As Labubu becomes a global phenomenon, POP MART behind this IP has evolved once again alongside the character's explosive popularity.

In the first half of 2025, POP MART's revenue exceeded 10 billion yuan, reaching 138.8 billion yuan, with adjusted net profit of 47.1 billion yuan, representing year-on-year growth of 204.4% and 362.8% respectively. Both revenue and profit figures surpassed the entire 2024 full-year results.

From a revenue structure perspective, overseas income accounted for over 40% of total revenue, demonstrating the effectiveness of the company's internationalization strategy.

In terms of IP contribution, while THE MONSTERS series featuring Labubu has indeed become a world-class IP with revenue growth exceeding 600% year-on-year, its total revenue proportion stands at only 34.7% (referring to THE MONSTERS series revenue share, not Labubu as a single character). From an IP performance standpoint, five major IPs generated revenue exceeding 1 billion yuan, while 13 artist IPs surpassed 100 million yuan in revenue, truly achieving a "one leading, many strong" IP matrix.

Whether addressing concerns about POP MART's ability to sustain international breakthrough or worries about growth of other IPs beyond Labubu, this impressive financial report provides clear answers: numerous emerging markets await development, and internationalization still offers tremendous growth potential; beyond Labubu, POP MART possesses additional ace cards including MOLLY, SKULLPANDA, DIMOO, and HIRONO.

POP MART has proven to the world that through step-by-step solid strategic execution, it can become a world-class consumer brand.

**Possibilities Beyond Labubu**

In this year's POP MART financial report, Labubu takes center stage.

The third-generation vinyl plush "High Energy Ahead" series continues to create global buzz, while the "Strange Convenience Store" series figurines achieved great success. During the earnings conference, CEO Wang Ning revealed the upcoming Mini version of Labubu, stating "I believe this will be the next super hit product."

2025 marks the tenth anniversary of THE MONSTERS family, with Labubu as a representative. As a member of this world-class IP, Labubu's peak period is far from over. As Wang Ning noted, "Its value exploration has just begun."

While the market has expressed anxiety about whether POP MART can create "the next Labubu," observations of first-half performance show that the 34% revenue share indicates POP MART does not have singular dependence on this IP. Additionally, robust growth of other IPs demonstrates that global fan demands are diversified.

In crafting unique life trajectories for different IPs and presenting an overall diversified style, POP MART has delivered outstanding results.

First, beyond THE MONSTERS, four major original IPs - MOLLY, SKULLPANDA, CRYBABY, and DIMOO - all achieved revenue exceeding 1 billion yuan, while 13 IPs surpassed 100 million yuan in revenue, initially presenting a "one leading, many strong" situation.

From POP MART's IP operation characteristics, the company maintains long-term investment in established IPs, continuously developing creative gameplay to extend IP vitality, while constantly discovering emerging IPs and customizing differentiated operation strategies based on IP characteristics.

Labubu, signed by POP MART in 2018, experienced global explosive momentum after six years, representing the best demonstration of POP MART's sustained operation capabilities - short-term data and performance do not determine POP MART's investment intensity.

DIMOO, born eight years ago, and CRYBABY, which began collaborating with POP MART in 2020, both achieved above-expected growth this year after long-term investment.

CRYBABY's momentum emerged in 2024, with revenue first exceeding 1 billion yuan last year. This year, the "Tears of Cupid" series figurines and "Leopard Cat" plush pendants continue to create sales frenzies, becoming new "social currency." DIMOO achieved effective collaboration with Disney in the first half, accomplishing perfect market breakthrough with revenue exceeding 1 billion yuan within six months.

Both achieved year-on-year growth rates of 192.5% and 248.7% respectively this year, representing the best-performing IPs after THE MONSTERS, with promising future growth potential.

POP MART operates like a talent agency nurturing star artists, with long-term sustained investment strategies for its IPs and rhythmic new product launches, enabling POP MART to possess popular IPs that transcend toy trend cycles.

For example, MOLLY maintains vigorous vitality even after 20 years, with revenue second only to THE MONSTERS. To continuously rejuvenate this IP, POP MART successively launched ANGRY MOLLY and BABY MOLLY, and this year implemented premium strategies for ROYAL MOLLY and SPACE MOLLY, continuously enhancing market influence through diversified operations.

Additionally, POP MART maintains firm investment in emerging IPs. Star People, signed as a new IP in 2024, has become one of the fastest-growing new IPs, debuting in financial reports this year with revenue reaching 389 million yuan.

In multi-dimensional IP operations, based on IP "HIRONO's" highly distinctive design language, POP MART developed a targeted operation strategy. In February 2025, Shanghai opened the first HIRONO brand store, featuring categories including toys, apparel, and artistic lifestyle products, comprehensively presenting HIRONO's world and creating new lifestyle experiences while greatly enhancing fan interaction and resonance.

Beyond individual IP incubation, POP MART uses innovative "city parks" formats with immersive themed scenarios to continuously stimulate multiple IP enthusiasm.

Where the next Labubu emerges should never be the toy industry's sole focus. Platform-based IP operation capabilities, enabling each IP to develop its unique trajectory, represents the key to POP MART's success.

**Americas Achieves Ten-Fold Growth as Biggest Surprise**

From establishing overseas business centers in early 2018 to now dividing global markets into four major regions, POP MART's global breakthrough journey continues accelerating. In the first half of 2025, POP MART opened flagship stores in landmark locations including Cambridge, UK, and Bali, Indonesia, continuously entering globally renowned landmarks and significantly enhancing brand recognition to drive explosive global performance.

