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Designer-toy company selling collectible blind-box figures such as Labubu through stores, vending machines and online.
Designer-toy company selling collectible blind-box figures such as Labubu through stores, vending machines and online.
Sells figures in sealed boxes where buyers do not know which character they will get, which encourages repeat purchases and trading among collectors. Its biggest characters come from artists it signed to long-term deals, such as Kasing Lung, creator of Labubu. Founder Wang Ning remains CEO and the largest shareholder.
In one line: A Chinese Funko Pop crossed with Beanie Babies, built on IP-driven collectibles.
Moat: narrow (brand, IP / patents, network effects). Owned IP characters plus social-media-driven collecting fandom are hard to replicate quickly.
Headquarters: Beijing, China · Founded: 2010 · Employees: 10,879
Size Pop Mart (9992.HK) is a Hong Kong Consumer Discretionary company (Movies/Entertainment) with a market value of $23.8B, the 72nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$141.90 on 6 Nov 2026.
Performance Over six months the shares fell 11.0%, against -19.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 86.8% over the last twelve months (peer median +10.5%); the operating margin is 45.0% (peer median 5.9%).
Valuation It trades at 17.5× forward earnings against a peer median of 12.5× (5th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +70%, so the hurdle is -66 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 98.0 points above its cost of capital (12.3% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$45.0B | HK$40.3B | HK$14.1B | HK$6.96B | HK$5.37B |
| Revenue growth | — | +185% | +103% | +30% | — |
| Gross profit | HK$31.9B | HK$28.8B | HK$9.23B | HK$4.09B | HK$2.93B |
| EBITDA | HK$21.9B | HK$19.5B | HK$5.39B | HK$2.01B | HK$1.28B |
| Net income | HK$14.7B | HK$13.9B | HK$3.39B | HK$1.20B | HK$553M |
| Free cash flow | HK$8.17B | HK$10.8B | HK$4.83B | HK$1.78B | HK$642M |
| Capital expenditure | HK$1.71B | HK$1.27B | HK$560M | HK$434M | HK$404M |
| Total debt | n/a | HK$3.19B | HK$1.03B | HK$873M | HK$832M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Pop Mart 9992.HK | $23.8B | -11% | +87% | 45% | 17.5× | 3.8% |
| Funko FNKO | $377M | +28% | -4% | 3% | 25.7× | 13.0% |
| Sanrio 8136.T | $9.78B | +33% | +28% | 39% | 22.4× | 1.9% |
| MINISO 9896.HK | $3.34B | -25% | +31% | 13% | 9.9× | 1.5% |
| Bandai Namco 7832.T | $26.1B | +76% | +9% | 15% | 25.5× | -0.4% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9992.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.3% | +5.1% | 6th lowest of 21 |
| 6-month return | -11.0% | -19.2% | 9th highest of 21 |
| Distance from 52-week high | -47.3% | -41.2% | 8th lowest of 21 |
| Revenue growth (TTM) | +86.8% | +10.5% | highest of 21 |
| Operating margin | 45.0% | 5.9% | highest of 21 |
| Forward P/E | 17.5× | 12.5× | 5th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 3.8% | -0.7% | 4th most demanding of 15 |
| Growth delivered (Del g) | +70.1% | +16.2% | highest of 15 |
| Hurdle (Req g minus delivered) | -66.4 pp | -14.5 pp | least demanding of 15 |
| ROIC minus cost of capital | +98.0 pp | +4.7 pp | highest of 19 |
| EV / EBITDA | 8.0× | 9.1× | 3rd cheapest of 9 |
| Net debt / EBITDA | -0.5× | -0.5× | 5th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Pop Mart 9992.HK | Hong Kong | $23.8B | -11% | +87% | 45% | 17.5× | 3.8% | +70.1% |
| Weichai Power 2338.HK | Hong Kong | $24.0B | -50% | +14% | 7% | 11.0× | -7.0% | +2.6% |
| Fuyao Glass Industry 3606.HK | Hong Kong | $21.3B | -13% | +13% | 22% | 13.5× | 3.7% | +17.4% |
| Lens Technology 6613.HK | Hong Kong | $20.7B | -29% | -7% | 5% | 18.1× | -0.7% | +14.2% |
| Haier Smarthome 6690.HK | Hong Kong | $27.6B | -2% | -4% | 7% | 9.3× | -3.8% | +6.8% |
| Geely Auto 0175.HK | Hong Kong | $20.1B | -34% | +27% | 4% | 6.5× | -9.3% | +29.3% |
| Anta Sports 2020.HK | Hong Kong | $28.2B | +2% | +17% | 21% | 12.5× | -0.7% | +16.9% |
| Trip.com-s 9961.HK | Hong Kong | $29.0B | -17% | +18% | 16% | 12.6× | 4.6% | +26.9% |
| Galaxy Ent 0027.HK | Hong Kong | $19.4B | +8% | +8% | 32% | 14.2× | 2.8% | +28.7% |
| Chery Automobile 9973.HK | Hong Kong | $17.8B | -22% | +11% | 5% | 5.8× | n/a | n/a |
| Jd-sw 9618.HK | Hong Kong | $34.8B | -5% | +8% | 0% | 9.2× | 14.4% | +11.1% |
| Great Wall Motor 2333.HK | Hong Kong | $15.7B | -48% | +13% | 2% | 5.9× | -5.1% | +15.6% |
| H World 1179.HK | Hong Kong | $15.3B | +3% | +13% | 27% | 18.8× | 6.2% | +19.1% |
| Chow Tai Fook 1929.HK | Hong Kong | $15.0B | +3% | +5% | 19% | 11.3× | -8.1% | +6.1% |
| Li Auto-w 2015.HK | Hong Kong | $12.4B | -32% | -24% | -7% | n/a | n/a | n/a |
| Sands China 1928.HK | Hong Kong | $11.4B | -30% | +9% | 26% | 12.9× | 2.5% | +34.0% |
| Seres 9927.HK | Hong Kong | $11.4B | -54% | -2% | -4% | 90.9× | n/a | n/a |
| XPeng 9868.HK | Hong Kong | $9.51B | -37% | +29% | -7% | n/a | n/a | n/a |
| Meituan-w 3690.HK | Hong Kong | $63.3B | -5% | +10% | -12% | 303.1× | n/a | n/a |
| Shenzhou Intl 2313.HK | Hong Kong | $8.08B | -7% | +2% | 16% | 11.8× | -4.5% | +5.4% |
| NIO 9866.HK | Hong Kong | $7.60B | -46% | +70% | -4% | n/a | n/a | n/a |