Pop Mart's revenue in the first half of 2025 was 13.88 billion yuan, up 204.4% year-on-year, and trendy toy giants created another industry miracle
Recently, Pop Mart released its first half of 2025 financial report. Data shows that its revenue scale and growth rate far exceed market expectations, which once again confirmed its leading position in the trendy toy industry. According to the financial report, Pop Mart achieved revenue in the first half of 202513.88 billion yuan, year-on-year growth204.4%, net profit reached2.86 billion yuan, year-on-year growth176.3%. This impressive achievement quickly became a hot topic on the Internet and has been on the hot search list of multiple platforms such as Weibo and Douyin.
The following are the core financial data of Pop Mart in the first half of 2025:
| index | First half of 2025 | First half of 2024 | Year-on-year growth |
|---|---|---|---|
| Operating income (billion yuan) | 138.8 | 45.6 | 204.4% |
| Net profit (billion yuan) | 28.6 | 10.3 | 176.3% |
| Gross profit margin | 62.1% | 58.7% | +3.4pct |
| Online channels share | 44.5% | 38.2% | +6.3pct |
Business segment analysis: IP matrix continues to make efforts, overseas markets become a new growth potential
From the perspective of business structure, Pop Mart's explosive growth is mainly due to three core driving forces:
1.The head IP continues to increase value: The three major IPs Molly, DIMOO and SKULLPANDA contributed a total revenue of 7.82 billion yuan, accounting for 56.3%. Among them, the SKULLPANDA series grew by 320% year-on-year, becoming the fastest-growing single product IP.
2.Breakthrough progress in overseas markets: Southeast Asian and North American market revenue increased by 412% year-on-year, and the proportion of total revenue increased from 9.8% in 2024 to 21.5%. The following are the performance of major regional markets:
| Regional Market | Revenue (billion yuan) | Year-on-year growth | Percentage |
|---|---|---|---|
| Chinese mainland | 109.0 | 167.2% | 78.5% |
| Southeast Asia | 18.3 | 436.5% | 13.2% |
| North America | 11.5 | 387.2% | 8.3% |
3.Digital ecosystem upgrade: The official mini program "Paqu" has exceeded 22 million monthly active users, and the AR trendy toy social function has driven the online GMV to increase by 293% year-on-year.
Industry background: The trendy toy market continues to expand, and the consumption power of Generation Z is highlighted
According to the latest report of iResearch Consulting, the scale of China's trendy toy market is expected to exceed 250 billion yuan in 2025, with an annual compound growth rate of more than 35%. Pop Mart's performance exceeds expectations is closely related to the following industry trends:
-The rise of the collection economy: The average premium rate of resale of limited-edition blind boxes is 300%, and some scarce single products are more than 10 times premium
-Social attribute enhancement: Trendy toy topics have been exposed on platforms such as Douyin and Xiaohongshu for an average of 5 billion times per month
-Technological innovation application: The linkage mode of NFT digital collections and physical dolls drives secondary consumption
Future Outlook: Metaverse layout accelerates and globalization strategy deepens
Pop Mart CEO Wang Ning revealed in the earnings call that the company is building future competitiveness from three dimensions:
1. Invest500 million yuanBuild a Metaverse Trendy Toy Platform, and it is expected to launch a virtual collectible trading system in 2026
2. Plan to open in Europe30 companiesFlagship store, complete coverage of major global markets
3. R&D investment increased year-on-year215%, focusing on developing intelligent interactive trendy toy product lines
Industry insiders believe that Pop Mart's rapid growth confirms the successful transformation of the trendy toy industry from "niche hobbies" to "mass consumption". With its continued improvement in IP operation capabilities and deepening its global layout, it is expected to maintain a compound growth rate of more than 50% in the next three years, further consolidating its leading position in the industry.
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