Pop Mart - Global collectibles leader with expanding growth

Pop Mart - Beyond a toy company (Not Rated)

Founded in 2010, Pop Mart is best known for its blind box toy collectibles and popular IPs such as Labubu, Molly, Skullpanda, and Crybaby. 

As of June 2025, it operates 571 stores across 18 countries and over 2,500 roboshops, establishing itself as a global leader in designer collectibles.

While blind boxes remain core to its appeal, plush toys have become a major growth driver, rising to 35% of revenue in 1H25 from 22% in 2024. 

The surge in Labubu plush toys highlights Pop Mart’s ability to broaden product formats and reduce reliance on blind boxes.

Heavy reliance on key IPs

Growth is still concentrated in a few franchises, with the top five IPs contributing 70% of revenue in 2025 and Labubu alone at 23%. 

The launch of new IPs like Twinkle Twinkle shows potential to diversify, but dependence on a handful of characters exposes the company to brand fatigue risk.

Extending IP monetisation

Pop Mart is leveraging its IPs beyond toys through ventures like an in-house film studio, animated series, and its Beijing-based theme park “Pop Land.” 

While still modest compared to global entertainment giants, these initiatives show ambition to expand consumer touchpoints and revenue streams.

Accelerating international growth

Overseas markets are gaining importance, with Asia Pacific and the Americas contributing 21% and 16% of 1H25 revenue, respectively. 

Overseas sales grew sharply (+258% and +1,142% YoY), though the store base remains small compared with China, leaving significant runway for expansion.

Strong financial performance

Revenue surged 204% YoY to RMB 13.9 billion in 1H25, with net profit rising 386% YoY to RMB 4.7 billion. 

Gross margin improved to 70.3% from 64.0%, supported by higher overseas sales, cost optimisation, and stronger supplier terms, making Pop Mart the most profitable among peers.

Risks of brand fatigue and high expectations

Pop Mart’s reliance on a few key IPs makes it vulnerable to shifting consumer sentiment. 

Recent weakness in the resale value of Mini Labubu collectibles illustrates the risk. 

With high growth already priced in, the share price remains sensitive to any slowdown in sales momentum.

Valuation highlights growth and risk

As of 26 September 2025, the stock has rallied 192% year-to-date, far outpacing the Hang Seng Index, reflecting its global appeal and strong growth. 

However, recent volatility highlights near-term risks, and the company’s ability to diversify IPs and sustain new monetisation channels will be key for future growth. 

You can now trade Pop Mart through Hong Kong Singapore Depository Receipts (SDRs). These HK SDRs offer investors a more accessible way to invest in Hong Kong-listed companies. 

The introduction of Singapore Depository Receipts allows investors to purchase Pop Mart shares with a lower minimum investment outlay compared to buying Hong Kong-listed shares directly. 

Additionally, SDR holdings will be custodised within investors’ Central Depository (CDP) accounts, providing seamless integration with their existing Singapore-based portfolios.

Download the full report here.

Check out Beansprout's guide to the best stock trading platforms in Singapore with the latest promotions to invest in Pop Mart SDR 20to1.

Join the Beansprout Telegram group for the latest insights on Singapore stocks, REITs, bonds and ETFs. 

Important Disclosures

Analyst Certification and Disclosures 

The analyst(s) named in this report certifies that (i) all views expressed in this report accurately reflect the personal views of the analyst(s) with regard to any and all of the subject securities and companies mentioned in this report and (ii) no part of the compensation of the analyst(s) was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst herein. The analyst(s) named in this report (or their associates) does not have a financial interest in the corporation(s) mentioned in this report.

An associate is defined as (i) the spouse, or any minor child (natural or adopted) or minor step-child, of the analyst; (ii) the trustee of a trust of which the analyst, his spouse, minor child (natural or adopted) or minor step-child, is a beneficiary or discretionary object; or (iii) another person accustomed or obliged to act in accordance with the directions or instructions of the analyst.

Company Disclosure

Global Wealth Technology Pte Ltd (“Beansprout”) does not have any financial interest in the corporation(s) mentioned in this report.

Beansprout received monetary compensation from Singapore Exchange (SGX) to provide independent research on Singapore Depository Receipts (SDRs).

Disclaimer

This report is provided by Beansprout for the use of intended recipients only and may not be reproduced, in whole or in part, or delivered or transmitted to any other person without our prior written consent. By accepting this report, the recipient agrees to be bound by the terms and limitations set out herein.

