Pop Mart: In the first half of the year, the revenue from plush products increased by 1276.2% to 6.139 billion yuan, accounting for 44.2% of the total revenue.

Pipi Mart's semi-annual report shows that in the first half of 2025, revenue from plush products reached 6.139 billion yuan, a year-on-year increase of 1276.2%, accounting for 44.2% of total revenue. Pipi Mart stated that the company focuses on IP, and by grasping the unique characteristics of different IPs, it creates a plush product line with significant differentiation. At the same time, leveraging LABUBU's experience in polyurethane plush products, based on polyurethane technology, combined with spray color technology and fashionable fabrics, it presents the characteristics of different IPs.