Pop Mart H1 2026 Revenue Up 23.8% to RMB17.17 Billion, Net Profit Gains 8.9%

Pop Mart International Group reported revenue of RMB17.173 billion for the first half of 2026, up 23.8% year on year but down 26% from the second half of 2025, marking the first sequential decline in three years. Net profit reached RMB5.10 billion, up 8.9% year on year, with growth slowing to single digits.

By comparison, in the first half of 2022, the company recorded revenue of RMB2.359 billion, up 33.1% year on year and down 12.9% sequentially, the first sequential drop in two years. Net profit attributable to shareholders was RMB333 million, down 7.2% year on year. Both periods followed several consecutive years of rapid growth. From 2023 to 2025, revenue growth was 36%, 107% and 185%, respectively; from 2018 to 2021, growth was 225%, 227%, 49% and 76%.

On the IP front, in the first half of 2022, SKULLPANDA generated revenue of RMB462 million, surpassing Molly's RMB404 million for the first time, while DIMOO contributed RMB298 million; the three IPs together accounted for 49.4% of total revenue. In the first half of 2026, six IPs each generated more than RMB1 billion in revenue. THE MONSTERS remained the largest IP with RMB4.454 billion, while Xingxingren (Star Man) posted RMB2.650 billion, up 580.6% year on year. Molly's revenue fell 33.6% to RMB901 million, dropping out of the RMB1 billion tier for the first time.

In terms of membership, cumulative registered members reached 23.059 million by the end of the first half of 2022, adding 3.479 million from end-2021; member sales accounted for 93.1% of total revenue, with a repurchase rate of 47.9%. In the first half of 2026, global cumulative registered members exceeded 100 million. In mainland China, cumulative registered members reached 82.44 million, adding 9.86 million from end-2025; member sales accounted for 92.9% of mainland revenue, with a repurchase rate of 51.6%.

On the external environment, in the first half of 2022, repeated pandemic outbreaks led to prolonged closures of offline stores and robot vending machines, while online sales were also affected by logistics disruptions. The company slowed the opening of new offline stores and scaled back robot vending machines, while pushing ahead with the trial operation of its flagship store on East Nanjing Road in Shanghai, which later became the top-selling store nationwide. In the first half of 2026, overseas markets entered an adjustment phase after high growth in 2025, with online traffic returning to normal levels; Americas online revenue fell 45.6% year on year. The company shifted focus to operational quality, setting up local offices in more than 20 countries and regions, standardizing product and service standards, relocating and expanding stores in suboptimal locations or sizes, centralizing key functions such as IP discovery, global logistics and warehouse management at headquarters, and implementing a dynamic inventory allocation system.

On inventory, the inventory turnover ratio fell from 3.42 to 1.13 in the first half of 2022; in the first half of 2026, it dropped from 12.96 to 0.9. For the full year 2022, inventory turnover days were 152, improving from the first half; in the first half of 2023, inventory declined 20.8% year on year, with turnover days falling to 132.

On the share price, Pop Mart's initial price-to-earnings ratio was about 150 times at listing. In the first half of 2022, the stock fell about 30%, and from July to October 2022, it recorded a maximum decline of about 75%.