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Pop Mart rises 5.8% in Hong Kong on strong IP sales
Pop Mart’s shares rose 5.8% in Hong Kong trading after the Chinese toymaker reported strong operating momentum at its annual event, with stock gains exceeding 33% year-to-date.
The company’s founder, Wang Ning, announced that global registered users surpassed 100 million by the end of 2025, and sales of its flagship IP, Labubu, exceeded 100 million units last year.
Overall sales across all IPs topped 400 million units, and the company operated over 700 stores worldwide.
Analysts noted that the stock’s future performance depends on whether IP growth can expand beyond Labubu and how the upcoming 2025 earnings results, expected at the end of March, will influence investor confidence.
A China Securities report indicated that Pop Mart’s livestream sales on Douyin increased significantly in January, with growth driven by newer IPs and continued demand for established ones.
The company plans to expand internationally, including opening new stores in North America, Europe, and the Middle East, and working with overseas manufacturers to reduce logistics costs.
🔗 Source: South China Morning Post
🧠 Food for thought
Implications, context, and why it matters.
Global growth helps Pop Mart manage trade shocks
- Pop Mart keeps most production in one place. More than 95% of its toys come from mainland China 3.
- That concentration leaves the company exposed when politics shift. The U.S. previously applied Section 301 tariffs of up to 25% on some Chinese-made toys imported into the United States 3.
- Pop Mart has started spreading production to reduce that risk. Executives said Vietnam capacity reached about 10% of total production capacity as of March 2025 4.
- Intellectual property (IP) licensing can also avoid tariffs since no physical goods cross borders. The provided source material does not support the claim that licensing brings in nearly 30% of gross profit 3.
Recent Pop Mart developments
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