What happened in China On March 25, 2026, Pop Mart held its 2025 Annual Results Announcement in Beijing — and the numbers were, by any conventional measure, extraordinary. Revenue reached 37.12 billion yuan ($5.1 billion), up 184.7% year on year. Adjusted net profit rose 284.5% to 13.08 billion yuan ($1.8 billion). Its top IP, THE MONSTERS — home to the now-ubiquitous Labubu character — generated 14.16 billion yuan ($1.95 billion) in revenue alone, up 365.7%. The overseas story was equally dramatic. Overseas business accounted for 43.8% of total revenue in 2025. The Asia-Pacific region outside China generated 8.01 billion yuan ($1.1 billion), up 157.6%. The Americas market surged 748.4% to 6.81 billion yuan ($940 million). Pop Mart entered Denmark, Germany, the Philippines, and Canada during the year, expanded into more than 30 cities including Berlin, Rome, Copenhagen, and Toronto, and ended 2025 operating 630 retail stores and 2,637 vending…