To The Moon

$Pop Mart International Group Limited(POPMF)$ $POP MART(09992)$

Pop Mart is on fire! On April 25, 2025, the company’s app clinched the No. 1 spot in the U.S. App Store’s Shopping category—a first for the Chinese toymaker. The same day, the LABUBU 3.0 series sold out instantly during its online launch in mainland China, sending fans into a frenzy. Pop Mart’s stock (9992:HK) soared 12% on April 28, hitting a new all-time high after a 350% rally in 2024. With LABUBU’s global popularity exploding, investors are asking: Is it too late to jump on this money machine? Can new IPs like Crybaby keep the momentum going? And between Molly and Labubu, which reigns supreme? Let’s dive into Pop Mart’s meteoric rise and what’s next.

Labubu 3.0: A Global Sensation

The LABUBU 3.0 series, part of the Norse mythology-inspired “The Monsters” collection, launched globally on April 24, 2025. Priced at 99 yuan ($13.50) in China and $28 in the U.S., the colorful set of seven figurines sold out in minutes, with resale prices for co-branded items skyrocketing to 14,000 yuan from an original 599 yuan, according to posts on X. Pop Mart’s app soared 114 spots to rank fourth overall on the U.S. App Store on April 25, topping the Shopping category for the first time. This frenzy builds on LABUBU’s 2024 success, where “The Monsters” series sales jumped from 368 million RMB to 3 billion RMB, making it the second-highest revenue-generating IP after Molly.

LABUBU’s appeal isn’t new—it exploded in 2024 after Blackpink’s Lisa shared her “Macarons” series on Instagram, sparking a craze across Southeast Asia, especially Thailand. The Tourism Authority of Thailand even named LABUBU an “Amazing Thailand Experience Explorer,” with themed travel packages expected to attract 20,000 visitors. The world’s first LABUBU-themed store in Bangkok’s Mega Bangna raked in $1.4 million on its opening day, setting a record for Pop Mart’s overseas stores.

Is It Too Late to Invest in Pop Mart?

Pop Mart’s stock has been a rocket, up 350% in 2024 and another 12% on April 28, 2025, hitting an all-time high. The company’s 2024 revenue reached 13.04 billion RMB, a 106.9% year-on-year increase, with profits doubling to 3.4 billion RMB. International sales, especially in North America and Europe, surged 375%, driven by LABUBU’s global appeal. But with such a meteoric rise, is the party over for investors?

Bull Case

• Global Expansion: Pop Mart is doubling down on North America and Europe, opening stores in iconic locations to boost brand recognition. Southeast Asia alone contributed 560 million RMB in H1 2024, and the U.S. App Store win signals strong Western demand.

• IP Powerhouse: Beyond LABUBU, Pop Mart’s portfolio is robust—13 IPs exceeded 100 million RMB in sales in 2024. The company’s focus on “cross-boundary integration” with artists and brands keeps its offerings fresh.

• Cultural Momentum: The “kidult” trend—adults collecting nostalgic toys—is growing, especially among 18-29-year-old women with disposable income. Pop Mart’s blind box model, likened to gambling for its thrill, keeps fans hooked.

Bear Case

• Valuation Concerns: After a 350% surge, Pop Mart’s stock may be overbought. A 9% correction in late 2024, despite the year’s gains, shows volatility. If LABUBU’s hype fades, the stock could pull back.

• IP Fatigue: LABUBU’s resale prices have softened since Pop Mart increased supply to improve accessibility. Analysts warn that no IP can sustain frenzy forever—Q4 2025 may face challenges due to a high base.

• Competition and Risks: Scams and counterfeits, especially in Thailand, have hurt Pop Mart’s reputation. Regulatory pressures in new markets and the trend-driven nature of collectibles pose risks.

Verdict: It’s not too late to invest, but caution is key. Pop Mart’s growth trajectory and global expansion suggest more upside—analysts like Morgan Stanley predict strong earnings upgrades in 2025. However, a potential pullback to $180-$190 from its current $210 could offer a better entry point for risk-averse investors.

Crybaby and New IPs: The Next Big Thing?

Pop Mart isn’t a one-trick pony. The Crybaby series, created by Thai artist Molly Yllom, saw a 1500% revenue increase in 2024, capitalizing on its “it’s okay to cry” message. Popular in Thailand before LABUBU’s rise, Crybaby’s collaboration with The Powerpuff Girls—featuring teary-eyed Blossom, Bubbles, and Buttercup—has won over collectors. Pop Mart’s Q1 2025 revenue grew 165%-170% year-on-year, with Crybaby and new IPs like the Nezha series (tied to China’s highest-grossing Ne Zha 2 film) driving sales. Overseas markets, especially the Americas and Europe, saw 475%-480% growth, per Citibank reports.

I’m confident in Crybaby’s potential. Its emotional resonance and regional appeal—think Crybaby-themed stores in Bangkok—mirror LABUBU’s early success. Pop Mart’s strategy of tailoring IPs to local cultures, like the Dimoo One Day with Koala series in Australia, ensures sustained growth. However, Crybaby needs to scale globally to match LABUBU’s impact, and Pop Mart must innovate to avoid IP fatigue.

Molly vs. Labubu: The Ultimate Showdown

Molly and LABUBU are Pop Mart’s crown jewels, but which one’s better?

• Molly: The OG star, designed by Hong Kong artist Kenny Wong, has been a steady revenue driver since 2016. In H1 2024, Molly generated 782 million RMB, 17% of Pop Mart’s revenue, outpacing LABUBU’s 627 million RMB. Known for her blonde hair, green eyes, and pouty expression, Molly’s versatility—spanning series like “Astronaut” and “ROYAL MOLLY”—keeps her a collector favorite.

• Labubu: The new kid on the block, created by Kasing Lung, is a mischievous Nordic monster with pointed ears and serrated teeth. LABUBU’s 292% revenue growth in H1 2024 and global craze—fueled by Lisa’s endorsement—make it a cultural phenomenon. Its plush toys and vinyl figures, like the sold-out LABUBU 3.0, are hotter than ever.

My Pick: LABUBU edges out Molly for me. Its quirky charm and global viral appeal, especially among Gen Z and Millennials, give it an edge. Molly’s a classic, but LABUBU’s momentum feels unstoppable—think resale prices jumping from 599 yuan to 14,000 yuan for LABUBU 3.0 co-branded items.

Revenue Comparison (H1 2024)

Visualizing Pop Mart’s Stock Surge

This chart captures Pop Mart’s explosive 350% growth in 2024, with the latest 12% jump pushing it to $210.

The Bottom Line

Pop Mart’s LABUBU 3.0 frenzy shows no signs of slowing, with global demand and app rankings signaling a cultural juggernaut. The stock’s 12% surge on April 28 reflects investor confidence, but its high valuation warrants caution—wait for a dip to $180-$190 for a safer entry. Crybaby and new IPs like Nezha have big potential, especially with Pop Mart’s knack for cultural integration. Between Molly and LABUBU, I’m Team LABUBU for its viral edge. Pop Mart’s money machine is still churning—don’t miss the ride, but board wisely.

What’s your take? Are you betting on Pop Mart, or waiting for a pullback? Drop your thoughts below!

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📝 Disclaimer: This post is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.

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