Pop Mart International Group Limited (9992) AI Stock Analysis

• Market Cap: HK$274.54B
• Dividend Yield: 0.44%
• Average Volume (3M): 15.06M
• Price to Earnings (P/E): 17.7
• Beta (1Y): 0.25
• Revenue Growth: 176.86%
• EPS Growth: 342.12%
• Country: HK
• Employees: 5,692
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Leisure
• EPS (TTM): 3.89
• Shares Outstanding: 1,341,043,100
• 10 Day Avg. Volume: 13,651,935
• 30 Day Avg. Volume: 15,063,567
• PEG Ratio: 0.19
• Price to Book (P/B): 10.45
• Price to Sales (P/S): 8.57
• P/FCF Ratio: 24.62
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: HK$348.89
• Price Target Upside: 68.55% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): 12.96
• Revenue Forecast (FY): HK$50.71B

• Rating: 73 Outperform
• Price Target: HK$258.00 ▲(24.64% Upside)
• Action: Upgraded Date: 01/21/26
• Date: Action: Upgraded 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.

Strong balance sheet and capital efficiency

Extremely low leverage and a high equity ratio provide financial flexibility to fund expansion or weather shocks without refinancing pressure. High ROE signals effective capital deployment, enabling sustained investment in products, retail footprint and partnerships over multiple cycles.

Proven, diversified blind-box business model

The blind‑box collectible model, coupled with omnichannel distribution and artist tie‑ups, creates recurring purchases, community engagement and scarcity pricing. These structural dynamics support repeat buying, high LTV customers and a resilient revenue mix across channels.

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.

Hit-driven product and inventory risk

Business relies on collectible hits and limited drops; demand is product‑specific and marketing intensive. This increases volatility in sell‑through, inventory obsolescence risk and promotional costs. Sustaining growth requires continuous creative success and elevated product development spend.

High growth sustainability risk

While rapid scale is positive, sustaining >100% growth from a larger base is challenging; elevated growth rates often mean tougher comparables and margin pressures as the company expands channels. Future growth may normalize, requiring execution to maintain profitability and investor expectations.

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 accessories comprising pins, plushies, cups, and others. Its customers primarily consist of its fans and distributors, as well as bulk purchase corporate customers. As of December 31, 2021, the company's sales and distribution network consisted of 295 retail stores and 1,870 roboshops in first-tier cities, new first-tier cities, and other cities; online channels, including its Tmall flagship store, JD.com flagship store, Pop Draw, and other online channels; and wholesale channels and others in Mainland China and internationally. It also provides internet technology services and technology development services; operates playgrounds; and engages in the investment activities and exhibition business. Pop Mart International Group Limited was founded in 2010 and is headquartered in Beijing, the People's Republic of China.

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 sales to consumers via its e-commerce platform, partnerships with retail chains, and collaborations with artists and brands that drive limited edition releases. Key revenue streams include sales from physical retail stores, online sales, and participation in events and exhibitions. Additionally, Pop Mart benefits from a strong brand loyalty and community engagement, which boosts repeat purchases and helps maintain a consistent flow of income.

Pop Mart International Group Limited Financial Statement Overview

Summary

Strong income statement (92) driven by >100% revenue growth and high profitability (gross margin 66.8%, net margin 24.0%) plus a solid balance sheet (88) with low leverage (debt-to-equity 0.09) and strong ROE (29.3%). Cash flow score is weaker (70) due to missing current-period cash flow data, adding uncertainty.

Income Statement

Pop Mart International Group Limited demonstrates strong revenue growth with a significant increase from 6.3 billion to 13.0 billion, reflecting a growth rate of over 106% year-on-year. The company maintains impressive gross and net profit margins at 66.8% and 24.0% respectively, indicating high profitability. EBIT and EBITDA margins are robust at 31.9% and 34.6%, showcasing operational efficiency. These metrics highlight a trajectory of strong growth and profitability.

Balance Sheet

The balance sheet is solid, with a debt-to-equity ratio of 0.09, indicating low leverage and financial stability. Return on Equity stands at 29.3%, reflecting efficient use of equity. The equity ratio of 71.8% further emphasizes strong equity positions relative to total assets, suggesting a low-risk financial structure. Overall, the balance sheet reflects a stable and well-capitalized financial position.

