Pop Mart's revenue last year first exceeded 30 billion yuan

On March 25, Pop Mart International Group (hereinafter referred to as “Pop Mart”) released its full-year performance for 2025, with the company’s revenue surpassing 30 billion yuan for the first time. The financial report shows that in 2025, the company achieved revenue of 37.12 billion yuan, a year-on-year increase of 184.7%; the profit attributable to company owners was 12.776 billion yuan, a year-on-year increase of 308.8%; and adjusted net profit reached 13.084 billion yuan, a year-on-year increase of 284.5%.

Wang Ning, Chairman and CEO of Pop Mart, stated at the earnings briefing: “Pop Mart’s positioning has always been that of a trendy cultural entertainment company selling products and creating channels, with IP-centric group development and internationalization as the two main strategic directions of the company’s growth.”

In 2025, Pop Mart’s globalization layout entered a harvest period. The financial report shows that revenue from the Chinese market was 20.851 billion yuan for the year, a year-on-year increase of 134.6%. By the end of 2025, Pop Mart operated 630 stores globally, with a net increase of 109 stores for the year.

Si De, Chief Operating Officer of Pop Mart, told a reporter from Securities Daily: “In 2026, the number of stores in the U.S. market will increase from 72 to 100. At the same time, the company will also strengthen the construction of its online official website and the discovery of local designers. Currently, the team in the U.S. market has reached 2,000 members, and in the future, the company will strategically position the U.S. as its core market to become a key hub radiating across the entire Americas region.”

IP is Pop Mart’s core asset. The financial report shows that throughout the year, there were 17 artist IPs with revenues exceeding 100 million yuan and 6 IPs with revenues exceeding 2 billion yuan. Among them, THEMONSTERS, belonging to LABUBU, achieved revenue of 14.161 billion yuan for the year, a year-on-year increase of 364.5%, accounting for 38.1% of total revenue. It was disclosed that LABUBU’s sales exceeded 100 million units in 2025. Other leading IPs also performed strongly. Specifically, SKULLPANDA achieved revenue of 3.540 billion yuan for the year, CRYBABY achieved revenue of 2.929 billion yuan, MOLLY achieved revenue of 2.897 billion yuan, DIMOO achieved revenue of 2.777 billion yuan, and XINGXINGREN, as a rising star, achieved revenue of 2.056 billion yuan for the year. Additionally, revenue from licensed IPs reached 3.382 billion yuan, accounting for 9.1%.

It is worth mentioning that Pop Mart’s IP operations are extending from single trendy toys to diversified formats. The Pop Mart City Park, which landed in Beijing in 2023, has become an important platform for interaction between its IP and consumers. Si De stated: “The Pop Mart Park is still in the expansion phase; although the operational area is small, the overall park’s foot traffic and revenue have achieved rapid growth. Through many detailed operations, we have incubated dessert businesses and IP star friend businesses. This summer, Phase 1.5 of the park will be completed and opened, and construction of Phase 2 will begin in 2027.”

“I have previously mentioned that LABUBU is a gold mine, and our exploration of this gold mine has just begun. It’s not just movies and parks; there are also dessert shops and accessory stores, and our small home appliances will also launch in April this year,” Wang Ning said.

Regarding the expansion of Pop Mart’s IP commercialization boundaries, Yang Huaiyu, a senior researcher at Shanghai Xia Zhi Liang Shi Consulting Management Co., Ltd., told a reporter from Securities Daily: “The consumer extension of Pop Mart’s core user group is extremely strong. When LABUBU’s IP image appears in dessert shops or home appliance products, it essentially meets the emotional consumption needs of the same group of users. In the future, under Pop Mart’s refined operations, the coverage areas of its IP will continue to expand.”