China’s Pop Mart, maker of the wildly popular Labubu doll, reported a staggering 396.5% jump in net profit in the first half of 2025, fueled by surging global demand and expansion into higher-margin overseas markets.
The company also recorded a 204.4% increase in revenues, surpassing even its bullish earnings preview that had forecast at least 200% revenue growth and a 350% profit rise.
Labubu Craze Drives Global Toy Market Shake-Up
The ugly-cute Labubu doll, part of Pop Mart’s “The Monsters” intellectual property, has emerged as the company’s crown jewel, raking in 4.81 billion yuan ($669.88 million) in the first half alone, accounting for 34.7% of total revenue. Pop Mart says global sales momentum will accelerate, with CEO Wang Ning predicting that Labubu sales will surpass 10 million units per day from September 2025.
Celebrity Endorsements and Blind Box Strategy Boost Appeal
Celebrity fans, including Blackpink’s Lisa, Rihanna, and David Beckham, have amplified the doll’s cult-like appeal, fueling its status as a must-have collectible. Pop Mart’s blind box sales strategy, where buyers don’t know the exact figurine they’re purchasing until it’s opened, has further intensified consumer excitement and repeat purchases.
Pop Mart’s Market Value Surpasses Global Rivals
Shares of Pop Mart have soared more than 200% year-to-date, making the Chinese toy giant more valuable than industry stalwarts Mattel (maker of Barbie) and Sanrio (parent of Hello Kitty). This surge underscores the shifting dynamics in the global toy market, where innovative Asian brands are outpacing traditional Western names.
Expanding Global Retail Footprint
Pop Mart continues to expand aggressively, now operating 571 stores worldwide, including 40 opened in just the first half of 2025. The company also runs 2,597 automated robot shops across 18 countries and regions, ensuring wider access to its collectible figurines.
Multiple IP Successes Beyond Labubu
While Labubu remains the main growth driver, Pop Mart confirmed that four other intellectual properties, including “Molly” and “Crybaby”, each generated more than 1 billion yuan in revenue during the same period. This diversification highlights Pop Mart’s ability to scale multiple IP-driven franchises across global markets.
