Top 20 Global Toy and Accessories Companies (2025 Semi-Annual Edition)
Looking at the figures from the past six months, here are the top 20 global toy and related companies: LEGO, Pop Mart, Disney, Bandai... Last week (August 27), the LEGO Group released its financial report for the first half of 2025, showing revenue of 34.6 billion Danish kroner (approximately 38.448 billion yuan), a year-on-year increase of 12%; and 13.8 billion Danish kroner (approximately 7.227 billion yuan), a year-on-year increase of 10%.
A few months ago, Wenchuangchao compiled a list of the top 20 global toy and merchandise companies based on 2024 data.
Today, we'll look at the first half of 2025 based on the latest figures released by these companies.
The top 20 are: LEGO, Pop Mart, Disney, Bandai, Mattel, Hasbro, Aichu, Spin Master, Happinet, Games Workshop, Funko, Dome, Build-A-Bear, Sega, Jakks Pacific, Sanrio, Bruco, Hybe, Delin International, and Furyu.
It's important to note that many large companies haven't yet released their latest data, leading to some omissions in this list. For example, companies like Capcom, Goodsmile Company, The Pokémon Company, and Fanatics, which should theoretically be on the list, are not included.
However, we can still observe some trends. Chinese companies, represented by Pop Mart, have risen in the rankings as their revenue has increased, while Sanrio, Hybe, and other copyright holders have seen significant increases in merchandise revenue.
In the first half of the year, Pop Mart's toy revenue surpassed Bandai's, ranking second in the world. However, it still lags significantly behind Lego, the number one brand, and its revenue is close to that of the third, fourth, and fifth-ranked brands. Moreover, Bandai, Hasbro, and Mattel have more diversified IP development strategies, resulting in overall revenue that surpasses Pop Mart's.
LEGO: Strengthening Japanese IP Licensing and Global Supply Chain Construction to Consolidate its Dominant Position in the Building Block Category
For decades, LEGO has firmly held the position of the world's leading building block brand, strongly linking its products with values such as fun, education, family bonding, and social interaction, achieving high premiums. The group's gross profit margin has been around 70% for the past five years.
In the first half of 2025, LEGO will continue to consolidate its dominant position through new product launches, its IP portfolio, global supply chain, marketing, and distribution channels.
In the first half of the year, LEGO released 314 new products, a record high for the company. Best-selling series included the LEGO City (space exploration theme), the Technic (F1 racing collaboration), and the Plant Collection (sales surged for Valentine's Day and Mother's Day).
Regarding IP collaborations, new series such as *Bluey* and *One Piece* were launched, and a new LEGO Pokémon series is planned for next year.
In the first half of the year, LEGO's operating cash flow was approximately RMB 6.56 billion, a decrease of 21% year-on-year; free cash flow was approximately RMB 1.89 billion, a decrease of 43% year-on-year, mainly due to continued high investment and increased tax payments.
LEGO launched the "She Creates" global marketing campaign, aimed at inspiring girls' creative building, and also held building experience events in 54 countries and regions as part of the United Nations Play Day.
Pop Mart: Plush toys surpass figurines in revenue, with the Americas market growing more than 11 times.
In the first half of 2025, Pop Mart's revenue was approximately RMB 13.876 billion, a year-on-year increase of 204.4%; net profit was approximately RMB 4.682 billion, a year-on-year increase of 385.6%.
Pop Mart's Brief Performance in the First Half of 2025
Pop Mart divides its global market into four major segments: China, Asia Pacific, the Americas, and Europe and Others.
In the first half of the year, its revenue in the Chinese market was approximately RMB 8.283 billion, a year-on-year increase of 135.2%;
Revenue in the Asia Pacific region was approximately RMB 2.851 billion, a year-on-year increase of 257.8%;
Revenue in the Americas market was approximately RMB 2.265 billion, a year-on-year increase of 1142.3%;
Revenue in Europe and other regions was approximately RMB 478 million, a year-on-year increase of 729.2%.
