Last Updated -
June 16, 2026
Explore the business model, global strategy, and market performance including insights into its position in China.
Pop Mart International Group Limited is a Beijing-headquartered designer toy and character intellectual property company founded in 2010. The company designs, develops, markets and sells collectible toys and IP-linked consumer products through its own stores, roboshops, apps, websites and third-party e-commerce platforms. Its best-known character IPs include THE MONSTERS and Labubu, MOLLY, SKULLPANDA, CRYBABY, DIMOO and HIRONO. Pop Mart is listed in Hong Kong under the ticker 9992.
The company has developed from a China-based pop toy retailer into a global IP monetization platform. Its model centers on artist-led characters, frequent product releases and direct consumer channels, with proprietary products accounting for 99.1% of FY 2025 revenue and artist IPs contributing 90.0%. Plush toys became the largest category in 2025, generating 50.4% of revenue, while figure toys contributed 32.4%. Pop Mart describes its strategic purpose as building a world-leading IP platform and expanding the commercial reach of its characters across products, retail formats and experiences.
Pop Mart reported FY 2025 revenue of RMB 37.120 billion, up 184.7% year over year, and profit for the year of RMB 13.012 billion, up 293.3%. Gross margin rose to 72.1%, supported by overseas growth and supply-chain scale. At the end of 2025, the company operated 630 stores in 20 countries and 2,637 roboshops globally, while reaching consumers in nearly 100 countries and regions. In its Q1 2026 unaudited business update, Pop Mart said overall revenue increased 75% to 80% year over year, with PRC revenue up 100% to 105% and Americas revenue up 55% to 60%.
Pop Mart is an IP monetization and retail business built around collectible toys and character-led consumer products. The company creates, develops and commercializes artist IPs, then sells the resulting products through its own stores, roboshops, apps, websites and third-party e-commerce platforms. Its most important IPs include THE MONSTERS/Labubu, MOLLY, SKULLPANDA, CRYBABY, DIMOO and HIRONO.
The model is vertically integrated for a consumer brand. Pop Mart controls IP operation, product development, release timing, retail formats and much of the direct customer relationship. That gives it more pricing power and data access than a toy company that depends mainly on wholesale distribution.
FY 2025 revenue was RMB 37.120 billion, up 184.7% year over year. Gross profit rose 207.4% to RMB 26.765 billion, and gross margin increased to 72.1% from 66.8%. Operating profit was RMB 16.891 billion, up 306.6%, while profit for the year was RMB 13.012 billion, up 293.3%. In Q1 2026, unaudited revenue increased 75% to 80% year over year, with no absolute revenue or profit figure disclosed.
Pop Mart’s operating segments are mainly geographic. China remains the largest market, while overseas growth has become a major driver. PRC revenue was RMB 20.852 billion in FY 2025, equal to 56.2% of group revenue and up 134.6%. Asia-Pacific outside the PRC reached RMB 8.011 billion, up 157.6%. The Americas rose 748.4% to RMB 6.806 billion, or 18.3% of group revenue. Europe and other regions rose 506.3% to RMB 1.451 billion.
The Q1 2026 update showed continued growth across all reported regions. PRC revenue increased 100% to 105% year over year, Asia-Pacific excluding the PRC grew 25% to 30%, the Americas grew 55% to 60%, and Europe and other regions grew 60% to 65%. Within the PRC, offline channels grew 75% to 80% and online channels grew 150% to 155%.
Pop Mart’s market position is strongest in China and increasingly visible internationally. At the end of 2025, it operated 630 stores in 20 countries and 2,637 roboshops globally. In mainland China, it had 410 retail stores and 2,350 roboshops. Including Hong Kong, Macao and Taiwan, the PRC-region network totaled 445 stores and 2,396 roboshops. The company said it reached consumers in nearly 100 countries and regions by year-end 2025.
The main weakness in the business model is concentration. THE MONSTERS generated RMB 14.161 billion in FY 2025, up 365.7%, and represented 38.1% of total revenue. Plush toys were 50.4% of revenue, up from 21.7% in 2024. This creates meaningful exposure to Labubu and the broader THE MONSTERS cycle.
Direct competitors include other designer toy, collectible figure, plush and character-merchandise companies, as well as entertainment IP owners that sell licensed consumer products. Relevant global peers include Sanrio, which monetizes character IP across licensing and merchandise, and Funko, which sells collectible pop-culture figures tied heavily to licensed IP. Compared with Funko, Pop Mart has a stronger proprietary IP mix and more owned retail exposure. Compared with Sanrio, Pop Mart is more product-drop and collectible-toy led, while Sanrio has a broader licensing model built around long-lived characters.
Overall, Pop Mart is a leading China-based collectible toy and character IP company with a rapidly expanding international footprint. Its market position has strengthened sharply through THE MONSTERS/Labubu, direct channels and overseas growth, but sustaining that position depends on broadening demand across more IPs and product categories while maintaining execution across China and new global markets.
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China is Pop Mart’s core market. PRC operations generated RMB 20.852 billion in FY 2025, or 56.2% of group revenue, with sales up 134.6% year over year. The company operated 410 mainland China stores and 2,350 roboshops at year-end 2025, rising to 445 stores and 2,396 roboshops across the broader PRC region including Hong Kong, Macao and Taiwan. PRC offline revenue was RMB 11.421 billion, while online revenue was RMB 8.522 billion, helped by Pop Draw revenue of RMB 3.423 billion. Q1 2026 showed renewed acceleration, with PRC revenue up 100%-105% and PRC online channels up 150%-155%. Pop Mart’s China strategy centers on proprietary IP drops, owned stores, roboshops, Pop Draw, and e-commerce platforms such as Tmall and Douyin. Main competitors include other collectible toy brands, licensed IP merchandise sellers, blind-box operators, and fast-moving character goods retailers.
Pop Mart entered 2026 from a position of exceptional growth, but also with a clearer concentration problem. FY 2025 revenue rose 184.7% to RMB 37.120 billion, while profit for the year rose 293.3% to RMB 13.012 billion. Gross margin expanded to 72.1%, helped by a higher overseas sales mix and supply-chain scale. The latest Q1 2026 update showed overall revenue growth of 75%-80% year over year, with no disclosed absolute revenue or profit figures. Growth remained strong, especially in China, but the rate was below the prior year’s extraordinary comparison base.
Pop Mart’s future direction is likely to center on broadening its IP base, converting overseas viral demand into repeat customers, and extending products beyond collectible toys into events, showcase formats and other IP commercialization channels. The company has a strong platform, but its next stage depends on proving that growth is durable across multiple characters, categories and regions rather than concentrated in one global hit.
Next Earnings Planned for:
August 19, 2026
This Company Profile was written by Dominik Diemer
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