Hong Kong-listed Pop Mart shares closed at record HKD 316.00 after having soared HKD 35.20 or 12.54% on Wednesday. The rally came after the company reported a nearly 400% surge in net profits for the first half, fueled by robust demand for its signature Labubu dolls—notably among high-margin overseas customers.
Pop Mart’s CEO Wang Ning declared on Wednesday that the fast-rising toy maker is on pace to achieve—and possibly exceed—its audacious revenue goal of CNY 20 billion ($2.78 billion) for 2025.
Wang, who spoke to analysts following a blowout half-year earnings announcement, suggested that this year’s sales could hit CNY 30 billion ($4.18 billion) “quite easily,” buoyed by popularity in premium international markets.
As Pop Mart cements its status as a pop culture phenomenon, especially with celebrity fans like Rihanna and David Beckham, the company is scaling up its ambition. Wang highlighted that revenue from North America and Asia-Pacific is on course to match China’s 2024 levels this year, underlining the company’s rapid global expansion trajectory.
In the U.S., where the brand has already opened about 40 stores, Wang signaled an accelerated rollout, with at least 10 new outlets expected by year-end and a period of “relatively rapid store openings” in the next couple of years. The company is also eyeing expansion opportunities across emerging markets including the Middle East, Central Europe, and Latin America.
Pop Mart’s successful “blind box” collectibles strategy—where customers buy sealed packages without knowing which variant they’ll get—continues to underpin its explosive sales.
Labubu, a breakout character from the “The Monsters” series created by artist Kasing Lung, accounted for CNY 4.81 billion ($670 million) and more than a third of revenue in the first half of the year. Other popular lines, including “Molly” and “Crybaby”, each surpassed CNY 1 billion in sales.
To sustain the buzz, Pop Mart plans new product launches and more frequent restocking of hits like Labubu, including this week’s mini version designed as phone charms.
Despite more than 230% share appreciation year-to-date—pushing Pop Mart’s market capitalization above $50 billion, outstripping Mattel and Sanrio—some analysts remain cautious. Morningstar’s Jeff Zhang noted the hype comes with elevated risk, and suggested shares might be overpriced given the company’s business model and competitive landscape.
Looking ahead, Pop Mart is laying the groundwork for a Disney-style universe, with ambitions to bring its characters into animated films and theme parks. However, executives cautioned these diversification moves are long-term plays and will take time to contribute materially to the firm’s top line.
