The LABUBU family has an annual income of 14.16 billion, Wang Ning calls for "slowing down the growth rate," and Pop Mart's stock price drops over 20% in a single day.

“2025 is indeed a very special year. We are like a novice race car driver, quickly pulled onto the F1 track. Whether as a driver or as a racing car itself, there is a lot of pressure,” said Wang Ning, founder, chairman of the board, and CEO of Pop Mart, at the earnings release held on March 25.

In 2025, Pop Mart (09992.HK) achieved revenue of 37.12 billion yuan, a year-on-year increase of 184.7%; adjusted net profit of 13.08 billion yuan, a year-on-year increase of 284.5%. The adjusted net profit margin was 35.2%.

Despite the significant profit increase and holding a large amount of cash, Pop Mart’s dividend policy has become more cautious. According to the announcement, the board recommended a final dividend of 2.3817 yuan per share for 2025, with a total expected payout of about 3.19B yuan; meanwhile, no dividends were paid in mid-2025.

In 2025, Pop Mart’s domestic market revenue was 20.85B yuan, an increase of 134.6% year-on-year. The overseas market, composed of Asia-Pacific, the Americas, Europe, and other regions, generated revenue of 16.27 billion yuan, a year-on-year increase of 291.9%.

Although high growth was achieved over the past year, the capital market remains cautious about Pop Mart’s future. After the earnings were announced at noon on March 25, Pop Mart’s stock price plummeted. By the close, the stock had fallen more than 20% that day. Some analysts pointed out that the decline might be due to sales of non-LABUBU IP products not meeting expectations.

The financial report shows that in 2025, revenue from THE MONSTERS family of LABUBU products reached 14.16 billion yuan, with five other IPs each surpassing 2 billion yuan in revenue, but none exceeding 4 billion yuan.

Therefore, Pop Mart faces the anxiety of “where is the next blockbuster LABUBU?”

At the earnings presentation, Wang Ning spoke.

LABUBU remains the “sales champion”

A matrix of many popular IPs is the cornerstone of Pop Mart’s growth.

In 2025, Pop Mart had 17 IPs with revenue exceeding 100 million yuan.

LABUBU’s THE MONSTERS is undoubtedly the “sales champion” among Pop Mart’s IPs. In 2024, LABUBU family products’ revenue first surpassed 3 billion yuan. In 2025, Pop Mart launched the LABUBU “Frontline High Energy” series and Mini LABUBU “Secret in the Heart” series, with the LABUBU family’s revenue reaching 14.16 billion yuan, a year-on-year increase of 365.7%, accounting for nearly 40% of the company’s total revenue.

Besides the LABUBU family, in 2025, Pop Mart’s five major IPs—SKULLPANDA, CRYBABY, MOLLY, DIMOO, and Star People—each surpassed 2 billion yuan in revenue.

Among them, SKULLPANDA’s revenue was 3.54 billion yuan, up 170.6%; CRYBABY’s revenue was 2.93 billion yuan, up 151.4%; MOLLY’s revenue was 2.9B yuan, up 38.4%; DIMOO’s revenue was 2.78 billion yuan, up 205.3%; and the new IP Star People, launched by Pop Mart in August 2024, reached 2.06 billion yuan, a 1602% increase. According to Times Finance, the revenue of the LABUBU family is nearly equal to the combined revenue of these five major IPs.

“LABUBU is very lucky, becoming a world-class IP… It’s like a gold mine, and we believe its value has only just begun to be excavated,” Wang Ning said, clearly having bigger ambitions for this super IP.

Pop Mart’s Chief Operating Officer, Sider, revealed at the earnings release that LABUBU will launch a 4.0 series and a collaboration series with artists in the second half of this year. Additionally, LABUBU will appear at the World Cup in June. The ten-year global tour of the LABUBU family also continues to visit various countries.

From a medium- to long-term perspective, LABUBU will have content forms such as picture books and movies, all in the planning stage. On March 19, Pop Mart and Sony Pictures jointly announced the latest progress on the LABUBU movie, with both sides developing a live-action animated film based on the LABUBU family. “The movie is now in the script stage, and we hope to better showcase the world of the LABUBU family through these contents,” Sider said.

The financial report shows that Pop Mart’s cash and cash equivalents increased from 6.11B yuan as of December 31, 2024, to 13.78B yuan as of December 31, 2025.

The next super hit has yet to appear

With ample cash flow, Pop Mart is also trying to expand its IP business models.

After launching Pop Mart City Park in 2023, in 2025, Pop Mart continued to introduce innovative businesses such as the jewelry brand popop and the dessert brand POP BAKERY. According to Wang Ning, in April, Pop Mart will launch derivative small home appliances centered around IP, sold on platforms like JD.com.

However, for the capital market, rather than frequent cross-industry attempts, Pop Mart may need to find the next blockbuster.

In 2025, the revenue share of the LABUBU family products reached 38.1%. In comparison, the five major IPs—SKULLPANDA, CRYBABY, MOLLY, DIMOO, and Star People—each accounted for between 5.5% and 9.5%. As LABUBU becomes the group’s revenue pillar, the question “Where is the next LABUBU?” has become a key response point for Pop Mart to the market.

Image source: unsplash

Since 2025, the speed of new IP launches at Pop Mart has significantly increased. According to Times Finance’s incomplete statistics, from November 2025 to now, in four months, Pop Mart has consecutively launched four new IPs: Hatti, Supertutu, Merodi after school, and Key A. However, these IPs have yet to make a splash in the market. Pop Mart’s Tmall flagship store shows that currently, the Supertutu blind box sales exceed 1,000 units, while Key A blind boxes have sold just over 100 units.

In 2019, Pop Mart officially collaborated with LABUBU designer Long Jiasheng. By 2024, LABUBU had become a global hit. Based on LABUBU’s rise cycle, the short-term sales of new IPs at Pop Mart cannot yet confirm whether they will become hits, but during the incubation of the next super blockbuster, Pop Mart must also endure market fluctuations.

It’s worth noting that after a period of rapid growth, Pop Mart has lowered its 2026 performance growth target.

“This year, we aim for no less than 20% growth,” Wang Ning said at the earnings release. Compared to the doubling in 2025, this is clearly a much more modest growth expectation.

“We are still a consumer goods and trendy cultural entertainment company that sells products and channels. Although last year was a super-fast growth, we actually hope our (performance) will be a linear and healthy growth,” Wang Ning emphasized.