The LABUBU family has an annual revenue of 14.16 billion, Wang Ning calls for "slowing down the growth rate," and Pop Mart's stock price drops over 20% in a single day.

This article is sourced from: Times Finance Author: Li Xinting

“2025 is indeed a very special year. We are like a novice race car driver, quickly pulled into the F1 arena. Whether as a driver or as the car itself, there is actually a lot of pressure,” said Wang Ning, founder, chairman, and CEO of Pop Mart, at the earnings conference held on March 25.

In 2025, Pop Mart (09992.HK) achieved a revenue of 37.12 billion yuan, a year-on-year increase of 184.7%; adjusted net profit reached 13.08 billion yuan, a year-on-year increase of 284.5%. The adjusted net profit margin was 35.2%.

Despite a significant rise in net profit and holding a large amount of cash, Pop Mart’s dividend policy has become more cautious. According to the announcement, the board of directors proposed a final dividend of 2.3817 yuan per share for the fiscal year 2025, with an estimated total amount of about 3.194 billion yuan; while for the mid-year 2025, Pop Mart did not declare any dividends.

In 2025, Pop Mart’s domestic market revenue was 20.852 billion yuan, an increase of 134.6% year-on-year. The overseas market, consisting of three major segments: Asia-Pacific, the Americas, and Europe and other regions, generated revenue of 16.27 billion yuan, a year-on-year increase of 291.9%.

Although high growth was achieved in the past year, the capital market remains cautious about Pop Mart’s future. After the earnings announcement on March 25, Pop Mart’s stock price plummeted significantly. By the end of trading, the stock price had dropped by over 20%. Analysts pointed out that the decline in stock price may be due to sales of non-LABUBU IP products not meeting expectations.

The financial report shows that in 2025, products from THE MONSTERS family, to which LABUBU belongs, generated revenue of 14.16 billion yuan, and five other IPs had revenues exceeding 2 billion yuan, but none exceeded 4 billion yuan.

As a result, Pop Mart faces the anxiety of “where is the next LABUBU” in terms of blockbuster products.

                      At the earnings presentation, Wang Ning spoke.           

LABUBU remains the “sales champion”

The IP matrix composed of numerous high-popularity IPs is the cornerstone of Pop Mart’s revenue growth.

In 2025, Pop Mart had a total of 17 IPs with revenue exceeding 100 million yuan.

THE MONSTERS, to which LABUBU belongs, is undoubtedly the “sales champion” among Pop Mart’s IPs. In 2024, the LABUBU family’s product revenue first surpassed 3 billion yuan. In 2025, Pop Mart successively launched the LABUBU “High Energy Ahead” series and the Mini LABUBU “Heart Code” series, leading to a revenue of 14.16 billion yuan for the LABUBU family, a year-on-year increase of 365.7%, accounting for nearly 40% of the company’s total revenue.

In addition to the LABUBU family, in 2025, Pop Mart’s five major IPs: SKULLPANDA, CRYBABY, MOLLY, DIMOO, and Star Person also saw revenues exceed 2 billion yuan.

Among them, SKULLPANDA generated 3.54 billion yuan in revenue, a year-on-year increase of 170.6%; CRYBABY generated 2.93 billion yuan, a year-on-year increase of 151.4%; MOLLY generated 2.897 billion yuan, a year-on-year increase of 38.4%; DIMOO generated 2.78 billion yuan, a year-on-year increase of 205.3%; and the new IP Star Person, launched in August 2024, generated 2.06 billion yuan, a year-on-year increase of 1602%. According to Times Finance statistics, the LABUBU family’s revenue is nearly equivalent to the total revenue of the aforementioned five major IPs.

“LABUBU is very lucky, having become a world-class IP… It is like a gold mine, and we believe that its value extraction has just begun.” Clearly, Wang Ning has greater ambitions for this super IP.

Pop Mart’s Chief Operating Officer, Si De, revealed at the earnings release that LABUBU will launch its 4.0 series and an artist collaboration series in the second half of this year. Additionally, LABUBU will make an appearance at the World Cup in June. The LABUBU family’s ten-year global tour continues to land in various countries.

From a mid-to-long-term planning perspective, LABUBU will have picture books, movies, and other content forms, all currently in the preparation stage. On March 19, Pop Mart and Sony Pictures jointly announced the latest progress on the LABUBU movie, with both parties set to develop a live-action animated film around the LABUBU family. “The movie is now in the script stage, and we hope to better showcase the worldview of the LABUBU family through this content,” Si De stated.

The financial report shows that Pop Mart’s cash and cash equivalents increased from 6.109 billion yuan as of December 31, 2024, to 13.775 billion yuan as of December 31, 2025.

The next super blockbuster has yet to appear

With abundant cash flow, Pop Mart is also trying to broaden its IP business models.

Following the launch of the Pop Mart City Park in 2023, in 2025, Pop Mart launched innovative businesses such as the jewelry brand popop and the dessert brand POP BAKERY. Additionally, Wang Ning revealed that in April, Pop Mart will launch derivative small home appliances centered around IP, which will be sold on e-commerce platforms like JD.

However, for the capital market, compared to frequently venturing into new fields, Pop Mart may need to find the next blockbuster.

In 2025, the LABUBU family product revenue accounted for as much as 38.1%. In comparison, the revenue share of the five major IPs: SKULLPANDA, CRYBABY, MOLLY, DIMOO, and Star Person ranged from 5.5% to 9.5%. As LABUBU becomes the revenue pillar of the group, the question “where is the next LABUBU?” has become one that Pop Mart needs to answer to the market.

                      Image source: unsplash           

Since 2025, the pace of new IP launches by Pop Mart has significantly accelerated. According to incomplete statistics from Times Finance, from November 2025 to now, in the past four months, Pop Mart has successively launched four new IPs: Little Hat Hatti, Supertutu, After School Merodi, and Key A. However, these IPs have not yet made a splash in the market. Pop Mart’s Tmall flagship store shows that the current sales of the Supertutu series blind boxes exceed 1,000 units, while the Key A series blind boxes have only sold over 100 units.

In 2019, Pop Mart officially collaborated with LABUBU family designer Long Jiasheng, and in 2024, LABUBU became a global blockbuster. Based on LABUBU’s popularity cycle, the short-term sales of Pop Mart’s new IPs do not yet confirm whether they will become blockbusters, but in the process of incubating the next super blockbuster, Pop Mart also needs to withstand the shocks of the capital market.

It is worth noting that after experiencing a surge in performance, Pop Mart has lowered its performance growth target for 2026.

“This year, we aim for a growth rate of no less than 20%,” Wang Ning stated at the earnings release. Compared to the doubling growth of 2025, this is clearly a significant drop in growth expectations.

“We are still a consumer products and trendy cultural entertainment company that sells products and builds channels. Although last year was a period of super rapid growth, we actually hope our (performance) is a linear and healthy growth,” Wang Ning emphasized.