Pop Mart has already turned Labubu into a global phenomenon. Its next challenge is figuring out which character could follow.

The Chinese collectibles company reported first-half revenue of RMB 17.17 billion (US$2.4 billion), up 23.8 per cent year on year, while gross margin reached 69.7 per cent.

The results also suggest Pop Mart is becoming less reliant on the character that helped propel it onto the global stage.

Who follows Labubu?

The Monsters, the franchise behind Labubu, remained Pop Mart’s largest IP, generating RMB 4.45 billion during the first half. However, its share of total revenue fell to 26 per cent, compared with 34.7 per cent a year earlier.

At the same time, a new group of characters is gaining momentum. Twinkle Twinkle generated RMB 2.65 billion in revenue, up 580.6 per cent year on year, making it one of the company’s fastest-growing IPs. Crybaby, Dimoo, SkullPanda and Hirono each also generated more than RMB 1 billion.

The shift is also playing out beyond Pop Mart’s traditional blind-box business. Revenue from its plush category reached RMB 9.82 billion in the first half, up 60 per cent year on year, as the company continued to extend its characters into plush toys, bag charms and other lifestyle products.

Pushing overseas expansion

Meanwhile, Pop Mart continued to build its international footprint. Its global offline network reached 676 physical stores and 2827 roboshops at the end of the first half, representing a net increase of 46 stores and 190 roboshops since the end of 2025.

The Americas saw the biggest store expansion, with 22 net new locations bringing the total to 86, while Asia-Pacific outside Greater China added five stores to reach 90. Europe and other markets added nine stores, taking the total to 45.

The brand also expanded Pop Bakery, the dessert concept originating from Pop Land, with pop-up locations across key cities in China. It also opened its first permanent store in Aranya and recently launched its first overseas outlet on Sentosa Island, Singapore.