The LABUBU family has an annual revenue of 14.16 billion, Wang Ning calls for "slowing down the growth rate," and Pop Mart's stock price drops over 20% in a single day.

This article is sourced from: Time Finance Author: Li Xinting

“2025 is indeed a very special year. We are like a rookie race car driver, quickly pulled onto the F1 track. Whether as drivers or as the race cars themselves, there is actually a lot of pressure.” On March 25, at the earnings release conference, Bubble Mart founder, chairman, and CEO Wang Ning said.

In 2025, Bubble Mart (09992.HK) achieved revenue of 37.12 billion yuan, a year-on-year increase of 184.7%; adjusted net profit was 13.08 billion yuan, a year-on-year increase of 284.5%. The adjusted net profit margin was 35.2%.

Despite a significant increase in net profit and holding a large amount of cash, Bubble Mart has become more cautious about dividends. According to the announcement, the board of directors proposed a final dividend of 2.3817 yuan per share for the fiscal year 2025, with the total amount of the final dividend expected to be approximately 3.194 billion yuan; meanwhile, Bubble Mart did not declare a dividend for the mid-term of 2025.

In 2025, Bubble Mart’s domestic market revenue was 20.852 billion yuan, an increase of 134.6% year-on-year. The overseas market, composed of three major segments: Asia-Pacific, Americas, and Europe and other regions, generated revenue of 16.27 billion yuan, a year-on-year increase of 291.9%.

Despite achieving high growth in the past year, the capital market remains cautious about Bubble Mart’s future. After announcing its earnings on March 25, Bubble Mart’s stock price fell sharply. By the end of trading, Bubble Mart’s stock price had dropped by over 20%. Some analysts pointed out that the drop in stock price may be due to the sales of non-LABUBU IP products not meeting expectations.

The financial report shows that in 2025, products from THE MONSTERS family, which includes LABUBU, generated revenue of 14.16 billion yuan, with another five IPs exceeding 2 billion yuan in revenue, but none reaching 4 billion yuan.

As a result, Bubble Mart faces the anxiety of “where is the next LABUBU.”

                      At the earnings briefing, Wang Ning spoke.            

LABUBU remains the “sales champion”

The matrix of many popular IPs is the cornerstone of Bubble Mart’s revenue growth.

In 2025, Bubble Mart had a total of 17 IPs with revenue exceeding 100 million yuan.

THE MONSTERS, to which LABUBU belongs, is undoubtedly the “sales champion” among Bubble Mart’s IPs. In 2024, the revenue of LABUBU family products first exceeded 3 billion yuan. In 2025, Bubble Mart successively launched the LABUBU “High Energy Ahead” series and Mini LABUBU “Heart Code” series, with the revenue from the LABUBU family reaching 14.16 billion yuan, a year-on-year increase of 365.7%, accounting for nearly 40% of the company’s total revenue.

In addition to the LABUBU family, in 2025, Bubble Mart’s other five major IPs—SKULLPANDA, CRYBABY, MOLLY, DIMOO, and Star People—also saw revenue exceed 2 billion yuan.

Among them, SKULLPANDA generated revenue of 3.54 billion yuan, a year-on-year increase of 170.6%; CRYBABY generated revenue of 2.93 billion yuan, an increase of 151.4%; MOLLY generated revenue of 2.897 billion yuan, an increase of 38.4%; DIMOO generated revenue of 2.78 billion yuan, an increase of 205.3%; while the new IP Star People, launched in August 2024, achieved revenue of 2.06 billion yuan, a year-on-year increase of 1602%. According to Time Finance statistics, the LABUBU family’s revenue is almost equivalent to the total revenue of the aforementioned five major IPs.

“LABUBU is very fortunate to have become a world-class IP… it’s like a gold mine, and we believe that its value extraction has just begun.” Clearly, Wang Ning has even greater ambitions for this super IP.

Bubble Mart’s Chief Operating Officer Si De revealed at the earnings release that LABUBU will launch a 4.0 series and an artist collaboration series in the second half of this year. In addition, LABUBU will make an appearance at the World Cup in June. The LABUBU family’s 10th anniversary global tour continues to land in various countries.

From a medium to long-term planning perspective, LABUBU will have picture books, films, and other content forms, all in the preparation stage. On March 19, Bubble Mart and Sony Pictures jointly announced the latest progress for the LABUBU movie, with both parties planning to develop a live-action animated film around the LABUBU family. “The movie has now entered the script stage, and we hope to better present the worldview of the LABUBU family through this content,” Si De said.

The financial report shows that Bubble Mart’s cash and cash equivalents increased from 6.109 billion yuan as of December 31, 2024, to 13.775 billion yuan as of December 31, 2025.

The next super hit has yet to appear

With ample cash flow, Bubble Mart is also trying to broaden its IP business models.

After launching the Bubble Mart City Park in 2023, Bubble Mart successively introduced innovative businesses such as the jewelry brand popop and the dessert brand POP BAKERY in 2025. Additionally, Wang Ning revealed that in April, Bubble Mart will launch IP-centric derivative small home appliances for sale on e-commerce platforms like JD.com.

However, for the capital market, rather than frequently trying out new ventures, Bubble Mart perhaps needs to find the next blockbuster.

In 2025, revenue from LABUBU family products accounted for a staggering 38.1%. In comparison, the revenue share of the five major IPs—SKULLPANDA, CRYBABY, MOLLY, DIMOO, and Star People—ranged from 5.5% to 9.5%. As LABUBU becomes the revenue pillar of the group, the question “where is the next LABUBU?” has become something that Bubble Mart needs to respond to the market.

                      Image source: unsplash           

Since 2025, Bubble Mart’s speed of new IP launches has significantly accelerated. According to incomplete statistics from Time Finance, from November 2025 to now, over the past four months, Bubble Mart has successively launched four new IPs: Little Hat Hatti, Supertutu, After School Merodi, and Key A. However, these IPs have yet to make a splash in the market. Bubble Mart’s Tmall flagship store shows that the current sales of the Supertutu series blind boxes exceed 1,000 units, while the Key A series blind boxes have sales of just over 100 units.

In 2019, Bubble Mart officially collaborated with LABUBU family designer Long Jiasheng, and in 2024, LABUBU became a global hit. Looking at LABUBU’s popularity cycle, the short-term sales of Bubble Mart’s new IPs cannot yet confirm whether those IPs will become blockbusters, but in the process of incubating the next super hit, Bubble Mart also needs to endure the volatility of the capital market.

It is worth noting that after experiencing a surge in performance, Bubble Mart has lowered its performance growth target for 2026.

“This year, we aim for a growth rate of no less than 20%,” Wang Ning stated at the earnings release. Compared to the doubling growth of 2025, this is clearly a significant drop in growth expectations.

“We are still a consumer goods and trendy culture entertainment company that sells products and builds channels. Although last year saw super rapid growth, we actually hope that our (performance) is a linear and healthy growth.” Wang Ning emphasized.