Last Updated -

May 4, 2026

Popmart

Company Profile and Market Insights

Explore the business model, global strategy, and market performance including insights into its position in China.

Key facts

Founded 2010 • HKEX: 9992 • FY 2025 results (year ended Dec 31, 2025)

RMB 37.12b

Revenue (FY 2025)

RMB 12.78b

Net profit attributable (FY 2025)

RMB 16.27b

Overseas revenue (FY 2025)

72.58m

Registered members (Chinese mainland, Dec 31, 2025)

93.7%

Member sales share (FY 2025)

RMB 14.16b

THE MONSTERS revenue (FY 2025)

About

Founded in 2010 by Wang Ning and headquartered in Beijing, Pop Mart is a character-based entertainment company centered on designer toys and character IP, meaning branded characters that can be monetized across products and experiences. The group has been listed in Hong Kong since 2020 and states that its purpose is to celebrate daily moments and inspire through designer toys and fun experiences. Its core business remains the design, development, and sale of pop toys in China and overseas markets.

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By the end of 2025, Pop Mart reported RMB 37.1 billion in revenue, operated 630 stores in 20 countries, and ran 2,637 roboshops globally. The company said it reached consumers in nearly 100 countries and regions through physical stores, roboshops, its app, official websites, and major e-commerce platforms. In mainland China, registered members rose to 72.58 million by year-end, and members contributed 93.7% of sales in 2025.

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Pop Mart is also expanding beyond merchandise into experience-led formats. POP LAND in Beijing, which opened in 2023, remained part of that push in 2025 as the company added themed activities, exhibitions, and other fan touchpoints around its characters. Taken together, those channels and experience projects show that Pop Mart is moving beyond toy retail toward a broader consumer ecosystem built on products, retail, and live experiences.

Business Model and Market Position

Pop Mart operates as an IP-driven consumer platform rather than a standard toy retailer. In 2025, revenue rose to RMB 37.1 billion. Proprietary products contributed 99.1% of total revenue, and artist IPs alone accounted for 90.0%. That means the business is built mainly on characters that Pop Mart develops, operates, and commercializes itself, not on third-party resale. THE MONSTERS was the biggest IP in 2025 with RMB 14.16 billion in revenue, followed by SKULLPANDA, CRYBABY, MOLLY, DIMOO, Twinkle Twinkle, and HIRONO.

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IP incubation and commercialization
Pop Mart signs artists, develops character universes, refreshes designs, and monetizes each IP across multiple product forms. In 2025, plush toys became the largest category at 50.4% of revenue, while figure toys contributed 32.4%, MEGA 5.2%, and other IP-related products 12.0%. That product mix shows Pop Mart has moved beyond its earlier dependence on figure toys and blind-box driven collecting into a broader merchandise model built around emotional attachment to core characters.
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Direct-to-consumer channel control
The company sells through stores, roboshops, its self-developed app, official websites, and major e-commerce platforms. By 31 December 2025, Pop Mart operated 630 stores in 20 countries and 2,637 roboshops worldwide, reaching consumers in nearly 100 countries and regions. In the PRC, offline channels still led with RMB 11.42 billion in revenue, while online channels reached RMB 8.52 billion and Pop Draw alone generated RMB 3.42 billion. This channel structure gives Pop Mart direct pricing power, direct customer data, and faster feedback on which characters and formats are working.
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Membership and repeat purchase economics
Pop Mart’s model depends heavily on fan retention, not one-time transactions. In mainland China, registered members rose from 46.08 million to 72.58 million in 2025. Members contributed 93.7% of sales, and the repeat purchase rate reached 55.7%. That makes Pop Mart closer to a fandom and collectible consumption business than a conventional toy seller, since frequency and community matter as much as unit sales.
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Retail, content, and experience monetization
Pop Mart is also extending its IPs beyond merchandise into experiences and services. In the PRC, wholesale and other revenue was supported by merchandise, ticketing, and catering from POP LAND. The company also reported RMB 70.6 million in IP license fee and other service revenue in 2025. This matters because each successful IP now has several monetization paths, including product sales, themed retail, events, licensing, and park-related spending.

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Pop Mart’s market position is stronger than that of a typical toy retailer because it controls both the characters and the consumer touchpoints. The company generated RMB 20.85 billion in PRC revenue and RMB 16.27 billion overseas in 2025, which shows it is no longer a China-only story. Overseas growth was especially strong in the Americas, where revenue rose 748.4% to RMB 6.81 billion, and in Europe and other regions, where revenue rose 506.3% to RMB 1.45 billion. Gross margin increased from 66.8% to 72.1%, helped by a higher overseas mix and procurement scale. For investors, the key point is that Pop Mart now sits at the intersection of IP ownership, direct retail, digital commerce, and live consumer experiences, which gives it a business model that is wider and more defensible than a single-category toy brand.

Performance in China

China remains Pop Mart’s core home market and its largest single region by revenue. In 2025, revenue from the PRC rose 134.6% year on year to RMB 20.85 billion. Mainland China ended the year with 410 stores and 2,350 roboshops, while registered members in Chinese mainland increased from 46.08 million to 72.58 million. Members contributed 93.7% of sales, and repeat purchase rate reached 55.7%, which shows how much the China business depends on fan retention rather than one-off toy purchases.

