Last Updated -
October 26, 2026
Explore the business model, global strategy, and market performance including insights into its position in China.
Pop Mart International Group Limited is a designer-toy and pop-culture intellectual property company founded in 2010 and headquartered in Beijing, China. Listed in Hong Kong under stock code 9992, it develops and commercializes character IPs through collectible figures, plush toys, blind-box products, merchandise, retail stores, roboshops, online platforms, wholesale channels, exhibitions, and experience formats such as POP LAND. Its best-known IPs include THE MONSTERS/LABUBU, Twinkle Twinkle, CRYBABY, DIMOO, SKULLPANDA, HIRONO, and MOLLY.
The company has developed from a China-based pop-toy retailer into a global IP platform built around artist partnerships, licensed characters, and direct fan communities. Pop Mart’s model combines product design, scarcity-driven collectible formats, physical retail, e-commerce, and themed experiences that extend character franchises beyond traditional toys. Its strategic purpose is to build a world-leading platform for pop-culture IP, with membership and recurring fan engagement central to how it sells and scales its characters.
For the six months ended 30 June 2026, Pop Mart reported revenue of RMB17.173 billion, up 23.8% year over year, and profit attributable to owners of RMB5.038 billion, up 10.1%. Proprietary products generated 99.3% of revenue, with plush toys contributing RMB9.825 billion and figure toys RMB5.192 billion. As of 30 June 2026, the company operated 676 stores and 2,827 roboshops globally, and registered members exceeded 100 million, including 82.44 million in Mainland China. China remained the core market with 71.0% of H1 2026 revenue, while THE MONSTERS was the largest IP at RMB4.454 billion, or 26.0% of total revenue.
Pop Mart makes money by creating, sourcing, and commercializing character IP through collectible toys and related consumer products. Its model combines proprietary IP development, artist partnerships, selective licensing, direct retail, online commerce, wholesale distribution, and IP-experience formats such as POP LAND. The company is listed in Hong Kong under stock code 9992 and is headquartered in China.
The latest available financial figures are for H1 2026, since no Q1 2026 quarterly financial report was found. Revenue rose 23.8% year over year to RMB17.173 billion. Gross profit was RMB11.966 billion, with a 69.7% gross margin. Operating profit increased 11.3% to RMB6.725 billion, while profit attributable to owners rose 10.1% to RMB5.038 billion. Adjusted net profit was RMB5.156 billion, equal to a 30.0% adjusted net profit margin.
Pop Mart sells through an omnichannel network. As of 30 June 2026, it operated 676 stores and 2,827 roboshops globally, alongside self-developed apps and websites and third-party platforms including Tmall, JD.com, Douyin, Shopee, Lazada, and Amazon. Offline retail gives the company control over presentation, scarcity, and product launches, while online channels expand reach and support direct member engagement.
China remains the company’s core market. The PRC generated RMB12.201 billion in H1 2026 revenue, equal to 71.0% of the group total, and grew 47.3% year over year. Within PRC revenue, offline channels produced RMB6.869 billion, online channels RMB4.779 billion, and wholesale and other channels RMB553 million. Mainland China had 419 retail stores and 2,436 roboshops in the H1 2026 regional breakdown, while Hong Kong, Macao, and Taiwan had 36 stores and 46 roboshops.
Membership is a major operating asset. Pop Mart had more than 100 million registered members globally as of 30 June 2026, including 82.44 million in Mainland China. Mainland member sales represented 92.9% of Mainland revenue in H1 2026, with a 51.6% repeat purchase rate. This gives Pop Mart a large base for product drops, cross-selling, and repeat IP monetization.
The company’s strongest competitive advantages are its recognizable character portfolio, direct-to-consumer retail network, high gross margin profile, and large member base. THE MONSTERS, which includes LABUBU, generated RMB4.454 billion in H1 2026, or 26.0% of revenue. Twinkle Twinkle grew to RMB2.650 billion, or 15.4% of revenue. Eleven artist IPs each generated more than RMB100 million in H1 2026, and THE MONSTERS, Twinkle Twinkle, CRYBABY, DIMOO, SKULLPANDA, HIRONO, and MOLLY each exceeded RMB900 million.
Pop Mart is one of the most visible global players in collectible designer toys and character-led pop-toy retail. Its market position is strongest in China, where it combines product design, controlled retail distribution, online traffic, and community membership at scale. Internationally, the company has built a growing store network, with 90 stores in Asia-Pacific, 86 in the Americas, and 45 in Europe and other regions as of 30 June 2026. The Americas store count rose from 64 to 86 during H1 2026, while Europe and other regions increased from 36 to 45.
Direct competitors include other designer-toy companies, blind-box brands, character-merchandise retailers, licensed collectible producers, and global entertainment IP owners that compete for consumer spending on collectibles and fan merchandise. Sanrio is a useful public comparison peer. Like Pop Mart, Sanrio monetizes character franchises through products, licensing, retail partnerships, and global fan communities. The key difference is that Sanrio has a longer-established licensing-led character portfolio, while Pop Mart is more directly exposed to its own retail network, blind-box and plush formats, and the performance of newer artist-driven IPs.
The main market-position risk is concentration. THE MONSTERS contributed 26.0% of H1 2026 revenue, making LABUBU-related demand an important driver of investor sentiment. Execution risk has also increased as inventories rose to RMB6.102 billion and inventory turnover days increased to 201 from 123 in 2025. Overseas revenue softened in H1 2026, with Asia Pacific down 9.7% and the Americas down 16.5%, showing that global expansion is less even than the company’s domestic growth. Pop Mart’s business model remains highly profitable, but its next phase depends on sustaining China demand, improving overseas channel productivity, and proving that multiple IPs have durable global appeal.
China is Pop Mart’s core market. The PRC generated RMB12.201 billion of revenue in H1 2026, equal to 71.0% of group revenue and up 47.3% year over year. Offline channels produced RMB6.869 billion, online channels RMB4.779 billion, and wholesale and other activities RMB553 million. The company operated 419 Mainland China stores and 2,436 roboshops, plus 36 stores and 46 roboshops in Hong Kong, Macao and Taiwan. Mainland registered members reached 82.44 million, up from 72.58 million at year-end 2025, with member sales representing 92.9% of Mainland revenue and a 51.6% repeat purchase rate. Local strategy centers on proprietary IP, plush and figure toys, Pop Draw, Douyin, Tmall, POP LAND, POP BAKERY and accessories. Main competitors include Sanrio, domestic blind-box brands, character-merchandise retailers and online marketplace sellers.
Pop Mart entered 2026 with strong top-line momentum but a clearer profitability and inventory test. In H1 2026, revenue rose 23.8% to RMB17.173 billion, led by China, plush toys, and major proprietary IPs. Profit attributable to owners increased 10.1% to RMB5.038 billion, while adjusted net profit rose 9.5% to RMB5.156 billion. The gap between revenue growth and profit growth marks an important turning point. Gross margin slipped to 69.7%, adjusted net profit margin fell to 30.0%, and inventory turnover days increased to 201 from 123 in 2025.
Pop Mart’s future direction depends on balancing scarcity, product cadence, and global expansion discipline. The company has a strong member base, recognizable IPs, and a broad retail network, but H1 2026 shows that growth quality matters as much as revenue scale. Sustained value creation will require tighter inventory management, healthier overseas execution, and continued development of multiple IPs rather than reliance on one flagship character.
Next Earnings Planned for:
August 19, 2026
This Company Profile was written by Dominik Diemer
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