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 results for 2025, with revenue surpassing 30 billion yuan for the first time. The financial report shows that in 2025, the company achieved revenues of 37.12 billion yuan, a year-on-year increase of 184.7%; the profit attributable to the company’s owners was 12.776 billion yuan, a year-on-year increase of 308.8%; and the adjusted net profit was 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 building channels, with IP-centric group development and internationalization as the two strategic directions for the company’s growth.”

In 2025, Pop Mart’s global expansion entered a harvest phase. The financial report indicates that the company’s revenue in the Chinese market for the entire year was 20.851 billion yuan, 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.

Pop Mart’s Chief Operating Officer Si De told a reporter from the 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 strengthen the construction of its online official site and the exploration of local designers. Currently, the team members in the U.S. market have reached 2,000, and in the future, the company will strategically position the U.S. as its core market, making it a key hub for the entire Americas region.”

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

It is worth mentioning that Pop Mart’s IP operations are extending from trendy toy products to diversified business formats. The Pop Mart City Park, which launched in Beijing in 2023, has become an important platform for interaction between its IP and consumers. Si De stated: “The Pop Mart Park is currently still in the expansion phase; although the operational area is small, the entire park has experienced rapid growth in traffic and revenue. We have nurtured dessert business and IP celebrity friend business through many detailed operations. This summer, Phase 1.5 of the park will be completed and opened, and Phase 2 of the park’s construction will begin in 2027.”

“I 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; we also have dessert shops and accessory stores, and our small appliances will be launched 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 the Securities Daily: “The consumption extension of Pop Mart’s core user group is extremely strong. When LABUBU’s IP image appears in dessert shops or household appliance products, it fundamentally satisfies the emotional consumption needs of the same group of users. In the future, under Pop Mart’s refined operations, the coverage fields of its IP will become increasingly broad.”