On the evening of August 19, Beijing-headquartered pop culture and entertainment company Pop Mart (HKEX: 9992) released its financial results for the first half of 2025. Driven by its continued push toward group-wide integration and internationalization, Pop Mart’s IPs gained further recognition worldwide, resulting in a dramatic 204.4% year-on-year (YoY) surge in revenue to RMB 13.876 billion [approx. USD 1.9 billion]. Operating profit skyrocketed 436.5% YoY to RMB 6.044 billion [approx. USD 829 million], while net profit soared 385.6% YoY to RMB 4.682 billion [approx. USD 642 million]. All core financial metrics showed explosive growth.
On the trading day following the earnings release (August 20), Pop Mart’s share price rose by 12.32% to HKD 315.4 per share, pushing its market capitalization to HKD 423.6 billion. The company’s share price has risen more than 250% year to date.
By Region: Overseas Business Maintains High Growth Momentum
During the reporting period, the Group’s organizational structure was upgraded to two main business segments: China Business and Overseas Business.
In the first half of 2025, the China Business segment achieved steady revenue growth of 135.2% YoY to RMB 8.283 billion [approx. USD 1.136 billion] by meeting diverse user demands and refining operational management.
The Overseas Business segment became the company’s most dynamic growth driver, accounting for 40.3% of total revenue. With deepened localization efforts and aggressive market expansion, total revenue for the segment reached RMB 5.593 billion [approx. USD 767 million], marking a 439.6% YoY increase. Regional highlights include:
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Asia-Pacific: Revenue reached RMB 2.851 billion [approx. USD 391 million], up 257.8% YoY
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Americas: Revenue soared to RMB 2.265 billion [approx. USD 311 million], an increase of 1,142.3% YoY
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Europe and Other Regions: Revenue hit RMB 478 million [approx. USD 65 million], rising 729.2% YoY
By IP: THE MONSTERS Generates Nearly RMB 5 Billion, Becomes Top IP
IP operations and creative design continue to be the cornerstone of Pop Mart’s sustainable growth. In the first half of 2025, the Group adopted differentiated operational strategies to boost IP popularity and delivered strong sales performance.
During the reporting period, 13 artist IPs each generated over RMB 100 million in revenue. Five top-performing IPs stood out:
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THE MONSTERS achieved revenue of RMB 4.814 billion [approx. USD 660 million], a 668.0% YoY increase. Within this family, LABUBU emerged as one of the most popular IPs globally in the first half of the year due to its unique charm. The MONSTERS family’s contribution to total group revenue jumped from 13.7% in the same period last year to 34.7%, making it the Group’s No. 1 IP.
Other major IPs also surpassed the RMB 1 billion revenue mark:
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MOLLY: RMB 1.357 billion [approx. USD 186 million], up 73.5% YoY
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SKULLPANDA: RMB 1.21 billion [approx. USD 166 million], up 112.4% YoY
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CRYBABY: RMB 1.218 billion [approx. USD 167 million], up 248.7% YoY
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DIMOO: RMB 1.105 billion [approx. USD 151 million], up 192.5% YoY
By Category: Plush Products Surge Nearly 13x, Overtake Figures as Top Category
On the product side, Pop Mart continued to innovate and diversify its offerings. Plush products emerged as a phenomenal hit, generating revenue of RMB 6.139 billion [approx. USD 842 million], a staggering 1,276.2% YoY increase. Their share of total revenue rose from 9.8% in the same period last year to 44.2%, surpassing collectible figures to become the Group’s largest product category.
Leveraging its core IPs, Pop Mart built on the success of the LABUBU soft vinyl plush, using soft vinyl as the base and integrating spray painting techniques and fashion fabrics to create tailored plush lines for various IPs. In H1 2025, nearly 20 plush SKUs were launched across 10 IPs, successfully attracting a broader base of young fans from different countries and regions.
Other categories also saw solid growth:
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Figures: Revenue of RMB 5.176 billion [approx. USD 710 million], up 94.8% YoY, accounting for 37.3% of total revenue
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High-End Product Line – MEGA COLLECTION: Revenue of RMB 1.007 billion [approx. USD 138 million], up 71.8% YoY. During the period, Pop Mart opened POP MART COLLECTION boutiques in Chengdu SKP and Beijing SKP-S
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Derivative Products and Others: Revenue of RMB 1.554 billion [approx. USD 213 million], up 78.9% YoY. Pop Mart also opened “popop” accessory stores in both Beijing and Shanghai
Channels & Membership: 571 Stores Worldwide, Over 90% of Sales from Members
Pop Mart continued expanding its global footprint to better engage consumers.
- Offline Channels: As of the end of June 2025, Pop Mart operated 571 stores across 18 countries (a net increase of 40 stores in H1), along with 2,597 Robo Shops (a net increase of 105 units in H1).
- Online Channels: Revenue from online channels in the China Business segment grew 212.2% YoY to RMB 2.937 billion [approx. USD 403 million]. The overseas official website and proprietary app now serve 37 countries. Pop Mart also pursued differentiated strategies on platforms like Shopee, Lazada, Amazon, and TikTok based on local market characteristics.
Membership Operations: High-quality development fueled continued growth in both membership size and quality. As of the end of June 2025, the total number of registered members in the Chinese Mainland rose from 46.08 million at the end of 2024 to 59.12 million, an increase of 13.04 million. In the first half of 2025, members contributed 91.2% of total sales, with a repeat purchase rate of 50.8%.
| Source: Pop Mart Financial Report
| Image Credit: Pop Mart Financial Report, Pop Mart Official Website
| Editor: LeZhi
