Pop Mart's net profit exceeded 13 billion yuan last year; dessert shops, jewelry stores, and small appliances launched in April.

Reporter Li Haoyue

On March 25th, Pop Mart International Group (hereinafter referred to as “Pop Mart”) released its full-year performance for 2025, with the company’s revenue surpassing 30 billion yuan for the first time. The financial report shows that in 2025, the company achieved revenue of 37.12 billion yuan, a year-on-year increase of 184.7%; profit attributable to shareholders was 12.776 billion yuan, a year-on-year increase of 308.8%; and adjusted net profit was 13.084 billion yuan, a year-on-year increase of 284.5%.

Wang Ning, Chairman and CEO of Pop Mart, stated at the earnings briefing: “Pop Mart’s positioning has always been that of a trendy cultural entertainment company that sells products and develops channels, with IP-centric group and internationalization as the two main strategic directions for the company’s development.”

In 2025, Pop Mart’s global expansion entered a harvest period. The financial report indicates that the company’s revenue in the Chinese market reached 20.851 billion yuan, a year-on-year increase of 134.6%. By the end of 2025, Pop Mart operated 630 stores worldwide, with a net increase of 109 stores throughout the year.

Pop Mart’s Chief Operating Officer, Si De, told Securities Daily reporters: “In 2026, the number of stores in the U.S. market will increase from 72 to 100. At the same time, the company will strengthen the construction of its online official website as well as the recruitment of local designers. Currently, the team members in the U.S. market have reached 2,000, and in the future, the company will strategically position the U.S. as its core market, making it a key hub for radiating across the entire Americas region.”

IP is the core asset of Pop Mart. The financial report shows that there were 17 artist IPs with revenue exceeding 100 million yuan and 6 IPs with revenue exceeding 2 billion yuan throughout the year. Among them, THEMONSTERS, owned by LABUBU, achieved revenue of 14.161 billion yuan, a year-on-year increase of 364.5%, accounting for 38.1% of total revenue. It was disclosed that LABUBU’s sales exceeded 100 million units in 2025. Other leading IPs also performed strongly. Specifically, SKULLPANDA achieved revenue of 3.540 billion yuan, CRYBABY achieved revenue of 2.929 billion yuan, MOLLY achieved revenue of 2.897 billion yuan, DIMOO achieved revenue of 2.777 billion yuan, and the newly emerged star, Xingxingren, achieved revenue of 2.056 billion yuan. In addition, the revenue from licensed IPs was 3.382 billion yuan, accounting for 9.1%.

It is worth mentioning that Pop Mart’s IP operations are extending from single trendy toys to diversified formats. The Pop Mart City Park, which launched in Beijing in 2023, has become an important platform for interaction between its IP and consumers. Si De stated: “The Pop Mart park is still in the expansion phase; although the operating area is small, both visitor flow and revenue have experienced rapid growth. We have incubated dessert businesses and IP celebrity friend businesses through many detailed operations. This summer, the first phase of the park will be completed and opened, and the second phase of the park’s construction will begin in 2027.”

“I previously mentioned that LABUBU is a gold mine, and our excavation of this gold mine has just begun. Not just movies and parks, but also dessert shops and accessory stores; our small appliances will also be launched this April,” Wang Ning said.

Regarding the expansion of Pop Mart’s IP commercialization boundaries, Yang Huaiyu, a senior researcher at Shanghai Xia Zhi Liang Shi Consulting Management Co., Ltd., told Securities Daily reporters: “The consumption extension of Pop Mart’s core user group is extremely strong. When LABUBU’s IP image appears in dessert shops or home appliances, it essentially meets the emotional consumption needs of the same group of users. In the future, under Pop Mart’s refined operations, the coverage of its IP will continue to expand.”