In terms of revenue, Pop Mart's largest growth in the first half of the year still came from its home market of China; in terms of growth rate, its fastest-growing region in the first half of the year was the Americas.
In terms of users, as of the end of June, Pop Mart's registered members in mainland China reached 59.12 million, an increase of 13.04 million compared to six months ago.
In terms of IPs, Pop Mart had 13 IPs generating over 100 million RMB in revenue in the first half of the year. Among them, Labubu (THE MONSTERS) contributed approximately 4.814 billion RMB in revenue, surging from 13.7% of total revenue in the same period last year to 34.7%.
MOLLY, SKULLPANDA, CRYBABY, and DIMOO also generated over 1 billion RMB in revenue, approximately 1.357 billion, 1.221 billion, 1.218 billion, and 1.105 billion RMB respectively.
Pop Mart stated that LABUBU, a member of the THEMONSTERS family, has joined the ranks of world-class IPs. The third-generation LABUBU vinyl plush series, "High Energy Ahead," launched in the first half of the year, sparked a global craze, and the "Weird Convenience Store" series of figurines also gained immense popularity among fans.
MOLLY launched the BABYMOLLY "Pocket Friend" vinyl plush keychain in the first half of the year to provide companionship and comfort to fans. ROYALMOLLY and SPACEMOLLY continued their high-end strategy, engaging in cross-sector content collaborations and creating the ANGRY MOLLY character based on emotional expression and facial features.
SKULLPANDA's key products in the first half of the year included the "Light Weaving Garden" plush keychain and the "Gate of Advance and Retreat" series of figurines. CRYBABY's key products included the "Tears of Cupid" series of figurines and the "Leopard Cat" vinyl plush keychain. DIMOO launched a Disney co-branded series, developing a full range of products.
In terms of product categories, Pop Mart's plush product revenue reached approximately RMB 6.139 billion in the first half of the year, accounting for 44.2% of total revenue, up from 9.8% in the same period last year, making it the largest product category. Revenue from figurines, MEGA, derivative products and others was approximately RMB 5.176 billion, RMB 1.007 billion and RMB 1.554 billion, respectively.
Disney, Sanrio, and Hybe: Major IP Owners See Significant Revenue Growth in Merchandise Sales
In the first half of the year, Disney's consumer products sales in its experiences business reached $1.941 billion, a year-on-year increase of approximately 3.5%.
Disney's main IPs in this segment include Mickey and Friends, Star Wars, Spider-Man, Disney Princesses, Lilo & Stitch, Frozen, The Avengers, Winnie the Pooh, and Toy Story, covering categories such as toys, apparel, games, home products, accessories, beauty products, food, stationery, and consumer electronics.
Disney's consumer products business has supported a number of contract manufacturers. For example, Delin International, one of the plush toy suppliers for Disney parks, saw its plush toy revenue reach approximately HK$1.324 billion in the first half of 2025, a year-on-year increase of 11.66%.
Delin International stated that this growth was mainly driven by demand from visitors to Asian theme parks. Due to US tariff policies, Delin International has expanded its production capacity outside of China.
In the first half of 2025, Sanrio's total sales reached ¥83.215 billion, a year-on-year increase of 47.4%, with operating profit of ¥30.91 billion, a year-on-year increase of 89.5%.
Of this, domestic sales in Japan reached ¥28.624 billion, a year-on-year increase of 42.8%, with operating profit of ¥5.978 billion, a year-on-year increase of 85.2%, making it the business with the highest domestic revenue share, accounting for more than half.
Sanrio's merchandise sales benefited from the growth in domestic customer traffic and the continued growth in inbound sales. Sales to foreign tourists remained at a high level of approximately 40%, with both average transaction value and customer volume increasing.
As of the end of June, Sanrio's membership service "Sanrio+" had approximately 2.76 million members.
