Pop Mart International Group Ltd

Pop Mart maintains a robust capital structure characterized by high liquidity and low leverage. The company holds CNY 13.78 billion in cash and equivalents against CNY 2.86 billion in long-term debt, resulting in a debt-to-equity ratio of 0.13. The current ratio stands at 3.48, indicating ample short-term solvency. With a market capitalization of CNY 200.69 billion, the firm trades at a price-to-book multiple of 9.01 and an EV/EBITDA of 11.24.

Profitability metrics are exceptional, with a return on equity of 57.35% and a return on assets of 39.8%. The company generated CNY 12.78 billion in net income on CNY 37.12 billion in revenue, yielding a net margin of approximately 34.4%. Operating income reached CNY 16.89 billion, reflecting strong operational efficiency and gross profit of CNY 26.76 billion.

Revenue concentration and segment details are not explicitly broken down in the provided financial snapshot, but the high gross profit suggests a premium product mix. The company’s total assets stand at CNY 32.10 billion, with total equity of CNY 22.28 billion, indicating a balance sheet heavily weighted towards retained earnings and equity rather than debt financing.

Growth trajectory is inferred from the substantial scale of operations, with CNY 37.12 billion in revenue and CNY 11.88 billion in free cash flow. The free cash flow yield is strong, supported by capital expenditures of CNY 1.17 billion, which are modest relative to the cash generated.

Risk assessment indicates low liquidity risk and low dilution risk, with no immediate filing-based flags detected. The company’s share count remains stable at 1.33 billion basic and diluted shares, suggesting no recent significant equity issuance.

Recent IR observations show strong analyst support, with a mean price target of CNY 219.33 and a median target of CNY 218.90, implying significant upside from the current market price of CNY 150.70. The mean recommendation is 2.07, with 10 strong buys and 12 buys, indicating bullish sentiment among covered analysts.

Revenue surged 184.7% year-over-year to CNY 37.1 billion, demonstrating exceptional top-line growth momentum.

Net income expanded 308.8% to CNY 12.8 billion, significantly outpacing revenue growth and indicating strong operating leverage.

Analysts project 43.9% upside to a mean price target of CNY 219.33, reflecting strong market confidence.

Debt-to-equity ratio of 0.13 is below the cohort median of 0.06, indicating higher relative leverage than peers.

Cash conversion of 0.85 trails the 0.92 cohort median, suggesting slightly less efficient cash generation from operations.

Long-term debt increased to CNY 2.86 billion in FY2026, rising from CNY 0.96 billion in FY2025.

The company is classified under Software, which may limit comparability with traditional retail or manufacturing peers.

Revenue ¥37.12B, +184,7% YoY; Operating income +306,6% YoY.

• ▍Revenue ¥37.12B, +184,7% YoY
• ▍Operating income +306,6% YoY
• ▍Net income +308,8% YoY
• ▍Free cash flow +262,4% YoY
• ▍Net margin 34.4%

Revenue ¥13.04B, +106,9% YoY; Operating income +237,6% YoY.

• ▍Revenue ¥13.04B, +106,9% YoY
• ▍Operating income +237,6% YoY
• ▍Net income +188,8% YoY
• ▍Free cash flow +163,5% YoY
• ▍Net margin 24.0%

Revenue ¥6.30B, +36,5% YoY; Operating income +111,0% YoY.

• ▍Revenue ¥6.30B, +36,5% YoY
• ▍Operating income +111,0% YoY
• ▍Net income +127,5% YoY
• ▍Free cash flow +142,4% YoY
• ▍Net margin 17.2%

Revenue ¥4.62B, +2,8% YoY; Operating income −49,3% YoY.

• ▍Revenue ¥4.62B, +2,8% YoY
• ▍Operating income −49,3% YoY
• ▍Net income −44,3% YoY
• ▍Free cash flow −31,3% YoY
• ▍Net margin 10.3%

Revenue ¥4.49B; Operating income ¥1.15B.

• ▍Revenue ¥4.49B
• ▍Operating income ¥1.15B
• ▍Net margin 19.0%