Pop Mart: Valuation, Fundamentals, and the Mechanics of Growth
Research Article
Open Access
CC BY

Pop Mart: Valuation, Fundamentals, and the Mechanics of Growth

Jiayan Zhang 1*
1 Semiahmoo Secondary School
*Corresponding author: jiayan.zhang@surreyschools.ca
Published on 24 September 2025
Journal Cover
AEMPS Vol.219
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-80590-387-1
ISBN (Online): 978-1-80590-388-8
Download Cover

Abstract

This essay examines whether Pop Mart’s market valuation aligns with its fundamental performance and long-term growth strategy. It benchmarks trailing and forward P/E multiples as well as the PEG ratio against global toy and collectible industry peers, and correlates these metrics with the company’s revenue and EPS growth, margin expansion, inventory efficiency, and omnichannel scalability. The analysis also highlights key drivers of consumer engagement, including its “affordable luxury” positioning, the appeal of uncertainty and scarcity, identity expression, social validation via online sharing, and seamless online-to-offline experiences that foster repeat purchases. Strategically, the study reviews Pop Mart’s use of limited editions and collaborations, the blind-box model, omnichannel distribution—including flagship stores, Robo Shops, and e-commerce—as well as disciplined international expansion. Findings indicate strong top- and bottom-line growth accompanied by improving profitability. Scenario analysis links earnings trajectories and inventory turnover to forward valuation. Limitations include reliance on public disclosures and a lack of edition-level and cohort-based data, pointing to avenues for future research.

Keywords:

Pop Mart, drivers, valuation

View PDF
Zhang,J. (2025). Pop Mart: Valuation, Fundamentals, and the Mechanics of Growth. Advances in Economics, Management and Political Sciences,219,18-27.

References

[1]. Liu, Feier, Linfeng Lyu, and Kaize Yang. (2021) Analysis of Success Factors and Developing Potential of Pop Mart. 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021). Atlantis Press. 2901-2906

[2]. Song, Ziming. (2023) The Strategy Research of IP Image Design Based on Visual Context—Take “POP MART” as an Example. 4th International Conference on Language, Art and Cultural Exchange (ICLACE 2023). Atlantis Press. 274-282

[3]. Cai, Ruyao, (2020) Macroeconomic Analysis of POP Mart. Chulalongkorn University Theses and Dissertations (Chula ETD). 7364.

[4]. Zhao, Hanbing. (2025) Cultural Strategy and Identity Construction in Chinese Emerging Brands' Global Expansion: The Case of Pop Mart. Lund University Publications Student Papers. 9203080

[5]. Tee Josephine. (2021) Pop Mart: how millennial entrepreneur Wang Ning became a billionaire selling US$9 mystery Molly dolls from vending machines across China. Retrieved from https: //www.scmp.com/magazines/style/celebrity/article/3121164/pop-mart-how-millennial-entrepreneur-wang-ning-became?module=perpetual_scroll_0& pgtype=article

[6]. Jiang, Ruixuan. (2022) Analysis of Trend Culture from the Perspective of Social Currency: ---Taking the Pop Mart as an Example. BCP Business & Management18: 183-188.

[7]. Miller Kristi. (2025) Forecast Accuracy in Retail: How to Measure & Improve

[8]. Bincan, Tang. (2024) The Marketing Strategy Of Trendy Toys-A Case Study Of Pop Mart. Diss. Siam University. 6617195002.

[9]. Charlie Tian. (2024). Pop Mart International Group (HKSE: 09992) Days Inventory. Retrieved from Pop Mart International Group (HKSE: 09992) Days Inventory

[10]. Bobkilcoyne. (2025). Stockout. Retrieved from Stockout - Wikipedia

[11]. Bincan, Tang. (2024) The Marketing Strategy Of Trendy Toys-A Case Study Of Pop Mart. Diss. Siam University. 6617195002.

[12]. Clotfelter, Charles T., and Philip J. Cook. (1993) The gambler's fallacy in lottery play. Management Science 39.12: 1521-1525.

