9992 / HKEX · Permanent Company Research

Data as of FY2025 · Updated 2026-07-19

POP MART IP Engine

Tracking the Evolution of a Global IP Platform

泡泡玛特正在把潮玩业务升级为全球化的 IP 生产系统。

Core Question

Can POP MART create the next Labubu?

Revenue

¥37.1B

FY2025

Overseas Revenue %

44%+

FY2025

Gross Margin

70%+

FY2025 / reported range

THE MONSTERS Revenue

¥14.2B

FY2025

Major IPs

Tracked set

Investor Relations POP MART Global HKEX 9992 No valuation · No rating · Source gaps remain explicit

01 · Investment Thesis

An operating system for global IP.

Labubu 的当期销售已经得到验证。下一阶段要观察平台能否持续发现创作者、孵化角色、扩展品类，并把新的 IP 推向全球。

IP Asset Platform

泡泡玛特本质是 IP 资产平台。渠道、供应链与会员体系的作用，是提高 IP 被发现和商业化的效率。

Repeatable Creation

持续创造新 IP 决定长期价值，单一爆款的销售周期只能提供阶段性增长。

Global Ceiling

全球化决定未来天花板。海外收入占比、区域分散度和本地化运营比单纯开店数量更重要。

Beyond Labubu

Labubu 已经验证平台能力。下一代 IP 能否再次完成从孵化到全球突破，将决定这套能力是否可重复。

02 · IP Dashboard

Can the portfolio produce another breakout?

每个 IP 使用最近可单独核对的披露期；不同期数据不会被伪装成同一口径。

IP Name	Character	Revenue	YoY Growth	Revenue Share	Life Cycle
THE MONSTERS	Labubu / Zimomo	¥14.2B FY2025	+365.0%	38.1%	Breakout
MOLLY	Molly	¥2.9B FY2025	Not disclosed	7.8%	Maturity
SKULLPANDA	Skullpanda	¥1.3B FY2024	Not disclosed	10.0%	Growth
CRYBABY	Crybaby	¥1.2B FY2024	Not disclosed	8.9%	Growth
DIMOO	Dimoo	¥1.1B FY2024	Not disclosed	8.1%	Maturity
HIRONO	Hirono	¥0.7B FY2024	Not disclosed	5.6%	Growth
TWINKLE TWINKLE	Twinkle Twinkle	Not disclosed FY2025	Not disclosed	Not disclosed	Emerging

03 · IP Revenue Structure

Watch the IP dynasty change.

不突出总收入，只观察 MOLLY、SKULLPANDA 与 THE MONSTERS 在集团收入中的结构变化。

THE MONSTERS

MOLLY

SKULLPANDA

All other IPs

2025 阴影区域表示部分 IP 未在本地数据中完成单项披露核对。THE MONSTERS: 5.8% → 38.1% (2023–2025)

04 · Global Expansion

Is POP MART becoming a global brand?

海外收入占比、区域分散度与本地化运营质量共同决定全球化进度。门店数量只反映扩张投入。

China Revenue

¥20.8B

FY2025

Overseas Revenue

¥16.4B

FY2025

Overseas Revenue %

44.1%

FY2025

APAC Revenue

Not disclosed

FY2025

Americas Revenue

Not disclosed

FY2025

Europe Revenue

Not disclosed

FY2025

Overseas Revenue % · 2020–2025

2.9% → 44.1%

20202025

05 · Top IP Ranking

Is the whole IP matrix growing?

切换年份，观察头部 IP 的更替与集中度。

THE MONSTERS

¥14.2B

38.1%

MOLLY

¥2.9B

7.8%

SKULLPANDA

Not disclosed

CRYBABY

Not disclosed

Only individually verifiable FY2025 IP values are populated.

06 · New IP Tracker

Track the next breakout candidate.

TWINKLE TWINKLE

Growing

Artist IP / figures

Launch: 2023

Publicly released IP; separate annual revenue is not consistently disclosed.

Peach Riot

Emerging

Artist IP / figures

Launch: 2023

Global-facing artist IP created by Libby Frame.

KUBO

Testing

Artist IP / figures

Launch: 2022

Tracked only through public product releases; no heat score.

07 · Google Trends

Monthly attention trend.

五年全球搜索趋势采用周度数据的月平均值，减少短期噪声。每个关键词独立归一化为 0–100，用于观察自身关注度变化；该指标不代表需求或收入。

Weekly refresh · Monthly average

Labubu

Pop Mart

Molly Pop Mart

Skullpanda

2021-072026-07

08 · Financial Quality

Only the metrics that test platform quality.

Revenue

RMB billions

37.12

20202025

Gross Margin

percent

66.8

20202025

Adjusted Net Margin

percent

25.4

20202025

Inventory Days

days

Not disclosed

Awaiting a source-level half-year inventory-days refresh; no proxy is substituted.

09 · Risk Monitor

Signals that can break the platform thesis.

Labubu Dependence

Monitor: THE MONSTERS revenue share and the revenue share of the next three IPs

High

THE MONSTERS reached about 38% of FY2025 revenue, making concentration the central platform test.

New IP Pipeline

Monitor: Number of new IPs crossing ¥1B annual revenue

Medium

The pipeline is visible, but recent new IPs have not yet repeated Labubu-scale global monetization.

Overseas Growth Slowdown

Monitor: Overseas growth by APAC, Americas and Europe

Low

Overseas mix remains above 40%, but the base is now large enough that regional deceleration matters.

Inventory Build

Monitor: Inventory days, write-downs and sell-through commentary

Medium

Plush capacity expansion and broader SKU counts raise execution risk if demand normalizes.

Margin Compression

Monitor: Gross margin and adjusted net margin

Low

Current gross margin is strong; watch whether international logistics and category expansion dilute it.

10 · Quarterly Update Archive

A durable record of what changed.

FY2025

Revenue expanded to approximately ¥37.1B; overseas revenue exceeded 40% of group revenue.

IP Developments

THE MONSTERS reached approximately ¥14.2B and became the dominant IP concentration.

Global Expansion

Overseas mix remained above 40%; full regional table requires report-level ingestion.

Aben Notes

The next research test is whether another IP can cross from growth to global breakout without relying on Labubu traffic.

Source

1H2025

Revenue grew 204.4% year over year to approximately ¥13.9B.

IP Developments

THE MONSTERS generated approximately ¥4.8B in the half.

Global Expansion

Americas became the fastest-growing disclosed region.

Aben Notes

Labubu proved global product-market fit; concentration and repeatability moved to the center of the thesis.

Source

FY2024

Revenue more than doubled to approximately ¥13.0B and gross margin expanded.

IP Developments

THE MONSTERS moved from a mid-tier IP to the largest disclosed IP by revenue.

Global Expansion

Overseas revenue reached approximately 38.9% of group revenue.

Aben Notes

2024 is the platform inflection point: IP mix and geographic mix changed simultaneously.

Source

Research Conclusion

Labubu 已经证明泡泡玛特可以打造全球超级 IP。长期价值取决于这套系统能否持续产出下一位全球角色。

半年：经营、IP 与地域收入季度：研究档案与新 IP每月：Top IP Ranking每周：Google Trends