POP MART and TOP TOY see revenue surge, X11 fails IPO four times

POP MART's Q3 2025 revenue grew 245%–250%, while TOP TOY's Q3 revenue increased 111.4% to 575 million yuan. KK Group's IPO attempts failed four times, with cumulative losses of 7.636 billion yuan from 2020 to 2022. AI-generated

Why it matters：Comparing POP MART and TOP TOY's growth to reveal the key role of self-developed IPs in driving success.

Source：东方财富网 · Read the original ↗