On March 25, Bubble Mart International Group (9992.HK) released its 2025 financial report, with revenue of 37.12 billion yuan (RMB, the same below), a year-on-year increase of 184.7%, and adjusted net profit of 13.08 billion yuan, a year-on-year increase of 284.5%. The group’s revenue exceeded 30 billion yuan for the first time, and the revenue of THE MONSTERS, where LABUBU is located, exceeded 10 billion yuan for the first time.
In 2025, THE MONSTERS, where LABUBU is located, will become a global hit and become a world-class IP, with revenue reaching 14.16 billion yuan, a year-on-year increase of 365.7%. Thanks to the differentiated IP operation strategy, the revenue of six major IPs including SKULLPANDA, CRYBABY, MOLLY, DIMOO, and Xingxingren exceeded 2 billion, and 17 IP revenue exceeded 100 million. In the first half of 2025, the number of IPs exceeding 100 million was 13.
THE MONSTERS series has also further expanded the offline activity scene. Bubble Mart has become the first Chinese fashion brand in a century to use an original fashion IP image to appear on the Macy's Thanksgiving float. In March this year, Bubble Mart also announced with Sony Pictures that both parties would develop a live-action animated film around THE MONSTERS.
Currently, Bubble Mart's IP is showing a diversified trend under differentiated operation paths. The financial report disclosed that during the period, SKULLPANDA achieved revenue of 3.54 billion yuan, a year-on-year increase of 170.6%; CRYBABY achieved revenue of 2.93 billion yuan, a year-on-year increase of 151.4%; MOLLY, as the company's most representative classic IP, BABY MOLLY, ANGRY MOLLY and other diverse forms have been born one after another. 2026 is the 20th anniversary of MOLLY's birth. MOLLY's 20th anniversary theme exhibition has launched tours in many places around the world; DIMOO achieved revenue of 2.78 billion yuan, a year-on-year increase of 205.3%.
In 2025, Bubble Mart's plush category achieved revenue of 18.71 billion yuan, a year-on-year increase of 560.6%, becoming the product category with the highest proportion of the company's revenue for the first time.
Bubble Mart will make its first large-scale organizational structure adjustment in 2025, operating 630 stores worldwide, with a net increase of 109 stores throughout the year, operating 2,637 robot stores, a net increase of 165 robot stores throughout the year, and opening its first offline stores in Germany, Denmark, Canada and the Philippines. In addition, Bubble Mart has opened flagship stores in landmark locations in Bangkok, Shanghai, Sydney and other cities.
It is worth noting that in 2025, Bubble Mart will perform well in the Chinese market, with annual revenue of 20.85 billion yuan, a year-on-year increase of 134.6%. There will be a net increase of 14 offline stores in the Chinese market, with the number of stores reaching 445. As of December 31, 2025, the total number of registered members in mainland China was 72.58 million, with 26.5 million new registered members. Members contributed 93.7% of sales, and the member repurchase rate was 55.7%.
But what is intriguing is that Bubble Mart's stock price plummeted in the afternoon today, once falling by more than 15%, touching HK$182.8. In this regard, some market analysts believe that although Bubble Mart's overall revenue is good, especially the LABUBU series revenue that exceeded 10 billion yuan for the first time, it also shows that LABUBU's contribution to Bubble Mart's overall performance is too high. If one IP occupies a higher proportion of revenue, the development of other IPs will be relatively weak, and Bubble Mart is a company with diversified IPs. From an investment perspective, "eggs cannot be put in one basket", otherwise it will be considered risky by the market. At present, IPs such as Xingrenren are also on the rise, but overall, they still cannot surpass the influence of LABUBU.
