Pop Mart International Group, a Beijing-based pop-culture collectibles giant, continues to drive growth by accelerating the rollout of its new intellectual property (IP) series and expanding its business categories.

On Feb 27, the company launched its latest offering, the Merodi After School Series Figures. The series features 12 figures, alongside a secret edition, I Am Fierce. Each blind box is priced at 69 yuan ($10), and a full set costs 828 yuan.

However, the release of its new series has raised some questions about its IP development strategy.

According to the Dewu App, the I Am Fierce secret edition has seen a price rise in the secondary market, reaching a peak of 374 yuan — over 4.4 times its original rate.

However, compared to some of its more established IPs, such as Labubu, Twinkle Twinkle and Crybaby, the latest series experienced more muted demand.

For instance, Labubu's secret edition "ID" from the Big Into Energy Series (Labubu 3.0) climbed from 99 yuan to a peak of 4,522 yuan.

Despite this, the company's pace of new IP releases has been relentless.

On the same day as the Merodi launch, the company's Angry Molly Plush Series sold out in a minute across its official WeChat program and Tmall flagship store, with more than 7,000 units snapped up. The price of its secret edition, such as Blue Fire, went up to 566 yuan from 89 yuan, according to the Dewu app.

The company announced another new IP, Key A, on the same day as the Merodi After School series launch. Key A's inaugural collection is scheduled for release on March 13.

The number of new IPs launched annually was estimated to have risen sharply from 29 in 2024 to 57 in 2025.

Pop Mart said recently that its IP products exceeded 400 million units sold globally in 2025. Its flagship IP, The Monsters (comprising Labubu), contributed strongly to these numbers, generating 4.81 billion yuan in revenue in the first half of 2025 alone.

At its peak, The Monsters series accounted for 34.7 percent of the company's total IP revenue. However, this heavy reliance on a single IP has raised concerns in the market, with only Twinkle Twinkle emerging as a breakout success among its newer properties.

In addition, the company has expanded its IP ecosystem beyond collectibles. In January, the Pop Bakery was launched. It features exclusive products such as Skullpanda ice cream.

The toy maker also partnered with Honor to release a limited-edition smartphone. On Valentine's Day this year, the Twinkle Twinkle IP collaborated with the Beast Family, offering a variety of themed home products.