Analysis of Core Differences in Business Models Between Pop Mart and Disney and Their Long-Term Investment Value

Based on the latest data obtained and in-depth analysis, I will comprehensively analyze the core differences in business models between Pop Mart and Disney and their long-term investment value for you.

Pop Mart adopts the path of ‘IP-ization without content’, with the core being

rather than creating them. According to the first-half 2025 financial data [1], the company’s revenue was 13.88 billion yuan, a year-on-year increase of 204.4%, and net profit was 4.71 billion yuan, a year-on-year increase of 362.8%. This explosive growth mainly relies on its unique business model:

• Pop Mart acts as the infrastructure for artists to monetize, and increases the probability of success by signing top and potential artists [2]
• Adopts an S/A/B/C four-level IP classification system, dynamically adjusts resource allocation according to market performance
• The core IP Labubu generated 4.81 billion yuan in revenue in the first half of 2025, accounting for 34.7% of the company’s total revenue [1]

• Product design emphasizes visual impact and collection value rather than in-depth story construction
• Uses blind box mechanism to create a scarcity social experience, forming a consumption closed loop of ‘sharing photos - planting grass - following trends’
• A fast-response supply chain system that can quickly adjust product strategies according to market feedback

Disney adopts a content-driven IP full-industry chain development model:

• Build IP depth and emotional connection through content such as movies and animations
• Establish a complete ecosystem from content creation to theme parks and merchandise licensing
• Each IP has rich story backgrounds and character settings, forming a strong emotional barrier

• At the end of 2025, Disney invested 1 billion US dollars to cooperate with OpenAI, combining more than 200 super IPs with the Sora model [3]
• Realize the ‘modeling’ of IP through AI technology, allowing characters to appear in countless new contents at extremely low marginal cost
• Built a full-link AI production capability from creative generation to final production

• The global direct operation network covers 571 stores in 18 countries, with high channel control [1]
• Established a flexible and responsive business model that can quickly respond to market changes
• Strong supply chain management capability: Labubu’s production capacity increased from 10 million units in the first half of the year to an average of 50 million units per month at the end of the year [4]

• More than 3,000 foreign employees, with 100% localized management in some regions [1]
• Formed a complete ecological chain of artist discovery, IP incubation, and commercial monetization
• Strong user community ecosystem: 90% of more than 100,000 WeChat communities are spontaneously established by users [2]

• Nearly a century of content accumulation forms irreplaceable cultural assets
• Each character has rich story connotations and cross-generational emotional connections
• Maintains IP’s continuous vitality and adaptability to the times through content creation

• The combination of AI technology and a huge IP library creates new competitive barriers
• Realizes the digitization and modeling of IP assets, greatly improving monetization efficiency
• Establishes full-industry chain technical advantages from creativity to production to distribution

1. Significant Progress in Globalization Strategy
   : The proportion of overseas revenue increased in the first half of 2025, with Asia-Pacific revenue of 2.85 billion yuan (+257.8%) and American revenue of 2.26 billion yuan (+1142.3%) [1]
2. Diversified Growth Drivers
   : In addition to Labubu, IP matrices such as SKULLPANDA and CRYBABY are being formed [5]
3. Relatively Reasonable Valuation
   : The current stock price is about HK$194,回调 40% from the peak, with a market value evaporation of over HK$200 billion [1]

1. Over-reliance on a Few IPs
   : Labubu accounts for 35% of revenue, with high risk of single IP fluctuations [1]
2. Questionable Growth Sustainability
   : US ‘Black Friday’ sales growth dropped from four digits to below 500% [4]
3. Intensified Market Competition
   : China’s blind box market penetration rate has reached 35%, and the high base effect inhibits growth [4]
4. Increased Short Selling Pressure
   : The short selling ratio rose to 6.3%, the highest since August 2023 [4]

1. Continuous Release of IP Value
   : Realizes the multiplier effect of IP assets through AI technology
2. Cross-generational Emotional Connection
   : Content IP has stronger vitality and inheritance value
3. Deepened Technology Moat
   : 1 billion US dollars investment in OpenAI to build long-term technical advantages

1. Content Creation Risks
   : High-cost content production has uncertainty in market acceptance
2. Complexity of Technology Integration
   : Deep integration of AI and IP requires time and large investment

• Strong cultural adaptability: Products can be accepted without in-depth cultural background
• Fast-response supply chain supports global expansion
• Localized management teams deeply understand the local market

• Lack of experience in building high-end retail systems in European and American markets
• Challenges in maintaining brand high-endization and scarcity
• Need to re-establish brand awareness in different cultural backgrounds

• Content IP has cross-cultural communication advantages
• Heavy assets such as theme parks establish long-term market positions
• Technology platforms support global content distribution

1. Introduced LVMH executive Wu Yue to join the board of directors to enhance brand operation and internationalization capabilities [1]
2. Labubu Version 4.0 will be launched in 2026, and Sony Pictures has obtained the film adaptation rights [5]
3. Accelerated supply chain localization, with 10-20% of overseas production capacity already in Vietnam [5]

1. Short-term growth slowdown may lead to further valuation adjustments
2. Challenges in IP lifecycle management, requiring continuous incubation of new IPs
3. Operational risks and cultural adaptation issues in overseas expansion

Pop Mart’s ‘IP Platformization’ model has strong growth momentum and profitability in the

, but faces challenges in IP lifecycle management in the . Compared with Disney’s ‘Content IP-ization’ model, Pop Mart’s advantages lie in execution speed and market response capability, but its disadvantages are IP depth and cultural precipitation.

can indeed support the rapid expansion of the globalization strategy, but to maintain long-term valuation growth, the company needs to achieve breakthroughs in the following aspects:

1. Content Upgrade
   : Add story connotations to IP through animation, movies, etc.
2. Technology Empowerment
   : Use new technologies such as AI to improve IP operation efficiency
3. Ecosystem Construction
   : Transform from product sales to IP ecosystem operation

Pop Mart’s model is more suitable for

, while Disney’s model is more suitable for . Each has its own advantages, and investors should choose according to their investment period and risk preference. For investors pursuing high growth, Pop Mart still has investment value after valuation回调, but they need to pay close attention to IP lifecycle management and overseas expansion progress.

---

[0] Jinling API Data
[1] The Time Weekly - 'Luxury Goods