Pop Mart International Group Limited is an investment holding company that designs, develops, and sells pop toys in the People's Republic of China, Hong Kong, Macau, Taiwan, and internationally. Its products include blind boxes, sold through retail stores and roboshops, online channels such as the Tmall flagship store, DouYin, and Pop Draw, as well as wholesale channels. The company also provides internet technology, customer, and technology development services, operates playgrounds, and engages in investment and exhibition activities. Founded in 2010, it is headquartered in Beijing, the People's Republic of China.
China Makes Anime and Games a New Pillar of Cultural Export
The Chinese government is looking to cultivate anime, games and related products into a new pillar of service exports. The aim is to strengthen soft power that is less vulnerable to trade friction, improve the country's image, and thereby spread domestic brands. At the China International Fair for Trade in Services, a service-industry exhibition held by the Ministry of Commerce and the city of Beijing through the 13th, a new booth was set up to support Chinese companies expanding overseas, and the government has positioned games, anime and dramas as the "new three" of cultural export. Chinese toy giant Pop Mart displayed collaboration products featuring its own Skullpanda and Sanrio's My Melody, and has previously teamed up with Myaku-Myaku, the official mascot of the Osaka Expo, and the Japanese singer XG. Fellow toymaker 52TOYS, under an official license from Capcom, turned the protagonist of the fighting game Street Fighter 6 into a figure. The economic impact generated by China's cultural and related industries reaches 6 trillion yuan a year, approaching the world's largest, but there are still few characters loved around the world for as long as Mickey Mouse or Hello Kitty.
52TOYS · Demand · Positive 52TOYS, under an official Capcom license, created a Street Fighter 6 figure and is showcased at the government's cultural export booth.
9992.HK · Demand · Positive Pop Mart displayed collaboration products (Skullpanda x Sanrio My Melody) at the government-backed cultural export fair, supporting overseas expansion of its brands.
8136.JP · Demand · Positive Sanrio's My Melody is featured in a collaboration product with Pop Mart's Skullpanda at the cultural export fair.
9697.JP · Demand · Positive 52TOYS, under an official Capcom license, turned Street Fighter 6's protagonist into a figure, extending Capcom's IP into licensed merchandise.
Asia Plus says POPMART80 faces pressure after Pop Mart growth slows
Asia Plus Securities says Pop Mart's first-half 2026 results came in below market expectations. The Chinese collectible toy maker reported total revenue of 17.17 billion yuan, up 23.8 percent from a year earlier, while normalized profit rose 9.5 percent to 5.16 billion yuan, reflecting a significant slowdown in growth. A key drag came from its main intellectual property Labubu, also known as The Monsters, whose revenue fell 7.5 percent year on year to 4.45 billion yuan, marking its first contraction in several years. Asia Plus Securities views these results as a warning sign that Pop Mart's growth is normalizing after years of support from Labubu. Although the company still has a strong IP portfolio and can create popular new characters such as Twinkle and CRYBABY, the market still wants to see new IP that can generate revenue close to Labubu's level to offset the slowdown in its main growth engine. Strategically, Asia Plus Securities believes investors should be cautious about Pop Mart in the short term until there are signs of a reacceleration in growth. Pop Mart shares listed in Hong Kong under the ticker 9992 HK currently trade at 153.70 Hong Kong dollars, with a one-year Bloomberg consensus target price of 162.44 Hong Kong dollars. POPMART80 currently trades at 6.40 baht with a target price of 6.80 baht, based on an exchange rate of 4.18 baht per Hong Kong dollar and a conversion ratio of one underlying share per 100 depositary receipts. From a technical perspective, Asia Plus Securities sees support for POPMART80 at 5.70 to 6.10 baht and resistance at 7.10 to 7.65 baht.
Shares of Pop Mart fell over 4% in Hong Kong on Friday after the Labubu maker reported first-half results that showed declining sales in Asia-Pacific and the Americas. For the period ended June 30, the toy maker reported a 23.8% year-over-year rise in first-half revenue to 17.17 billion yuan, but revenue in Asia Pacific ex-China fell 9.7% and dropped 16.5% in the Americas, while revenue in China jumped 47.3%. Citi said the results came in below expectations, citing pressure in overseas markets where sales declined 11% year over year, and the bank now expects Pop Mart's group revenue to decline 8% year-over-year in 2026 and lowered its price target to HK$198. Citi said management now sees its initial 20% revenue growth target for 2026 as difficult to achieve, given more challenges than expected and competitive pressure. The shares were recently down 3.9% to HK$147.70.
