【9992 Earnings】Pop Mart Stock Price Plunges Over 22%, Labubu Fails to "Support Price" - Net Profit Surged Nearly 3.1x Last Year - THE MONSTERS Revenue 14.16 Billion Yuan, Molly Revenue Growth 16x

Bubble Mart (09992) It handed over a report card that doubled both revenue and profit, especially overseas business and plush products, but the market diverged in its future expectations and capital flows, resulting in a sharp drop in stock prices. Bubble Mart’s stock price fell 23.8% in the afternoon, reaching a low of 165.6 yuan, and finally closed down 22.5% at 168.3 yuan, with a turnover of 244.6 billion yuan.

Bubble Mart’s annual profit attributable to owners of the company was 127.8 billion yuan (RMB, the same below), up 308.8% year-on-year, with basic earnings per share of 9.61 yuan and a final dividend of 2.3817 yuan per share.

Bubble Mart: Hope that the growth rate will not be less than 20% this year, and it is expected to launch the LABUBU4.0 series in the second half of the year (constantly updated)

▲ [9992 Performance] Bubble Mart’s stock price plunged more than 22%, Labubu failed to “save the price” Last year’s net profit increased by nearly 3.1 times THE MONSTERS’ revenue was 141.6 billion yuan, and the revenue of Star People increased by 16 times

Bubble Mart****Performance highlights:

• Net profit: 127.8 billion yuan, up 308.8%
• Revenue: 371.2 billion yuan, up 184.7%
• Gross profit margin: 72.1%, an increase of 5.3 percentage points
• China business revenue: 208.5 billion yuan, up 134.6%
• Overseas business revenue: 162.7 billion yuan, up 291.9%

During the period, Bubble Mart’s revenue was 371.2 billion yuan, up 184.7% year-on-year, and gross profit was 267.6 billion yuan, up 207.4%, mainly due to the increase in revenue and the control of sales costs, gross profit margin increased by 5.3 percentage points to 72.1%, mainly due to the increase in overseas sales to drive the growth of gross profit margin; and adopt a flexible supply chain strategy to enhance bargaining power with suppliers, and focus on procurement from core suppliers to reduce procurement costs.

Overseas business revenue soared 2.9 times, and plush products became the category with the highest revenue contribution for the first time

Bubble Mart’s revenue from China business was 208.5 billion yuan, up 134.6% year-on-year, and revenue from overseas business was 162.7 billion yuan, up 291.9%.

plush products achieved revenue of 187.1 billion yuan, an increase of 560.6%, becoming the product category with the highest revenue contribution of the group for the first time.

THE MONSTERS’ revenue was 141.6 billion yuan, and Star People’s revenue increased by 16 times

Bubble Mart said that in 2025, the proportion of independent product revenue to total revenue will be 99.1%, and the revenue of independent products will increase by 189.2% to 367.9 billion yuan. The Group has adopted a differentiated operation strategy to continuously increase the popularity of IP and actively promote IP commercialization, further enhancing the vitality of IP and achieving strong sales performance. In 2025, a total of 17 artists will have IP revenue exceeding 100 million, including:

• THE MONSTERS（Labubu）: 141.6 billion yuan, up 365.7%, accounting for 38.1% of revenue
• SKULLPANDA: 35.4 billion yuan, up 170.6%
• CRYBABY: 29.3 billion yuan, up 151.4%
• MOLLY: 29 billion yuan, up 38.4%
• DIMOO: 27.8 billion yuan, up 205.3%
• Star people: 20.6 billion yuan, up 1601.8%
• HIRONO: 17.4 billion yuan, up 138.8%

▲ [9992 Performance] Bubble Mart’s stock price plunged more than 22%, Labubu failed to “save the price” Last year’s net profit increased by nearly 3.1 times THE MONSTERS’ revenue was 141.6 billion yuan, and the revenue of Star People increased by 16 times

As of December 31, 2025, the Group operated 630 stores in 20 countries around the world, with a net increase of 109 for the whole year, and operated 2,637 robot stores, with a net increase of 165 units for the whole year.

It will continue to enrich IP types, expand its IP matrix, and steadily expand its global business territory

Bubble Mart said that IP has always been the core of the group’s business development. In the future, we will continue to deliver happiness and beauty to global consumers through high-quality design, creative products, and high-quality services, making IP an emotional bond that transcends borders, languages, and cultures. At the same time, by continuously enhancing brand value, expanding product categories, and innovating interactive forms, we will deepen our emotional connection with users, enhance brand influence, and consolidate our position and competitiveness in the global market. The Group will continue to enrich IP types, expand its IP matrix, cooperate with global artists, continue to maintain its leading high-level design innovation capabilities, and launch more high-quality products. And through long-term and systematic IP incubation and operation, we will continue to strengthen the IP core and deepen the construction of IP content.

The Group will steadily expand its global business territory and open offline channels in landmark locations in more core cities to enhance consumer experience and brand awareness. At the same time, it will increase investment in self-developed APPs and official websites, accelerate the iterative optimization of functions, and provide consumers with a convenient and high-quality shopping experience in more countries and regions.

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