Pop Mart posted strong growth in 2025, but the results failed to lift its stock. Shares of the Hong Kong-listed toymaker closed at HKD 168.3 (USD 21.5) on March 25, down 22.5%, after the company reported a sharp rise in revenue and profit alongside a growing reliance on “The Monsters,” the Labubu-led franchise that now anchors the business.
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The company reported revenue of RMB 37.1 billion (USD 5.4 billion), up 184.7% year-on-year (YoY), while profit attributable to owners of the company rose 308.8% to RMB 12.8 billion (USD 1.9 billion). Gross profit climbed to RMB 26.8 billion (USD 3.9 billion), and gross margin widened to 72.1% from 66.8% a year earlier, helped by a larger contribution from overseas sales and lower procurement costs. Operating profit reached RMB 16.9 billion (USD 2.4 billion), up more than fourfold from a year earlier.
The shift was geographic as well as financial. China still accounted for 56.2% of revenue, but overseas markets drove much of the expansion. Revenue from the Americas jumped 748.4% to RMB 6.8 billion (USD 984.8 million), revenue from the Asia Pacific grew 157.6% to RMB 8 billion (USD 1.2 billion), and revenue from Europe and other regions rose 506.3% to RMB 1.5 billion (USD 217.2 million). Pop Mart ended 2025 with 630 stores globally, a net increase of 109, alongside 2,637 roboshops, as it expanded further in the US, Europe, and Southeast Asia.
The results also showed how much the company now depends on a single franchise. “The Monsters” generated RMB 14.2 billion (USD 2.1 billion) of 2025 revenue, or 38.1% of the total, up from 23.3% a year earlier. Artist IPs accounted for 90% of revenue overall, while plush became Pop Mart’s largest product category at RMB 18.7 billion (USD 2.7 billion), up 560.6% YoY.
The cost of the overseas push is also becoming clearer. Inventories rose to RMB 5.5 billion (USD 796.5 million) from RMB 1.5 billion (USD 217.2 million) a year earlier, while inventory turnover days stretched to 123 from 102. Pop Mart said that reflected longer transport lead times and the need to stock a larger global store base. Distribution and selling expenses more than doubled to RMB 8.1 billion (USD 1.2 billion), with transportation and logistics costs up 280.3%. Despite this, the company still expanded its margin.
Pop Mart’s balance sheet gives it room to keep investing. Cash and cash equivalents nearly doubled to RMB 13.8 billion (USD 2 billion), the company ended 2025 with no bank borrowings, and it proposed a final dividend of RMB 2.3817 (USD 0.3) per share, equivalent to an aggregate RMB 3.2 billion (USD 463.4 million). The 2025 results show a company that is expanding quickly overseas while becoming more dependent on a small number of IPs.
Note: HKD, RMB figures are converted to USD at rates of HKD 7.82 = USD 1 and RMB 6.91 = USD 1 based on estimates as of March 26, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.