Pop Mart: First Quarter Revenue Projected to Increase 75%-80% Year-on-Year

Pop Mart has submitted an impressive quarterly report card.

Pop Mart disclosed unaudited business data for the first quarter of 2026 on May 12th, with overall revenue increasing by 75% to 80% year-on-year. The Chinese market is the biggest highlight, with domestic revenue growing by 100% to 105% year-on-year, doubling and becoming the core engine driving overall performance.

Online channels lead the growth, with an increase of 150% to 155%

Looking at the channel structure, the online channels in China have increased by 150% to 155% year-on-year, significantly higher than the 75% to 80% growth of offline channels.

The high growth rate in online business is closely related to the company's continued investment in live-commerce, online mystery box sales, and membership system construction, which also helps to spread fixed offline costs and improve overall operational efficiency.

The rapid growth in Europe and America, while Asia Pacific is stabilizing

In overseas markets, all regions recorded double-digit growth, but the pace of growth varied significantly. The Americas saw growth of 55% to 60% year-on-year, Europe and other regions grew by 60% to 65%, both of which grew significantly faster than the Asia Pacific region (excluding mainland China) at 25% to 30%.

The continued spread of IPs such as Labubu on social media, along with the company's expansion of stores and localization operations in key European and American cities, are the main factors driving the faster growth in Europe and America. In comparison, the Asia Pacific market has entered a relatively mature stage of development, with growth becoming more stable.

Overall, while Pop Mart has achieved double-digit growth in the domestic market, many overseas markets are also accelerating in pace, and a pattern of synchronized growth across multiple regions is emerging.