By Kavita Mistry 
Pop Mart (9992.HK), the Chinese toy giant behind the popular “ugly-cute” Labubu dolls, is experiencing a remarkable surge in growth, with Chief Executive Wang Ning announcing the company is on track to hit its targeted 20 billion yuan ($2.78 billion) revenue in 2025. Wang also expressed confidence that reaching 30 billion yuan ($4.18 billion) in revenue this year should be “quite easy.” Founded in 2010, Pop Mart has rapidly expanded from a niche toy maker into a global collectibles powerhouse. The company reported record half-year results, with net profit soaring nearly 400% thanks to booming demand, particularly in high-margin overseas markets. Its stock became the most actively traded on the Hong Kong exchange, rising more than 12.5% to its highest close since its December 2020 debut.
Pop Mart Surges Past Mattel and Sanrio, Eyes Global Empire
Pop Mart is aggressively pursuing international expansion, targeting emerging markets in the Middle East, Central Europe, and Latin America, while North America and Asia-Pacific sales are projected to equal China’s by 2024. In the U.S., where it already has about 40 stores, the company plans rapid expansion, with 10 new stores set to open by year-end and more to follow. Its primary business model revolves around collectible “blind boxes,” priced around $10–$20, often created with artists. These toys, which conceal the exact figure inside, have captivated fans worldwide.
Labubu, part of “The Monsters” series designed by artist Kasing Lung, has gained celebrity endorsements from Rihanna and David Beckham, selling out globally. Pop Mart is launching a new mini Labubu for phone accessories this week. In the first half alone, “The Monsters” generated 4.81 billion yuan ($670 million), accounting for nearly 35% of revenue, while other series like “Molly” and “Crybaby” each earned over 1 billion yuan. Despite concerns from analysts like Morningstar’s Jeff Zhang, who warns shares may be overpriced given long-term risks, Pop Mart’s stock has surged over 230% this year, giving it a market cap above $50 billion—surpassing industry icons Mattel and Sanrio. Looking ahead, Pop Mart envisions building a Disney-style empire, with characters in films and theme parks, though such ventures will likely provide limited short-term revenue.
Summary:
Pop Mart, the Chinese toy giant behind Labubu, reported nearly 400% profit growth and expects revenues to hit 30 billion yuan this year. Expanding rapidly in overseas markets, including the U.S., it has surpassed Mattel and Sanrio with a $50 billion valuation, while eyeing a Disney-style global entertainment empire.