[13]. Kamal, А. М., and Shnarbekova, М. К. (2021). Modern trends in consumer behavior of young people in the digital age. ҚазҰУ Хабаршысы. Психология және әлеуметтану сериясы, 77(2), 127-132.

[14]. Qi, Ruiyuan. (2021) Strategic Direction for the Development of SMEs-Based on the Successful Experience of POP MART. 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021). Atlantis Press. 2352-5428

[15]. Li Yang. (2025) How Pop Mart Won Young Customers in a Fragmented Attention Economy. How Pop Mart Won Young Customers in a Fragmented Attention Economy.

[16]. Zhang Zhiyan. (2024) An Analysis of Consumer Behavior and Marketing Principles in Blind Box Purchasing A Case Study of Pop Mart. Retrieved from https: //www.researchgate.net/publication/379910691_An_Analysis_of_Consumer_Behavior_and_Marketing_Principles_in_Blind_Box_Purchasing_A_Case_Study_of_Pop_Mart

[17]. Chen, Xiaolin. (2021) Research on Blind Boxes Consumers---Taking Pop Mart as an Example. International Conference on Economic Development and Business Culture (ICEDBC 2021). Atlantis Press.

[18]. Gao, Jiahui, and Run Chen. (2022) Understanding consumer behaviors of Generation Z under China’s blind box economy: case company: POP MART. International Conference on Economic Development and Business Culture.

[19]. Zhen, Shiqi. (2025) Analysis Of Blind Box Marketing Strategies Driven By The Consumption Psychology Of Generation Z: A Case Study Of Pop Mart. Global Media and Social Sciences Research Journal 6.1: 124-130.

[20]. Qiu, Ting. (2020) Financial Analysis And Revenue Forecasts Of POP MART. Chulalongkorn University Theses and Dissertations (Chula ETD). 7187.

[21]. Fairfield, Patricia M. (1994) P/E, P/B and the present value of future dividends. Financial Analysts Journal 50.4: 23-31.

[22]. Aljaaidi, K., and O. Bagais. (2020) Days inventory outstanding and firm performance: Empirical investigation from manufacturers. Accounting 6.6: 1111-1116.

[23]. Khajeheian, Datis. (2018) Market analysis, strategy diagnosis and opportunity recognition in toy industry. International Journal of Entrepreneurship and Small Business 33.2 : 220-240.

References

[1]. Liu, Feier, Linfeng Lyu, and Kaize Yang. (2021) Analysis of Success Factors and Developing Potential of Pop Mart. 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021). Atlantis Press. 2901-2906

[2]. Song, Ziming. (2023) The Strategy Research of IP Image Design Based on Visual Context—Take “POP MART” as an Example. 4th International Conference on Language, Art and Cultural Exchange (ICLACE 2023). Atlantis Press. 274-282

[3]. Cai, Ruyao, (2020) Macroeconomic Analysis of POP Mart. Chulalongkorn University Theses and Dissertations (Chula ETD). 7364.

[4]. Zhao, Hanbing. (2025) Cultural Strategy and Identity Construction in Chinese Emerging Brands' Global Expansion: The Case of Pop Mart. Lund University Publications Student Papers. 9203080

[5]. Tee Josephine. (2021) Pop Mart: how millennial entrepreneur Wang Ning became a billionaire selling US$9 mystery Molly dolls from vending machines across China. Retrieved from https: //www.scmp.com/magazines/style/celebrity/article/3121164/pop-mart-how-millennial-entrepreneur-wang-ning-became?module=perpetual_scroll_0& pgtype=article

[6]. Jiang, Ruixuan. (2022) Analysis of Trend Culture from the Perspective of Social Currency: ---Taking the Pop Mart as an Example. BCP Business & Management18: 183-188.

[7]. Miller Kristi. (2025) Forecast Accuracy in Retail: How to Measure & Improve

[8]. Bincan, Tang. (2024) The Marketing Strategy Of Trendy Toys-A Case Study Of Pop Mart. Diss. Siam University. 6617195002.

