Pop Mart International Group
Chinese designer toy maker selling blind-box collectibles like Labubu via stores and vending machines.
On the record
Checkpoint: H1 2026 earnings, key test of whether 2026 'pit stop' guidance holds and a non-Labubu IP is scaling
The call
Pop Mart is a profitable, fast-growing toy company whose fortune still rides mostly on one character, with copycats and a slowdown year both already in motion.
Pop Mart makes money selling mystery boxes with collectible figures, mostly through stores and vending machines worldwide. The business is hard to copy because Pop Mart owns the characters and has built a massive physical network, but Miniso and other companies are already trying the same blind-box idea with licensed characters in Asia and America. The real risk is that Labubu, one character, drives over one-third of all sales, so if customers stop wanting it and Pop Mart cannot create another hit character, the whole company stumbles, which means everything depends on whether Pop Mart can reliably invent the next mega-popular toy again and again.
Why
01
AI pressure: Generative design tools used by copycat blind-box makers. AI art tools let rivals sketch and test lookalike characters fast, shrinking the time Pop Mart has before a hit gets cloned. Could AI do the core job? Unlikely.
02
Bigger players: Miniso (Top Toy). Top Toy already runs blind-box stores with licensed IP in Southeast Asia and the US, competing for the same shelf space and impulse buyers. Could a giant copy it? Probably.
03
What protects it. Owned characters like Labubu plus a 630-store and 2,637-vending-machine network give it reach and IP that rivals still lack.
What would change this call
Pop Mart's H1 2026 results release around Aug 19, 2026. Shows if 20% growth guidance holds and if any non-Labubu IP is scaling past 10% of revenue.
Opening and early sales at Times Square and Fifth Avenue flagships in Q4 2026. Tests whether US demand for Pop Mart is sustaining or cooling.
Miniso/Top Toy store count and revenue disclosures in SE Asia and US through 2026. Indicates whether a licensed-IP blind-box rival is gaining share from Pop Mart.
Opening and early sales at Times Square and Fifth Avenue flagships in Q4 2026. Tests whether US demand for Pop Mart is sustaining or cooling.
Miniso/Top Toy store count and revenue disclosures in SE Asia and US through 2026. Indicates whether a licensed-IP blind-box rival is gaining share from Pop Mart.
Key numbers
- FY2025 revenue RMB37.12B, up 184.7% YoY
- Labubu/The Monsters IP was 34.7% of H1 2025 revenue
- 630 stores and 2,637 vending machines across 20 countries
Named risks
- Over 34% of revenue tied to single IP Labubu with no proven second hit as of mid-2026.
- US demand cooling could undercut 100+ North America store and NYC flagship plans for Q4 2026.
- Counterfeit Lafufu products and unauthorized 3D-print files erode IP value and require ongoing litigation.
- Regulatory bans or restrictions on Labubu in markets like Russia and Iraqi Kurdistan could spread.
- Rising short interest at 12.67% by June 2026 signals persistent market skepticism on growth durability.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Miniso Top Toy | contesting | Top Toy expanding licensed-IP blind-box line Wakuku into SE Asia and US as of 2026-05-20 |
| Sanrio | gaining on | Pop Mart market cap has at times exceeded Sanrio per market commentary, mid-2025 |
| Counterfeit Lafufu sellers | contesting | 7-Eleven counterfeit lawsuit filed July 2025, in default-judgment proceedings by Dec 2025 |
| Bandai Namco, Hasbro, Mattel | gaining on | Legacy toy incumbents slower to copy blind-box/IP model as of 2026 |
Questions people ask
- Is Pop Mart profitable in 2026?
- Yes. FY2025 net profit attributable to owners rose 308% to RMB 12.78 billion on revenue of RMB 37.12 billion (up 184.7% YoY), a roughly 34% net margin, reported 2026-03-25. Management guided at least 20% revenue growth for 2026, calling it a slower re-baselining year.
- Is Pop Mart's business too dependent on Labubu?
- Largely yes. Labubu/The Monsters IP generated RMB 4.81 billion, 34.7% of revenue, in H1 2025, and plush toys (mostly Labubu, Skullpanda) became the top category in 2025 at RMB 18.71 billion, up 560.6%. No second character has yet crossed 10% of revenue as of mid-2026.
- Could AI replace Pop Mart?
- No. Pop Mart's core value is proprietary artist IP, physical collectible scarcity, and a 630-store plus 2,637-vending-machine network across 20 countries as of end-2025. AI is used only narrowly, for livestream sales hosts (Nov 2025) and marketing chatbots via Appier's BotBonnie in Taiwan (Apr 2025).
- Who is Pop Mart's biggest competitor?
- Miniso's Top Toy sub-brand is the closest direct rival, running a licensed-IP blind-box strategy and expanding into Southeast Asia and the US with its Wakuku line as of May 2026. Legacy incumbents like Sanrio, Bandai Namco, Hasbro and Mattel are slower-moving adjacent threats.
- Why did Pop Mart stock crash in 2026?
- FY2025 results released 2026-03-25 showed strong growth but triggered a 22-23% single-day share drop and a cumulative $33-42.5 billion market-cap rout through April 2026, on fears growth is overly concentrated in Labubu and that US demand is cooling.
- Who owns Pop Mart?
- Founder and Chairman/CEO Wang Ning is the controlling shareholder with roughly a 47% stake through holding companies as of mid-2026, with reported net worth around $19.6-21 billion. Investor Duan Yongping's H&H International Investment disclosed a 7.65% stake, about HK$15.35 billion, on 2026-07-13.
Timeline
- 2026-07-13Duan Yongping's H&H discloses 7.65% Pop Mart stake worth HK$15.35 billion
- 2026-07-02Short interest hits 12.67% of shares, up from 11.3% in April 2026
- 2026-03-27FY2025 results confirmed: RMB 37.12 billion revenue, up 184.7% YoY
- 2026-03-25Shares sink 22-23% on FY2025 earnings day over Labubu-dependency fears
- 2026-03-16Pop Mart settles copyright case with Bambu Lab over 3D-printed Labubu models
- 2026-03-01Sony Pictures partnership for Labubu animated film confirmed, Paul King directing
- 2026-01-01New manufacturing capacity announced in Mexico, Cambodia and Indonesia
- 2025-11-24Pop Mart deploys AI livestream sales hosts in China
- 2025-07-01Pop Mart Americas files trademark/counterfeit lawsuit against 7-Eleven sellers
- 2020-12-11Pop Mart IPOs on Hong Kong Stock Exchange, raising about $676 million
Revision history
26 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Pop Mart's 2025 revenue tops 37 billion yuan (2026-03-27)
- Labubu (2026-07-23)
- Pop Mart shares close 22% after reporting annual results (2026-03-25)
- Pop Mart International Group (HKG:9992) Employees (2026-07-16)
- Beijing Pop Mart Cultural Number of Employees 2026 (2026-06-29)
- Chinese toy maker Pop Mart doubles in value in Hong Kong IPO debut By Reuters (2020-12-10)
- Bloomberg Billionaires Index (2026-07-01)
- Why One Billionaire Is Buying Pop Mart While Everyone Else Panics (2026-07-13)
- Pop Mart Suffers $33 Billion Rout as Labubu Craze Unravels (2026-04-01)
- Pop Mart Shares Sink 23% on Doubts Firm Can Grow Past Labubu (2026-03-25)
- Pop Mart Short Interest Rises to 12.67% Despite Losing Trade (2026-07-02)
- Appier Powers POP MART Taiwan (2025-04-22)