POP MART (09992) releases annual performance, revenue skyrockets to 37.12 billion, a 184.7% increase, net profit surges to 12.776 billion, a 308.8% increase, plush category becomes the main source of income.

POP MART (09992) announced the annual performance as of December 31, 2025, with a group revenue of 37.12 billion yuan, a year-on-year increase of 184.7%; shareholders' net profit of 12.776 billion yuan, a year-on-year increase of 308.8%; basic earnings per share of 9.61 yuan; and a final dividend of 2.3817 yuan. As a diversified IP platform, the group has established a mature full-chain ecosystem, steadily improving its ability to incubate and operate IPs. Based on the unique expression and design of each IP, the group adopts a differentiated operation strategy to continuously enhance the popularity of IPs and actively promote their commercialization, further strengthening the vitality of IPs and achieving strong sales performance. In 2025, a total of 17 artist IPs generated revenue exceeding one billion yuan, with THE MONSTERS, SKULLPANDA, CRYBABY, MOLLY, DIMOO, STARBUCKS, and HIRONO achieving revenues of 14.161 billion yuan, 3.54 billion yuan, 2.929 billion yuan, 2.897 billion yuan, 2.777 billion yuan, 2.056 billion yuan, and 1.735 billion yuan respectively during the reporting period. In 2025, plush products generated revenue of 18.708 billion yuan, a year-on-year increase of 560.6%, becoming the highest contributing product category to the group's revenue for the first time. The company has always adhered to IP as the core, deeply exploring the characteristics of each IP, and tailor-making plush products that are stylish, compatible, and significantly differentiated. By making products an extension of the IP story, allowing users to perceive the spiritual core of the IP, a deep emotional bond is established. After years of exploration and accumulation, the company continues to expand the usage scenarios of plush products, forming a product matrix covering multiple sizes and forms. Thanks to the precise interpretation of the IP core, as well as the outstanding display, interactivity, and compatibility potential of the products themselves, the company's plush series products have not only deepened the emotional connection with existing fans but also helped the brand attract more new users globally. As of December 31, 2025, the group operates 630 stores in 20 countries globally, with a net increase of 109 stores for the year, and operates 2,637 Siasun Robot & Automation stores, with a net increase of 165 stores for the year. As of December 31, 2025, the total number of registered members in Mainland China has increased from 46.08 million on December 31, 2024, to 72.58 million, with an increase of 26.5 million new registered members. The sales contribution from members in 2025 accounted for 93.7%, with a member repurchase rate of 55.7%.