Pop Mart and other female-focused consumer brands have seen strong stock performance over the past year, as China’s “she economy” gains momentum. As of June 6, multiple mutual funds heavily exposed to these companies have posted impressive returns.
Why it matters: The rise of female-driven consumption is reshaping China’s investment landscape, fueling growth in niche lifestyle and entertainment sectors. Fund managers are increasingly betting on brands that resonate with younger, urban women, highlighting the market power of this demographic.
Details: As of June 6, multiple fund products heavily invested in Pop Mart-related targets have shown impressive performance.
- For example, products such as Guangfa Growth Leading One-Year Holding A, Shenwan Lingxin Lerong One-Year Holding A, and Hengyue Craftsmanship Preferred One-Year Holding A have all achieved year-to-date returns exceeding 50%.
- Equally remarkable are Mixue Group and Mao Geping, which have performed strongly like Pop Mart. Mixue Group, listed in March this year, saw its stock price fluctuate upward, reaching HKD 618.5 ($78.8) per share before pulling back for two consecutive days, yet still posting an 85% gain year-to-date. On June 4, Hong Kong-listed high-end beauty brand Mao Geping surged 11.26%, hitting a new historical high with the company’s shares closing at HKD 127.5 ($16.24) each, and a market capitalization of about HKD 62.5 billion ($7.96 billion).
According to preliminary statistics by China’s media outlet Yicai, of the fund managers with a high proportion of holdings in Pop Mart, nearly half are women, significantly higher than the industry average of 27% female fund managers.
Context: The financial strength of brands like Pop Mart and Mao Geping provides key insights into the economic power of China’s female consumers.
- Labubu, a brand under Chinese pop toy giant Pop Mart, has rapidly gained global recognition in recent months. In the first quarter of 2025, Pop Mart’s revenue in China surged approximately 165% —170% year-on-year, while its overseas sales soared nearly 480%. Although the company did not disclose specific revenue figures for this period, its total revenue for 2024 reached RMB 13.04 billion ($ 1.83 billion), with RMB 7.97 billion ($ 1.12 billion) generated from the Chinese market.
Mao Geping Cosmetics, founded by one of China’s most renowned makeup artists, made a high-profile debut on the Hong Kong Stock Exchange with a $270 million IPO on December 10, 2024, reflecting the rising prominence of C-beauty brands. According to its financial report, Mao Geping achieved a revenue of RMB 3.885 billion in 2024, representing a 34.6% year-over-year increase. The company’s gross profit reached RMB 3.278 billion ($0.46 billion), with an impressive gross margin of 84.4%. Net profit for 2024 was RMB 881 million ($122.69 million), up 32.8% compared to the previous year.
