Pop Mart’s Revenue is Exploding: Founder Targets ¥30 Billion, Calling It “Effortless”

Pop Mart H1 2025 Key Financial Highlights

Metric	H1 2025 (RMB)	H1 2025 (USD)	YoY Growth
Revenue	¥13.88 billion	$1.91 billion	204.4%
Adjusted Net Profit	¥4.71 billion	$648 million	362.8%
Profit Attributable to Owners	¥4.574 billion	$629 million	396.5%
Gross Margin	–	–	70.3% (+6.3 pp YoY)

Pop Mart’s revenue is hitting levels that are hard to ignore, with the founder setting some incredibly ambitious goals for the art toy giant.

During an earnings conference on August 20, 2025, Pop Mart (Paopao Mate 泡泡玛特) founder Wang Ning (Wang Ning 王宁) dropped a bombshell of a forecast.

“This year, we hope to achieve ¥20 billion RMB ($2.75 billion USD) in revenue,” he said, before adding, “but it feels like even ¥30 billion RMB ($4.13 billion USD) would be effortless.”

That’s a bold statement, but it’s backed by some truly staggering performance numbers.

The Jaw-Dropping Numbers: H1 2025 Earnings Breakdown

Just a day before the conference, Pop Mart (09992.HK) released its interim report for the first half of 2025, and the results are phenomenal.

The company didn’t just grow; it multiplied.

Here’s a quick look at the highlights:

• Revenue: Reached ¥13.88 billion RMB ($1.91 billion USD), a massive 204.4% increase year-over-year.
• Adjusted Net Profit: Surged to ¥4.71 billion RMB ($648 million USD), up an incredible 362.8% from the previous year.
• Profit Attributable to Owners: Hit ¥4.574 billion RMB ($629 million USD), marking a 396.5% year-over-year climb.

To put that in perspective, Pop Mart’s revenue and net profit in just the first six months of the year have already blown past its entire full-year performance from 2024.

How They’re Doing It: The Operational Machine Behind the Growth

Such explosive growth isn’t an accident. It’s the result of a finely tuned machine firing on all cylinders, from production to pricing strategy.

Production Capacity Has Gone Super-Saiyan

The demand for Pop Mart’s products is intense, and the company has massively scaled its supply chain to keep up.

Yuan Junjie (Yuan Junjie 袁俊杰), Pop Mart’s head of supply chain, put it bluntly:

“Our engineers lament that one month’s production now equals a full year’s output from before.”

Let that sync in.

Consider their plush products specifically:

• Monthly capacity has hit approximately 30 million units.
• That’s more than 10 times the capacity of the same period last year.
• Even compared to Q1 of this year, the output in July and August is still a tenfold increase.

Gross Margin Hits a Record-Shattering 70.3%

It’s one thing to sell a lot, but it’s another to do it this profitably.

In the first half of 2025, Pop Mart’s gross margin reached an all-time high of 70.3%, up 6.3 percentage points year-over-year.

Chief Financial Officer Yang Jingbing (Yang Jingbing 杨镜冰) broke down exactly where that margin boost came from:

• Overseas Pricing Power (+4.0 points): Higher prices in international markets are a huge contributor. Global expansion is paying off handsomely.
• Supply Chain Optimization (+1.5 points): Reducing the proportion of externally sourced goods and smarter procurement are directly boosting the bottom line.
• Cost Efficiencies (+0.8 points): A decrease in expenses related to licensing fees and product molds added nearly a full point to the margin.

Pop Mart Gross Margin Contribution Factors (H1 2025)

Factor	Contribution to Gross Margin Increase
Overseas Pricing Power	+4.0 percentage points
Supply Chain Optimization	+1.5 percentage points
Cost Efficiencies	+0.8 percentage points

LABUBU: The Global Super IP Leading the Charge

At the heart of Pop Mart’s success is its powerful portfolio of Intellectual Property (IP). In H1 2025, one character stood out above the rest.

LABUBU, part of THE MONSTERS series, has officially become a globally popular super IP.

Revenue from THE MONSTERS franchise alone reached an astounding ¥4.81 billion RMB ($662 million USD).

That’s a 668.0% increase year-over-year.

This IP now accounts for 34.7% of Pop Mart’s total revenue, up from 23.3% in the 2024 annual report.

But it’s not just a one-hit-wonder. Pop Mart has built a deep bench of valuable characters:

• The Billion-Yuan IP Club: MOLLY, SKULLPANDA, CRYBABY, and DIMOO each brought in over ¥1 billion RMB ($138 million USD) in revenue.
• The Hundred-Million-Yuan IP Club: Another thirteen IPs, including fan-favorites like HIRONO, XINGXINGREN, Zsiga, PUCKY, and HACIPUPU, each surpassed ¥100 million RMB ($13.8 million USD) in revenue.

This deep IP library shows a sustainable, diversified strategy that can fuel growth for years to come.

• LABUBU (THE MONSTERS): ¥4.81 billion RMB ($662 million USD) revenue, 668.0% YoY increase, 34.7% of total revenue.
• Billion-Yuan IP Club: MOLLY, SKULLPANDA, CRYBABY, DIMOO (each over ¥1 billion RMB / $138 million USD).
• Hundred-Million-Yuan IP Club: 13 IPs including HIRONO, XINGXINGREN, Zsiga, PUCKY, HACIPUPU (each over ¥100 million RMB / $13.8 million USD).

The Takeaway: What This Means for the Future

Pop Mart’s story is a masterclass in combining creative IP with world-class operational execution and global ambition.

With a rapidly scaling supply chain, record-high profitability, and a stable of blockbuster characters led by a global phenomenon like LABUBU, Wang Ning’s “effortless” ¥30 billion target seems less like a boast and more like a clear-eyed vision of the future.

For investors, marketers, and founders, the message is clear: the art toy giant is building a global empire, and its explosive Pop Mart revenue growth shows no signs of slowing down.

References

• Bubble Mart Wang Ning: This year’s revenue is expected to reach 20 billion yuan, and 30 billion yuan feels easy – The Paper (澎湃新闻)
• Pop Mart Official Website
• Pop Mart Investor Relations