Pop Mart $POP MART(09992)$ just delivered stellar H1 2025 results, making a powerful statement in global retail and collectible toy spaces.
Key Financial Highlights
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Revenue surged ~204% YoY to RMB 13.9 bn (≈ US $1.93 bn) in the first half of 2025 more than triple the previous year.
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Net profit climbed nearly 400% to around RMB 4.6 bn (~US $636 million) smashing expectations.
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Gross margin expanded too up from 64% to a strong ~70%.
The Labubu Effect & Global Expansion
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The Monsters IP (led by Labubu) generated RMB 4.81 bn (~US $670 million), accounting for ~35% of total revenue.
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Plush toys (driven by Labubu keychains and plush variants) saw over 1,200% growth, now representing ~44% of revenue.
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International revenues soared: Americas grew ~1,100%, Europe ~730%, and Asia‑Pacific ~258%.
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Pop Mart now operates 571 physical stores plus ~2,600 roboshops worldwide and is planning 10 more U.S. store openings before year-end as part of a fast-growing U.S. push.
Stock
Pop Mart’s Hong Kong‑listed shares have rallied 200–600% YTD, hitting record highs in recent days around HK$305–318 as of mid‑August 2025.
Is $300 the New Starting Point?
From a technical/trading standpoint, the breakout to HK$300+ marks a new psychological and support level:
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With revenue tripled and profits quadrupled, the stock has fundamentally reset.
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Labubu’s momentum, international expansion and an enviable margin profile give it strength to continue upward.
However, risks include:
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Over-dependence on Labubu - sustaining this hype will require newer IP strength.
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Regulatory scrutiny around blind-box models, especially in China.
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Fading novelty - collectibles often face bubbles (think Beanie Babies).
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My Trade Outlook
Bullish View
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Entry zone: HK$300–310 offers a good entry if momentum holds.
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Catalysts ahead: U.S. store expansion, mini Labubu launch, continued IP diversification.
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Consider long-term exposure, especially given Pop Mart’s path to ~RMB 30 bn (~US $4.2 bn) revenue guidance for full year 2025.
Risk Mitigation
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Offset with hedged exposure, or consider using options to limit downside.
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Watch for flags especially regulatory headlines from Chinese state media or slowing demand among Gen Z collectors.
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Disclaimer: This article is provided for informational purposes only and does not constitute financial, investment, legal, or tax advice, nor the solicitation of any offer to buy or sell securities. The views expressed are those of the author and do not account for individual financial circumstances. Investing involves risk, including the potential loss of principal. Past performance is not indicative of future results. You alone are responsible for any investment decisions; consider seeking advice from a qualified financial advisor before acting.
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