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

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Reporter: Li Haoyue

On March 25, Pop Mart International Group (hereinafter referred to as “Pop Mart”) announced 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 owners of the company 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 performance briefing: “Pop Mart’s positioning has always been as a trendy cultural and entertainment company that sells products and develops channels, with IP-centric group development and internationalization as the two main strategic directions.”

In 2025, Pop Mart’s global expansion entered a harvest phase. The financial report shows 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 throughout the year.

Si De, Chief Operating Officer of Pop Mart, told the Securities Daily reporter: “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 the online official website and the discovery of local designers. Currently, the team members in the U.S. market have reached 2,000, and in the future, the company will strategically layout with the U.S. as the core market, making it a key point radiating across the entire Americas region.”

IP is the core asset of Pop Mart. The financial report shows that Pop Mart had a total of 17 artist IPs with revenue exceeding 100 million yuan, and 6 IPs with revenue exceeding 2 billion yuan. Among them, THE MONSTERS, belonging to LABUBU, achieved revenue of 14.161 billion yuan throughout 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, 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 the newly emerged star, the Star People, achieved revenue of 2.056 billion yuan. In addition, Pop Mart’s licensed IPs generated revenue of 3.382 billion yuan, 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, 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 operating area is small, the overall park’s foot traffic and revenue have seen rapid growth. Through many detailed operations, we have incubated the dessert business and the IP celebrity friends business. This summer, Phase 1.5 of the park will be completed and opened, and Phase 2 construction will begin in 2027.”

“I previously mentioned that LABUBU is a gold mine, and our excavation of this gold mine has just begun. Not just movies and parks, but also dessert shops and accessory stores; our small appliances will also launch this April,” Wang Ning said.

Regarding the expansion of the boundaries of Pop Mart’s IP commercialization, Yang Huaiyu, a senior researcher at Shanghai Xia Zhi Liang Shi Consulting Management Co., Ltd., told the Securities Daily reporter: “The consumption extensibility 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 satisfies the emotional consumption needs of the same group of users. In the future, under Pop Mart’s refined operations, the coverage area of its IP will become broader and broader.”

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Editor: Gao Jia

【Source: Securities Daily】