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Blind boxes

Blind-box series, secrets and full-case buys.

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EventsSKULLPANDA × XG Japan‑Only Plush Pendant Pre‑Release at Shibuya TSUTAYA Pop‑Up, ¥4,510

POP MART Japan opened a SKULLPANDA pop‑up shop at Shibuya TSUTAYA on November 18, 2025 and offered an exclusive SKULLPANDA × XG plush pendant for pre‑sale. The pendant is priced at ¥4,510 and will be officially released on November 26 through the brand’s website and select stores. The pop‑up also features SKULLPANDA blind boxes, MEGA figures and a signing session with artist Xiong Miao.

泡泡玛特日本 POP MART JAPAN（PR TIMES） · Original ↗ ·
Blind boxLimitedShows/Pop-ups

ReleasesSKULLPANDA’s first pop‑up opens at Shibuya TSUTAYA on November 18, debuting Japan‑only XG collaboration items

POP MART Japan announced that the SKULLPANDA POP‑UP SHOP will run from November 18 to 25, 2025 at Shibuya TSUTAYA 1F in Tokyo. The pop‑up will debut Japan‑only SKULLPANDA × XG plush pendant and other items, and feature a signing event with artist Xiong Miao. Entry is by pre‑sale raffle and only electronic payment methods are accepted.

泡泡玛特日本 POP MART JAPAN（PR TIMES） · Original ↗ ·
POP MARTSKULLPANDABlind box

ReleasesGacha Brand “Panda’s Ana” 12th Anniversary 100th Item ‘Gyūgyū’ Scheduled for Release in December 2025

Takara Tomy Arts announced that its gacha brand “Panda’s Ana” will release the 100th commemorative item ‘Gyūgyū’ in late December 2025, marking the brand’s 12‑year anniversary. The product comes in four variants—cat, sheep, lemur and penguin—priced at ¥500 each, and a limited‑edition tote bag will be given to customers who purchase four units at participating stores. A “Panda’s Ana Gacha Demi‑Award” voting campaign will run from November 1 2025 to January 7 2026, letting fans choose the top designs.

多美 Arts（PR TIMES） · Original ↗ ·
Blind boxRaffle/Restock

CapitalPOP MART stock plunges 8.08% to hit largest single-day drop in six months

Dragged down by the broader HK new consumption sector, POP MART fell 8.08% to HK$250.4 on Oct 21. Despite Q3 earnings surging and JPMorgan raising the target price, the stock is down ~15% from its August peak. Meanwhile, new releases like LABUBU show high resale premiums, with the WHY SO SERIOUS hidden figure trading at 13.4x the retail price.

东方财富网 · Original ↗ ·
POP MARTLABUBUBlind box

IndustryTOP TOY, Kayou, and Hitcard Advance Hong Kong IPO Plans

In September, TOP TOY, owned by MINISO, filed its prospectus with the Hong Kong stock exchange, while the trading card company Hitcard was reported to be advancing its IPO process. Earlier this year, 52TOYS and Kayou also filed applications with the Hong Kong stock exchange.

MSN · Original ↗ ·
Global expansionFunding/IPORetail

IndustryTOP TOY Files for Hong Kong IPO, Secures 400 Million RMB Funding to Acquire Multiple Toy Companies

TOP TOY submitted a prospectus to the Hong Kong Stock Exchange on September 26, 2025, to go public. In the first half of 2025, the company reported revenue of 1.36 billion RMB, gross profit of 441 million RMB, and profit of 180 million RMB. As of June 30, 2025, it operated 293 stores with over 10 million members. In July 2025, it completed an A-round financing of approximately 427 million RMB, valuing the company at 9 billion RMB.

36氪 · Original ↗ ·
RetailBlind boxFigures/GK

IndustryPOP MART Ignites Art Toy IPO Rush: Feast or Blind Box Gamble?

In August 2025, POP MART reported 13.88 billion yuan in revenue, with its stock hitting a record high. The same month, TOP TOY, backed by MINISO, secured investment from Temasek at a post-money valuation of about 10 billion HKD. Major Chinese art toy brands like POP MART, Blokees, Kayou, and 52TOYS are rushing to list or file IPOs, accelerating their expansion into Southeast Asia.

36氪 · Original ↗ ·
Blind boxPOP MARTTOP TOY

ReleasesKotobukiya x BS11 launches online lottery “Kotobukiya Kuji”, first “Hibi wa Sugiredo Meshi Umashi” exclusive items on Aug 8

Kotobukiya Co., Ltd. has partnered with Japan’s BS11 to launch a new project on its online lottery service “Kotobukiya Kuji”. The first batch features exclusive items themed on the five members of the Food Culture Research Club from the anime “Hibi wa Sugiredo Meshi Umashi”, using newly drawn illustrations, and will go on sale on August 8, 2025 at 10:00 JST. Further rounds are in development.

