According to a report by ZH based on a March 2nd news report from China Daily.
Beijing-based collectibles giant Pop Mart International Group continues to drive growth through aggressive expansion of its intellectual property (IP) portfolio and diversified product offerings.
New IP Launches
Merodi After School Series Figures: 12 figures plus a secret edition, I Am Fierce, priced at $10 per blind box. Full set costs 828 yuan (~$120).
Market Response: Secondary market price for the secret edition surged to 374 yuan (~$55), over 4.4x the retail price, though demand was more muted compared to established IPs like Labubu, Twinkle Twinkle, and Crybaby.
Other concurrent releases include the Angry Molly Plush Series, selling out in one minute on WeChat and Tmall, with secret edition prices jumping from 89 yuan to 566 yuan (~$85). Another new IP, Key A, is scheduled for March 13.
Scale and Revenue Impact
Pop Mart sold over 400 million IP units globally in 2025.
Flagship IP The Monsters (Labubu) generated 4.81 billion yuan (~$700 million) in H1 2025, accounting for 34.7% of total IP revenue.
Heavy reliance on a single IP presents concentration risk, while only Twinkle Twinkle has emerged as a breakout success among newer IPs.
Diversification Beyond Collectibles
Pop Mart is expanding its IP ecosystem into lifestyle and consumer products:
Pop Bakery: Exclusive items such as Skullpanda ice cream
Technology Collaboration: Limited-edition smartphone with Honor
Home Products: Twinkle Twinkle x Beast Family Valentine’s Day collection
These initiatives showcase the company’s strategy to leverage IP across multiple categories, increasing consumer touchpoints and brand engagement.
Investor Takeaways
Market Growth Potential: Expanding IP portfolio and global sales demonstrate strong consumer appetite for collectibles and themed products.
Revenue Diversification: Cross-category IP extensions mitigate reliance on a single IP, enhancing long-term sustainability.
Secondary Market Dynamics: High resale values indicate brand strength and collector demand.
Global Expansion Opportunities: Potential for scaling IP products and partnerships overseas, especially in lifestyle, tech, and e-commerce channels.
Summary:
Pop Mart exemplifies China’s evolving consumer-driven economy, where IP innovation, brand strategy, and multi-category expansion are key drivers of growth. For investors, the company offers a case study in monetizing pop culture through collectibles, lifestyle products, and global licensing opportunities.