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Pop Mart International Group Limited
(9992)
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Rating:80Outperform
Price Target:
HK$183.00
â–²(18.60% 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
Rapid revenue growth combined with substantial gross, net and EBIT margin expansion indicates strong product demand and operating leverage. If supported by continued IP launches and customer engagement, this can reinforce Pop Mart’s earnings capacity over the medium term.
Negative Factors
Sustainability risk after an outsized growth step-up
The unusually large 2025 increase sets a demanding base for future performance. Maintaining growth and margins may require consistently successful IP launches, disciplined execution and continued consumer engagement rather than a one-time surge.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptional revenue and margin expansion
Rapid revenue growth combined with substantial gross, net and EBIT margin expansion indicates strong product demand and operating leverage. If supported by continued IP launches and customer engagement, this can reinforce Pop Mart’s earnings capacity over the medium term.
Read all positive factors
Pop Mart International Group Limited (9992) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$202.82B
Dividend Yield1.74%
Average Volume (3M)11.29M
Price to Earnings (P/E)13.5
Beta (1Y)0.36
Revenue Growth86.78%
EPS Growth101.48%
CountryHK
Employees12,056
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)9.44
Shares Outstanding1,331,779,200
10 Day Avg. Volume8,060,173
30 Day Avg. Volume11,289,569
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$171.92Price Target Upside11.42% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)7.9
Revenue Forecast (FY)HK$35.52B
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 primarily makes money by selling designer toy products and related merchandise under the POP MART platform, monetizing both proprietary and licensed intellectual property (IP) through product sales.
Key revenue streams include:
1) Produc...
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 | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 36.16B | 13.04B | 6.30B | 4.62B | 4.49B |
| Gross Profit | 26.07B | 8.71B | 3.86B | 2.65B | 2.76B |
| EBITDA | 17.55B | 4.51B | 2.12B | 1.28B | 1.63B |
| Net Income | 12.45B | 3.13B | 1.08B | 475.66M | 854.34M |
Balance Sheet | |||||
| Total Assets | 32.12B | 14.87B | 9.97B | 8.58B | 8.32B |
| Cash, Cash Equivalents and Short-Term Investments | 17.24B | 9.63B | 5.97B | 5.05B | 5.29B |
| Total Debt | 2.86B | 964.56M | 792.81M | 741.13M | 621.45M |
| Total Liabilities | 9.45B | 3.99B | 2.19B | 1.61B | 1.50B |
| Stockholders Equity | 22.29B | 10.68B | 7.77B | 6.96B | 6.82B |
Cash Flow | |||||
| Free Cash Flow | 9.67B | 4.54B | 1.61B | 563.59M | 444.78M |
| Operating Cash Flow | 10.81B | 5.06B | 2.00B | 918.56M | 773.01M |
| Investing Cash Flow | -993.31M | -9.21M | 223.99M | -4.81B | -644.08M |
| Financing Cash Flow | -1.92B | -976.05M | -840.87M | -1.20B | -428.62M |
Pop Mart International Group Limited Technical Analysis
Positive
154.30
Price Trends
156.61
Negative
159.20
Negative
179.97
Negative
Market Momentum
-0.60
Negative
50.22
Neutral
43.28
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9992, the sentiment is Positive. The current price of 154.3 is above the 20-day moving average (MA) of 153.91, below the 50-day MA of 156.61, and below the 200-day MA of 179.97, indicating a neutral trend. The MACD of -0.60 indicates Negative momentum. The RSI at 50.22 is Neutral, neither overbought nor oversold. The STOCH value of 43.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$202.82B | 13.51 | 57.49% | 1.74% | 86.78% | 101.48% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | HK$1.03B | -4.18 | -5.52% | 9.00% | -18.78% | 42.15% | |
53 Neutral | HK$539.12M | -74.22 | -0.68% | 14.74% | -23.66% | -152.03% | |
50 Neutral | HK$194.00M | -31.29 | -36.67% | 92.02% | 1.90% | 11.43% | |
46 Neutral | HK$119.79M | -0.68 | -69.53% | 1.18% | 16.96% | -94.77% | |
45 Neutral | HK$186.32M | -0.73 | -14.23% | 1.22% | 4.04% | -16.43% |
* Consumer Cyclical Sector Average
HK:9992
Pop Mart International Group Limited
156.20
-126.98
-44.84%
HK:0869
Playmates Toys
0.47
-0.12
-20.34%
HK:0635
Playmates Holdings
0.50
0.02
5.04%
HK:0180
Kader Holdings Co. Ltd.
0.20
-0.02
-11.31%
HK:3830
Kiddieland International Ltd.
0.20
0.12
163.51%
HK:6918
Kidztech Holdings Ltd.
0.14
-0.05
-26.20%
Pop Mart International Group Limited Corporate Events
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...
Pop Mart Grants Over 100,000 Share Awards to Staff and Key Partner
Jul 8, 2026
Pop Mart International Group Limited has granted 101,935 share awards under its post-IPO share award scheme, with 39,957 awards allocated to employees and 61,978 to a service provider, all at nil purchase price and vesting over one to four years s...
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.