POP MART is firing on all cylinders! With its app topping charts and explosive orders in Europe and America, the soaring stock price reflects its global ambitions.
Chinese trendy toy giant POP MART is sweeping the global market at an astonishing speed. According to Qimai data, on April 25, the POP MART app topped the U.S. App Store shopping chart for the first time, jumping 114 spots in a single day and maintaining the top position for two consecutive days, while also ranking fourth in the overall free chart.
Image source: Beijing Release
On Monday, the 28th, POP MART’s Hong Kong stock surged over 10%, reaching a historic high. As of the time of writing, the stock price rose by 10.27%, reported at HKD 190 per share, with a trading volume of nearly HKD 2.8 billion.
New Products Trigger Global Buying Frenzy
It is understood that the recent topping of the POP MART official app is closely related to the launch of new products.
On April 24, POP MART’s popular IP LABUBU launched the third generation of its vinyl plush product series “High Energy Ahead” globally. On the night of the product launch, the term “抢 labubu” (Grab LABUBU) surged to the top of Weibo’s trending list, and long queues were seen at POP MART’s offline stores in Los Angeles, London, Milan, and Harajuku, Japan.
With its “bad boy” image featuring super long ears and a smile showing nine teeth, “star” LABUBU has quickly captured the hearts of young people worldwide over the past year, becoming POP MART’s “leading star.”
In March this year, in an interview with the media, POP MART International Group Co-COO Si De stated that he sees the potential for LABUBU to “become a global super IP”:
“It’s not like in the past when we saw a small opportunity in a small market. Now we really see a big opportunity. We are thinking about how to seize this opportunity as much as possible. We want to push LABUBU to become the future Mickey Mouse or Pikachu.”
Thanks to successful IP operations, LABUBU’s IP THE MONSTES is expected to achieve revenue of 3.04 billion yuan in 2024, a staggering year-on-year growth of 726.6%, making it the top revenue-generating IP under the company. The launch of LABUBU’s Heart Macaron series and Sit Party series plush products has driven the plush category to achieve explosive growth of over 1200%
Europe and America Become New Growth Engines
POP MART’s growth engine has fully ignited. According to its operating status report for the first quarter of 2025, the company’s overall revenue increased by 1.7 times year-on-year (170%-175%), far exceeding industry expectations, with a noticeable acceleration in growth compared to 2024.
Among them, the most significant highlight is undoubtedly the explosive growth of its business in Europe and America.
Data shows that revenue in the Americas market has increased by an astonishing 895%-900% year-on-year, while the European market follows closely with a growth of 600%-605%. The Asia-Pacific region also maintained a strong growth rate of 345%-350%. This marks that the European and American markets are becoming new performance explosion points after the Asia-Pacific market.
It is worth noting that this global expansion has not come at the expense of the domestic market, as its revenue in the Chinese market still maintains a healthy growth of 95%-100%. Meanwhile, online channels performed particularly well, with a year-on-year growth of 140%-145%, far exceeding the 85%-90% growth rate of offline channels.
Citi believes that POP MART’s success lies in its strong IP incubation and monetization capabilities. The company owns over 90 proprietary or exclusive IPs, such as MOLLY, SKULLPANDA, DIMOO, etc., which are highly favored by consumers and possess significant commercial value.
Global Strategy Fully Upgraded
In response to the rapid expansion of the global market, POP MART is actively adjusting its internal structure to adapt to the new development stage. In April of this year, the company launched its largest organizational restructuring in five years, establishing regional headquarters in Greater China, the Americas, the Asia-Pacific, and Europe. This marks a complete transformation of its globalization strategy.
POP MART’s Chairman and CEO Wang Ning stated at the performance release in March that it is expected that revenue in North America could reach the level of the entire group’s revenue in 2020 (i.e., 2.513 billion yuan) by 2025.
Analysts believe that under the structure of the four regional headquarters, POP MART will formulate differentiated development strategies based on the characteristics of each region: the Southeast Asian market is positioned as the “growth engine,” while the European and American markets are more regarded as “value highlands,” and Greater China will continue to serve as the “innovation incubation” base and revenue cornerstone.
From the initial success in Southeast Asia to the current explosion in the European and American markets, POP MART’s globalization narrative is becoming increasingly clear