What this is
Why Pokémon Korea's operating margin fell from 41.3% in 2022 to 18.1% in 2025 even though its gross margin rose (51.5% to 56.1%): advertising grew from 2.5% to 21.4% of revenue.
How it’s built
- Gross margin, advertising and operating profit were taken from the company's audited income statements for each year.
- Advertising rose by ₩13.4bn from 2022 to 2025, more than half of the ₩23.8bn fall in operating profit, while gross profit fell ₩5.2bn.
- The 2025 balance sheet also shows goods of ₩10.8bn with an 11.8% write-down.
What we assumed
- Advertising is ordinary marketing spend.The notes do not show whether any of it is paid to TPC; if it were, the margin squeeze would partly be a rising charge from Tokyo.
Sanity check
The share of revenue Pokémon Korea pays to the group fell over the same years, so the squeeze does not come from a bigger group charge on the lines shown.
Where it comes from
Our calculation from other figures in the trainer’s notes:
Show the working
- 광고선전비 15,653,724,299 8,202,674,670 (CY2025 I/S)
- 재고평가충당금 (1,275,956,472) (160,052)
Where it’s used
Related figures
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