Chongqing - Shoppers streamed into a Pop Mart store in Chongqing on March 27, where Labubu and Sanrio collaborations were prominently displayed, while staff introduced the latest “The Monsters” Labubu 01:00 AM blind boxes featuring a new flocked finish for a softer, more plush texture.
A Pop Mart store at Longfor Beicheng Paradise Walk in Chongqing. (Photo/Zheng Ran)
Blind boxes from The Monsters Labubu 01:00 AM series. (Photo/Zheng Ran)
Strong consumer interest and the rapid launch of new products have underpinned a record year for the Beijing-based toymaker, with Pop Mart reporting on March 25 that its 2025 revenue rose 184.7% year on year to 37.12 billion yuan (about 53.8 billion U.S. dollars), while adjusted net profit jumped 284.5% to 13.08 billion yuan.
That strong consumer interest has underpinned a record year for the Beijing-based toymaker. Pop Mart said on March 25 that 2025 revenue rose to 37.12 billion yuan (about 53.8 billion U.S. dollars), up 184.7% from a year earlier, while adjusted net profit climbed 284.5% to 13.08 billion yuan.
The company's flagship growth engine remained Labubu, the character at the center of "The Monsters" IP family. Pop Mart said revenue from The Monsters reached 14.16 billion yuan in 2025, up 365.7% year-on-year, making it the company's first IP franchise to surpass 10 billion yuan in annual revenue.
Products from The Monsters series. (Photo/Zheng Ran)
But the scale of that success also sharpened investor concern over whether Pop Mart can sustain growth across a broader lineup of characters. Shares fell sharply after the results, at one point dropping more than 15% in afternoon trading.
Customers browse products at the store. (Photo/Zheng Ran)
Jeff Zhang, an equity analyst at Morningstar, said a “material slowdown in the fourth quarter has amplified investors’ concern on the durability of top IPs’ popularity.” He also pointed to a reduction in the dividend payout ratio to 25% in 2025, from 35% in 2024, as a negative factor.
Billy Leung, analyst at Global X ETF, described a market still split over the company's outlook. "Bulls focused on ongoing IP monetization and overseas growth ... and bears question durability and cycle risk. Earnings did little to close that gap," he said.
The debate centers on whether newer and secondary characters can approach Labubu's commercial power. Pop Mart said SKULLPANDA generated 3.54 billion yuan in revenue in 2025, up 170.6%; CRYBABY brought in 2.93 billion yuan, up 151.4%; and DIMOO reached 2.78 billion yuan, up 205.3%. Twinkle Twinkle and Hirono generated 2.06 billion yuan and 1.74 billion yuan, respectively, substantially below The Monsters.
A selection of products from Pop Mart's Dimoo series. (Photo/Zheng Ran)
The company argued that its IP portfolio is broadening. It said six major IPs surpassed 2 billion yuan in annual revenue, and 17 IPs crossed the 100 million yuan mark. CEO Wang Ning told investors on the earnings call that "Pop Mart has more than just Labubu."
The business is also changing in form. Plush products became Pop Mart's largest category in 2025, with revenue of 18.71 billion yuan, up 560.6%. The company operated 630 stores globally by year-end, a net increase of 109, along with 2,637 robot stores, after adding 165 during the year. It also opened its first physical stores in Germany, Denmark, Canada and the Philippines, and launched flagship stores in Bangkok, Shanghai, and Sydney.
Pop Mart is continuing to push collaborations and new content. Sanrio, Japan's character brands, partnered with Pop Mart on two crossover products featuring Labubu, released online on March 12 and scheduled for in-store release in April.
In a press release, Jill Koch, SVP of brand at Sanrio, Inc., said: "This collaboration blends nostalgia with discovery, giving fans a collectible experience that feels both familiar and delightfully unexpected." Pop Mart also said in March that it and Sony Pictures would develop a live-action animated film around The Monsters.
The Monsters collaboration series with Sanrio. (Photo/Zheng Ran)
Still, recent product launches suggest demand remains uneven across franchises. Pop Mart said its Merodi After School Series Figures, launched on February 26, were priced at 69 yuan per blind box, or 828 yuan for a full set.
Newly launched Merodi After School blind box series. (Photo/Zheng Ran)
According to the Dewu App, a major Chinese resale marketplace, the secret edition "I Am Fierce" rose to a peak of 374 yuan in the secondary market. That compared with much stronger resale performance for some established IPs: Dewu data showed Labubu's secret edition "ID" from the Big Into Energy Series climbed from 99 yuan to a peak of 4,522 yuan.
On the same day as the Merodi launch, the Angry Molly Plush Series sold out in one minute across Pop Mart's official WeChat mini-program and Tmall flagship store, with more than 7,000 units sold, while the Blue Fire secret edition rose to 566 yuan from 89 yuan, according to Dewu.