This brief introduces POP MART as a new client and gives the marketing team a working understanding of the business, its markets, its brand, and where our work can add value. POP MART is the Chinese, Hong Kong listed company behind the Labubu phenomenon, and it sits at the center of one of the fastest brand stories in global consumer culture right now. It is built from current public sources, all paraphrased, with figures current to June 2026 and key facts cited.
01
Executive Summary
Our new client, POP MART, turned a blind box toy into a global cultural force. In 2025 it nearly tripled revenue on the back of Labubu, yet that same success now concentrates the business around a single character, which is exactly where smart marketing can help.
Figure 1. Labubu, from The Monsters series, the IP at the center of POP MART's 2025 surge. Client-provided image.
RMB 37.1B
FY2025 revenue, up 184.7% year over year12
RMB 13.1B
FY2025 adjusted net profit, up 284.5%1
~38%
Revenue from The Monsters / Labubu3
>40%
Revenue now generated overseas16
630 / 2,637
Stores and robot shops worldwide, end 20255
59M
Members, about 91% of sales7
The headline is explosive, profitable growth. Revenue rose from RMB 13.0 billion in 2024 to RMB 37.1 billion in 2025, and adjusted net profit nearly quadrupled.12 The Monsters franchise alone delivered RMB 14.2 billion, becoming the company's first IP past RMB 10 billion, and plush overtook blind boxes as the largest product category.34 Overseas passed 40 percent of revenue, with the Americas the fastest growing region.16
What this means for our team
The strategic risk is concentration. Roughly 38 percent of revenue rides on one character, so building the next tier of IPs is the brief's through-line.3
Lean into culture and community. This brand grows through celebrity moments, unboxing content, and scarcity, which is a natural home for our ideas.8
Index on overseas, especially the United States and Europe, where the brand is young and the runway is long.16
Help make scarcity safe. The drop model has caused crowd incidents, so experience design and community management matter.9
02
Company at a Glance
POP MART was founded by Wang Ning in Beijing in 2010 as a trend lifestyle store, then pivoted to designer toys after the success of imported IP Sonny Angel in 2015. The 2016 signing of Molly and the launch of the blind box model propelled it to the top of China's designer toy market, and it listed on the Hong Kong Stock Exchange in December 2020.12 It is now a vertically integrated, IP-driven entertainment company spanning in-house design, manufacturing coordination, and omnichannel retail.
What the team should know
POP MART is not really a toy company. It is an IP operator. The toys are the medium, but the asset is the characters and the emotional, collectible culture around them. Its slogan, To light up passion and bring joy, frames products as small moments of delight, and its tone is playful, inclusive, and community first.12
Why it matters now
Labubu went global in 2025, helped by celebrity exposure from figures such as Lisa of BLACKPINK, Rihanna, and Dua Lipa, turning a niche art toy into a mainstream accessory.8 That cultural moment is the reason this client is interesting, and the reason its next chapter is uncertain.
Figure 2. Founder and CEO Wang Ning. Client-provided image.
2010
Founded in Beijing by Wang Ning.
2016
Molly and the blind box model launch.12
2020
Hong Kong Stock Exchange listing.12
2023
First POP LAND park opens in Beijing.13
2025
Labubu goes global; revenue RMB 37.1bn.1
03
Business Model
POP MART runs a vertically integrated ecosystem that turns artist designs into collectible lifestyle products and sells them across owned channels. The engine has four parts the team should understand.
How it makes money
Retail and e-commerce. Blind boxes, figures, and plush sold through owned stores, robot shops, and online storefronts, the core of revenue.
IP licensing and royalties. Co-branded products with third parties across games, FMCG, and apparel.
Events and experiences. Toy shows, the POP LAND park, and ticketed activations.13
Membership and resale. A 59 million strong membership base that drives about 91 percent of sales and a 51 percent repeat rate, plus an in-app resale marketplace.7
The demand mechanism is scarcity. Blind boxes hide the design until opening, hidden and secret editions create rarity, and limited drops manufacture urgency and fear of missing out. That psychology is what turns a toy into a collectible and a collectible into a craze.8
Figure 3. A POP MART character world, the kind of IP storytelling that anchors collaborations and campaigns. Client-provided image.
04
Financial Performance
FY2025 was a step change. Revenue reached RMB 37.1 billion, up 184.7 percent, and adjusted net profit hit RMB 13.1 billion, up 284.5 percent.12 First half revenue alone of RMB 13.9 billion already surpassed the entire 2024 figure.2 Growth was broad on the surface but concentrated underneath, which is the central tension in the numbers.
Figure 4. Revenue, FY2022 to FY2025. The 2025 bar reflects the Labubu driven surge.12
Where the money comes from
China still leads, but overseas crossed 40 percent of revenue in 2025 and is the growth story, with the Americas the fastest growing region.16 Plush became the largest product category at RMB 18.7 billion, up 560.6 percent, overtaking the blind boxes the brand is known for.4
Figure 5. China and overseas revenue split, FY2025.16
Read for the team. The market reaction to these record results was caution, not euphoria. The shares fell sharply after the print and the dividend payout was trimmed, reflecting investor worry about how durable Labubu's pull is.11 That tension shapes the marketing brief.
