Pop Mart 2025 Financial Report: Net Profit Growth Reaches 280% YoY, LABUBU Revenue Exceeds 10 Billion Yuan

CryptocurrencySniper · 2026-03-25T16:56:15+00:00

Popmart's 2025 financial report shows that the company achieved revenue of 37.12 billion yuan, a year-over-year increase of 184.7%; net profit reached 13.08 billion yuan, a year-over-year increase of 284.5%. Several IPs such as LABUBU and SKULLPANDA performed strongly, with plush product revenue reaching its highest level ever. In the future, the company will focus on diversified development centered around IP, continue expanding into global markets, especially in South Asia and the Americas.

CryptocurrencySniper

2026-03-25 16:56:15

Abstract generation in progress

Pop Mart released its 2025 financial report on March 25. In 2025, the company achieved revenue of 37.12 billion RMB, a year-on-year increase of 184.7%; adjusted net profit was 13.08 billion RMB, up 284.5% year-on-year. Behind this rapid growth, the IP matrix is making all-out efforts: THE MONSTERS, featuring LABUBU, broke through 10 billion RMB in revenue for the first time; six IPs each generated over 2 billion RMB; and 17 IPs reached the billion-yuan level.

Chairman and CEO Wang Ning stated during the 2025 earnings call that in 2026, the company aims to achieve no less than 20% growth.

More Mature IP Operation Capabilities

Over the past year, Pop Mart has achieved a “one super, many strong” IP universe. The financial report shows that in 2025, THE MONSTERS, featuring LABUBU, became a world-class IP with revenue reaching 14.16 billion RMB, a 365.7% increase. Under a differentiated IP operation strategy, six major IPs—SKULLPANDA, CRYBABY, MOLLY, DIMOO, Star People, and others—each surpassed 2 billion RMB in revenue, with 17 IPs exceeding 100 million RMB.

Pop Mart’s ability to incubate and operate IPs continues to improve, with its IPs developing in diverse directions under differentiated strategies. Notably, SKULLPANDA achieved revenue of 3.54 billion RMB in 2025, up 170.6%; CRYBABY reached 2.93 billion RMB, up 151.4%.

Wang Ning said during the earnings call that the popularity of LABUBU has indeed driven the company’s overall growth, but Pop Mart is more than just LABUBU. Even excluding LABUBU’s performance, the company has experienced rapid growth. He hopes the outside world will see more of Pop Mart’s IP operation capabilities, and believes that experience in IP management will become increasingly mature.

The plush category became the highest revenue contributor for Pop Mart for the first time. The financial report shows that in 2025, plush products generated 18.71 billion RMB, a 560.6% increase.

Resilience in the Chinese Market

In 2025, Pop Mart conducted its first large-scale organizational restructuring and continued deepening its global expansion. The report indicates that over the past year, Pop Mart operated 630 stores worldwide, with 109 net new stores; operated 2,637 robot stores, with 165 net new robot stores. Flagship stores were opened in key global cities such as Bangkok, Shanghai, and Sydney.

Focusing on the Chinese market, Pop Mart optimized its stores, achieving revenue of 20.85 billion RMB, a 134.6% increase. The company added 14 offline stores in China, bringing the total to 445.

In the Asia-Pacific region, the company focused on localized, refined operations and steadily advanced its tourism retail strategy, with revenue reaching 8.01 billion RMB, up 157.6%. The Americas are in a rapid expansion phase, with revenue of 6.81 billion RMB, a 748.4% increase. The region added 42 offline stores, totaling 64.

Wende Yi, Chief Growth Officer, said during the earnings call that last year, overseas markets accounted for nearly 50% of the company’s market share. Future plans include focusing on tourist locations and flagship stores. Pop Mart will strengthen refined operations and pursue a dual-track global and group strategy centered on IP, with key expansion into South Asia, Europe, and South America.

Building a Trendy Cultural Entertainment Group Centered on IP

Wende Yi revealed that the company plans to develop a diversified business landscape around IP, extending into consumer goods, services, experiences, and digital entertainment, aiming to establish Pop Mart as a trend culture and entertainment group with IP at its core.

Currently, about one-third of Pop Mart City Parks are open. COO Sider said at the 2025 earnings presentation that Phase 1.5 of the Pop Mart City Park is progressing smoothly and is expected to open this summer. The Phase 2 expansion is in planning, with construction expected to start in 2027.

From the earnings call, it was learned that LABUBU will launch a 4.0 series and artist collaborations in the second half of the year; LABUBU’s celebrity friends will appear at the World Cup in June. In the medium to long term, LABUBU will also have picture books, movies, and other content forms, all in preparation.

Wang Ning stated that the company will launch IP-centered small home appliances in April, which will be sold on platforms like JD.com.

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