Pop Mart has released its financial results for the first half of 2025. According to the data, revenue reached 13.88 billion CNY (~1.91 billion USD), marking a breakthrough in scale thanks to a dual growth engine of IP-driven strategies and globalization, with both revenue and net profit experiencing explosive growth.
1. Performance Overview: Profitability Metrics Continue to Improve
In the first half of 2025, Pop Mart achieved operating revenue of 13.88 billion CNY (1.91 billion USD), a year-over-year increase of 204.4%. Net profit reached 4.71 billion CNY (650 million USD), up 362.8% year-over-year, achieving a “half-year exceeds full-year” level breakthrough.
From a profitability perspective, the company’s earnings capability also improved. Gross margin rose to 70.3%, up 6.3% from the same period last year. Net profit margin was 33.9%, an increase of 11.6% year-over-year. This improvement stems from the increased revenue share of high-margin IP products, and reflects the efficiency gains following organizational restructuring—laying a solid foundation for further expansion.
2. Core Growth Drivers: Explosive IP Portfolio and a Key Product Category Breakthrough
The core logic behind Pop Mart’s performance growth lies in the deepening global influence of its IP matrix and innovative product upgrades, forming a growth structure driven by “super IPs leading, multi-IP collaboration, and category breakthroughs.”
(1) Tiered IP Development – Super IPs Deliver Core Growth
In the first half of 2025, LABUBU emerged as a phenomenon-level super IP globally, thanks to its distinctive design and emotional resonance. Its parent THE MONSTERS IP matrix achieved 4.81 billion CNY (~660 million USD) in revenue, accounting for 34.7% of total revenue—a staggering 668.0% year-over-year increase, becoming the main growth engine.
Meanwhile, classic and emerging IPs formed a synergy:
Five major IPs—THE MONSTERS, MOLLY, SKULLPANDA, CRYBABY, DIMOO—each exceeded 1 billion CNY (~140 million USD) in revenue:
- MOLLY: 1.36 billion CNY, up 73.5% YoY
- SKULLPANDA: 1.22 billion CNY, up 112.4% YoY
- CRYBABY: 1.22 billion CNY, up 248.7% YoY
- DIMOO: 1.11 billion CNY, up 192.5% YoY
In addition, the breadth of the IP portfolio continues to expand. Thirteen IPs including HIRONO, Star People, and Zsiga each surpassed 100 million CNY (14 million USD) in revenue. Notably, Star People, launched in the second half of 2024, generated nearly 400 million CNY (55 million USD) in the first half of 2025, becoming one of the fastest-growing new IPs. HIRONO generated 730 million CNY (~100 million USD), up 197% YoY, aided by its first brand store and lifestyle scene integrations—demonstrating the maturity of Pop Mart’s IP incubation system.
(2) Category Structure Optimization – Plush Toys Surpass Figurines
Thanks to IP influence, Pop Mart’s product mix reached a critical turning point. In H1 2025, plush toys generated 6.14 billion CNY (~846 million USD) in revenue, surpassing figurines for the first time and becoming the top revenue source.
This shift was driven by product innovations in plush for super IPs like LABUBU, and reflects an accurate grasp of consumption trends—particularly young consumers’ rising preference for cute, portable designer toys. The diversification of product categories not only reduces dependence on a single category but also creates more opportunities to extend IP value across different scenarios.
3. Global Expansion: Regional Headquarters Strategy Shows Results, All Four Markets Achieve Triple-Digit Growth
In April 2025, Pop Mart launched a global organizational restructuring, setting up regional headquarters for China, Asia-Pacific (excluding China), the Americas, and Europe/Other regions. The effectiveness of this strategy is clearly reflected in the H1 financials, with all four regions posting triple-digit revenue growth. The Americas grew more than tenfold, marking the first wave of global business explosion.
By region:
- China: 8.28 billion CNY revenue (~1.14 billion USD), up 135.2% YoY
- Asia-Pacific (ex-China): 2.85 billion CNY (~393 million USD), up 257.8%
- Americas: 2.26 billion CNY (~311 million USD), up 1142.3%
- Europe & Other: 480 million CNY (~66 million USD), up 729.2%
Channel Strategy
Pop Mart expanded both offline and online channels.
- Offline: Entered high-profile global landmarks—e.g., opened first stores in Cambridge (UK), Bali (Indonesia).
- As of June 30: 571 global stores (net +40), 105 robot stores (net +105)
- Americas: Net +19 stores → 41 total; offline revenue 840 million CNY (~116 million USD), up 744.3%
- Europe: Net +4 stores → 18 total; offline revenue 280 million CNY (~39 million USD), up 569.6%
- Asia-Pacific: Net +5 stores → 69 total; offline revenue 1.53 billion CNY (~211 million USD), up 203.5%
- Online: Official website and in-house app now cover 37 countries (34 also have the app).
- In H1, the app topped the US App Store Shopping category.
- Online revenue surged in all regions:
- Americas: 1.33 billion CNY (~183 million USD), up 1977.4%
- Europe & Other: 160 million CNY (~22 million USD), up 1358.7%
- Asia-Pacific: 1.07 billion CNY (~147 million USD), up 546.7%
4. Domestic Market: Multi-Scenario Experience + Refined Operations Strengthen Core Foundation
Amid accelerating globalization, Pop Mart consolidated its domestic foundation through innovative retail formats, refined operations, and channel optimization, achieving high revenue growth with only slight store expansion.
(1) Offline Experience: From Trendy Toys to Lifestyle & Premium Consumption
Pop Mart creates diversified consumer experiences:
- Opened brand-first stores like HIRONO “Ono” in Shanghai, offering figurines, apparel, home decor, sculptures—deepening IP’s role in daily life.
- Entered high-end retail spaces like SKP Chengdu and SKP-S Beijing with POP MART COLLECTION luxury stores—elevating premium experience.
- Jewelry brand “popop” opened stores in Plaza 66 (Shanghai) and China World Mall (Beijing)—using IPs to tap emotional value in jewelry purchases.
In June 2025, the “Sparkling Summer” theme and Star People fan meetups sparked viral traction on social media.
THE MONSTERS characters also performed on major stages, boosting offline IP exposure.
(2) Online Channel: Multi-Platform Synergy Drives New Users & Traffic
Online channels in China saw strong coordinated growth:
- H1 online revenue: 2.94 billion CNY (~405 million USD), up 212.2%
- Blind box machines: 1.13 billion CNY (~156 million USD), up 181.9%—major channel for new customer acquisition
- Content e-commerce (e.g., Douyin): 560 million CNY (~77 million USD), up 168.6%
- Flagship e-shops (Tmall, JD, Douyin):
- 618 sales campaign: All ranked #1 in their category
- Tmall alone: 660 million CNY (~91 million USD), up 230.7%
(3) User Operations: Membership Base and Engagement Both Rise
As of June 30, 2025:
- Mainland China had 59.12 million registered members, +13.04 million since end of 2024
- H1 member sales contribution: 91.2%
- Member repurchase rate: 50.8%
High penetration and loyalty underscore how Pop Mart has built a sticky user ecosystem via emotional IP connections and omnichannel service—ensuring long-term growth.
[Disclaimer]: The above content reflects analysis of publicly available information, expert insights, and BCC research. It does not constitute investment advice. BCC is not responsible for any losses resulting from reliance on the views expressed herein. Investors should exercise caution.