BUSINESS

Pop Mart Expands Global Production to Meet Surging Demand

Published: Jan. 8, 2026 11:34 p.m. GMT+8

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A Pop Mart store in Chengdu, Sichuan province, in November 2025. Photo: VCG

Chinese toymaker Pop Mart International Group Ltd. has begun shipping products from newly added partner factories in Indonesia, Cambodia and Mexico, extending its production network to six global bases to meet surging overseas demand.

Previously limited to the Chinese mainland and Vietnam, the expansion is designed to serve Southeast Asia, Mexico and North America, the company said recently. The push follows a supply squeeze in the first half of 2025, when a global frenzy for Labubu — a character from its THE MONSTERS intellectual property (IP) series — led to widespread product shortages and inflated secondhand market prices.

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Pop Mart expanded production to Indonesia, Cambodia, and Mexico, enabling six global bases to meet high overseas demand, especially for its Labubu character.
In Q3 2025, international sales rose 365–370% year-on-year, with Americas up 1,265–1,270%; Labubu-driven revenue reached 4.81 billion yuan (34.7% of total).
Despite share price volatility (down ~40% since August 2025 peak), analysts link this to valuation shifts and profit-taking, not business weakness.

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Who’s Who

Pop Mart International Group Ltd.: Pop Mart International Group Ltd. is a Chinese toymaker experiencing significant global expansion. They've extended their production network to six bases worldwide, including new factories in Indonesia, Cambodia, and Mexico, to meet surging international demand for their IP-focused products. The company reported a 365-370% year-on-year surge in international sales in Q3 2025. Despite recent stock volatility, analysts attribute it to valuation adjustments and profit-taking rather than underlying weakness.

Tongde Asset Management: Tongde Asset Management is an asset management firm. One of its fund managers, Xu Junyi, commented on Pop Mart's stock performance. He stated that institutional investors had thoroughly analyzed Pop Mart's business model before Labubu's global breakout and that the recent decline reflected profit-taking and a shift towards AI-themed equities.

BlackRock Inc.: BlackRock Inc., a major institutional investor, began acquiring shares in Pop Mart in 2024, prior to the global surge in demand for the company's Labubu character. These investment decisions were based on thorough analysis of Pop Mart's business model and contributed to the stock's rise. BlackRock is seen as aligning with the growth trajectory of Pop Mart.

Blackstone Inc.: Blackstone Inc., in conjunction with BlackRock Inc., was identified as a major institutional investor that began building positions in Chinese toymaker Pop Mart in 2024. These investments were made before the global breakout of Pop Mart's Labubu character and were based on thorough analysis of the company's business model.

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What Happened When

By 2024：: BlackRock Inc. and Blackstone Inc. began building positions in Pop Mart, before Labubu’s global breakout.

First half of 2025：: A global frenzy for Labubu led to widespread Pop Mart product shortages and inflated secondhand market prices; sales of THE MONSTERS IP series rose 667.8% year-on-year to 4.81 billion yuan, making up 34.7% of total revenue. Prices for a hidden Labubu figure from the “Big into Energy” series ranged between 1,000 yuan and 1,500 yuan.

Q3 2025：: Pop Mart reported a 365% to 370% year-on-year surge in international sales; Americas revenue climbed 1,265% to 1,270%; Europe and other regions saw 740% to 745% growth.

August 2025：: Pop Mart shares peaked at HK$339.8 ($43.7).

Early January 2026：: Resale prices for the hidden Labubu figure from the “Big into Energy” pendant series had fallen to around 460 yuan on Qiandao.

AI generated, for reference only