--- title: "Earned 13.9 billion in the first half of the year, Pop Mart enters the 'Global Expansion Phase'" type: "Topics" locale: "zh-HK" url: "https://longbridge.com/zh-HK/topics/33199964.md" description: "This summer, a little monster named LABUBU single-handedly stirred up the global trendy toy market, truly making Pop Mart's sewing machines "smoke from overwork." China's trendy toy giant Pop Mart delivered a report card that shocked the industry. Financial reports show that Pop Mart's revenue in the first half of 2025 reached 13.876 billion yuan (RMB, same below), exceeding the full-year revenue of 2024; the proportion of overseas business soared. Image source: Pop Mart's official Weibo. Pop Mart has turned the seemingly traditional category of plush toys into the biggest dark horse driving growth..." datetime: "2025-08-21T07:46:27.000Z" locales: - [en](https://longbridge.com/en/topics/33199964.md) - [zh-CN](https://longbridge.com/zh-CN/topics/33199964.md) - [zh-HK](https://longbridge.com/zh-HK/topics/33199964.md) author: "[港股研究社](https://longbridge.com/zh-HK/profiles/3199113.md)" --- > 支持的語言: [English](https://longbridge.com/en/topics/33199964.md) | [简体中文](https://longbridge.com/zh-CN/topics/33199964.md) # Earned 13.9 billion in the first half of the year, Pop Mart enters the 'Global Expansion Phase' This summer, a little monster named LABUBU single-handedly stirred up the global trendy toy market, truly making Pop Mart's sewing machines 'smoke from overuse.' China's trendy toy giant Pop Mart delivered a report card that shocked the industry. Financial reports show that Pop Mart's revenue in the first half of 2025 reached 13.876 billion yuan (RMB, same below), exceeding its full-year revenue in 2024; the proportion of overseas business surged. Image source: Pop Mart's official Weibo Pop Mart has turned the seemingly traditional category of plush toys into the biggest dark horse driving growth. This financial report, far exceeding market expectations, has further shown the capital market the enormous potential of China's original IP globalization strategy. **LABUBU's Rise to Fame, Diversified IP Matrix Takes Shape** The financial report shows that Pop Mart's revenue in the first half of the year approached 13.9 billion yuan, a 204.4% increase compared to 4.558 billion yuan in the same period last year. Breaking it down, Pop Mart's plush toys generated revenue of 6.14 billion yuan, up 1,276.2% year-on-year, accounting for 44.2%; figurines brought in 5.18 billion yuan, up 94.8%, accounting for 37.3%; MEGA contributed 1.01 billion yuan, up 71.8%, accounting for 7.3%; derivatives and other products generated 1.55 billion yuan, up 78.9%, accounting for 11.2%. The staggering growth in plush toy revenue is inseparable from the explosive popularity of THE MONSTERS series, which includes LABUBU. THE MONSTERS contributed 4.81 billion yuan in revenue in the first half, up 668% year-on-year, surpassing MOLLY to become the top IP, accounting for 34.7% of total revenue. LABUBU's success has also shattered many stereotypes in the trendy toy industry—this IP, described by many as 'ugly-cute,' has successfully entered the ranks of world-class IPs thanks to its unique design concept and precise marketing. Image source: Futu NiuNiu official LABUBU's global popularity was inevitable. Its highly distinctive design caters to Gen Z's demand for individuality; meanwhile, celebrity marketing strategies (such as organic promotions by fans of Blackpink's Lisa, Rihanna, and David Beckham) have successfully turned it into a cross-cultural phenomenon. Moreover, Pop Mart's IP matrix is forming a healthy 'one superpower, multiple strong players' pattern. In addition to THE MONSTERS, four other IPs—MOLLY, SKULLPANDA, CRYBABY, and DIMOO—each generated over 1 billion yuan in revenue. Thirteen other IPs, including HIRONO, Star Man, Zsiga, PUCKY, and HACIPUPU, also surpassed 100 million yuan in revenue. This diversified IP lineup effectively reduces the company's reliance on any single IP. Behind this healthy development lies a clear shift in product strategy: Pop Mart is transitioning from a 'blind box specialist' to a global IP operation platform. In the first half of the year, Pop Mart opened the first HIRONO brand store in Shanghai, offering trendy toys, apparel, art lifestyle home goods, sculptures, and more. In June, Pop Mart's independent jewelry brand popop debuted in Shanghai's Plaza 66 and Beijing's China World Mall, further expanding the boundaries of IP development. From being driven by a single hit IP to building a tiered, healthy 'one superpower, multiple strong players' IP matrix, Pop Mart's IP operation capabilities have reached maturity. From relying on blind boxes to successfully incubating a new plush toy category and transforming into a full-category lifestyle brand, Pop Mart has undergone a profound evolution in the domestic market. **Plush Toys Overtake Figurines for the First Time, Profitability Soars** LABUBU's global popularity and the formation of a diversified IP matrix demonstrate Pop Mart's dual expansion in depth and breadth of IP operation. This comprehensive improvement in IP operation has further catalyzed revolutionary changes in product structure and leapfrog growth in profitability. The once-dominant figurine category has ceded its top spot for the first time, with plush toys now accounting