Thanks to the record-breaking box office performance of the Chinese New Year blockbuster Ne Zha 2, related merchandise has seen a surge in demand. Trendy toy company POP MART has launched a blind box figurine collection themed around Ne Zha 2, which has been selling exceptionally well.
Driven by this success, Beijing-based POP MART (HKEX: 9992), listed on the Hong Kong Stock Exchange, saw its stock price reach an all-time high of HKD 107.6 per share on February 12, pushing its total market capitalization to a record-breaking HKD 144.5 billion.
The figurine collection, titled Ne Zha 2 Born Bonds Series, consists of eight regular designs and one hidden edition. The regular figures include Lotus Pink Ne Zha, Lotus Pink Ao Bing, Mischievous Ne Zha, Gentle Ao Bing, Battle Ne Zha, Battle Ao Bing, Hand-in-Hand Ne Zha, and Hand-in-Hand Ao Bing. Each blind box is priced at RMB 69 [~USD 9.60], while a complete set costs RMB 552 [~USD 77]. Additionally, POP MART has introduced Ne Zha 2 Hug Series vinyl-faced plush toys featuring Panda Ne Zha and White Dragon Ao Bing, priced at RMB 249 [~USD 35] each.
These products were launched online at 10:00 PM on January 30 and became available in physical stores on January 31. As Ne Zha 2 continues to dominate the box office, POP MART’s collaboration products have sold out both online and offline. The brand’s Tmall flagship store indicates that over 100,000 units of the figurines have been sold, with the latest pre-order fulfillment date set for June 30.
After the release of Ne Zha 1, the film’s producers had previously collaborated with POP MART on a blind box series. However, unlike the past partnership, this latest collaboration took a year and a half of joint product development, allowing for simultaneous release with the film.
Another Chinese New Year film, Detective Chinatown 1900, also partnered with POP MART for a blind box collection featuring six regular figures and one hidden edition. In previous years, POP MART has collaborated with popular Chinese animated IPs such as Big Fish & Begonia and White Snake: Origin.
In recent years, POP MART has continuously expanded its IP collaborations and diversified its product range.
In January 2024, POP MART launched its jewelry brand POPOP, opening its first nationwide pop-up stores in Shanghai and Shenzhen. The brand debuted five collections featuring necklaces, rings, and bracelets, primarily made of 925 sterling silver, with prices ranging from RMB 249 to RMB 2,699 [~USD 35 to ~USD 375].
Before this, POP MART had already ventured into the jewelry market. The company collaborated with Chow Sang Sang on co-branded gold jewelry in 2023 and 2024. In June 2024, POP MART introduced its Skullpanda jewelry collection, followed by the launch of a Molly jewelry pop-up store in Beijing in January 2025.
Additionally, in May 2024, POP MART entered the trading card market with the release of POPCARD collectible art cards. A month later, it launched its first building block series, THE MONSTERS: Forest Secret Base, alongside the official debut of its in-house building block brand, POPBLOCKS.
For the first time, POP MART segmented its product categories in its 2024 semi-annual financial report into four major divisions: figurines, MEGA, plush toys, and derivatives & others. The revenue contribution from figurines has now dropped below 60%.
| Source: POP MART Official Weibo
| Image Credit: POP MART Financial Reports, POP MART Official Website
| Editor: LeZhi