05
Market Position & Competition
POP MART leads the global designer toy and blind box category, a position built on IP depth rather than price. The single most important fact about its portfolio is concentration. The Monsters generated RMB 14.2 billion in 2025, more than four times the next IP.3
Figure 6. Revenue by top IP, FY2025. Seven IPs passed RMB 1 billion, up from four in 2024, but none rivals The Monsters.3
Competitive set
Competitor
Base
Position versus POP MART
Miniso / TOP TOY
China
Closest scaled rival in IP retail and blind boxes, expanding fast overseas.15
Funko
United States
Licensed pop-culture collectibles; strong Western distribution and fandom.15
Local blind-box brands
Various
Numerous copycats mimic the blind box format, crowding the category.15
Counterfeiters (Lafufu)
Grey market
Fake Labubu products dilute scarcity and brand trust.8
06
Growth Engines
Four engines should carry the next phase, and each maps to work our team can shape.
6.1 Globalization
Overseas is the headline opportunity. POP MART operated 630 stores and 2,637 robot shops worldwide by the end of 2025, opening first stores in Germany, Denmark, Canada, and the Philippines and flagships in Bangkok, Shanghai, and Sydney.5 The United States is the largest single search market for Labubu, signalling demand that retail is still catching up to.8
6.2 Beyond the blind box
The format mix is broadening into plush, jewelry, theme parks, and content, reducing reliance on any single product type.4 A Labubu film with Sony Pictures is in scripting and a FIFA World Cup tie-in is planned, extending the IP into entertainment.8
6.3 IP portfolio depth
Management's stated priority is to broaden beyond Labubu, nurturing SKULLPANDA, CRYBABY, DIMOO, and the fast rising Hirono into franchises of their own.3 This is the heart of the marketing challenge.
6.4 Experiential retail and culture
Immersive stores and pop-ups turn buying into an event. A December 2025 collaboration with Olive Young in Seoul drew lines around the block, the kind of culturally fluent activation that builds the brand abroad.10
Figure 7. Crowds at a POP MART activation in Seoul, December 2025. Client-provided image.
07
Brand & Identity
POP MART's identity is bold, playful, and instantly recognizable. A racetrack shaped wordmark in white on a vivid red field signals energy and accessibility, while the wider system leans on bright color, rounded shapes, and character first storytelling.12 The brand speaks in a cheerful, inclusive voice to a community of collectors.
POP MART Red#ED1C24
Sun Yellow#FFC400
Pop Teal#00B6C4
Bubble Pink#FF5CA8
White#FFFFFF
Personality
Drawing on archetype models, the brand reads as Jester for fun, Caregiver for the community it builds, Creator for artistic originality, and Explorer for curiosity and discovery.12 The result is a brand that feels like a friend, not a retailer.
Type in this brief
This document pairs Baloo 2, a rounded display face that echoes the brand's friendly, bouncy geometry, with Inter for body text and Space Mono for data. It is a license friendly stand-in, not the brand's proprietary type.
08
Product Portfolio
The portfolio spans art toys, plush, premium collectibles, accessories, and collaborations, all built on the same IP families. Plush is now the largest category, and the MEGA line anchors the premium tier.4
Figure 8. Product architecture across art toys, plush, MEGA, accessories, and IP collaborations. Client-provided image.
Pillar
Examples
Role
Art toys
Blind box figures across Molly, SKULLPANDA, DIMOO
Heritage category and IP entry point
Plush
Labubu and The Monsters plush
Largest category; main 2025 growth driver4
MEGA
Large-format premium collectibles
Premiumization and collector value
New ventures
Jewelry, theme parks, film, accessories
Format diversification beyond toys8
09
Innovation
Innovation runs on three tracks. Product comes from constant character design, reissues, and external collaborations that keep the lineup fresh. Digital shows up as QR-enabled products that unlock extra content and a membership app that powers data-led iteration.7 Format innovation is the boldest move, pushing the company from blind boxes into plush, parks, jewelry, and film. The common thread is using IP as connective tissue across every new surface.
10
Sustainability & ESG
POP MART maintains a formal ESG structure and publishes sustainability reporting aligned to exchange and GRI standards, with initiatives in recyclable packaging, lower-carbon operations, and employee programs.14 It also runs public-facing environmental campaigns, including an ecological mini-documentary and conservation tie-ins that fold sustainability into brand storytelling.14
Figure 9. An environmental public-welfare campaign, a model for values-led brand content. Client-provided image.
Read for the team. ESG here is as much marketing as compliance. The opportunity is credible, claim-safe sustainability storytelling that resonates with a young audience without greenwashing.
11
Risk Register
Risk
Exposure
Mitigation
IP concentration
High
About 38% of revenue from one IP. Build secondary franchises and extend Labubu's lifecycle.3
Trend-cycle risk
High
Crazes fade. Convert hype into durable brand love and a broader catalogue.11
Regulatory scrutiny
Medium
Blind box mechanics face consumer-protection attention. Transparent odds and responsible drop design.
