TradingKey - Recently, Pop Mart (09992.HK) has shown outstanding performance in both the capital market and the toy market. On Tuesday, its stock price briefly touched HKD 262, setting a new historical record. Since the beginning of this year, Pop Mart's stock has risen by over 180%, and since February 2024, it has continued to climb, with a maximum increase of up to 12 times.

(Source: Yahoo)

According to Forbes' real-time billionaire list, Pop Mart's founder Wang Ning and his family have a net worth of USD 20.8 billion, surpassing Muyuan Foods (002714.SZ) founder Qin Yinglin, who has a net worth of USD 16.9 billion. This makes Wang Ning the new richest person in Henan Province and places him at No. 10 on China's billionaire list.

In 2024, Pop Mart's revenue reached RMB 13.04 billion, representing a year-over-year growth of 106.9%. Its net profit was RMB 3.4 billion, up 185.9%, with a gross margin of 66.8%. The company continued its high-growth trend into the first quarter of 2025, achieving revenue growth of between 165% and 170% year-on-year. Notably, its overseas market growth was especially significant, reaching between 475% and 480%.

This success is largely attributed to the global popularity of Pop Mart's core IP Labubu. In 2024, revenue from the THE MONSTERS series—which includes Labubu—reached RMB 3.04 billion with an impressive year-on-year growth of 726.6%, accounting for approximately 23.3% of total revenue. In the first quarter of 2025, the launch of the Labubu Series 3 sparked a global buying frenzy; limited editions were reselling in secondary markets for premiums as high as twenty to thirty times their original price, further fueled by celebrity endorsements that boosted interest—making Labubu extremely hard to come by in today's market.

As its stock price has surged, public funds have also increased their positions in Pop Mart. According to Tsinghua Tongheng Financial Database (iFinD), only twelve funds held significant stakes at the end of 2023; by the end of Q1 in 2025, this number skyrocketed to one hundred eighty funds with a total equity value amounting to RMB ¥8.779 billion. Additionally, some institutions believe that there is massive growth potential in international markets and have raised their target price to HKD 293.9.

In June this year, Pop Mart's market capitalization exceeded HKD 340 billion, surpassing Japan's Sanrio as it topped Asia's character economy rankings and established itself as a leading company in the toy industry.

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