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Key strategic drivers in China include:

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Dense direct retail and automated access
Pop Mart kept expanding and upgrading its domestic footprint. The group said its focus in the PRC shifted toward turning stores into more narrative-driven and interactive brand spaces. By 31 December 2025, total PRC physical stores had increased to 445 and PRC roboshops to 2,396, giving the company broad coverage across high-traffic shopping locations and convenient impulse-buy points.
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Strong digital execution across local platforms
China is also where Pop Mart’s omni-channel model looks strongest. PRC online revenue rose 207.4% to RMB 8.52 billion in 2025, including RMB 3.42 billion from Pop Draw. The company said its Tmall and JD.com flagship stores kept industry-leading positions in China, while live streaming and the “live unboxing” format helped convert traffic into purchases and repeat engagement.
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IP experiences deepen local engagement
Beijing’s POP LAND has become an important extension of the China business. Pop Mart said the park continued to add themed activities and began upgrades in April 2025 that are scheduled for completion by summer 2026, with expansion at the current site already under planning. The company also said visitor traffic grew strongly in 2025, even though only about one-third of the park was open to the public.

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Competition in China is getting stronger. Miniso said in September 2025 that it planned to spin off TOP TOY, which had reached 293 locations by June 2025, showing that larger consumer brands are pushing harder into collectible toys. Pop Mart’s edge in China still comes from its scale, direct channel control, high member loyalty, and its ability to turn successful IPs into products, stores, digital formats, and offline experiences inside one ecosystem.

Growth and Future Prospects

Pop Mart enters 2026 from a much larger base. In 2025, revenue rose 184.7% to RMB 37.12 billion, profit attributable to owners rose to RMB 12.78 billion, and gross margin increased to 72.1%. After those results, management said it expects revenue growth of no less than 20% in 2026 and does not want to chase growth at the expense of profitability.

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Key growth drivers include:

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Overseas expansion is becoming the main scale story.
Overseas revenue reached RMB 16.27 billion in 2025, up from RMB 4.15 billion a year earlier. The Americas generated RMB 6.81 billion and Europe plus other regions RMB 1.45 billion, with both regions growing at exceptional rates. In early 2026, Pop Mart named London as its European headquarters, said it would open seven more UK stores, and outlined plans for 20 more stores across Europe. That matters because the next phase of growth is less about adding stores inside China and more about turning Pop Mart into a global consumer IP company.
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The IP flywheel is widening beyond blind boxes.
Pop Mart’s growth is now driven by larger character ecosystems rather than a single product format. In 2025, proprietary products made up 99.1% of revenue, THE MONSTERS generated RMB 14.16 billion, and plush toys became the largest category at RMB 18.71 billion, or 50.4% of sales. In March 2026, Pop Mart and Sony Pictures announced a Labubu feature film in early development, which pushes the company further into licensing and entertainment. That is important because stronger content and media exposure give each successful IP more ways to earn revenue across toys, plush, licensing, and fan experiences.
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Supply chain and channel buildout support the next leg of growth.
Pop Mart said it has established six global production bases and plans to keep improving automation, digitalization, regional warehousing, and supply chain response speed. By the end of 2025, it operated 630 stores in 20 countries and 2,637 roboshops globally. In January 2026, Reuters reported that the company had added manufacturing capacity in Mexico, Cambodia, and Indonesia through local partners to strengthen resilience and improve service levels. This matters because the company’s biggest recent problem is no longer brand awareness. It is supplying demand fast enough across regions without weakening customer experience.
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New categories and experience formats are moving into the foreground.
Pop Mart’s own outlook says it plans to expand product categories, deepen membership operations, invest more in its self-developed app and websites, and keep advancing theme parks and other IP commercialization platforms. Reuters also reported that home appliances were due to debut in 2026 and that the expansion of the Beijing theme park was on track to open in summer 2026. For investors, this is the next test of the model. Pop Mart is trying to show that its characters belong in more parts of daily life than collectibles alone.

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Challenges ahead include:

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IP concentration risk is real.
THE MONSTERS alone contributed 38.1% of 2025 revenue. That concentration makes growth more vulnerable if one character loses heat or if repeat purchase intensity fades after a strong cycle. Reuters also noted investor concerns about the durability of Pop Mart’s top IPs after a softer fourth quarter in 2025.
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Execution risk rises as the model gets broader.
Licensing, film development, theme parks, category expansion, and fast overseas rollout all add complexity. Reuters cited analyst concern that execution risk remains high in licensing and theme park operations, even after the strong 2025 results. Pop Mart’s capex also rose to RMB 1.17 billion in 2025, which shows the business is investing more heavily to support that wider platform.
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The next debate is sustainability, not awareness.
Pop Mart has already proved that its characters travel well across markets. The harder task now is keeping demand durable, preserving margins, and avoiding overexpansion after a year of extreme growth. Management’s message for 2026 reflects that tension, with a growth target of at least 20% but a clear focus on profitability discipline.

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Pop Mart’s future looks broader than collectible toys alone. The company is building a larger IP platform across global retail, plush, licensing, content, digital channels, and themed experiences. The upside is significant because few Chinese consumer brands have built this kind of cross-border character business. The core question now is whether Pop Mart can turn viral IP success into a stable multi-brand entertainment and merchandise system.

Next Earnings Planned for:

August 19, 2026

This Company Profile was written by Dominik Diemer

Dominik Diemer blends an investor mindset with execution discipline.

He is a SAFe Program Consultant (SPC) and Lean Portfolio Management (LPM) practitioner at DMG MORI Digital, working as a SAFe Release Train Engineer and internal consultant in the Lean-Agile Center of Excellence (LACE).

His focus is prioritization, flow, and dependency management that turns strategy into outcomes. With experience across Bertelsmann and the Founders Foundation, he bridges corporate and startup thinking.

He also invests privately in private equity deals, sharpening his view on business models, value drivers, and go-to-market.

StockCounterParts reflects that lens.

Dominik Diemer

Founder of StockCounterparts.com