Hong Kong's pop culture giant, Pop Mart (09992.HK), has recently become the focus of the capital market. On April 28th, its stock price surged 12.01% in a single day, closing at HKD 193, with a total market value exceeding HKD 259.2 billion, marking a historical high.

(Image source: uSMART HK)

This remarkable surge in stock price is closely tied to the explosive launch of new products. On April 24th, Pop Mart’s popular IP, LABUBU, released its third-generation plush rubber product series, "High Energy Ahead," which sparked a buying frenzy globally. At the same time, Pop Mart’s app saw outstanding performance overseas, ranking at the top of the U.S. App Store’s Shopping Chart on April 25th, and skyrocketing to fourth place on the overall free chart, jumping 114 spots in a single day. It has become another successful Chinese app making waves internationally.

Plush Products Become a New Growth Engine

Pop Mart's success is no longer reliant solely on blind boxes; its plush hanging products have become a key growth driver. These products, with their "fashionable accessory" appeal, have successfully expanded from collectible toys into the everyday accessories market, attracting more non-core customers. Notably, Pop Mart's plush hanging products are priced 40%-60% higher than blind boxes. While their gross margin is slightly lower than that of blind boxes, the higher unit price still helps boost overall operating profit margins.

Q1 Results Exceed Expectations, Explosive Growth in Europe and the U.S. Markets

Pop Mart, the pop culture giant, is experiencing an unprecedented period of rapid growth. According to the first-quarter financial report for 2025 released on April 22nd, total revenue in Q1 saw a significant year-on-year increase of 165%-170%. The Chinese market grew by 95%-100%, while overseas markets saw a staggering growth rate of 475%-480%. The Americas market saw an explosive growth of 895%-900%, and Europe grew by 600%-605%. The most remarkable highlight of Q1 was the explosive growth in the European and American markets, marking Pop Mart's swift transformation from a local Chinese brand into a truly global pop culture enterprise.

Overseas Strategy Upgraded, Strong Growth Momentum

Looking ahead, Pop Mart will continue to experience high growth in Southeast Asia. By the end of 2024, Pop Mart plans to have 10-12 stores in Southeast Asia (excluding Singapore), with expectations to increase to about 20 stores by 2025, maintaining high productivity. The U.S. market will be a key growth area for the coming years. The company plans to increase the number of stores in the U.S. from 20 in 2024 to over 40 by 2025. With the increasing popularity of its IPs and a growing product line, U.S. stores are expected to achieve strong same-store sales growth in 2025.

How to Buy Pop Mart on uSMART

After logging into the uSMART HK app, click on "Search" at the top right of the page, input the stock code to access the details page and view transaction details and historical trends. Then click the "Trade" button at the bottom right, select the "Buy/Sell" option, fill in the transaction conditions, and submit your order.

(Image source: uSMART HK)