Xin Lang Cai Jing·2026-02-10 04:15Core Insights - Pop Mart's global sales of all IP and product categories exceeded 400 million units in 2025, with THE MONSTERS category alone selling over 100 million units [1] - The company's stock price rose nearly 5% following the announcement of core sales data, reflecting a year-to-date increase of approximately 38% [1] - Pop Mart's founder, Wang Ning, indicated that by 2025, the company will have over 10,000 global employees, more than 100 million registered members, and over 700 stores worldwide [1] Sales Performance - In the first half of 2025, Pop Mart's revenue from the Americas reached 2.265 billion yuan, a year-on-year increase of 1142.3%, while Europe and other regions generated 478 million yuan, up 729.2%, and the Asia-Pacific market brought in 2.851 billion yuan, growing by 257.8% [2] - A consumer survey revealed that 76% of respondents purchased Pop Mart products for the first time in the past year, with 45% being new buyers in the last three months [2] Consumer Insights - LABUBU remains the most attractive core IP, with 47% of respondents owning LABUBU products, and nearly half of them were introduced to Pop Mart through LABUBU [3] - Other IPs like Twinkle Twinkle, Skullpanda, and Crybaby showed higher-than-expected appeal in overseas markets, particularly Twinkle Twinkle leading in ownership in the U.S. [3] Market Strategy - Despite a significant revenue growth of 245%-250% in Q3, the company's stock faced a decline, raising concerns about the sustainability of its high growth [3] - Pop Mart has initiated share buybacks to address investor concerns regarding growth sustainability, particularly in response to the declining popularity of the LABUBU IP [3] - The company is diversifying its product offerings beyond blind boxes to include new IPs and derivative products, transitioning from a "box-selling" model to a full industry chain operation centered around IP [3]