In-depth Analysis and Long-term Competitiveness Evaluation of Pop Mart's "Content-free IP" Model

Pop Mart has built a unique business ecosystem through the “Content-free IP” model, establishing significant competitive advantages in the trendy toy sector with

and . Compared to Disney’s “content + emotion” model, Pop Mart has chosen a lighter asset, faster “image-driven” path, but faces different challenges and opportunities in terms of long-term sustainability.

Pop Mart’s “Content-free IP” is essentially an

[1], which is in sharp contrast to Disney’s story-driven IP:

• Low-cost rapid iteration
  : The cost of designing a new image is far lower than that of making a movie, enabling “small steps, rapid iteration” [2]
• Extremely high flexibility
  : Like a blank sheet of paper, it can cross-border co-brand with any brand or trend, with huge business imagination space [2]
• Social-driven communication
  : It is easy to become “social currency” such as emoticons and avatars, achieving viral spread in UGC [2]

Pop Mart is known as the “Zara of the trendy toy industry” [3], and its supply chain advantages are reflected in:

• Rapid response mechanism
  : It can quickly capture market changes, taking only 3 months from design to launch, while the traditional toy industry takes 6-12 months
• Large-scale production
  : Through batch production and standardized processes, it has achieved a high gross profit margin of 66.8% [4]
• Omni-channel layout
  : 401 offline stores have an annual revenue of 9.54 million yuan per store, and 2,300 robot stores generate 700 million yuan in revenue [5]

Pop Mart’s platform transformation is reflected in three levels:

• IP incubation platform
  : Cooperating with more than 350 artists worldwide, it has established a complete three-level IP system (85.3% of revenue from self-owned IP, exclusive IP, non-exclusive IP) [3]
• Channel integration platform
  : Dual-wheel drive of offline experience + online reach, with Douyin platform revenue growing by 112.2% and overseas e-commerce revenue surging by 1246.2% [5]
• Data-driven platform
  : Feeding back IP selection through sales data, forming a closed loop of “market verification - data feedback - precise incubation”

The 2024 financial report shows the effectiveness of platform transformation:

• Revenue exceeded 13.04 billion yuan
  , with a year-on-year growth of 106.9% [5]
• Overseas revenue accounted for nearly 40%
  , with a year-on-year growth of 375%, becoming a new growth engine [5]
• Members contributed 92.7% of sales
  , with 46.08 million registered members forming a super user ecosystem [5]

Dimension	Pop Mart	Disney
IP Type	Image-driven	Story-driven
Development Cost	Low cost (0.5 relative value)	High cost (100 relative value)
Development Cycle	Short cycle (3 months)	Long cycle (60 months)
Emotional Connection	Shallow connection	Deep emotional connection
Lifecycle	Relatively short (24 months)	Extremely long (360 months)
Business Model	Direct monetization of goods	Content → Experience → Consumption

:

• Higher capital efficiency
  : The efficiency of building IP is high, the cost is low, and the efficiency of direct monetization through goods is 10 times faster than Disney making movies and building parks [6]
• Market response speed
  : Can quickly capture changes in Gen Z consumption trends
• Globalization potential
  : Standardized products are convenient for global expansion, and overseas business has huge growth potential

:

• Emotional depth
  : Through grand narratives, consumers pay for the fate of characters, and emotional connections are more lasting [2]
• Whole industry chain synergy
  : Film and television, parks, and consumer goods form a strong commercial barrier with strong anti-risk capabilities [7]
• Cultural precipitation
  : Mickey Mouse has been popular for more than 90 years, and Zootopia also has a 10-year history [6]

Pop Mart has built multi-dimensional competitive barriers:

• IP selection capability
  : A team of more than 20 “trend experts”, who are from buyers and sensitive to changes in market and design trends [8]
• Industry chain position
  : Has priority opportunities in upstream IP resource signing and cooperation, and bargaining power in downstream channel layout negotiations has increased [8]
• Matthew effect
  : Has formed a strong IP full-link operation platform system, and the industry chain position has been significantly improved [8]