寿屋 Kotobukiya（PR TIMES） · Original ↗ ·
LimitedNew releaseRaffle/Restock

Events52TOYS Brings NOOK, CiCiLu and More to QDF Toy Show

At the 2025 QDF Toy Show, 52TOYS set up a 'Sunshine Bistro' booth featuring NOOK, CiCiLu, POUKA POUKA, and new IP NINNIC. The event launched CiCiLu 'Shi Guai Zai Ba' figures, NOOK 'OOTD' plush series, and NINNIC 'Pepper Thief' new releases, with many items selling out.

52TOYS 新闻 · Original ↗ ·
Blind boxVinyl plushFigures/GK

OpinionWhy LABUBU is the world's most coveted bag charm: Celebrity and resale market drive hype

LABUBU is a blind box figure from POP MART that has gone viral due to celebrity endorsements from Lisa, Rihanna, and others. With over 300 variants, the official retail price is around US$32 per box, but limited editions can reach US$7,000 on the resale market. Some UK stores temporarily halted sales due to fighting, and the manufacturer is adjusting the release mechanism.

Yahoo · Original ↗ ·
Blind boxPOP MARTLABUBU

Industry52TOYS Files for Hong Kong IPO, Targeting Main Board Listing

52TOYS filed for a Hong Kong IPO on May 22, targeting a Main Board listing, with Citi and Huatai International as joint sponsors. According to the prospectus, 52TOYS is China's second-largest multi-category IP toy company by 2024 GMV. The company relies mainly on licensed IPs, with sales of licensed products rising from 50.2% in 2022 to 64.5% in 2024, but high licensing costs result in lower gross margins than POP MART.

36氪 · Original ↗ ·
Global expansionFunding/IPORetail

Industry52TOYS Yangzhou MixC Store Officially Opens

52TOYS opens its first store in Yangzhou MixC, located by the Slender West Lake. The store features original IP 'CiCiLu', NOOK, and the dinosaur 'Dio', alongside products like Stitch, Crayon Shin-chan, and Strawberry Bear. Promotions include discounts and gifts during the opening.

52TOYS 新闻 · Original ↗ ·
Blind boxStitchCrayon Shin-chan

EventsTakara Tomy Arts and its subsidiary Penny open “GACHA MATSURI” gacha specialty store at Kansai International Airport (March 18, 2025)

Takara Tomy Arts and its subsidiary Penny will open the “GACHA MATSURI” gacha store on March 18, 2025 at Kansai International Airport’s Terminal 1. The venue will house 155 gacha machines, a ceiling fireworks projection activated by inserting empty capsules, and staff in happi coats, offering a festival‑style experience that celebrates gacha’s 60‑year anniversary and seeks to boost on‑site sales.

多美 Arts（PR TIMES） · Original ↗ ·
Blind boxShows/Pop-upsCards/TCG

ReleasesTakara Tomy Arts launches Gacha 60th Anniversary with new blind‑box figure series PERIHAPI!

Takara Tomy Arts marked the Gacha® 60th anniversary on February 17 2025 with a “Gacha Day” launch and a #Gacha60th social‑media campaign. It also introduced the new blind‑box figure line PERIHAPI!, featuring six Hello Kitty‑themed characters (plus two secret figures) priced at ¥1,870 each, slated for release in Japan and other Asian markets in August 2025.

多美 Arts（PR TIMES） · Original ↗ ·
Blind boxSanrioKuromi

ReleasesTakara Tomy Arts releases Disney & Pixar ‘Nui Pan’ bread-shaped plush series, launching Feb 15 2025

Takara Tomy Arts will launch the ‘Character Bakery Nui Pan’ line on February 15 2025, featuring 22 bread-shaped plush figures of Disney and Pixar characters across two sub-lines (plush S and chain-strap mascots) priced between ¥2,200 and ¥2,640. The release is accompanied by original-art accessories such as enamel badges, sticker sets and three-piece acrylic keychains, available through toy and hobby retailers and online stores across Japan.

多美 Arts（PR TIMES） · Original ↗ ·
Vinyl plushDisneyBlind box

OpinionFrom Niche Hobby to Industry: Nine New ACG Business Ecosystems

The report notes China's ACG user base reached 503 million in 2024 with a market size near 600 billion. It analyzes nine new business ecosystems including themed dining, merch economy, fan creation, training, cosplay, virtual idols, concerts, city landmarks, and IP tourism.

36氪 · Original ↗ ·
MerchBlind boxArt toys

EventsTakara Tomy Arts to Open Theme‑Park Gacha Store “Gacha World” in Tokyo on November 22, 2024

Takara Tomy Arts and its subsidiary Penny will open a large‑scale gacha specialty store called “Gacha World” inside TOYLO PARK at Ito‑Yokado Ario Kameari in Tokyo’s Katsushika Ward on November 22, 2024. The venue will feature 501 gacha machines and paper‑board installations such as a roller‑coaster, castle and Ferris wheel, creating an immersive amusement‑park‑style experience and marking the group’s first major store using recyclable paper displays.

多美 Arts（PR TIMES） · Original ↗ ·
Theme parksShows/Pop-upsCards/TCG
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