Pop Mart’s Explosive Growth: CEO Targets ¥30 Billion After Revenue Skyrockets 204%

Pop Mart’s explosive growth is the story everyone in tech and investing is talking about, and it’s not hard to see why.

The art toy giant is on an absolute tear.

During their latest earnings conference on August 20, 2025, founder Wang Ning (王宁) dropped a bombshell of a forecast.

“This year, we aim to achieve ¥20 billion RMB ($2.8 billion USD) in revenue, but I feel ¥30 billion RMB ($4.2 billion USD) will also be quite effortless.”

“Effortless” isn’t a word you hear often when talking about billions, but a quick look at their latest numbers shows why he’s so confident.

Let’s break down the jaw-dropping performance of Pop Mart (Paopao Mate 泡泡玛特).

The H1 2025 Financials: A Mind-Bending Breakdown

On August 19, Pop Mart (09992.HK) released its 2025 interim report, and the results are stunning.

The numbers for just the first half of the year already crushed their entire performance from 2024.

Here’s a look at the highlights:

• Revenue: Hit ¥13.88 billion RMB ($1.94 billion USD), a massive 204.4% increase year-over-year.
• Adjusted Net Profit: Reached ¥4.71 billion RMB ($659 million USD), soaring 362.8% year-over-year.
• Profit Attributable to Owners: Grew to ¥4.574 billion RMB ($640 million USD), a 396.5% jump year-over-year.

Pop Mart Key Financial Metrics H1 2025

Metric	Value (RMB)	Value (USD)	Year-over-Year Growth
Revenue	¥13.88 billion	$1.94 billion	204.4%
Adjusted Net Profit	¥4.71 billion	$659 million	362.8%
Profit Attributable to Owners	¥4.574 billion	$640 million	396.5%

How Pop Mart Scaled Production 10x to Meet Insane Demand

Numbers like these don’t happen without an ironclad supply chain.

Pop Mart has been scaling its production at a dizzying pace.

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

“One of our engineers remarked that our current monthly production volume is equivalent to what we used to produce in a year.”

Let that sink in. Here’s a closer look at their production muscle:

• For plush products, monthly capacity is now over 10 times what it was in the same period last year.
• That translates to a staggering 30 million units per month.
• Even compared to Q1 of this year, production in July and August saw another 10x increase.

• Monthly plush product capacity: Over 10 times increase year-over-year.
• Total monthly plush units produced: 30 million units.
• Production increase (July-August vs. Q1): Another 10x increase.
• CEO Statement: “Current monthly production volume is equivalent to what we used to produce in a year.”

Deconstructing Pop Mart’s Record 70.3% Gross Margin

It’s one thing to grow revenue; it’s another to do it this profitably.

In the first half of 2025, Pop Mart’s gross profit margin hit a new all-time high of 70.3%.

That’s a 6.3 percentage point increase from last year.

So, what’s the secret sauce?

Chief Financial Officer Yang Jingbing (杨镜冰) laid out the three key drivers during the earnings call:

• 1. Global Pricing Power (+4 percentage points): Higher prices for overseas markets combined with a growing share of international sales significantly boosted margins.
• 2. Supply Chain Wins (+1.5 percentage points): The company reduced its reliance on externally sourced goods and optimized its procurement costs.
• 3. Optimized Fees (+0.8 percentage points): A simple reduction in the proportion of licensing and mold fees added almost a full point to the margin.

Drivers of Pop Mart’s 70.3% Gross Profit Margin (H1 2025)

Driver	Contribution to Margin Increase	Explanation
Global Pricing Power	+4 percentage points	Higher prices for overseas markets and increased international sales share.
Supply Chain Optimization	+1.5 percentage points	Reduced reliance on external sourcing and optimized procurement costs.
Optimized Fees	+0.8 percentage points	Reduction in proportion of licensing and mold fees.

It’s All About The IP: How THE MONSTERS Became a Global Phenom

Ultimately, Pop Mart’s success rests on its incredible portfolio of Intellectual Property (IP).

In the first half of 2025, LABUBU became a global sensation, turning its parent series, THE MONSTERS, into a certified super IP.

• Revenue from THE MONSTERS series exploded, reaching ¥4.81 billion RMB ($673 million USD).
• This represents a monumental 668.0% increase year-over-year.
• THE MONSTERS now accounts for 34.7% of Pop Mart’s total revenue, up from 23.3% in the 2024 annual report.

But they aren’t a one-trick pony. The IP portfolio is deep.

IPs like MOLLY, SKULLPANDA, CRYBABY, and DIMOO each generated over ¥1 billion RMB ($140 million USD) in revenue.

On top of that, another 13 IPs—including HIRONO, Hoshikage, Zsiga, PUCKY, and HACIPUPU—each pulled in over ¥100 million RMB ($14 million USD).

This demonstrates a repeatable, scalable model for creating blockbuster hits.

The Takeaway: What’s Next for the Art Toy Behemoth?

With audacious goals, rock-solid financials, a hyper-efficient supply chain, and a powerful, diversified IP engine, Pop Mart is firing on all cylinders.

Wang Ning’s “effortless” ¥30 billion target might not be so audacious after all.

For investors, founders, and marketers, this is a masterclass in building a modern brand with a cult-like following.

The incredible story of Pop Mart’s explosive growth is one we’ll be watching closely.

References

• 泡泡玛特王宁：今年营收希望达200亿元，感觉300亿也很轻松 – 澎湃新闻
• POP MART Global – Official Website
• 泡泡玛特上半年净利超2024年全年：营收138.8亿元，同比增长204.4% – 澎湃新闻