• IP lifecycle risk
  : Image IP lacks content support, leading to lower user stickiness than Disney; member repurchase rate dropped from 68% in 2021 to 41% in 2025 [3]
• Intensified market competition
  : More imitators entering the market push up exclusive IP licensing fees, which indirectly erodes ROI [1]
• Policy regulatory risk
  : The government may restrict blind box sales, especially for the youth market [1]
• Globalization management challenges
  : Overseas expansion and channel promotion costs are increasing day by day [1]

Pop Mart’s valuation needs to be considered from multiple dimensions:

• As an IP venture capital platform
  : More similar to the hit-or-miss investment portfolio model of venture capital institutions [1]
• As a consumer goods company
  : Has entered the mature consumer goods development stage, with stable cash flow generation capacity [8]
• As a cultural output platform
  : Unique positioning in the era of Gen Z consumption main force and the 3.0 era of national tide going overseas [9]

Key observation points in the next 18 months:

• Sustainability of top IP
  : Can 1-2 of the second-tier IPs replicate the growth path of The Monster and Molly? [1]
• Optimization of IP concentration
  : The revenue share of the top five IPs has dropped from 68% to 58%, can it be further optimized? [9]
• Non-financial leading indicators
  : Has there been a turning point in leading indicators such as second-hand market price changes? [1]

:

• Globalization process exceeds expectations, and overseas revenue accounts for more than 50%
• Successful platform transformation, continuous verification of IP incubation capabilities
• Incremental space brought by consumption upgrading in emerging markets (Southeast Asia, Latin America)

:

• Growth of top IP slows down, failing to cultivate new super IP
• Tighter regulatory policies affect the blind box model
• Intensified market competition leads to lower profit margins

Pop Mart’s “Content-free IP” model has created a

, establishing significant short-term competitive advantages with supply chain efficiency and IP selection capabilities. Compared to Disney’s “content + emotion” model, Pop Mart has chosen a lighter asset, faster development path, and has unique advantages in capital efficiency and global expansion.

However, the

of this model faces challenges:

• Insufficient depth of emotional connection
  may lead to shorter IP lifecycle
• Dependence on a single model
  makes anti-risk ability relatively weak
• Complexity of global management
  puts higher requirements on organizational capabilities

To achieve true long-term value, Pop Mart needs to gradually supplement the depth of “content IP” while maintaining the advantages of “image IP”, realizing the leap from “emotional container” to “cultural symbol”. As the industry analysis points out, “the starting point can be without a story, but the end must have ‘your’ story” [2].

For investors, Pop Mart represents a

investment target, and its valuation logic needs to shift from traditional consumer goods valuation to a composite valuation framework of “IP venture capital platform + cultural output carrier”. Before key observation indicators are verified, it is recommended to maintain a moderately cautious attitude.

[0] Jinling AI Data Analysis
[1] Yema Finance - “From Explosive Popularity to Controversy: How Long Can Pop Mart’s ‘Plastic Myth’ Last?”
[2] Sina Finance - “Revealing Two IP Models: Image IP Pop Mart VS Story IP Disney Marvel”
[3] Ebang Power - “How Long Can Pop Mart Last? | Super Product Insight”
[4] Yahoo Finance - “In-depth Analysis of Pop Mart’s Investment Value After a Surge of Over 200%”
[5] Sina Finance - “Pop Mart: Annual Revenue Exceeds 13 Billion Yuan, From Blind Box Player to Global IP”
[6] Huxiu - “The Stability of Disney’s Business Model is Higher Than That of Pop Mart”
[7] QQ News - “Can Pop Mart’s Boom Last or Even Surpass Disney?”
[8] East Money - “Investment Logic Profit Forecast, Valuation and Rating Risk Tips”
[9] 17173 News - “So Profitable? Stock Price Rises by 70%, Why Can Pop Mart’s Market Value Break Through 200 Billion Yuan?”