In-Depth Analysis of the IP Co-Branding Partnership Between Pop Mart and Honor

According to exclusive reports from Science and Technology Innovation Board Daily and IT Home on January 12, 2026, Honor will soon launch an IP co-branding collaboration with Pop Mart [1]. Well-known digital blogger @Digital Chat Station revealed that Pop Mart will release a “trendy play phone” this month, which is highly likely to be a collaboration with a mainstream youth-focused mobile phone brand [1]. This news marks an important step for Pop Mart in expanding into the consumer electronics channel.

Pop Mart, a Hong Kong-listed company (09992.HK), showed impressive growth momentum in 2025. According to the company’s financial report data, in the first half of 2025, it achieved revenue of RMB 13.876 billion, a substantial year-on-year increase of 204.4%; adjusted net profit reached RMB 4.71 billion, a year-on-year increase of 362.8%, which has exceeded the full-year net profit level of 2024 [2][3].

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Looking at existing cases, IP co-branding collaborations in the consumer electronics channel can bring significant performance growth to Pop Mart. According to industry research reports, Pop Mart has established licensing partnerships with mainstream consumer electronics brands such as OPPO, vivo, and Xiaomi [4]:

Collaboration Case	Collaboration Form	Business Outcome
OPPO Reno15 Series × LABUBU	Co-branded Customized Products	IP elements integrated into mobile phone products, enhancing premium pricing potential
vivo X Series	Strategic Collaboration	Multi-dimensional co-branded marketing to reach young users
Xiaomi Ecosystem	IP Licensing Collaboration	Development of digital peripherals, enriching product categories

From the perspective of revenue structure, derivatives and other categories (including digital peripherals, home goods, building blocks, etc.) accounted for approximately 12% of revenue in 2024, but have huge growth potential [5]. Pop Mart’s management clearly stated that cross-industry co-branding can extend IP reach to consumers’ 24-hour life scenarios, which not only enhances brand exposure but also smooths out cyclical fluctuations in the figure category, forming a “second growth curve” [5].

The channel advantages of consumer electronics brands provide Pop Mart with significant brand exposure opportunities. Taking vivo’s collaboration with Disney as an example, a single TVC material received 43.14 million views, and the total exposure of promotional materials during the entire campaign exceeded 500 million [6]. This level of brand exposure is of great value for Pop Mart to expand the boundaries of its user base and attract non-core trendy play consumers.

More importantly, the user groups of consumer electronics products highly overlap with Generation Z. According to data from the National Bureau of Statistics, the scale of Generation Z in China (born between 1995 and 2009) is approximately 260 million, accounting for nearly 20% of the total population [5]. This group’s consumption motivation shows a distinct shift from “material satisfaction” to “emotional pleasure”, “social recognition” and “self-expression”, which highly aligns with the positioning of trendy play products.

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Pop Mart has currently built an omni-channel network covering 37 countries worldwide, including 571 offline stores, 2,597 robot stores, as well as online e-commerce and blind box vending machines [3]. However, expanding into the consumer electronics channel has unique strategic value:

1. Scene Penetration
   : Consumer electronics products (such as mobile phones, headphones, smart wearables) are high-frequency daily-use products for consumers, and IP co-branding can achieve penetration into consumers’ 24-hour life scenarios.

2. Price Range Expansion
   : Consumer electronics products usually have relatively high unit prices, and IP co-branded models can often achieve a 50-100% premium, opening up a sales channel for high unit-price products for Pop Mart.

3. User Base Expansion Beyond Niche
   : Consumer electronics brands have a huge user base, which can help trendy play IPs break through their original niche and reach a wider range of potential consumers.

Pop Mart is evolving from a single blind box manufacturer to an “IP entire industry chain operator” [3]. Expanding into the consumer electronics channel is an important part of its business model innovation:

• Product Form Innovation
  : Integrate trendy play IPs with consumer electronics products to develop digital peripherals such as phone cases, earphone cases, and customized products, enriching the product matrix.
• Depth of Brand Co-branding
  : Evolve from simple IP licensing to in-depth customized collaborations, such as themed mobile phones and limited-edition gift sets, to enhance the commercial value of the collaboration.
• Marketing Synergy
  : Leverage the marketing resources of consumer electronics brands to achieve synergies in brand exposure and user acquisition.

Globally, there are successful precedents of cross-industry collaborations between trendy play IPs and consumer electronics. Pop Mart’s co-branding collaborations with brands such as Vans and Coca-Cola, as well as blind box products in collaboration with Genshin Impact, have received positive market responses [7]. Among them, collaborative products with Disney and the Mickey Mouse family achieved over 100% growth on the Dewu platform [7].