Cash Flow

While cash flow metrics like operating cash flow to net income ratio and free cash flow to net income ratio could not be calculated due to data unavailability, previous years show positive free cash flow generation. However, the absence of current operating and free cash flow data poses a potential risk in assessing cash flow stability. The historical ability to generate free cash flow is a positive sign, but current data limitations impact the overall cash flow assessment.

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

• Technical Analysis Sentiment: Negative
• Last Price: 207.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 207 is below the 20-day moving average (MA) of 238.63, below the 50-day MA of 215.74, and below the 200-day MA of 241.16, indicating a bearish trend. The MACD of -0.18 indicates Positive momentum. The RSI at 37.49 is Neutral, neither overbought nor oversold. The STOCH value of 8.27 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9992	73 Outperform	HK$274.54B	17.73	62.28%	0.44%	176.86%	342.12%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
0869	59 Neutral	HK$472.00M	-6.21	1.28%	13.73%	-44.36%	-93.64%
0635	55 Neutral	HK$1.00B	-1.31	-8.58%	9.09%	-39.71%	-74.16%
2255	45 Neutral	HK$6.61B	-4.95	-50.43%	―	-8.83%	-393.39%
6918	42 Neutral	HK$137.28M	-2.22	-19.89%	―	84.26%	44.41%
0419	41 Neutral	HK$407.59M	-3.50	-113.77%	―	-27.43%	-67.00%

Pop Mart International Group Limited Corporate Events

Pop Mart Grants Performance-Linked Share Awards Under Post-IPO Incentive Scheme

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 anniversary of the grant at a reference market price of HK$192 per share. The award is subject to performance targets and stringent clawback provisions designed to protect the company in cases of misconduct, while aiming to reward past contributions, align the employee’s interests with shareholders and support long-term growth; the grant uses shares already held by the scheme trustee and remains well within the company’s approved share award limits, requiring no shareholder approval under Hong Kong listing rules.

The most recent analyst rating on (HK:9992) stock is a Buy with a HK$325.00 price target. To see the full list of analyst forecasts on Pop Mart International Group Limited stock, see the HK:9992 Stock Forecast page.

Pop Mart Grants 52,082 Share Awards Under Post-IPO Incentive Scheme

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 the closing share price of HK$197 on the grant date. The awards will vest over one to four years subject to individual performance targets, and are subject to robust clawback provisions in cases such as misconduct or integrity-related offences, with all awards to be satisfied from existing shares held by the scheme trustee rather than new issuance, thereby minimizing dilution while reinforcing long-term incentives and retention across the company’s workforce and leadership.

The most recent analyst rating on (HK:9992) stock is a Buy with a HK$325.00 price target. To see the full list of analyst forecasts on Pop Mart International Group Limited stock, see the HK:9992 Stock Forecast page.

Pop Mart Sets Formal Terms of Reference for Nomination Committee

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 requirements. The framework specifies that the committee must comprise at least three directors with a majority being independent non-executive directors, include at least one member of a different gender, meet at least annually with proper notice and information from senior management, and be chaired by either the board chairman or an independent non-executive director, with the committee chair (or delegate) required to attend the annual general meeting to answer shareholders’ questions on its activities, reinforcing the company’s governance and board oversight practices.

The most recent analyst rating on (HK:9992) stock is a Buy with a HK$325.00 price target. To see the full list of analyst forecasts on Pop Mart International Group Limited stock, see the HK:9992 Stock Forecast page.

Pop Mart Announces Board Changes and New Director Appointment

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, bringing extensive experience from his roles in LVMH and Sony Music Entertainment Group. Additionally, changes in the composition of the Nomination Committee were made, with Ms. Liu Ran joining as a member and Mr. Zhang Jianjun appointed as chairperson, reflecting the company’s adherence to corporate governance standards.

The most recent analyst rating on (HK:9992) stock is a Buy with a HK$325.00 price target. To see the full list of analyst forecasts on Pop Mart International Group Limited stock, see the HK:9992 Stock Forecast page.

Pop Mart International Announces Board of Directors and Their Roles

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’s commitment to structured governance and may influence its strategic direction and stakeholder confidence.

The most recent analyst rating on (HK:9992) stock is a Buy with a HK$325.00 price target. To see the full list of analyst forecasts on Pop Mart International Group Limited stock, see the HK:9992 Stock Forecast page.