Chinese toymaker Pop Mart (9992.HK) has reported a stunning 396.5% surge in first-half net profit, driven by soaring global demand for its wildly popular Labubu dolls and stronger sales in higher-margin overseas markets.
The company also posted a 204.4% jump in revenue, exceeding its own forecast last month of 200% growth and at least 350% profit expansion. Shares in Pop Mart have rallied more than 200% year-to-date, pushing its market value beyond established industry giants such as Mattel and Sanrio, makers of Barbie and Hello Kitty respectively.
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Pop Mart’s success has been fuelled by its signature “blind box” sales model and the cult following of Labubu—its toothy-grinned “ugly-cute” character under the “The Monsters” IP. Celebrity endorsements from Blackpink’s Lisa, Rihanna, and David Beckham have further amplified the craze.
In the first half of 2025, The Monsters generated 4.81 billion yuan ($669.9 million), accounting for nearly 35% of total revenue. Four other franchises, including Molly and Crybaby, each earned over 1 billion yuan.
Pop Mart now operates 571 retail stores and 2,597 automated robot shops across 18 countries, with CEO Wang Ning pledging to boost Labubu’s supply. He revealed sales could surpass 10 million units per day from September.
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