These cases indicate that cross-industry collaborations between trendy play IPs and consumer electronics brands can generate a “1+1>2” synergy effect, with the two parties complementing each other in brand positioning, target users, and marketing resources.

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Pop Mart has established significant competitive barriers in the field of trendy play IP operation:

• IP Matrix Advantage
  : In the first half of 2025, 13 artist IPs each generated over RMB 100 million in revenue. Among them, THE MONSTERS (including LABUBU), MOLLY, SKULLPANDA, CRYBABY, and DIMOO achieved revenues of RMB 4.814 billion, RMB 1.357 billion, RMB 1.221 billion, RMB 1.218 billion, and RMB 1.105 billion respectively [3].
• Entire Industry Chain Layout
  : A complete business closed-loop has been formed, covering IP incubation, design and production, promotion, and omni-channel sales.
• Globalization Capability
  : The proportion of overseas business revenue, which further increased from 38.9% in 2024, reached 30% in the first half of 2025, with a year-on-year growth rate of approximately 400% [3][5].

According to a research report from Cinda Securities, the adjusted net profit of Pop Mart is predicted to reach RMB 13.925 billion, RMB 19.48 billion, and RMB 23.625 billion in 2025-2027, corresponding to EPS of RMB 10.37, RMB 14.51, and RMB 17.59 respectively [5]. The current stock price corresponds to P/E ratios of 18.33x, 13.10x, and 10.80x, indicating a favorable safety margin in valuation.

Expanding into the consumer electronics channel will bring Pop Mart:

• Incremental revenue sources (growth in derivatives and licensing revenue)
• Expanded user scale (reaching existing users of consumer electronics brands)
• Enhanced brand value (strengthening the youthful and fashionable brand image)

• Collaboration Implementation Risk
  : The collaboration between Honor and Pop Mart is still in the rumor stage, with specific collaboration forms and commercial terms yet to be announced, leading to uncertainties in implementation.
• Market Competition Risk
  : Consumer electronics brands may collaborate with multiple IPs simultaneously, dispersing marketing resources.
• Macroeconomic Risk
  : Both the consumer electronics industry and trendy play consumption are affected by the macroeconomic environment, and their growth rates may slow down.

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The IP co-branding collaboration between Pop Mart and Honor

, mainly due to the following reasons:

1. Channel Synergy Effect
   : The high-frequency usage scenarios of consumer electronics products can penetrate consumers’ daily 24-hour lives, significantly increasing IP exposure and reach efficiency.

2. User Base Expansion Opportunity
   : Leveraging Honor’s user base, Pop Mart can reach a wider range of young consumer groups and expand the boundaries of its core user pool.

3. Business Model Innovation
   : Expansion into the consumer electronics channel enriches product forms and price ranges, forming a diversified revenue structure of “figures + plush toys + MEGA + derivatives”.

In the long term,

, which is not only an incremental revenue source but also an important exploration of brand potential enhancement and business model innovation. With its strong IP operation capabilities, global layout, and entire industry chain advantages, Pop Mart is expected to replicate its successful experience in the trendy play industry in this new channel field.

Pop Mart has grown from the “first trendy play stock” into a globally influential IP operation platform. Its cross-industry collaboration with consumer electronics brands marks the upgrading of China’s trendy play industry from “product going global” to “brand going global” and “culture going global”, which has important industry demonstration significance.

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[1] IT Home - “Honor Reportedly Launching IP Co-Branding Collaboration with Pop Mart” (https://www.ithome.com/0/912/505.htm)

[2] Securities Times Network - “The King of Blind Boxes Sees Explosive Performance!” (https://www.stcn.com/article/detail/3193029.html)

[3] Securities Times Network - “Analysis of Pop Mart’s H1 2025 Performance” (https://www.stcn.com/article/detail/3193029.html)

[4] Industry Research Report - “Pop Mart Licensing Collaboration Agreements (Including OPPO, vivo, Xiaomi)” (https://public.fxbaogao.com/report-image/2025/06/21/4913528-1.png)

[5] Cinda Securities - “The Evolution from Trendy Play Giant to Global IP Ecosystem Platform” (https://testtoo1.oss-cn-hangzhou.aliyuncs.com/eastmoney_pdf/AP202511211785447179.pdf)

[6] Jiemian News - “IP Co-branding Becomes a Powerful Tool for Niche Expansion! Chengshi Culture Unlocks Numerous New Approaches for IP Business in 2025” (https://www.jiemian.com/article/13793296.html)

[7] EC Innovations - “Pop Mart’s Labubu Sells Out Overseas: Why Is This Blind Box Superstar Taking the World by Storm?” (https://www.ecinnovations.com.cn/blog/pop-marts-labubu-sells-out-overseas-why-is-this-blind-box-superstar-taking-the-world-by-storm/)