Research on the Influencing Mechanism of SKULLPANDA's Revenue Share to Pop Mart's Profitability---Empirical Analysis Based on Financial Data from 2020 to 2024

Whether the expansion of sub-brands will erode the profits of the parent company as become a hot topic in China's trendy gaming industry in the post-epidemic era. This study takes the financial data of Pop Smart International Group Co., LTD. (9992.HK) from 2020 to 2024 as a sample (n = 5) to explore the influence mechanism of SKULLPANDA's revenue ratio on corporate gross profit margin, and tries to test the mediating effect of IP synergy effect and the moderating effect of marketing efficiency. Through SPSS descriptive statistics, correlation analysis and hierarchical regression, it is found that SKULLPANDA's revenue proportion has a negative relationship with gross profit margin ( = -1.527), but the statistics are not significant (p = 0.118), and H1 only has directional support. Because the main effect is not significant, the mediating effect of IP synergy fails to be established (H2 is not supported). The research conclusions are limited by the sample size and data, so it is necessary to expand the sample and improve the measurement in the future to deepen the verification, and provide preliminary enlightenment for the IP portfolio management of the trendy gaming industry.