Key Points
- Ambitious Revenue Targets: Pop Mart’s CEO Wang Ning (王宁) aims for ¥20 billion RMB revenue this year, confidently stating ¥30 billion RMB “would also be quite easy.”
- Exceptional H1 2025 Performance: The company reported a staggering ¥13.88 billion RMB revenue (up 204.4% YoY) and an astounding ¥4.71 billion RMB adjusted net profit (up 362.8% YoY), surpassing previous full-year results.
- Massive Production Scaling: Monthly production is now around 30 million units, with plush product capacity over 10 times higher than last year, and overall output in July/August jumped another 10x compared to Q1.
- Record-High Profit Margins: Pop Mart achieved a 70.3% gross profit margin (a 6.3 percentage point increase), driven by higher overseas pricing, supply chain optimization, and cost reductions.
- IP Dominance: The LABUBU IP (within THE MONSTERS series) generated ¥4.81 billion RMB, a 668.0% YoY increase, accounting for 34.7% of total revenue. Several other core IPs also surpassed ¥1 billion RMB in revenue.
Pop Mart’s explosive growth shows no signs of slowing down, with some absolutely wild numbers coming out of their latest earnings report.
The art toy giant is on a tear, and its founder is feeling bullish. Really bullish.
Here’s the breakdown of their incredible performance and what’s driving it.
“¥30 Billion Would Be Easy”: CEO Wang Ning Signals Massive Confidence
During Pop Mart’s (09992.HK) earnings conference on August 20th, founder Wang Ning (Wang Ning 王宁) dropped a bombshell of a revenue target.
“This year, we aim to achieve ¥20 billion RMB ($2.75 billion USD) in revenue,” he stated.
But he didn’t stop there.
“…it feels like ¥30 billion RMB ($4.13 billion USD) would also be quite easy to reach this year.”
That’s not just confidence; that’s a signal of a company firing on all cylinders.
Pop Mart’s H1 2025 Financials: A Jaw-Dropping Performance
The CEO’s confidence is backed by some seriously impressive data from their 2025 semi-annual report.
In just the first half of the year, Pop Mart’s performance has already eclipsed its entire performance from the previous year.
Check out these highlights for H1 2025:
- Revenue: A staggering ¥13.88 billion RMB ($1.91 billion USD), which is a 204.4% increase year-over-year.
- Adjusted Net Profit: Reached ¥4.71 billion RMB ($648.5 million USD), up an insane 362.8% year-over-year.
- Profit Attributable to Owners: Hit ¥4.574 billion RMB ($629.7 million USD), a 396.5% surge year-over-year.
To put that in perspective, the revenue and net profit for just the first six months of 2025 are higher than all of 2024 combined. Wild.
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Scaling Production: “A Whole Year’s Volume in a Single Month”
So how are they keeping up with this ravenous demand?
By dramatically scaling their production capacity.
Yuan Junjie (Yuan Junjie 袁俊杰), Pop Mart’s supply chain head, shared a powerful anecdote:
“One of our engineers commented that a single month’s volume today is equal to what we produced in a whole year previously.”
Let’s break down that production increase:
- Plush Products: Monthly production capacity is now over 10 times higher than the same time last year.
- Monthly Output: They are now churning out around 30 million units per month.
- Recent Acceleration: Even compared to Q1 of this year, production in July and August jumped by another 10x.
This isn’t just scaling; it’s a complete transformation of their supply chain to meet global demand.
The Secret Sauce: Hitting a Record 70.3% Gross Profit Margin
Bigger revenue is great, but bigger margins are even better.
In the first half of 2025, Pop Mart’s gross profit margin climbed to a record-breaking 70.3%.
That’s a 6.3 percentage point increase year-over-year.
Pop Mart’s CFO, Yang Jingbing (Yang Jingbing 杨镜冰), explained exactly how they pulled this off:
- Higher Overseas Pricing: Strong international sales at higher price points added 4 percentage points to the margin. This is a huge win for their global expansion strategy.
- Supply Chain Optimization: Reducing reliance on externally sourced goods and smarter procurement added another 1.5 percentage points.
- Cost Reduction: A smaller proportion of spending on licensing fees and mold costs contributed a final 0.8 percentage points.
This is a masterclass in operational efficiency and leveraging international market strength.
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IP is King: The Unstoppable Rise of LABUBU
At the heart of Pop Mart’s success is its powerful portfolio of Intellectual Property (IP).
In the first half of 2025, one IP stood above the rest: LABUBU.
LABUBU has officially become a globally popular super IP, driving incredible growth.
- THE MONSTERS Series (home of LABUBU): This IP family generated a massive ¥4.81 billion RMB ($662.6 million USD) in revenue.
- Mind-Blowing Growth: That’s a 668.0% year-on-year increase for the series.
- Revenue Dominance: THE MONSTERS now account for 34.7% of Pop Mart’s total revenue, up from 23.3% in 2024.
But the success isn’t limited to just one character.
Pop Mart’s IP ecosystem is deep and profitable:
- The Billion RMB Club: Core IPs like MOLLY, SKULLPANDA, CRYBABY, and DIMOO each brought in over ¥1 billion RMB ($137.7 million USD) in revenue.
- The Hundred Million RMB Club: Another 13 IPs, including HIRONO, XINGXINGREN (星星人), Zsiga, PUCKY, and HACIPUPU, each generated over ¥100 million RMB ($13.77 million USD).
This diverse and high-performing IP portfolio is the engine powering the entire Pop Mart machine.
It proves that a well-managed collection of beloved characters can create a powerful, recurring revenue moat that’s hard for competitors to replicate.
This meteoric rise solidifies Pop Mart’s position as a global leader in the collectible art toy market, proving that strong IP and smart execution are a recipe for explosive growth.
- Higher overseas pricing: +4 percentage points
- Supply chain optimization: +1.5 percentage points
- Cost reduction (licensing/mold fees): +0.8 percentage points