You acknowledge that this document is provided for general information purposes only. Nothing in this document shall be construed as a recommendation to purchase, sell, or hold any security or other investment, or to pursue any investment style or strategy. Nothing in this document shall be construed as advice that purports to be tailored to your needs or the needs of any person or company receiving the advice. The information in this document is intended for general circulation only and does not constitute investment advice. Nothing in this document is published with regard to the specific investment objectives, financial situation and particular needs of any person who may receive the information. 

Nothing in this document shall be construed as, or form part of, any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities. The data and information made available in this document are of a general nature and do not purport, and shall not in any way be deemed, to constitute an offer or provision of any professional or expert advice, including without limitation any financial, investment, legal, accounting or tax advice, and shall not be relied upon by you in that regard. You should at all times consult a qualified expert or professional adviser to obtain advice and independent verification of the information and data contained herein before acting on it. Any financial or investment information in this document are intended to be for your general information only. You should not rely upon such information in making any particular investment or other decision which should only be made after consulting with a fully qualified financial adviser. Such information do not nor are they intended to constitute any form of financial or investment advice, opinion or recommendation about any investment product, or any inducement or invitation relating to any of the products listed or referred to. Any arrangement made between you and a third party named on or linked to from these pages is at your sole risk and responsibility. 

You acknowledge that Beansprout is under no obligation to exercise editorial control over, and to review, edit or amend any data, information, materials or contents of any content in this document. You agree that all statements, offers, information, opinions, materials, content in this document should be used, accepted and relied upon only with care and discretion and at your own risk, and Beansprout shall not be responsible for any loss, damage or liability incurred by you arising from such use or reliance. 

This document (including all information and materials contained in this document) is provided “as is”. Although the material in this document is based upon information that Beansprout considers reliable and endeavours to keep current, Beansprout does not assure that this material is accurate, current or complete and is not providing any warranties or representations regarding the material contained in this document. All opinions contained herein constitute the views of the analyst(s) named in this report, they are subject to change without notice and are not intended to provide the sole basis of any evaluation of the subject securities and companies mentioned in this report. Any reference to past performance should not be taken as an indication of future performance. To the fullest extent permissible pursuant to applicable law, Beansprout disclaims all warranties and/or representations of any kind with regard to this document, including but not limited to any implied warranties of merchantability, non-infringement of third-party rights, or fitness for a particular purpose. 

Beansprout does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained in this document. Neither Beansprout nor any of its affiliates, directors, employees or other representatives will be liable for any damages, losses or liabilities of any kind arising out of or in connection with the use of this document. To the best of Beansprout’s knowledge, this document does not contain and is not based on any non-public, material information. The information in this document is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to law or regulation, or which would subject Beansprout to any registration requirement within such jurisdiction or country. Beansprout is not licensed or regulated by any authority in any jurisdiction or country to provide the information in this document.

As a condition of your use of this document, you agree to indemnify, defend and hold harmless Beansprout and its affiliates, and their respective officers, directors, employees, members, managing members, managers, agents, representatives, successors and assigns from and against any and all actions, causes of action, claims, charges, cost, demands, expenses and damages (including attorneys’ fees and expenses), losses and liabilities or other expenses of any kind that arise directly or indirectly out of or from, arising out of or in connection with violation of these terms, use of this document, violation of the rights of any third party, acts, omissions or negligence of third parties, their directors, employees or agents. To the extent permitted by law, Beansprout shall not be liable to you, any other person, or organization, for any direct, indirect, special, punitive, exemplary, incidental or consequential damages, whether in contract, tort (including negligence), or otherwise, arising in any way from, or in connection with, the use of this document and/or its content. This includes, without limitation, liability for any act or omission in reliance on the information in this document. Beansprout expressly disclaims and excludes all warranties, conditions, representations and terms not expressly set out in this User Agreement, whether express, implied or statutory, with regard to this document and its content, including any implied warranties or representations about the accuracy or completeness of this document and the content, suitability and general availability, or whether it is free from error. 

If these terms or any part of them is understood to be illegal, invalid or otherwise unenforceable under the laws of any state or country in which these terms are intended to be effective, then to the extent that they are illegal, invalid or unenforceable, they shall in that state or country be treated as severed and deleted from these terms and the remaining terms shall survive and remain fully intact and in effect and will continue to be binding and enforceable in that state or country. 

These terms, as well as any claims arising from or related thereto, are governed by the laws of Singapore without reference to the principles of conflicts of laws thereof. You agree to submit to the personal and exclusive jurisdiction of the courts of Singapore with respect to all disputes arising out of or related to this Agreement. Beansprout and you each hereby irrevocably consent to the jurisdiction of such courts, and each Party hereby waives any claim or defence that such forum is not convenient or proper.