You're also the center of attention today! Bubble

Pop Mart, the leading Chinese trendy toy company that started with blind boxes, remains a focal point in the global trend scene in 2026. Even as the Labubu craze has receded from its peak, its IP ecosystem transformation and global ambitions continue to firmly capture the spotlight—from the Macy's Thanksgiving Day Parade float in New York to 24-hour stores in the Middle East, and the expansion of the POP LAND theme park in Beijing. Pop Mart has long been more than just toys; it is a "social currency" and cultural symbol for Generation Z.

2025 was its breakout year. Full-year revenue reached 37.12 billion yuan, a surge of 184.7% year-on-year; adjusted net profit was 13.08 billion yuan, up 284.5%. The LABUBU/The Monsters family surpassed the 10-billion-yuan mark for the first time, contributing about 40% of revenue and driving the plush toy category to over 50% of the total. Overseas revenue share jumped to 44%, with growth in the Americas exceeding 7 times, and triple-digit growth in both Asia-Pacific and Europe. Six IPs generated over 2 billion yuan in revenue, and seventeen IPs exceeded 100 million yuan. The multi-IP matrix began to show results, with gross profit margin climbing to a record high of 72.1%. The company's stock price once soared to HK$339, shining at its peak market capitalization.

2026 entered a "post-boom" adjustment period. Q1 revenue grew 75%-80% year-on-year, with strong performance both online and offline in China (+over 100%). However, overseas growth slowed significantly: Asia-Pacific +25%-30%, Americas +55%-60%, with sales in some months in the US down 45% year-on-year. Labubu's popularity has stabilized, with "break issue price" appearing in the secondary market, loss of traffic users, and the high-base effect becoming evident. The March earnings meeting gave a growth guidance of "not less than 20%" for 2026, disappointing the market. The stock price has cumulatively fallen nearly 40% from its 2025 high, currently hovering around HK$160. Analysts have lowered expectations to around 16%, expressing concerns over reliance on a single IP.

Wang Ning's team responded with strategic resolve: proactively controlling production capacity to "hit the brakes" and avoid bubbles; accelerating the incubation of new IPs (such as Xing Xing Ren's "Prancing Star" and the PUCKY "Knock Knock" series); and deepening the IP ecosystem—Sony Pictures' Labubu movie, FIFA World Cup collaborations, expansion of the Beijing theme park, the London European headquarters, and more flagship stores in the US. The first Middle East store operates 24/7, with localized supply chains and refined operations to improve efficiency. Management emphasized that 2025 relied on traffic luck, while 2026 depends on team accumulation, shifting from "hit-driven" to "sustainable growth."

The trendy toy industry is cyclical. While Labubu has become a world-class IP, it needs a "successor." Pop Mart is transitioning from a retailer to an IP lifestyle platform, with continued efforts in premiumization attempts, membership systems, and cross-border collaborations. Its foundation in the Chinese market is solid, and overseas localization and penetration are accelerating. Despite short-term fluctuations, brand influence, the IP matrix, and global layout are still accumulating momentum.

$POP MART(09992.HK) 's story, from a single blind box to a global IP empire, proves that trends are not just about heat, but about lasting innovation. 2026 is a critical year of transformation, and it will continue to write the next "spotlight" chapter with boundless playfulness.