Key Takeaways
Pop Mart International Group (09992.HK) reported a 75 to 80 percent surge in first-quarter revenue from a year earlier, powered by a more than doubling of sales in mainland China that signals resilient consumer demand for its collectible toys.
The performance provides a strong start to the year, addressing recent investor concerns over the "durability of top IP's popularity," which Morningstar analyst Jeff Zhang highlighted following the company's volatile stock performance in March.
The Hong Kong-listed company said in a filing that revenue from its operations in the People's Republic of China increased by 100 to 105 percent compared to the first quarter of 2025. Growth was also robust in international markets, with the Americas region growing 55 to 60 percent, Europe and other regions up 60 to 65 percent, and the Asia-Pacific region recording a 25 to 30 percent increase.
The strong top-line growth underscores Pop Mart's ongoing efforts to mitigate concentration risk tied to its blockbuster "Labubu" character family, which contributed 38 percent of total revenue in 2025. The company is aggressively expanding its physical retail footprint globally, recently signing as a new tenant in the Annapolis Mall in the US, according to mall operator Macerich, while also cultivating other IP lines like Skullpanda and Dimoo to create new, sustainable growth drivers.
This article is for informational purposes only and does not constitute investment advice.
