Pop Mart 1H25 Profit Soars 397%, Driven by Labubu Demand

Pop Mart reported a 396.5% increase in net profit and a 204.4% rise in revenue for the first half of the year, driven by strong global demand for its Labubu doll and expansion into higher-margin overseas markets.

The company’s performance exceeded forecasts in an earnings preview last month, which had projected at least 200% revenue growth and a recurring net profit increase of 350%.

Shares of Pop Mart have gained more than 200% year-to-date, making the Chinese toy company more valuable than established brands such as Mattel and Sanrio.

Pop Mart’s product strategy centers on selling collectible figurines in “blind boxes,” where customers do not know the design until opening the packaging. Its most popular character, Labubu, classified under “The Monsters” intellectual property, generated 4.81 billion yuan (US$669 million) in the first half, representing 34.7% of total revenue.

Four other intellectual properties, including Molly and Crybaby, each recorded over 1 billion yuan in revenue during the same period.

The company said it will increase Labubu production following consistent sellouts. Wang Ning, CEO, Pop Mart, told state media last month that sales of Labubu could reach 10 million units per day starting in September.

Pop Mart now operates 571 stores worldwide, including 40 new openings in the first half of the year, and runs 2,597 automated retail outlets across 18 countries and regions.