for 44.2% of revenue. The rise of plush toys is attributed to the global success of LABUBU's vinyl plush series, reflecting how more of Pop Mart's IPs are adopting plush toy designs. According to the financial report, Pop Mart launched nearly 20 plush products for 10 IPs in the first half of the year, featuring soft-face and hard-face styles in various sizes and materials. Image source: Pop Mart's official Weibo Building on LABUBU's vinyl plush experience, Pop Mart combines vinyl craftsmanship with spray-painting techniques and fashion fabrics to highlight each IP's unique features, enhancing their vitality and recognizability. Additionally, Pop Mart's gross margin reached 70.3% in the first half, up 6.3 percentage points year-on-year; net profit attributable to shareholders was 4.57 billion yuan, up 396.5%. This was driven by the rising proportion of high-margin overseas business and optimized product structure. In terms of expense ratios, due to increased traffic acquisition from overseas online platforms (Instagram, TikTok, etc.), where customer acquisition costs are much lower than traditional channels, the sales expense ratio dropped 6.7% to 23%. The management expense ratio fell 4% to 5.5%, thanks to smarter supply chain management, reduced operational complexity, and streamlined internal decision-making, resulting in operating profits exceeding market expectations. Pop Mart also maintained strong cash reserves, with cash and equivalents reaching 11.92 billion yuan, up sharply from 6.11 billion yuan at the beginning of the year, providing ample funding for global expansion. Notably, Pop Mart continues to add overseas stores. According to Dolphin Research, its overseas single-store revenue reached 23.2 million yuan, nearly three times that of domestic stores. LABUBU's whirlwind has swept from East to West, proving its worth with exceptional products. Over the past two years, Pop Mart has proven itself not just a blind box company but a trendy cultural entertainment platform with sustained IP incubation, global operation, and product innovation capabilities. With LABUBU's collaboration with Uniqlo for T-shirts, the premiere of animation, and the release of Labubu 4.0, this global craze is far from over. **Overseas Revenue Share Continues to Rise, Globalization Strategy Enters Harvest Phase** This trendy toy giant's ambitions extend far beyond China. While optimizing its domestic product structure, its globalization strategy has reached a milestone. The financial report shows that overseas business contributed 5.59 billion yuan in revenue in the first half, accounting for 40.3%, a qualitative leap from 22.8% in the same period last year. This marks the beginning of Pop Mart's large-scale globalization harvest phase. By region, domestic revenue was 8.28 billion yuan, up 135.2% year-on-year; the Asia-Pacific market (excluding China) generated 2.85 billion yuan, up 257.8%; the Americas performed most impressively, with revenue of 2.26 billion yuan, up 1,142.3%; Europe and other regions contributed 480 million yuan, up 729.2%. Image source: Pop Mart financial report The Americas' 10-fold growth stems from Pop Mart's precise regional expansion strategy. In the first half of 2025, Pop Mart added 19 offline stores in the Americas, bringing the total to 41. Offline revenue in the Americas reached 840 million yuan, up 744.3% year-on-year; online channels contributed 1.33 billion yuan, up 1,977.4%, even topping the U.S. App Store shopping rankings at one point. The Asia-Pacific market, growing over 200%, deepened its travel retail strategy, targeting global tourist destinations and airports. It added five offline stores in the first half, totaling 69, nearly doubling its expansion speed. Globally, Pop Mart's success is due to deep localization. In April, Pop Mart announced a comprehensive global organizational upgrade, establishing regional headquarters in four areas (China, Asia-Pacific, Americas, and Europe/other regions) for the first time. This allows each region to adjust products and marketing strategies based on local preferences. As of June 30, Pop Mart operates 571 stores and 2,597 robot stores in 18 countries. In the first half, it added 40 offline stores and 105 robot stores. Pop Mart has also entered global landmarks, such as Cambridge, UK, and Bali, Indonesia, enhancing its premium brand image. Moreover, the global expansion of its membership system has fueled sustained growth. As of June 30, 2025, mainland China's cumulative registered members grew from 46.08 million at the end of last year to 59.12 million, adding 13.04 million new members. Members contributed 91.2% of sales in the first half, with a 50.8% repurchase rate, showing strong user loyalty. Pop Mart's success proves that the ultimate competition in the trendy toy industry is not product scale but the globalization of cultural symbols. **Conclusion** LABUBU played a pivotal role in Pop Mart's stellar first-half performance. This not only reflects Pop Mart's IP operation and commercialization capabilities but also marks a historic leap for Chinese trendy toy brands from 'manufacturing' to 'creation.' Author: When the Piano Plays Source: Hong Kong Stock Research Society ### 相關股票 - [POP MART (09992.HK)](https://longbridge.com/zh-HK/quote/09992.HK.md) - [POP MART HK SDR 20to1 (HPPD.SG)](https://longbridge.com/zh-HK/quote/HPPD.SG.md)