Pop Mart Just Validated the Blind Box Category. Here Is How Konomocha Is Responding.

Pop Mart just dropped their 2025 annual results. Revenue up 185% to 37.1 billion yuan (USD 5.1 billion). Adjusted net profit up 284%. Overseas markets now account for over 40% of total sales.

The market did not applaud. The stock fell over 20%.

The reason is worth understanding. Labubu alone generated 14.2 billion yuan (USD 2.06 billion), which is 38% of total group revenue. Up from 23% the year before. The analysts looked at those numbers and saw a single point of failure dressed up as a success story. They are not entirely wrong.

What the results actually confirm, though, is something the industry has known for a while: the blind box mechanic works. Low entry price, collect-the-set dynamic, a Gen Z consumer base that creates its own marketing through unboxing content. The category sells itself once it is on shelf. Pop Mart did not invent this. They just scaled it better than anyone else.

The smarter read on those results is not “Labubu is too big.” It is “the market for original designer IP in this format is now worth 37.1 billion yuan and still growing at double digits.” That is not a bubble. That is a category.

Which is exactly why we just added Angel Toy to our portfolio.

Angel Toy is a Chinese original trend IP platform with a genuine Gen Z following. Not white-label product. Original, designer-led IPs with built-in fan communities and a track record of sell-through across Asian markets. The range covers blind boxes, blind bags, plush, PVC figures and accessories across five IPs: Clue B, Mr Pa, Laura, Monboo and MiKA.

The brand is now ready for EMEA and APAC distribution. USD 10,000 minimum order, shipped from Shenzhen, stock available immediately.

If you distribute into gift, toy or lifestyle retail and want to see the catalogue, get in touch.