POP MART Reports First Half 2026 Results and Buyback Plan
POP MART reported first half 2026 financial results with total revenue of 17.17 billion Yuan, up 23.8% year-on-year, and adjusted net profit of 5.16 billion Yuan with a 30% adjusted net profit margin. The company also announced a share buyback plan to purchase between 2 billion and 5 billion Yuan of its own shares over the next six months. Six top IPs each generated over 1 billion Yuan in revenue, led by THE MONSTERS at 4.45 billion Yuan, while TWINKLE TWINKLE grew 580.6% to 2.65 billion Yuan. The plush category revenue rose 60% to 9.82 billion Yuan, and the offline network expanded to 676 stores and 2,827 roboshops globally. Greater China revenue grew 47.3% to 12.2 billion Yuan, with registered members in Chinese Mainland rising to 82.44 million.
9992.HK · Capital · Positive Strong H1 2026 results with revenue up 23.8% and adjusted net profit margin of 30%, plus a share buyback plan of 2-5 billion Yuan.
9992.HK · Demand · Positive Six top IPs each generated over 1 billion Yuan in revenue, with TWINKLE TWINKLE growing 580.6% and plush category up 60%, indicating strong product demand.
GigaDevice plans buyback of 1 billion to 2 billion yuan; Pop Mart first-half revenue 17.173 billion yuan
GigaDevice announced plans to repurchase its A-shares for no less than 1 billion yuan and no more than 2 billion yuan, at a price not exceeding 750 yuan per share. All repurchased shares will be cancelled to reduce registered capital. Pop Mart reported first-half 2026 revenue of 17.173 billion yuan, up 23.8 percent year on year, with profit attributable to owners of the company of 5.038 billion yuan, up 10.1 percent year on year. Chairman Wang Ning said at the results briefing that the company will launch a buyback plan of no less than 2 billion yuan and no more than 5 billion yuan within the next six months, and added that operating pressure in the second half will be greater than in the first half. China Ping An posted first-half net profit attributable to the parent of 92.585 billion yuan, up 36.1 percent year on year. CITIC Securities reported first-half net profit attributable to the parent of 23.343 billion yuan, up 69.6 percent year on year, and plans to pay a cash dividend of 4.27 yuan per 10 shares. Alibaba's revenue for the first quarter of fiscal 2027 was 268.95 billion yuan, up 9 percent year on year, while operating profit was 15.161 billion yuan, down 57 percent year on year.
CPNREIT Partners with POP MART and TAT to Open World's First Beachfront Store at Central Pattaya
CPN Retail Growth Leasehold Property Fund, or CPNREIT, has joined forces with POP MART, the Tourism Authority of Thailand, and Pattaya City to launch the world's first POP MART Official Beachfront Store at Central Pattaya shopping centre, one of the assets in the trust's portfolio. Under the POP ON THE BEACH campaign, the initiative aims to create a seaside art toy landmark and stimulate the regional economy. Ms. Pattamika Pongsuramas, Chief Executive Officer of CPN REIT Management Company Limited, the trust manager, said the collaboration underscores Pattaya's potential as a world-class tourist destination and is expected to boost footfall, drive occupancy rates, and strengthen the trust's long-term rental income stability. Pattaya welcomed over 20 million cumulative tourists in 2025, generating more than 5 billion baht in revenue, particularly from high-spending visitors from China, Malaysia, Russia, South Korea, and India. The store is located on the ground floor along the beachfront, featuring a Beachfront Art Toy Destination concept and debuting the world's first THE MONSTERS Hair Salon Series Concept Space, along with a range of exclusive merchandise. Additionally, a GIANT CRYBABY balloon over 8 metres tall and 12 metres long, together with Big Figure MOLLY and SKULLPANDA, will be on display along Pattaya Beach from today until 2 August 2026.
9992.HK · Demand · Positive POP MART opens world's first beachfront store at Central Pattaya, boosting brand exposure and sales through exclusive merchandise and tourist footfall.
China accelerates use of AI and IP to transform the toy market as the blind box trend begins to fade
China's trend toy market is undergoing a major transition, turning to artificial intelligence and intellectual property as new growth drivers after the traditional blind box model began facing pressure from declining repurchase rates and shorter popularity cycles of just three to six months. A KPMG report indicates that China's trend toy market is expected to exceed 82.5 billion yuan in 2025 and surpass 213.3 billion yuan by 2030, with a compound annual growth rate of 18.7 percent. Xue Xiaowei, executive president of the Shenzhen Toy Industry Association, revealed that the industry is shifting from selling toys to building an IP ecosystem, with AI toys and the extension of IP into cultural tourism at its core. For example, Pop Mart plans to complete a Skullpanda zone in its Pop Land theme park by 2027, while Tuya Smart disclosed that its AI toy Fuzozo achieved total sales of 40,000 units during China's 618 shopping festival this year.
Artificial Intelligence › AI Applications & Copilots ▲Demand
Artificial Intelligence › Edge & On-device AI Silicon ▲Demand
9992.HK · Demand · Positive Pop Mart is highlighted as a key player shifting to IP ecosystem, with plans for a Skullpanda zone in its theme park, indicating strong demand for its IP-driven products.
Hong Kong
China
Japan