Pop Mart International Group Limited (HK:9992)
:9992
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Pop Mart International Group Limited
(9992)
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Rating:73Outperform
Price Target:
HK$258.00
▲(81.95% Upside)
Action:UpgradedDate:01/21/26
The score is primarily supported by very strong financial performance (rapid revenue growth, high margins, and a low-leverage balance sheet). It is tempered by mixed-to-weak technical momentum (negative MACD and price below key longer-term averages) and a relatively rich valuation (P/E ~32.9 with a low dividend yield).
Positive Factors
Robust revenue and margins
Sustained double‑digit and >100% revenue expansion alongside very high gross and net margins indicates durable product pricing power and scalable unit economics. High operating margins support reinvestment in design, marketing and retail rollout, reinforcing long‑term profitability.
Negative Factors
Current-period cash flow opacity
Inability to verify recent operating and free cash flow creates uncertainty about ongoing cash generation and working capital needs. This complicates assessment of the firm's capacity to fund capex, stores expansion or dividends without relying on balance sheet buffer or external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust revenue and margins
Sustained double‑digit and >100% revenue expansion alongside very high gross and net margins indicates durable product pricing power and scalable unit economics. High operating margins support reinvestment in design, marketing and retail rollout, reinforcing long‑term profitability.
Read all positive factors
Pop Mart International Group Limited (9992) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$188.06B
Dividend Yield0.44%
Average Volume (3M)15.06M
Price to Earnings (P/E)18.0
Beta (1Y)0.36
Revenue Growth176.86%
EPS Growth342.12%
CountryHK
Employees5,692
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)7.03
Shares Outstanding1,341,043,100
10 Day Avg. Volume13,651,935
30 Day Avg. Volume15,063,567
Financial Highlights & Ratios
PEG Ratio0.19
Price to Book (P/B)10.45
Price to Sales (P/S)8.57
P/FCF Ratio24.62
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$249.17Price Target Upside75.72% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering19
EPS Forecast (FY)11.59
Revenue Forecast (FY)HK$45.89B
Pop Mart International Group Limited Business Overview & Revenue Model
Company Description
Pop Mart International Group Limited engages in the design, development, and sale of pop toys in China. It offers various pop toy products under the Pop Mart brand. The company's products categories include blind boxes and collections, as well as ...
How the Company Makes Money
Pop Mart generates revenue primarily through the sale of its collectible toys, particularly its blind box products, which are sold both online and in retail outlets. The company has established a diversified revenue model that includes direct sale...
Pop Mart International Group Limited Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 22.36B | 13.04B | 6.30B | 4.62B | 4.49B | 2.51B |
| Gross Profit | 15.55B | 8.71B | 3.86B | 2.65B | 2.76B | 1.59B |
| EBITDA | 9.26B | 4.51B | 2.12B | 1.28B | 1.63B | 964.19M |
| Net Income | 6.78B | 3.13B | 1.08B | 475.66M | 854.34M | 523.50M |
Balance Sheet | ||||||
| Total Assets | 21.36B | 14.87B | 9.97B | 8.58B | 8.32B | 6.97B |
| Cash, Cash Equivalents and Short-Term Investments | 13.78B | 9.63B | 5.97B | 5.05B | 5.29B | 5.68B |
| Total Debt | 1.41B | 964.56M | 792.81M | 741.13M | 621.45M | 291.77M |
| Total Liabilities | 6.93B | 3.99B | 2.19B | 1.61B | 1.50B | 840.30M |
| Stockholders Equity | 14.18B | 10.68B | 7.77B | 6.96B | 6.82B | 6.13B |
Cash Flow | ||||||
| Free Cash Flow | 8.26B | 4.54B | 1.61B | 563.59M | 444.78M | 453.58M |
| Operating Cash Flow | 8.97B | 5.06B | 2.00B | 918.56M | 773.01M | 664.97M |
| Investing Cash Flow | 863.56M | -9.21M | 223.99M | -4.81B | -644.08M | -205.09M |
| Financing Cash Flow | -1.61B | -976.05M | -840.87M | -1.20B | -428.62M | 4.60B |
Pop Mart International Group Limited Technical Analysis
Negative
141.80
Price Trends
213.72
Negative
208.04
Negative
236.95
Negative
Market Momentum
-20.39
Positive
24.90
Positive
4.13
Positive
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 141.8 is below the 20-day moving average (MA) of 188.51, below the 50-day MA of 213.72, and below the 200-day MA of 236.95, indicating a bearish trend. The MACD of -20.39 indicates Positive momentum. The RSI at 24.90 is Positive, neither overbought nor oversold. The STOCH value of 4.13 is Positive, 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | HK$188.06B | 18.02 | 54.52% | 0.44% | 176.86% | 342.12% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | HK$519.20M | -30.67 | 1.26% | 13.73% | -44.36% | -93.64% | |
50 Neutral | HK$1.05B | -2.83 | -8.76% | 9.09% | -39.71% | -74.16% | |
45 Neutral | HK$6.47B | -4.95 | -60.26% | ― | -8.83% | -393.39% | |
42 Neutral | HK$139.90M | -2.22 | -18.16% | ― | 84.26% | 44.41% | |
41 Neutral | HK$330.52M | -3.50 | -219.56% | ― | -27.43% | -67.00% |
* Consumer Cyclical Sector Average
HK:9992
Pop Mart International Group Limited
141.80
15.42
12.20%
HK:0869
Playmates Toys
0.44
-0.06
-12.18%
HK:0635
Playmates Holdings
0.51
0.05
11.35%
HK:2255
Haichang Ocean Park Holdings Ltd.
0.49
-0.17
-25.76%
HK:0419
Huayi Tencent Entertainment Co., Ltd.
0.22
-0.27
-54.40%
HK:6918
Kidztech Holdings Ltd.
0.16
0.04
35.59%
Pop Mart International Group Limited Corporate Events
Pop Mart Grants Performance-Linked Share Awards Under Post-IPO Incentive Scheme
Jan 14, 2026
Pop Mart International Group Limited has granted 24,972 share awards, representing the same number of existing shares, to a Group employee under its post-IPO share award scheme, with no purchase price and a vesting date set for the first anniversa...
Pop Mart Grants 52,082 Share Awards Under Post-IPO Incentive Scheme
Jan 9, 2026
Pop Mart International Group Limited has granted 52,082 share awards under its post-IPO share award scheme, with 8,609 awards allocated to non-executive director Wu Andrew Yue and 43,473 awards to group employees, at no purchase price and based on...
Pop Mart Sets Formal Terms of Reference for Nomination Committee
Dec 31, 2025
Pop Mart International Group Limited has formalized the terms of reference for its Nomination Committee, originally established on 23 November 2020, setting out its composition, duties, and operating procedures in line with Hong Kong listing requi...
Pop Mart Announces Board Changes and New Director Appointment
Dec 10, 2025
Pop Mart International Group Limited announced the resignation of Mr. He Yu as a non-executive director due to other work commitments, effective December 10, 2025. Concurrently, Mr. Wu Andrew Yue has been appointed as a non-executive director, bri...
Pop Mart International Announces Board of Directors and Their Roles
Dec 10, 2025
Pop Mart International Group Limited has announced the composition of its board of directors, highlighting the roles and functions of its executive, non-executive, and independent non-executive directors. This announcement underscores the company&...
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.