Pop Mart Reports H1 Revenue of 17.17 Billion RMB, Hit IP 'Star Man' Surges Over 580%

Pop Mart (09992-HK), the leader in trendy toys, released its 2026 mid-year results on August 20. The financial report shows that Pop Mart achieved revenue of 17.17 billion RMB in the first half of the year, a year-on-year increase of 23.8%. Net profit reached 5.04 billion RMB, up 8.9% year-on-year, while adjusted net profit stood at 5.16 billion RMB.

Although overall performance slightly missed expectations due to declining overseas online traffic and a foreign exchange loss of 720 million RMB, strong domestic growth and the success of its diversified IP portfolio provided solid support for the group.

In terms of market distribution, Pop Mart demonstrated a pattern of "strong domestic growth and short-term pressure overseas." Revenue from the Chinese market surged 47.3% year-on-year to 12.2 billion RMB, becoming the key growth engine.

Domestic online channels performed exceptionally well, with revenue increasing 62.7% year-on-year to 4.78 billion RMB. The Lucky Draw Box app and Douyin platform achieved high growth rates of 83.3% and 74%, respectively. Meanwhile, the cumulative number of registered members in mainland China exceeded 82.44 million, with member-generated sales accounting for 92.9% of total revenue. The repeat purchase rate remained high at 51.6%.

In contrast, two core overseas markets—Asia-Pacific and the Americas—experienced revenue declines of 9.7% and 16.5% respectively, due to the fading online traffic advantage.

On the IP front, the diversified IP strategy proved highly effective. The 'THE MONSTERS' series, represented by LABUBU, generated 4.45 billion RMB in revenue during the first half, maintaining its top position.

The biggest growth highlight this period was the 'Star Man' IP, which saw revenue surge 580.6% year-on-year to 2.65 billion RMB, quickly rising to become the second-largest IP. Additionally, popular IPs such as CRYBABY, DIMOO, and SKULLPANDA all maintained positive growth. The plush product line emerged as the group's primary growth driver, with revenue increasing 60% year-on-year to 9.82 billion RMB, accounting for 57.2% of total revenue.

Looking ahead, Chairman Wang Ning noted that due to the high base effect from last year's performance, operating pressure in the second half will be greater than in the first half. As a result, the company has positioned 2026 as a "business adjustment year," where boosting sales is no longer the top priority.

To demonstrate long-term confidence, the board announced a share buyback program of 2 to 5 billion RMB—the first time such a plan has been disclosed during an earnings call. As of the end of June, the company had no bank loans, maintaining a healthy financial structure.