Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$173, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 8x in the Specialty Retail industry in Hong Kong. Total returns to shareholders of 887% over the past three years. Upcoming Dividend • May 08
Upcoming dividend of CN¥2.38 per share Eligible shareholders must have bought the stock before 15 May 2026. Payment date: 28 May 2026. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Hong Kong dividend payers (6.8%). Lower than average of industry peers (3.5%). New Risk • Mar 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 26
Full year 2025 earnings: EPS in line with expectations, revenues disappoint Full year 2025 results: EPS: CN¥9.61 (up from CN¥2.36 in FY 2024). Revenue: CN¥37.1b (up 185% from FY 2024). Net income: CN¥12.8b (up 309% from FY 2024). Profit margin: 34% (up from 24% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Specialty Retail industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 91% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to HK$168, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 8x in the Specialty Retail industry in Hong Kong. Total returns to shareholders of 782% over the past three years. Announcement • Mar 05
Pop Mart International Group Limited to Report Fiscal Year 2025 Results on Mar 25, 2026 Pop Mart International Group Limited announced that they will report fiscal year 2025 results on Mar 25, 2026 Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$270, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 8x in the Specialty Retail industry in Hong Kong. Total returns to shareholders of 1,077% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$354 per share. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to HK$220, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 8x in the Specialty Retail industry in Hong Kong. Total returns to shareholders of 724% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$274 per share. Buy Or Sell Opportunity • Oct 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to HK$228. The fair value is estimated to be HK$287, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 56% over the last 3 years. Earnings per share has grown by 87%. For the next 3 years, revenue is forecast to grow by 25% per annum. Earnings are also forecast to grow by 26% per annum over the same time period. Major Estimate Revision • Oct 23
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from CN¥33.1b to CN¥36.4b. EPS estimate increased from CN¥8.39 to CN¥9.31 per share. Net income forecast to grow 105% next year vs 35% growth forecast for Specialty Retail industry in Hong Kong. Consensus price target broadly unchanged at HK$364. Share price fell 19% to HK$232 over the past week. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$335, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 10x in the Specialty Retail industry in Hong Kong. Total returns to shareholders of 1,661% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$290 per share. Reported Earnings • Aug 20
First half 2025 earnings released: EPS: CN¥3.44 (vs CN¥0.69 in 1H 2024) First half 2025 results: EPS: CN¥3.44 (up from CN¥0.69 in 1H 2024). Revenue: CN¥13.9b (up 204% from 1H 2024). Net income: CN¥4.57b (up 397% from 1H 2024). Profit margin: 33% (up from 20% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Specialty Retail industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has increased by 159% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Aug 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 39% to HK$272. The fair value is estimated to be HK$225, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 54%. For the next 3 years, revenue is forecast to grow by 25% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. Announcement • Aug 04
Pop Mart International Group Limited to Report First Half, 2025 Results on Aug 19, 2025 Pop Mart International Group Limited announced that they will report first half, 2025 results on Aug 19, 2025 Buy Or Sell Opportunity • Jul 29
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 35% to HK$262. The fair value is estimated to be HK$215, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 54%. For the next 3 years, revenue is forecast to grow by 25% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. Major Estimate Revision • Jul 16
Consensus revenue estimates increase by 22% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from CN¥24.6b to CN¥30.0b. EPS estimate increased from CN¥5.04 to CN¥6.97 per share. Net income forecast to grow 212% next year vs 32% growth forecast for Specialty Retail industry in Hong Kong. Consensus price target up from HK$261 to HK$284. Share price fell 2.4% to HK$263 over the past week. Buy Or Sell Opportunity • Jul 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 58% to HK$260. The fair value is estimated to be HK$215, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 54%. For the next 3 years, revenue is forecast to grow by 25% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. Buy Or Sell Opportunity • Jun 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 92% to HK$244. The fair value is estimated to be HK$201, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 54%. For the next 3 years, revenue is forecast to grow by 24% per annum. Earnings are also forecast to grow by 27% per annum over the same time period. Announcement • May 28
Pop Mart International Group Limited Approves Final Dividend for the Year Ended December 31, 2024, Payable on June 20, 2025 Pop Mart International Group Limited at its AGM held on May 27, 2025, approved a final dividend of Renminbi ("RMB") 81.46 cents per Share issued for the year ended December 31, 2024 (the "Final Dividend") will be paid in Hong Kong Dollar ("HKD") on June 20, 2025 to the Shareholders whose names shall appear on the register of members of the Company on June 4, 2025. Buy Or Sell Opportunity • May 27
