Pop Mart's net profit last year increased by 2.8 times year-on-year to 13 billion yuan, with the stock price falling over 15%.

Pop Mart’s 2025 revenue reached RMB 37.12 billion, with the LABUBU family generating RMB 14.16 billion.

On March 25, Pop Mart International Group (Pop Mart, 09992.HK) released its 2025 financial report. In 2025, Pop Mart’s revenue was RMB 37.12 billion, up 184.7% year over year. Adjusted net profit was RMB 13.08 billion, up 284.5% year over year. The company plans to pay a final dividend of RMB 2.3817 per share.

In fiscal year 2025, Pop Mart’s revenue first surpassed RMB 30 billion. LABUBU’s location, THE MONSTERS, first surpassed RMB 10 billion and joined the “billion-yuan club.”

Judging by IP performance, in 2025, THE MONSTERS—LABUBU’s location—went viral worldwide, becoming a world-class IP, with revenue reaching RMB 14.16 billion, up 365.7% year over year. Driven by a differentiated IP operating strategy, six major IPs—including SKULLPANDA, CRYBABY, MOLLY, DIMOO, Xingxingren, and others—saw revenue exceed RMB 2 billion; 17 IPs saw revenue exceed RMB 100 million. In the first half of 2025, there were 13 IPs with revenue exceeding RMB 100 million.

By category, in 2025, Pop Mart’s plush category generated RMB 18.71 billion in revenue, up 560.6% year over year. It became the company’s highest-revenue product category for the first time, accounting for 50.4%. Figures were up 73.3% year over year to RMB 12.023 billion, with a revenue share of 32.4%.

In 2025, Pop Mart conducted its first large-scale organizational structure adjustment, and its global expansion continued to deepen. Pop Mart operated 630 stores worldwide. During the full year, it added 109 net stores, operated 2,637 robot stores, added 165 net robot stores, and opened its first offline store in Germany, Denmark, Canada, and the Philippines. In addition, Pop Mart opened flagship stores at landmark locations in global core cities such as Bangkok, Shanghai, and Sydney.

By market, the China market achieved full-year revenue of RMB 20.85 billion, up 134.6% year over year. The China market added 14 net offline stores, bringing the total number of stores to 445.

The Asia-Pacific market achieved revenue of RMB 8.01 billion, up 157.6% year over year. The Asia-Pacific market added 31 net offline stores, bringing the total number of stores to 85.

The Americas market is in a period of rapid expansion. Pop Mart has strategically positioned the United States as its core market, aiming to build it into a key pivot radiating across the entire Americas region. Revenue in the Americas reached RMB 6.81 billion, up 748.4% year over year. The Americas market added 42 net offline stores, bringing the total number of stores to 64.

In Europe, by entering core areas of well-known cities such as Cambridge in the UK, Copenhagen in Denmark, Rotterdam in the Netherlands, Lyon in France, and Barcelona in Spain, Pop Mart improved brand awareness. The Europe market added 22 net offline stores, bringing the total number of stores to 36, and achieved revenue of RMB 1.45 billion, up 506.3% year over year.

With the continued expansion of global channels and the increasing variety of IPs and products, Pop Mart’s membership scale has grown rapidly. As of December 31, 2025, the total number of registered members in Mainland China was 72.58 million, with 26.5 million newly registered members. Members contributed 93.7% of sales, and the member repurchase rate was 55.7%.

According to East Money VIP, as of the time of this reporter’s submission on March 25, Pop Mart fell 15%.

Pengpai News reporter Wu Yuxin