Chinese plush toymaker Pop Mart shares surged 10.4% in Hong Kong to HK$310, pushing its market capitalization above HK$415 billion and setting a new record high.
At the company’s earnings briefing, CEO Wang Ning said Pop Mart is targeting RMB20 billion in revenue this year, adding that reaching RMB30 billion would also be relatively easy. The company also announced plans to launch a mini version of its popular Labubu figure in the near term and expects its 2025 net profit margin to be around 35%.
Pop Mart reported robust revenue and profit growth, boosted by global demand for its hugely popular Labubu dolls.
Revenue increased 204% year-on-year to 13.88 billion yuan ($1.93 billion) in the first half of 2025, according to an earnings statement Tuesday. That compares with 62% growth in the same period a year ago. Net income jumped 397% to 4.57 billion yuan.
The Beijing-based company is racing ahead with its global expansion plan, leveraging the worldwide craze over Labubus — a plush toy that has turned into a pop culture phenomenon in Western markets, particularly the US. The pointy-eared, sharp-tooth monsters’ popularity is due in part to the company’s blind-box packaging approach for many of its products, a draw for customers curious about what’s inside.
Founder and Chief Executive Officer Wang Ning said in a July interview with Chinese media that the company’s overseas growth has been much faster than expected.
He estimated that foreign sales are likely to exceed the domestic Chinese market in 2025, and that North America sales may surpass Southeast Asia’s this year. Pop Mart’s toys are generally priced higher — and generate bigger margins — in western markets than they do in China.
Earlier this month, Pop Mart opened a megastore in the landmark Bangkok shopping center Iconsiam. The company said in March that it plans to open around 100 more outlets outside the mainland in 2025.