Pop Mart’s viral collectibles to fuel overseas revenue surge

Pop Mart (HKG: 9992), the Chinese toy company best known for its “blind box” collectible figures such as the wildly popular Labubu dolls, is poised for a dramatic shift in its revenue base as demand surges outside mainland China.

Revenue from Hong Kong, Macao, Taiwan, and other overseas markets is projected to reach CNY13.1 billion in 2025, more than double the CNY5 billion generated last year, according to Visible Alpha consensus estimates. By contrast, domestic sales in Mainland China are expected to rise more modestly to CNY11.8 billion, from CNY8 billion in 2024.

The shift marks a turning point for the Beijing-based company, which has until recently relied heavily on its home market. Mainland China accounted for 61% of Pop Mart’s revenue in 2024, but its share is expected to fall to 47% in 2025 and decline further to 31% by 2030. Meanwhile, international markets are forecast to represent 52% of revenue in 2025, rising to 69% by the end of the decade.

The company is rapidly expanding its global presence to meet demand. Analysts expect Pop Mart to open 105 retail stores and 87 vending machines, known as “Roboshops”, outside Mainland China in 2025, bringing the total number of international outlets to 475. Within the mainland, it plans to add 22 stores and 61 Roboshops, taking the total to 2,784.

At a CAGR of 32% between 2025 and 2030, Pop Mart is also seeing a meaningful growth in ecommerce revenues driven by a combination of its own website and app, major Chinese platforms like Tmall, JD.com, and Douyin, as well as cross-border marketplaces such as Amazon, Shopee and Lazada. Social commerce channels including TikTok Shop are also playing a growing role in driving international sales.

Pop Mart’s overseas success has been powered by viral interest in its Labubu figures, helping the brand build a growing fanbase among collectors across Asia, Europe and the US.