The joint anniversary celebrations for My Melody's 50th anniversary and Choco's 20th anniversary continued, the 40th "2025 Sanrio Character Awards" were successfully held, and numerous other character anniversary events were held, with many character-themed merchandise selling well both domestically and internationally. Meanwhile, the collaboration with the popular character Chiikawa on a merchandise line has been a huge success, contributing significantly to the sales.
The image above shows the top five most popular items on Sanrio's official online store: Honey Bunny Hair Clip, Wheat Cloud Elf Plush Keychain, Wheat Cloud Elf Mascot Keychain, Flower Bunny Hair Clip, and Hello Kitty Box Stickers.
The list shows that home decor items are the best-selling, reflecting items with recent promotions and high popularity. For example, six Wheat Cloud Elf items made it into the top ten, mainly due to its 10th anniversary this year, which saw the release of commemorative products and pop-up stores – a result of active promotion.
HYBE, which manages entertainment groups such as BTS and SEVENTEEN, saw its revenue from merchandise and licensing exceed 2 billion RMB in 2024. In the first half of this year, its revenue grew to 259.338 billion Korean Won (approximately 1.33 billion RMB), a 40% year-on-year increase, ranking third among all business segments.
Bandai: New Gundam Anime Drives Toy Sales Surge, Pretty Cure and Tamagotchi Products Sell Well
In the first half of 2025, Bandai Namco Group's sales reached ¥586.28 billion, a year-on-year increase of 4.92%, while operating profit was ¥52.917 billion, a year-on-year decrease of 6.21% (affected by a year-on-year decline in the first quarter).
Specifically, the toy business saw half-year sales of ¥279.639 billion, a year-on-year increase of 10.76%, while operating profit was ¥33.155 billion, a year-on-year decrease of 7.63%.
Bandai's toy sales decline was mainly due to a year-on-year decrease in the first quarter. Second-quarter sales reached ¥146.893 billion, a year-on-year increase of 10.6%, while operating profit was ¥28.571 billion, a year-on-year increase of 6%.
Looking specifically at the first half of the year's sales rankings for Bandai's IP toys, the Gundam IP saw a surge in popularity, driven by the airing of the new TV anime *Mobile Suit Gundam GQuuuuuuX* and the opening of the "Gundam Next Future Pavilion" at the Osaka Kansai Expo. Toy sales rebounded to the top of the list, reaching 43.4 billion yen, a year-on-year increase of 18.9%.
Notably, the overall revenue from the Gundam IP reached a record high of 65.4 billion yen in the second quarter, with strong sales of Gunpla, figures, trading cards, and candy toys.
Bandai released over 30 Gunpla models and nearly 50 "TAMASHII NATIONS" branded collectible figures in the second quarter. Furthermore, the new Gundam trading cards released in July in 54 countries and regions worldwide performed exceptionally well, receiving numerous positive reviews.
*One Piece* ranked second in IP sales, with 40.6 billion yen in sales, a year-on-year increase of 12.47%. Its trading card business continues to grow steadily.
Dragon Ball ranked third with sales of 12.8 billion yen, a year-on-year decrease of 1.54%; Pretty Cure had the largest increase with sales of 5.2 billion yen, reaching 36.84%; in addition, Kamen Rider, Anpanman and Ultraman all saw year-on-year declines, with Ultraman's decline reaching 37.84%.
Mattel relies on Hot Wheels toy cars, while Magic: The Gathering becomes Hasbro's growth engine.
In the first half of 2025, the US toy market continued its recovery. Circana data shows that in the first four months of this year, sales reached $7.7 billion, a year-on-year increase of 6%, with sales volume increasing by 3% and average selling price rising by 2%.
However, the market growth was mainly driven by new Pokémon products and trading cards, such as Pokémon TCGs and NFL player trading cards.
Under the influence of factors such as tariffs, major European and American toy manufacturers such as Mattel, Hasbro, SpinMaster, Funko, and Jakks faced considerable pressure.