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 111% to HK$233. The fair value is estimated to be HK$190, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 54%. For the next 3 years, revenue is forecast to grow by 31% per annum. Earnings are also forecast to grow by 35% per annum over the same time period. Upcoming Dividend • May 22
Upcoming dividend of CN¥0.81 per share Eligible shareholders must have bought the stock before 29 May 2025. Payment date: 20 June 2025. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Hong Kong dividend payers (7.7%). Lower than average of industry peers (2.6%). Buy Or Sell Opportunity • Apr 09
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 58% to HK$138. The fair value is estimated to be HK$113, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 54%. For the next 3 years, revenue is forecast to grow by 30% per annum. Earnings are also forecast to grow by 33% per annum over the same time period. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Major Estimate Revision • Apr 02
Consensus revenue estimates increase by 26% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from CN¥16.8b to CN¥21.1b. EPS estimate increased from CN¥2.93 to CN¥4.07 per share. Net income forecast to grow 78% next year vs 27% growth forecast for Specialty Retail industry in Hong Kong. Consensus price target up from HK$112 to HK$174. Share price rose 16% to HK$163 over the past week. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$163, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 9x in the Specialty Retail industry in Hong Kong. Total returns to shareholders of 350% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$113 per share. Declared Dividend • Mar 28
Dividend of CN¥0.81 announced Shareholders will receive a dividend of CN¥0.81. Ex-date: 29th May 2025 Payment date: 20th June 2025 Dividend yield will be 0.5%, which is lower than the industry average of 5.5%. Payout Ratios Payout ratio: 35%. Cash payout ratio: 44%. Reported Earnings • Mar 27
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: CN¥2.36 (up from CN¥0.81 in FY 2023). Revenue: CN¥13.0b (up 107% from FY 2023). Net income: CN¥3.13b (up 189% from FY 2023). Profit margin: 24% (up from 17% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.7%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Specialty Retail industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 11
Pop Mart International Group Limited to Report Fiscal Year 2024 Results on Mar 26, 2025 Pop Mart International Group Limited announced that they will report fiscal year 2024 results on Mar 26, 2025 Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$87.70, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 9x in the Specialty Retail industry in Hong Kong. Total returns to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$51.61 per share. Major Estimate Revision • Oct 24
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from CN¥10.2b to CN¥11.1b. EPS estimate increased from CN¥1.57 to CN¥1.78 per share. Net income forecast to grow 85% next year vs 6.4% growth forecast for Specialty Retail industry in Hong Kong. Consensus price target up from HK$56.31 to HK$72.58. Share price rose 26% to HK$75.85 over the past week. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to HK$75.20, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 8x in the Specialty Retail industry in Hong Kong. Total returns to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$49.10 per share. Buy Or Sell Opportunity • Oct 18
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 54% to HK$63.95. The fair value is estimated to be HK$51.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 77% in 2 years. Earnings are forecast to grow by 101% in the next 2 years. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to HK$56.60, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 9x in the Specialty Retail industry in Hong Kong. Total returns to shareholders of 9.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$51.72 per share. Reported Earnings • Sep 25
First half 2024 earnings released: EPS: CN¥0.69 (vs CN¥0.35 in 1H 2023) First half 2024 results: EPS: CN¥0.69 (up from CN¥0.35 in 1H 2023). Revenue: CN¥4.56b (up 62% from 1H 2023). Net income: CN¥921.3m (up 93% from 1H 2023). Profit margin: 20% (up from 17% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Specialty Retail industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 28
Consensus revenue estimates increase by 12% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from CN¥9.13b to CN¥10.2b. EPS estimate increased from CN¥1.37 to CN¥1.56 per share. Net income forecast to grow 59% next year vs 5.2% growth forecast for Specialty Retail industry in Hong Kong. Consensus price target up from HK$45.44 to HK$51.82. Share price was steady at HK$46.20 over the past week. Reported Earnings • Aug 21
First half 2024 earnings released: EPS: CN¥0.69 (vs CN¥0.35 in 1H 2023) First half 2024 results: EPS: CN¥0.69 (up from CN¥0.35 in 1H 2023). Revenue: CN¥4.56b (up 62% from 1H 2023). Net income: CN¥921.3m (up 93% from 1H 2023). Profit margin: 20% (up from 17% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Specialty Retail industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Aug 08
Pop Mart International Group Limited to Report First Half, 2024 Results on Aug 20, 2024 Pop Mart International Group Limited announced that they will report first half, 2024 results on Aug 20, 2024 Major Estimate Revision • Jul 19
