Pop Mart

Pop Mart is a Beijing-based collectible toy company known for blind boxes and character-based products, including THE Times Higher EducationTimes Higher Education (THE) is a London-based higher education news and data company. It grew out of the Times Higher Education Supplement, launched in 1971, and is best known for its World University Rankings, founded in 2004; it has been owned by the private equity firm Inflexion since 2019.Open the full entry MONSTERS (home of Labubu) and MOLLY. Founded by Wang Ning, it opened its first store in Beijing in 2010 and listed in Hong Kong in December 2020. Its 2025 revenue was 37.12 billion yuan; in the third quarter of 2026 its revenue fell 45–50% year on year.

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Key facts

November 2010First Store in Beijing

In November 2010 Pop Mart opened its first store in a shopping mall in Zhongguancun, Beijing; the name combines “pop” and “mart.” Wang Ning put all the money from his earlier ventures into preparing the store.⁠[1]

December 2020Hong Kong Listing

Its revenue more than tripled in 2019 to 1.68 billion yuan. The offering raised $676 million at the top of its price range, and the retail tranche was 356 times oversubscribed; before the listing, founder Wang Ning, 33, held 56% of the company.⁠[2]

On December 11, 2020, Pop Mart listed on the Hong Kong Stock Exchange under the code 09992 at an offer price of HK$38.50; the shares rose more than 100% in early trading. Net proceeds were HK$5.03 billion, and Morgan Stanley Morgan StanleyMorgan Stanley is an American global financial services firm that grew from an investment banking partnership into a publicly traded financial group spanning investment banking, securities trading, wealth management, and investment management.Open the full entry and CITIC Securities were joint sponsors.⁠[3]

2024Four Franchises Above 1 Billion Yuan

In 2024 Pop Mart’s revenue was 13.04 billion yuan, up 106.9%. THE MONSTERS, MOLLY, SKULLPANDA and CRYBABY each generated more than 1 billion yuan; THE MONSTERS, which includes Labubu, led with 3.04 billion yuan, up 726.6%.⁠[4]

March 20262025 Annual Results

On March 25, 2026, the company announced 2025 revenue of 37.12 billion yuan, up 185%, and profit attributable to owners of 12.78 billion yuan, up 308%. It also said it planned to make London its European headquarters and was working with Sony Pictures on a Labubu film.⁠[5]

In 2025 THE MONSTERS series brought in 14.16 billion yuan, about 38% of total revenue. Overseas revenue rose 291.9% to 16.27 billion yuan, mainland China revenue rose 134.7% to 20.85 billion yuan, and the Americas grew 748.4% to 6.81 billion yuan.⁠[6]

Pop Mart shares closed 22.5% lower on the day of the results. The company cut its 2025 dividend payout ratio to 25% from 35% and set a target of at least 20% revenue growth for 2026. On the post-earnings call Wang Ning said, “We won’t pursue overly aggressive growth that boosts revenue at the expense of profitability.”⁠[7]

October 2026Third-Quarter Revenue Decline

On October 27, 2026, Pop Mart said its third-quarter revenue fell 45–50% year on year: mainland China fell 25–30% (offline down 5–10%, online down 45–50%), Asia-Pacific 65–70%, the Americas 70–75%, and Europe and other regions 50–55%.⁠[8]

The announcement gave no revenue amounts, and the figures were unaudited; first-half revenue had grown 23.8%. The chief operating officer cited the high base of the third quarter of 2025 and said China revenue was still expected to grow for the full year.⁠[9]