
-11.11%
HK:0635
Playmates Holdings
0.50
0.01
2.06%
HK:0180
Kader Holdings Co. Ltd.
0.23
0.03
17.01%
HK:3830
Kiddieland International Ltd.
0.18
0.11
182.26%
HK:6918
Kidztech Holdings Ltd.
0.09
-0.10
-52.33%
Pop Mart International Group Limited Corporate Events
Pop Mart Warns of Steep Global Revenue Slump in Q3 2026
Oct 27, 2026
Pop Mart International Group Limited, a Hong Kong-listed designer toy and pop culture merchandise company, operates a mix of offline stores and online channels across the PRC, Asia-Pacific, America, Europe and other regions. Its core business focu...
Pop Mart Grants 140,431 Performance-Linked Share Awards to Staff
Oct 15, 2026
Pop Mart International Group Limited has granted 140,431 share awards to employees under its post-IPO share award scheme, with the awards vesting in stages from the second to the fourth anniversary of the grant date and subject to individual perfo...
Pop Mart Grants Share Awards to Key Service Provider Under Post-IPO Scheme
Sep 24, 2026
Pop Mart International Group Limited has granted 54,022 share awards under its post-IPO share award scheme to a human resources advisory service provider, with the awards vesting in one year subject to specific performance targets. The move, funde...
Pop Mart Grants New Employee Share Awards to Align Incentives and Support Growth
Aug 24, 2026
Pop Mart International Group Limited has granted 137,510 share awards at no purchase price to employees, including two senior managers, under its post-IPO share award scheme, with vesting tranches scheduled between April 2027 and April 2030 and pe...
Pop Mart Delivers Double-Digit Earnings Growth on Strong Art Toy Demand
Aug 20, 2026
Pop Mart International Group Limited reported robust interim results for the six months ended June 30, 2026, underscoring the strength of its art toy and pop culture merchandise franchise. Revenue climbed 23.8% year-on-year to RMB17.17 billion, wh...
Pop Mart Sets August Board Meeting to Review Interim Results and Dividend
Aug 6, 2026
Pop Mart International Group Limited announced that its board of directors will convene a meeting on August 20, 2026 to review and approve the group’s interim financial results for the six months ended June 30, 2026. The board will also cons...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.