Last Updated -
August 5, 2026
Explore the business model, global strategy, and market performance including insights into its position in China.
Pop Mart International Group Limited, founded in 2010 and headquartered in Beijing, is a designer-to-retailer of character-based collectible toys and lifestyle products. The company is listed in Hong Kong under stock code 9992 and operates a vertically integrated model built around proprietary and licensed intellectual property, meaning characters and creative concepts that support repeat product releases. Its main products include blind-box figures, where buyers receive a mystery character from a series, plush toys, MEGA collectibles, accessories, themed retail formats, online sales, roboshops, wholesale, exhibitions, and POP LAND in Beijing.
Pop Mart has developed from a China-focused collectibles retailer into a global pop-toy company with major artist IPs such as THE MONSTERS/LABUBU, SKULLPANDA, CRYBABY, MOLLY, DIMOO, Twinkle Twinkle, HIRONO, and HACIPUPU. Its strategic purpose is to build, operate, and commercialize character IP across physical products, digital channels, stores, and fan experiences. In FY 2025, revenue rose 184.7% to RMB37.120 billion, gross margin reached 72.1%, and profit for the year was RMB13.012 billion. The latest Q1 2026 business update showed unaudited overall revenue growth of 75% to 80% year over year, with PRC revenue up 100% to 105% and Americas revenue up 55% to 60%.
Pop Mart’s scale is now material in the global collectibles market, with proprietary products accounting for 99.1% of FY 2025 revenue and artist IPs accounting for 90.0%. THE MONSTERS was the largest IP in FY 2025, generating RMB14.161 billion, while plush toys became the largest category at RMB18.708 billion, or 50.4% of revenue. China remained the largest market with RMB20.852 billion of FY 2025 revenue, while overseas operations reached RMB16.268 billion, or 43.8% of total revenue. At the end of 2025, the PRC network included 445 retail stores and 2,396 roboshops, supported by expanding overseas retail and online channels.
Pop Mart is a vertically integrated character-IP company that designs, markets and sells collectible toys, plush products and related lifestyle goods. Its model starts with proprietary and licensed characters, then monetizes them through product releases, direct retail, online channels, roboshops, wholesale, collaborations, exhibitions and themed experiences such as POP LAND in Beijing.
The company’s FY 2025 revenue reached RMB37.120 billion, up 184.7% from FY 2024. Gross profit was RMB26.765 billion, with gross margin rising to 72.1%. Profit attributable to owners was RMB12.776 billion, and non-IFRS adjusted net profit was RMB13.084 billion. The latest Q1 2026 business update showed continued growth, with unaudited overall revenue up 75% to 80% year over year. PRC revenue grew 100% to 105%, faster than the group average.
Pop Mart’s competitive advantage rests on ownership and operation of popular character IP, direct access to consumers, high repeat-purchase dynamics and control over product launch cadence. The blind-box and limited-release model supports discovery and scarcity, while direct stores, online channels and roboshops give the company more control over pricing, merchandising and fan engagement than a pure wholesale toy supplier.
The company also benefits from high gross margins for a toy and consumer-products business. FY 2025 gross margin of 72.1% reflected stronger overseas contribution, supply-chain scale, centralized procurement and stronger supplier bargaining power. Cash and cash equivalents were RMB13.775 billion at the end of 2025, giving Pop Mart resources to fund retail expansion, product development and international growth.
China remains the company’s largest market, but international sales have become strategically important. PRC revenue was RMB20.852 billion in FY 2025, or 56.2% of total revenue. Overseas revenue rose to RMB16.268 billion, or 43.8% of revenue. Asia-Pacific generated RMB8.011 billion, the Americas generated RMB6.806 billion, and Europe and other regions generated RMB1.451 billion.
The store base shows the same mix of domestic scale and international expansion. At the end of 2025, the PRC network included 445 retail stores and 2,396 roboshops. Asia-Pacific had 85 retail stores, while Europe and other regions had 36 retail stores. Q1 2026 data showed especially strong domestic acceleration, with PRC offline-channel revenue up 75% to 80% and PRC online-channel revenue up 150% to 155% year over year.
Pop Mart is now a leading global pure-play pop-toy and collectible-character company. Its FY 2025 revenue scale makes it materially larger than many Western collectible-toy peers by recent sales scale. A useful listed peer is Funko, which also sells character-led collectibles and licensed pop-culture products. Pop Mart differs through heavier reliance on self-created artist IP, direct retail, blind-box mechanics, roboshops and fast-growing Asian and global fan communities.
Direct competitors include Funko in collectible figures, Miniso’s character and lifestyle retail formats, Disney and Sanrio in character licensing, LEGO and Hasbro in branded toys, and local designer-toy brands across China and Asia. Pop Mart’s position is strongest where collectible scarcity, character fandom and direct-to-consumer distribution matter more than traditional mass-market toy retail.
The main strategic issue is concentration. THE MONSTERS accounted for 38.1% of FY 2025 revenue, and plush toys accounted for 50.4% of revenue. This gives Pop Mart strong near-term momentum, but it also increases exposure to demand normalization, product fatigue, counterfeit activity and supply-chain execution. The company’s market position is strong, yet sustaining it depends on broadening successful IPs beyond LABUBU, maintaining product freshness and managing rapid overseas expansion without weakening brand control.
China remains Pop Mart’s core market. PRC revenue reached RMB20.852 billion in FY 2025, or 56.2% of total revenue, and accelerated again in Q1 2026 with PRC revenue up 100% to 105% year over year. At 2025 year-end, mainland China had 410 retail stores and 2,350 roboshops, while Hong Kong, Macao and Taiwan added 35 stores and 46 roboshops. PRC retail stores generated RMB10.075 billion in FY 2025 including Hong Kong, Macao and Taiwan, and PRC online sales generated RMB8.522 billion. The local strategy centers on direct stores, dense vending-machine coverage, online channels, IP launches, exhibitions, POP LAND in Beijing, popop accessory stores in Beijing and Shanghai, and POP BAKERY pop-ups. Main competitors include domestic designer-toy brands, blind-box operators, character-merchandise retailers, and global IP toy companies. Key drivers are LABUBU, plush toys, repeat fan purchasing, and broader lifestyle localization.
Pop Mart entered 2026 from an unusually strong FY 2025 base. Revenue rose 184.7% to RMB37.120 billion in 2025, gross margin improved to 72.1%, and profit attributable to owners reached RMB12.776 billion. The latest quarterly update shows momentum continuing, although at a slower pace than the full-year 2025 surge. Unaudited Q1 2026 revenue increased 75%-80% year over year, with PRC revenue up 100%-105%, Americas revenue up 55%-60%, Asia-Pacific up 25%-30%, and Europe and other regions up 60%-65%. The domestic acceleration is a notable turning point because China remained 56.2% of FY 2025 revenue while overseas markets had become almost equally important at 43.8%.
Pop Mart’s outlook remains growth-oriented, supported by strong cash, high margins, global demand for core IP, and widening product categories. The main investor question is durability. Growth rates from FY 2025 and Q1 2026 set demanding comparisons, and the business now depends heavily on sustaining character relevance while improving compliance and execution across a larger international footprint.
Next Earnings Planned for:
August 19, 2026
This Company Profile was written by Dominik Diemer
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