[9]. Charlie Tian. (2024). Pop Mart International Group (HKSE: 09992) Days Inventory. Retrieved from Pop Mart International Group (HKSE: 09992) Days Inventory

[10]. Bobkilcoyne. (2025). Stockout. Retrieved from Stockout - Wikipedia

[11]. Bincan, Tang. (2024) The Marketing Strategy Of Trendy Toys-A Case Study Of Pop Mart. Diss. Siam University. 6617195002.

[12]. Clotfelter, Charles T., and Philip J. Cook. (1993) The gambler's fallacy in lottery play. Management Science 39.12: 1521-1525.

[13]. Kamal, А. М., and Shnarbekova, М. К. (2021). Modern trends in consumer behavior of young people in the digital age. ҚазҰУ Хабаршысы. Психология және әлеуметтану сериясы, 77(2), 127-132.

[14]. Qi, Ruiyuan. (2021) Strategic Direction for the Development of SMEs-Based on the Successful Experience of POP MART. 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021). Atlantis Press. 2352-5428

[15]. Li Yang. (2025) How Pop Mart Won Young Customers in a Fragmented Attention Economy. How Pop Mart Won Young Customers in a Fragmented Attention Economy.

[16]. Zhang Zhiyan. (2024) An Analysis of Consumer Behavior and Marketing Principles in Blind Box Purchasing A Case Study of Pop Mart. Retrieved from https: //www.researchgate.net/publication/379910691_An_Analysis_of_Consumer_Behavior_and_Marketing_Principles_in_Blind_Box_Purchasing_A_Case_Study_of_Pop_Mart

[17]. Chen, Xiaolin. (2021) Research on Blind Boxes Consumers---Taking Pop Mart as an Example. International Conference on Economic Development and Business Culture (ICEDBC 2021). Atlantis Press.

[18]. Gao, Jiahui, and Run Chen. (2022) Understanding consumer behaviors of Generation Z under China’s blind box economy: case company: POP MART. International Conference on Economic Development and Business Culture.

[19]. Zhen, Shiqi. (2025) Analysis Of Blind Box Marketing Strategies Driven By The Consumption Psychology Of Generation Z: A Case Study Of Pop Mart. Global Media and Social Sciences Research Journal 6.1: 124-130.

[20]. Qiu, Ting. (2020) Financial Analysis And Revenue Forecasts Of POP MART. Chulalongkorn University Theses and Dissertations (Chula ETD). 7187.

[21]. Fairfield, Patricia M. (1994) P/E, P/B and the present value of future dividends. Financial Analysts Journal 50.4: 23-31.

[22]. Aljaaidi, K., and O. Bagais. (2020) Days inventory outstanding and firm performance: Empirical investigation from manufacturers. Accounting 6.6: 1111-1116.

[23]. Khajeheian, Datis. (2018) Market analysis, strategy diagnosis and opportunity recognition in toy industry. International Journal of Entrepreneurship and Small Business 33.2 : 220-240.

Cite this article

Zhang,J. (2025). Pop Mart: Valuation, Fundamentals, and the Mechanics of Growth. Advances in Economics, Management and Political Sciences,219,18-27.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

About volume

Volume title: Proceedings of ICFTBA 2025 Symposium: Financial Framework's Role in Economics and Management of Human-Centered Development

ISBN: 978-1-80590-387-1(Print) / 978-1-80590-388-8(Online)
Editor: Lukáš Vartiak, Habil. Florian Marcel Nuţă
Conference website: https://2025.icftba.org/Galati.html
Conference date: 17 October 2025
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.219
ISSN: 2754-1169(Print) / 2754-1177(Online)

© 2024 by the author(s). Licensee EWA Publishing, Oxford, UK. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license. Authors who publish this series agree to the following terms:

1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this series.

2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this series.

3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See Open access policy for details).

For authors
For editors
For reviewers

Cookies are used by this site.
Copyright © 2024 EWA Publishing, its licensors, and contributors. All rights reserved, including text and data mining, AI training, and similar technologies.