Company Reports

Pop Mart has maintained its sales leadership in the global pop toy market over the past couple of years, thanks to the successful commercialization of toy products based on intellectual properties. The firm sources IPs from self-incubation, acquisitions, and licensing agreements with third-party IP owners. Despite heavy competition in the pop toy sector, Pop Mart has gained significant popularity with IPs such as The Monsters, Twinkle Twinkle and Crybaby, which are well received by global fans.

Pop Mart's sales grew 24% year-on-year in the first half, with 47% domestic growth offset by an 11% drop overseas. Gross margin fell to 69.7% from 70.3% a year ago on an unfavorable mix shift and higher input costs. The firm announced additional CNY 2 billion-CNY 5 billion share repurchases in 2026.

Pop Mart's revenue grew 75%-80% year on year for the first quarter. While China saw a 100%-105% top-line increase, overseas growth slowed materially to about 50% from over 290% in 2025. The firm expects gross margin to drop by 50 basis points in 2026 due to 3%-5% higher raw material costs.

Pop Mart has maintained its sales leadership in China’s pop toy market over the past few years, thanks to the successful commercialization of toy products based on intellectual properties. The firm sources IPs from self-incubation, acquisitions, and licensing agreements with third-party IP owners. Despite heavy competition in the pop toy sector, Pop Mart has gained significant popularity with IPs such as The Monsters, Molly, and Crybaby, which are well-received by global fans.

Pop Mart has maintained its sales leadership in China’s pop toy market over the past few years, thanks to the successful commercialization of toy products based on intellectual properties. The firm sources IPs from self-incubation, acquisitions, and licensing agreements with third-party IP owners. Despite heavy competition in the pop toy sector, Pop Mart has gained significant popularity with IPs such as The Monsters, Molly, and Crybaby, which are well-received by global fans.

Pop Mart's 2025 revenue and operating profit grew 185% and 207% year on year, respectively, with margin improvement driven by higher selling prices overseas. However, the shares fell 20% amid concerns over slower expansion after management issued guidance for just over 20% top-line growth in 2026.

Pop Mart's offline gross merchandise value in mainland China rose 58% year on year in the fourth quarter of 2025, according to YipitData. The company's new third-party factory in Mexico has commenced operations, supplementing expanded production capacity in Southeast Asia.

Pop Mart has maintained its sales leadership in China’s pop toy market over the past few years, thanks to the successful commercialization of toy products based on intellectual properties, or IPs. The firm sources IPs from self-incubation, acquisitions, and licensing agreements with third-party IP owners. Despite heavy competition in the pop toy sector, Pop Mart has gained significant popularity with IPs such as The Monsters, Molly, and Crybaby, which are well-received by global fans.

Pop Mart has maintained its sales leadership in China’s pop toy market over the past few years, thanks to the successful commercialization of toy products based on intellectual properties, or IPs. The firm sources IPs from self-incubation, acquisitions, and licensing agreements with third-party IP owners. Despite heavy competition in the pop toy sector, Pop Mart has gained significant popularity with IPs such as The Monsters, Molly, and Crybaby, which are well-received by global fans.

Pop Mart saw a 245%-250% year-on-year revenue growth for the third quarter of 2025, mainly driven by a 365%-370% overseas top-line expansion, with the Americas and Europe continuing to serve as key growth engines. Domestic revenue also surged by 185%-190%, supported by strong online channel sales.

Pop Mart has maintained its sales leadership in China’s pop toy market over the past few years, thanks to the successful commercialization of toy products based on intellectual properties, or IPs. The firm sources IPs from self-incubation, acquisitions, and licensing agreements with third-party IP owners. Despite heavy competition in the pop toy sector, Pop Mart has gained significant popularity with IPs such as The Monsters, Molly, and Crybaby, which are well-received by global fans.

Pop Mart posted strong results for the first half of 2025, with revenue and operating profit surging by 204% and 437% year on year, respectively. These are mainly driven by stellar revenue growth in margin-accretive overseas markets such as the Americas and by increased operating leverage.

Pop Mart expects first-half 2025 revenue and recurring net profit to rise by at least 200% and 350% year on year, respectively. This stems from rapid expansions of its intellectual properties, or IPs, sales, a shift toward higher-margin overseas markets, and cost optimization.

Pop Mart has maintained its sales leadership in China’s pop toy market over the past few years, thanks to the successful commercialization of toy products based on intellectual properties, or IPs. The firm sources IPs from self-incubation, acquisitions, and licensing agreements with third-party IP owners. Despite heavy competition in the pop toy sector, Pop Mart has gained significant popularity with IPs such as The Monsters, Molly, and Crybaby, which are well-received by global fans.

Pop Mart has maintained its sales leadership in China’s pop toy market over the past few years, thanks to the successful commercialization of toy products based on intellectual properties, or IPs. The firm sources IPs from self-incubation, acquisitions, and licensing agreements with third-party IP owners. Despite heavy competition in the pop toy sector, Pop Mart has gained significant popularity with IPs such as The Monsters, Molly, and Crybaby, which are well-received by global fans.

We initiate coverage of Pop Mart, a leading pop toy design and merchandising company in China with rising worldwide popularity. In 2024, Pop Mart delivered 107% year-on-year revenue growth, thanks to an over 350% increase in overseas sales of products based on intellectual properties, or IPs.