Last Updated -
February 1, 2026
Explore the business model, global strategy, and market performance including insights into its position in China.
Pop Mart International Group Limited (HKEX: 9992) is a Beijing-headquartered designer toy company founded in 2010. It built its business around collectible characters sold through blind boxes, limited releases, and collaborations that blend in-house IP with licensed franchises. The company listed on the Hong Kong Stock Exchange in December 2020.
IP creation and merchandising sit at the center of Pop Mart’s model, spanning figures, plush products, and larger “MEGA” collectibles. In the first half of 2025, proprietary products contributed 99.1% of total revenue, underlining the importance of owned and operated IP economics. THE MONSTERS line, which includes Labubu, generated RMB 4.814 billion of revenue in that period as product innovation and plush formats accelerated demand.
Pop Mart scales distribution through a mix of branded stores, vending “roboshops,” and online channels. As of 30 June 2025, it operated 571 stores across 18 countries and 2,597 roboshops, with 443 stores in mainland China. In 2024, revenue reached RMB 13.04 billion and profit for the year totaled RMB 3.31 billion. A Q3 2025 trading update reported year-on-year revenue growth of 245% to 250%, led by overseas growth of 365% to 370%.
Pop Mart earns most of its money by turning character IP into collectible products sold through a mix of owned retail, vending “roboshops,” and online channels. In the first half of 2025, total revenue reached RMB 13.88 billion. Proprietary products contributed 99.1% of revenue, while artist IPs contributed 88.1%. THE MONSTERS alone generated RMB 4.81 billion, equal to 34.7% of revenue.
Leader in artist-led IP economics in China’s “trendy toy” category.
The revenue mix shows a business anchored in owned franchises rather than third-party resale. Artist IP share rose from 81.0% in the first half of 2024 to 88.1% in the first half of 2025, and proprietary products exceeded 99% of revenue. That structure supports higher capture of value per hit character versus retailers that rely more on licensed franchises.
Competitive set and differentiation.
In China, major peers include Miniso’s Top Toy and 52TOYS. Reporting from Reuters highlights these as key art-toy retailers alongside Pop Mart, with Miniso and others historically leaning more on licensed IP from large global owners. Pop Mart’s edge centers on scaling original artist IP into repeatable product systems, with THE MONSTERS and Labubu as the current flagship example.
International growth has shifted the strategic center of gravity.
In 2024, revenue from Hong Kong, Macao, Taiwan, and overseas markets reached RMB 5.07 billion, equal to 38.9% of total revenue. In the third quarter of 2025, Pop Mart reported overall revenue growth of 245% to 250% year on year, with overseas revenue up 365% to 370%. America grew 1,265% to 1,270% in that quarter, pointing to a fast-scaling new profit pool outside China.
Supply chain model favors speed, with execution risk.
Pop Mart does not run its own factories and relies on partner manufacturing. Reuters reported on 6 January 2026 that the company is expanding its supply chain beyond China and Vietnam through partners in Mexico, Cambodia, and Indonesia to raise capacity and improve global access as demand surged. This keeps the model asset-light, while raising the importance of quality control, lead times, and anti-counterfeit enforcement as volumes rise.
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China remains Pop Mart’s largest market and its main operating base. In the first half of 2025, revenue from PRC operations reached RMB 8.28 billion, equal to 59.7% of group revenue. PRC offline channels delivered RMB 5.08 billion and PRC online channels delivered RMB 2.94 billion.
Retail density still matters in Mainland China. In the first half of 2025, Pop Mart operated 409 stores and 2,396 roboshops in Mainland China. Mainland store revenue was RMB 3.65 billion and Mainland roboshop revenue was RMB 643 million in that period.
Online is the faster growth engine inside China. PRC online sales grew 212.2% year on year in the first half of 2025, with key platforms including Pop Draw, Tmall, and Douyin. In Q3 2025, the company reported PRC revenue growth of 185% to 190%, with online up 300% to 305% and offline up 130% to 135% year on year.
Member economics are a core advantage. Registered members in Mainland China reached 59.12 million as of 30 June 2025. Member sales represented 91.2% of total sales, with a 50.8% repeat purchase rate.
Regulation is the key China-specific risk. China’s market regulator issued trial guidelines in June 2023 that ban blind-box sales to children under eight and require guardian consent for minors aged eight to 18. A People’s Daily commentary in June 2025 called for tighter oversight of blind-box toys and trading cards, which revived investor focus on policy risk.
Pop Mart’s near term trajectory is shaped by two forces that pull in opposite directions. Demand for a small set of hero IPs is scaling fast, while the business needs fresh characters, formats, and geographies to avoid over-reliance on one craze. In the first half of 2025, revenue reached RMB 13.88 billion and profit attributable to owners reached RMB 4.57 billion, supported by a sharp mix shift toward higher velocity products. Plush products delivered RMB 6.14 billion, or 44.2% of revenue. THE MONSTERS generated RMB 4.81 billion, or 34.7% of revenue, which shows both the power and the concentration risk of the current cycle.
This Company Profile was written by Dominik Diemer
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