In the first half of 2025, POP MART divided global markets into four regions: China, Asia-Pacific, Americas, and Europe and other regions. Of the 138 billion yuan total revenue, China contributed 82.8 billion yuan, representing 59.7% revenue share with 135.2% year-on-year growth.

During the first half, POP MART opened 12 new stores in China, 5 in Asia-Pacific, 19 in Americas, and 4 in Europe and other regions.

However, from regional development potential and growth speed perspectives, overseas market performance proves more exciting.

The Americas market, achieving ten-fold growth, became the biggest surprise with revenue reaching 22.6 billion yuan. Revenue share increased from 4% in the same period of 2024 to 16.3%, nearly matching the entire Asia-Pacific market. Throughout the earnings conference, POP MART management expressed strong recognition of robust US market demand.

Additionally, Asia-Pacific market revenue reached 28.5 billion yuan, growing 257.8% year-on-year with 20.6% share; Europe and other regions generated 4.8 billion yuan revenue, growing 729.2% year-on-year with 3.4% share.

Overall, the three overseas regions achieved total revenue of 55.9 billion yuan, exceeding 40% share.

Benefiting from POP MART's balanced multi-channel layout, all four regions achieved rapid growth in both online and offline revenue. Americas and Europe and other regions both achieved over ten-fold online revenue growth.

According to differentiated global market operation strategies, Southeast Asia focuses primarily on Shopee and Lazada, while European and American markets emphasize Amazon. For content e-commerce, POP MART entered TikTok in multiple countries, rapidly completing localized live-streaming team development.

POP MART Joint Chief Operating Officer Si De, responsible for Americas business, stated at the earnings conference that POP MART Americas TikTok sales consistently rank in the top three - "representing the fastest-growing channel."

From offline market observations, POP MART remains relatively restrained in store expansion. During the earnings conference, regarding questions about accelerating global store opening pace, POP MART management believes current opening speed is already sufficient, with the company focusing more on individual store quality rather than speed. "We are creating larger, better-located, better-designed offline stores, driving overseas store average revenue growth of 99.3% year-on-year. Effective store expansion and continuously climbing operational efficiency have become core drivers of high-speed global business development."

Currently, POP MART operates 140 overseas stores, expecting to reach 200 stores by year-end. "We represent first-city, first-store entries in many countries. In the second half, we expect to open our first store at Doha Airport in Qatar, Middle East, with focus on emerging markets including Middle East, South Asia, Central Europe, and Central and South America. Future expansion will continue in more core global cities including Paris, France; Sydney, Australia; Milan, Italy; and New York, USA, for flagship and travel retail store layouts, creating highly influential global benchmark stores."

**Globalization Offers Additional Growth Potential**

POP MART's internationalization strategy successfully brought Chinese toys to the world, with the company testing effective pathways for cross-cultural IP growth.

The most crucial factor for IP explosive popularity involves enabling effective interaction between fans across different regions.

From online perspectives, POP MART creates deep impressions among global fans through videos, songs, and dedicated IP social media accounts. For instance, a simple "Labubu" can rapidly connect consumers across different countries.

Last year, Labubu received official reception in Thailand and was appointed "Amazing Thailand Experience Officer." This year, DIMOO received the honorary title "China-Thailand 50th Anniversary Special Invited Friend," with the DIMOO-themed aircraft celebrating China-Thailand diplomatic relations officially launching on July 4th through collaboration with China Eastern Airlines.

This year in Malaysia and Singapore, POP MART collaborated with Lazada to launch the "Star People 5KM" marathon event.

In North America, CRYBABY appeared at New York Fashion Week, launching the culturally integrated "CHEER UP, BABY!" series for this market, receiving strong consumer reception.

In IP operations, POP MART maintains localization principles, deepening global impressions of various IPs through combined online and offline formats to achieve cross-cultural IP communication. In final sales channels, POP MART fights no unprepared battles, settling down for careful strategic layouts.

POP MART's global expansion follows a rhythm of Southeast Asia first, then North America and Europe, with future expansion into Middle East, Central Europe, and South American markets.

From initial IP cultural radiation to final product sales, POP MART conducts extensive local research, advancing through experimental then heavy investment approaches. Initially exploring markets through distribution and cross-border e-commerce B2C models, then transitioning to D2C after data maturation, opening offline direct stores and rapidly scaling through ground promotion and pop-up stores.

For example, in the North American market entered in 2021, POP MART chose to first deploy robotic stores for testing effects. After two years of research, the company opened its first store in New Jersey in 2023. During this process, American consumers' willingness to document their robotic store unboxing experiences and share on social media brought unexpected surprises for POP MART.

Not pursuing store quantity represents POP MART's consistent global expansion philosophy, with individual store quality being the company's priority focus.

This approach determines POP MART's relatively flexible overseas execution methods. Upon observing abnormal sales signals in any country's online and other channels, research launches immediately, with rapid store establishment if feasible. For instance in Spain, the timeline from pop-up store testing to official store opening required only several months.

As a young culture capable of reaching different races and regions, toy IPs should ultimately grow into cultural images that resonate globally regardless of origin.

This requires brands to maintain long-term investment enabling IPs to demonstrate distinctive vitality, while adjusting IP marketing strategies according to different regional cultures to ultimately break barriers and reach the world.

POP MART has already indicated an optimal pathway for Chinese toy brands through successful internationalization strategy.