In the first half of the year, Mattel's revenue was $1.845 billion, a year-on-year decrease of 2%; net profit was $13 million, a year-on-year decrease of 54%.
Mattel was mainly pressured by the continued weakness in the North American market. In the second quarter, its sales in North America decreased by 16%, which was partially offset by a 7% increase in international markets.
In terms of product categories, Mattel's cars and action figures performed particularly well, with the Hot Wheels brand leading the way, contributing to $407 million in car sales in the second quarter, a 10% year-over-year increase. Action figures, building block sets, games, and other products saw combined sales growth of 16% to $264 million. Mattel's toy sales fell 19% in the second quarter due to declining Barbie sales. Sales of toys for infants and preschoolers fell 25%, influenced by Fisher-Price, baby products, and Power Wheels.
To replicate the success of last year's Barbie movie, Mattel has increased its investment in entertainment content. The Hot Wheels brand will collaborate with Warner Bros. on a live-action film, directed by Jon M. Chu, director of films such as *Now You See Me 2* and *Crazy Rich Asians*. An animated Barbie movie will also be released in collaboration with Illumination Entertainment.
Hasbro has gradually found the "secret" to Magic: The Gathering's continued success: tournaments and IP collaborations.
Hasbro's CEO revealed in an earnings call that *Tarzan: Dragon's Descent*, released in April, is expected to become the highest-grossing standard format mainstream series ever. The *Magic: The Gathering: Final Fantasy* collaboration set, released in June, broke the sales record for the "Cosmic Beyond" collaboration series with $200 million in a single day. *The Lord of the Rings: Tales of Middle-earth* achieved similar sales figures in six months in 2023.
Next, Magic: The Gathering will launch a Marvel's Spider-Man collaboration in September and an Avatar: The Last Airbender collaboration in November.
Currently, the average age of Magic: The Gathering players is 35, with most having played for over 5 years, demonstrating extremely high loyalty. With the increasing number of IP collaborations, the number of Magic: The Gathering players is also growing, with this year's tournament ticket sales increasing by 20% compared to last year, and approximately 9,000 stores worldwide now participating.
JAKKS Pacific reported revenue of $232.3 million for the first half of 2025, a 3% year-over-year decrease. Sales of cosplay costumes declined by 13%, while the core toy/consumer products business remained stable.
JAKKS executives noted that a significant portion of the decline stemmed from the cancellation of large orders in the second quarter, when tariffs reached 145%.
Funko, once dubbed the "American Pop Mart," primarily produces large-headed dolls for adult consumers and holds licenses from numerous top international companies such as Disney, Warner Bros., and Universal. However, its performance has consistently been poor, resulting in years of losses. Recently, it replaced its CEO with someone who previously led the consumer products team at Netflix.
Domi: Targeting the Kidult (older children) Consumer Group for Brand Development
In the first half of 2025, Domi's sales reached 114.742 billion yen, a year-on-year increase of 12.87%, with operating profit of 6.383 billion yen, a year-on-year increase of 11.83%.
In the first half of 2025, Domi's sales in its three main toy categories—children's toys, fashion toys, and action toys—reached 13 billion yen (a year-on-year increase of 6.56%), 1.9 billion yen (a year-on-year decrease of 29.63%), and 24 billion yen (a year-on-year increase of 42.86%), respectively. TCGs were categorized under action toys.
Domi's trading card sales significantly outperformed the same period last year in the first half of the year. Combined with the contribution from the latest children's arcade game, *Pokémon Friends*, launched last July, Domi achieved double-digit revenue growth.
Furyu: Overseas Sales of Character Merchandise Grow Significantly
In the first half of 2025, Furyu's sales reached 20.735 billion yen, a year-on-year increase of 2.32%, while operating profit was 887 million yen, a year-on-year decrease of 1.99%.
Among them, the photo booth machine business and the game and animation business both declined year-on-year, with only the worldview business achieving growth. The toy business became Furyu's only profitable business.