Pop Mart’s 2025 Revenue Jumps as Labubu Demand Stays Strong

Pop Mart recorded a major surge in performance for 2025, with revenue rising 185% year on year to 37.12 billion yuan. The company said strong demand for collectible characters such as Labubu, Molly and Crybaby continued to fuel growth, reinforcing its position as one of the most closely watched names in the global blind box and designer toy market. Among its many characters, Labubu remains one of the biggest drivers behind the brand’s momentum. The popularity of the character has helped Pop Mart expand beyond its domestic base and grow its appeal in overseas markets, especially as consumers continue to respond to the mix of surprise packaging, collectible value and strong IP storytelling. Pop Mart also signalled that it is strengthening its international strategy through wider production capacity and expansion into global markets. For observers in Malaysia, the company’s latest performance confirms that the blind box trend is still commercially powerful, and that demand for collectible toy IPs remains an important force shaping the market.