Counterfeiting
Medium
Fake Labubu dilutes scarcity. Authentication, member-exclusive drops, and brand education.8
Crowd safety
Medium
Drops have caused incidents, including a UK pull-back in 2025. Safer queue and lottery experiences.9
12
SWOT Analysis
The SWOT frames the central paradox: the same scarcity-driven, IP-led model that created the Labubu boom also concentrates risk in one character and one cultural moment. Our opportunity is to broaden the base while the spotlight is bright.
Figure 10. SWOT analysis. Sources for underlying claims are detailed in the body and reference list.
13
KPI Dashboard
Indicator
Latest
Period
Read
Revenue
RMB 37.1B
FY2025
Up 184.7% YoY1
Adjusted net profit
RMB 13.1B
FY2025
Up 284.5% YoY1
The Monsters IP
RMB 14.2B
2025
~38% of revenue3
Plush category
RMB 18.7B
2025
Now #1, up 560.6%4
Overseas share
>40%
2025
Americas fastest6
Members
59M
2025
~91% of sales7
Stores / robot shops
630 / 2,637
end 2025
Net +109 stores5
Additional market data
Figure 11. Retail-network growth and first-half 2025 revenue growth by region. Original charts from cited data.156
14
Client Priorities & Where We Add Value
The client's priorities for 2026, paired with where our team can contribute.
Client priority
Where our team adds value
Build the next IP. Reduce dependence on Labubu by growing secondary characters.3
Brand-building and character-world storytelling for SKULLPANDA, CRYBABY, DIMOO, and Hirono.
Win overseas. Scale the US and Europe.6
Market-entry campaigns, flagship launch activations, and localized social-first content.
Extend Labubu's lifecycle. Keep the hero IP alive.8
Content, collaborations, and celebrity-style IP operations around the FIFA and Sony moments.
Diversify formats. Plush, jewelry, parks, film.4
Brand architecture and launch communications for new lines and ventures.
Make scarcity safe. Avoid crowd incidents.9
Crowd-safe drop experiences, queue and lottery UX, and community management.
Protect the brand. Fight counterfeits.8
Authentication storytelling and member-exclusive drops that reward the real thing.
A
Account Quick Reference
A one page snapshot for fast onboarding.
Item
Detail
Who they are
POP MART International Group, founded Beijing 2010 by Wang Ning, Hong Kong listed IP-driven designer toy and entertainment company.12
Flagship IP
The Monsters / Labubu, plus Molly, SKULLPANDA, CRYBABY, DIMOO, and Hirono.3
Tagline and voice
To light up passion and bring joy. Playful, inclusive, community first.12
Target audiences
Gen Z and young adults, roughly 15 to 35, urban, design and collectible culture; Labubu skews female, 25 to 34.8
Main competitors
Miniso and TOP TOY, Funko, and a crowd of local blind-box copycats.15
Biggest opportunity
Overseas expansion and format diversification beyond blind boxes.46
Key watch-items
Single-IP concentration, trend-cycle risk, blind-box regulation, counterfeits, and share volatility.11
Brand colors
POP MART Red ED1C24 with playful, multi-colour pop accents.12
B
Methodology & References
This brief was prepared from public sources for internal team use. Financial figures use FY2025 actuals from company results and reporting. Product photography and brand visuals are taken from client and company materials and should be replaced with approved, licensed assets before any client-facing use. Charts were built as original visualizations from the cited data. All external text is paraphrased and no copyrighted text is reproduced.
POP MART 2025 annual results, revenue RMB 37.12bn (+184.7%), adjusted net profit RMB 13.08bn. en.gmw.cn; ichongqing.info
POP MART Interim Results 2025, H1 revenue RMB 13.876bn. popmart.com
FY2025 IP revenue breakdown; The Monsters RMB 14.16bn; seven IPs over RMB 1bn. kr-asia.com
Plush became largest category, RMB 18.71bn, up 560.6%. en.gmw.cn
Store network: 630 stores and 2,637 robot shops; new markets Germany, Denmark, Canada, Philippines. ichongqing.info
Overseas revenue over 40%; Americas fastest growing. kr-asia.com
Membership 59.12m; ~91% of sales; repeat rate 50.8%. moonfox.cn
Labubu global rise, 100m+ units in 2025, Sony film, FIFA tie-in, celebrity exposure. demandsage.com; en.gmw.cn
Labubu UK sales halted after store incidents, 2025. bbc.com; cnn.com
POP MART x Olive Young Seoul pop-up, December 2025. chosunbiz.com
Share reaction and dividend payout cut to 25% from 35%; Q4 slowdown. ichongqing.info
Company history; founded 2010; HK IPO December 2020; Molly and blind box 2016. time.com
POP LAND park opened in Beijing, September 2023. popmart.com
Prepared as a new client brief for the marketing team. Figures are best available estimates as of June 2026 and subject to confirmation against audited filings.
