Eliza Wong
Mid-to-late August marks the peak season for interim results disclosures in the Hong Kong stock market. On August 19, Pop Mart International Group Limited, renowned as the ‘King of Blind Boxes,’ unveiled a financial report that sent shockwaves through the consumer sector. The company announced staggering growth for the first half of 2025, with revenue skyrocketing to RMB 13.88 billion, a 204.4% increase year-on-year. Pre-tax profits reached an astonishing RMB 6.16 billion, up 401.2%, while net profit attributable to shareholders surged 396.5% to RMB 4.57 billion. This performance not only shattered market expectations but also eclipsed the company’s entire 2024 annual results, cementing its status as a phenomenal growth benchmark in the new consumption era. This explosive growth story is a masterclass in brand evolution, global strategy, and intellectual property monetization.
Unprecedented Financial Performance: Breaking Down the Numbers
The figures released by Pop Mart are nothing short of extraordinary. To put this explosive growth into perspective, the H1 2025 revenue of RMB 13.88 billion already surpasses the total revenue for the full year of 2024. Such a leap is rare even in high-growth industries, highlighting the company’s successful execution of its strategic vision.
Revenue Streams and Profitability
The company’s revenue growth of 204.4% was driven by multiple factors, including diversified product offerings, enhanced operational efficiency, and successful global expansion. Profit margins also saw significant improvement, indicating not just top-line growth but also healthier bottom-line results. The pre-tax profit surge of 401.2% demonstrates effective cost management and scalability in its business model.
Global Strategy: From Local Phenomenon to Worldwide Powerhouse
Pop Mart’s explosive growth is largely attributable to its unwavering commitment to globalization. The company has strategically positioned itself not just as a Chinese success story but as a next-generation global consumer brand. Its phased and targeted approach to international markets has yielded impressive results across different regions.
Regional Breakdown of Growth
– Mainland China: Revenue reached RMB 8.28 billion, a 135.2% increase, driven by meeting diverse consumer IP demands and refining operational efficiency. – Asia-Pacific: Revenue hit RMB 2.85 billion, up 257.8%, thanks to deepened localization and effective tourism retail strategies. – Americas: Revenue soared to RMB 2.27 billion, an incredible 1142.3% surge, achieved through aggressive market expansion and differentiated channel positioning. – Europe and Other Regions: Revenue grew 729.2% to RMB 478 million, fueled by unique product designs and enhanced shopping experiences. This geographical diversification has not only amplified revenue but also reduced market-specific risks, creating a more resilient business structure.
The IP Engine: Driving Explosive Growth Through Storytelling
At the heart of Pop Mart’s explosive growth lies its transformation from a mere blind box manufacturer to a comprehensive IP ecosystem operator. The company’s ability to create, nurture, and commercialize intellectual property has been a game-changer in the industry.
Star IPs and Their Performance
In the first half of 2025, thirteen artist IPs generated over RMB 100 million each in revenue. The top performers include: – THE MONSTERS: RMB 4.81 billion – MOLLY: RMB 1.36 billion – SKULLPANDA: RMB 1.22 billion – CRYBABY: RMB 1.22 billion – DIMOO: RMB 1.11 billion Particularly noteworthy is LABUBU from THE MONSTERS family, which celebrated its tenth anniversary in 2025. Through careful cultivation and innovative product releases like the third-generation vinyl plush ‘Warning: High Energy’ series, LABUBU has evolved into a globally recognized IP, capturing the hearts of fans worldwide. The ‘Weird Convenience Store’ series, continuing the ‘You Can’t See Me’ style, further solidified its appeal by authentically expressing the character’s personality.
Licensing and Collaborations
Pop Mart continues to expand its IP collaboration scope, partnering with animation, gaming, film, and other copyright holders to create diverse co-branded products. This approach not only satisfies varied consumer interests but also brings fresh surprises to fans. Moreover, the company has secured global licensing rights for most of its authorized IPs, enabling unique潮玩experiences for consumers worldwide.
Physical and Digital Expansion: Building a Global Retail Empire
Pop Mart’s physical presence has grown significantly alongside its digital footprint. The company’s retail strategy combines brick-and-mortar stores with innovative automated retail solutions, creating a seamless omnichannel experience.
Store and Robot Shop Network
As of June 2025, Pop Mart operated 571 offline stores (a net increase of 40 in H1) and 2,597 robot stores (a net increase of 105). The company’s official website now serves 37 countries, with physical stores established in 18 nations including the U.S., U.K., Canada, and New Zealand. – In China: Focus on enhancing brand experience and service quality through channel refinement. – In Asia-Pacific: Emphasis on精细化运营and tourism retail, with stores in famous travel destinations and airports. – In Americas: Concentration on the U.S. market for rapid coverage and brand influence expansion. – In Europe: Strengthening regional headquarters and securing prime locations in global landmarks for future growth.
E-commerce and Content-Driven Engagement
Recognizing the importance of digital platforms, Pop Mart has implemented tailored online strategies for different markets: – In Southeast Asia: Leveraging Shopee and Lazada with localized marketing and services. – In Europe and Americas: Utilizing Amazon’s scale and logistics, combined with targeted advertising. – Globally: Embracing content commerce via TikTok, creating high-quality content and innovative live streams to engage younger audiences and drive sales. The results speak for themselves: cumulative registered members in Mainland China grew to 59.12 million by June 30, 2025, from 46.08 million at end-2024. Members contributed 91.2% of total sales with a repurchase rate of 50.8%, underscoring strong brand loyalty.
Sustaining Explosive Growth: Challenges and Opportunities Ahead
While Pop Mart’s current performance is remarkable, maintaining this explosive growth trajectory presents both challenges and opportunities. The company must continue to innovate in product design, expand its IP portfolio, and navigate complex international markets. Consumer trends can shift rapidly, and competition is intensifying as other players recognize the potential of the潮玩market. However, Pop Mart’s first-mover advantage, strong R&D capabilities, and deep understanding of global consumer behavior position it well for future success. The company’s focus on ‘becoming the world’s Pop Mart’ is more than a slogan—it’s a strategic roadmap that has already delivered explosive results. By staying true to its core strengths in IP development while adapting to local markets, Pop Mart is poised to remain at the forefront of the global consumer entertainment industry. For investors and industry observers, Pop Mart’s story offers valuable lessons in brand building, globalization, and the power of intellectual property. As the company continues to expand its global footprint and innovate its product offerings, its journey is one worth watching closely. Explore Pop Mart’s latest collections and global store locations to experience firsthand the phenomenon driving this explosive growth.