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from CN¥8.46b to CN¥8.82b. EPS estimate increased from CN¥1.12 to CN¥1.25 per share. Net income forecast to grow 58% next year vs 12% growth forecast for Specialty Retail industry in Hong Kong. Consensus price target up from HK$35.98 to HK$41.57. Share price rose 6.4% to HK$41.60 over the past week. Buy Or Sell Opportunity • Jul 12
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to HK$39.10. The fair value is estimated to be HK$31.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 4.8%. For the next 3 years, revenue is forecast to grow by 22% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Buy Or Sell Opportunity • May 30
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 75% to HK$37.10. The fair value is estimated to be HK$30.39, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 4.8%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Announcement • May 23
Pop Mart International Group Limited Approves Final Dividend for the Year Ended December 31, 2023, Payable on June 12, 2024 Pop Mart International Group Limited announced that at the AGM held on May 21, 2024, the company approved final dividend of 28.21 RMB cents per issued ordinary share of the Company for the year ended December 31, 2023, will be paid in HKD on June 12, 2024 to the Shareholders whose names shall appear on the register of members of the Company on May 30, 2024. Upcoming Dividend • May 16
Upcoming dividend of CN¥0.28 per share Eligible shareholders must have bought the stock before 23 May 2024. Payment date: 12 June 2024. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Hong Kong dividend payers (7.5%). Lower than average of industry peers (4.9%). Reported Earnings • Apr 27
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: CN¥0.81 (up from CN¥0.35 in FY 2022). Revenue: CN¥6.30b (up 37% from FY 2022). Net income: CN¥1.08b (up 127% from FY 2022). Profit margin: 17% (up from 10% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 6.9%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Specialty Retail industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Apr 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 85% to HK$34.55. The fair value is estimated to be HK$28.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 4.8%. For the next 3 years, revenue is forecast to grow by 20% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Declared Dividend • Mar 22
Dividend of CN¥0.28 announced Shareholders will receive a dividend of CN¥0.28. Ex-date: 23rd May 2024 Payment date: 12th June 2024 Dividend yield will be 1.0%, which is lower than the industry average of 5.5%. Payout Ratios Payout ratio: 35%. Cash payout ratio: 31%. Announcement • Mar 20
Pop Mart International Group Limited Proposes Ordinary Final Dividend for the Year Ended 31 December 2023, Payable on 12 June 2024 Pop Mart International Group Limited proposed ordinary final dividend of RMB 0.2821 per share for the year ended 31 December 2023, payable on 12 June 2024. Record date is 30 May 2024. Ex-dividend date is 23 May 2024. Date of shareholders' approval is 21 May 2024. Announcement • Mar 09
Pop Mart International Group Limited to Report Fiscal Year 2023 Results on Mar 20, 2024 Pop Mart International Group Limited announced that they will report fiscal year 2023 results on Mar 20, 2024 Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$24.80, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 9x in the Specialty Retail industry in Hong Kong. Total returns to shareholders of 28% over the past year. Simply Wall St's valuation model estimates the intrinsic value at HK$37.46 per share. Reported Earnings • Aug 23
First half 2023 earnings released: EPS: CN¥0.35 (vs CN¥0.24 in 1H 2022) First half 2023 results: EPS: CN¥0.35 (up from CN¥0.24 in 1H 2022). Revenue: CN¥2.81b (up 19% from 1H 2022). Net income: CN¥476.6m (up 43% from 1H 2022). Profit margin: 17% (up from 14% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Specialty Retail industry in Hong Kong. Announcement • Aug 11
Pop Mart International Group Limited to Report First Half, 2023 Results on Aug 22, 2023 Pop Mart International Group Limited announced that they will report first half, 2023 results on Aug 22, 2023 Recent Insider Transactions • May 30
Key Executive recently bought HK$6.0m worth of stock On the 29th of May, De Si bought around 365k shares on-market at roughly HK$16.37 per share. This transaction amounted to 69% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$10.0m. De has been a buyer over the last 12 months, purchasing a net total of HK$16m worth in shares. Announcement • May 19
Pop Mart International Group Limited Approves Final Dividend for the Financial Year End 31 December 2022, Payable on June 8, 2023 Pop Mart International Group Limited announced that at the AGM held on May 17, 2023 approved final dividend of RMB 0.087 per share for the financial year end 31 December 2022. Ex-dividend date 19 May 2023, Record date 29 May 2023 and Payment date 08 June 2023. Upcoming Dividend • May 12
Upcoming dividend of CN¥0.087 per share at 0.5% yield Eligible shareholders must have bought the stock before 19 May 2023. Payment date: 08 June 2023. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Hong Kong dividend payers (7.5%). Lower than average of industry peers (3.7%). Recent Insider Transactions • May 02
Key Executive recently bought HK$10.0m worth of stock On the 28th of April, De Si bought around 530k shares on-market at roughly HK$18.83 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was De's only on-market trade for the last 12 months. Reported Earnings • Mar 30
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥0.35 (down from CN¥0.62 in FY 2021). Revenue: CN¥4.62b (up 2.8% from FY 2021). Net income: CN¥475.7m (down 44% from FY 2021). Profit margin: 10% (down from 19% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 33%. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Specialty Retail industry in Hong Kong. 
