by SONG Jianan

Pop Mart said products outside its blockbuster Labubu franchise accounted for about 50% of revenue in the United States, its largest overseas market, last year, amid investor concerns over the company's reliance on a single character.

The disclosure comes as investors debate whether the Chinese toy maker can sustain its rapid overseas growth if demand for Labubu cools.

Speaking on June 10, SI De, chief operating officer of Pop Mart, said non-Labubu products already generate the majority of revenue in markets including Japan, South Korea and Southeast Asia.

"Other Pop Mart franchises are also seeing strong growth and attracting large numbers of users and fans, but they are often overshadowed by Labubu's popularity," Si said. He cited Twinkle Twinkle as one of the company's fastest-growing characters in Asia.

Pop Mart's overseas business expanded rapidly in 2025, with overseas revenue rising 291.9% year-on-year to 16.27 billion yuan (US$2.4 billion), accounting for 43.8% of total group revenue. Revenue from the Americas surged 748.4% to 6.81 billion yuan.

Much of that growth was driven by Labubu. Revenue from the THE MONSTERS franchise, which includes the character, reached 14.16 billion yuan in 2025, representing 38.2% of the company's total revenue.

Several other franchises have also become major revenue contributors. Skullpanda generated 3.54 billion yuan in revenue last year, while Twinkle Twinkle recorded revenue of 2.06 billion yuan, up 1,602% from a year earlier.

Pop Mart has been investing in newer franchises such as Skullpanda and Hirono, even as it continues to develop the Labubu brand through projects including a film being produced with Sony Pictures Entertainment, which is scheduled for release in 2028.

The company's overseas growth has slowed this year. In the first quarter of 2026, revenue growth in Asia-Pacific markets excluding Greater China slowed to 25%-30%, while the Americas and Europe grew 55%-65%, well below the pace recorded a year earlier.

Si said in May that last year's overseas growth was largely driven by Labubu, which attracted many first-time customers who were still unfamiliar with the company's other franchises.

Analysts remain divided on the outlook. Morgan Stanley expects Pop Mart's sales to grow about 13% this year, while HSBC forecasts growth of 9.6%. By contrast, Deutsche Bank predicts a 2% decline in sales, warning that demand for Labubu may be peaking in overseas markets.