Pop Mart, the Chinese toy company behind the popular Labubu dolls, expects its revenue to cross $4 billion this year, according to its chief Wang Ning.
The company, listed in Hong Kong, reported record half year results this week. Net profit jumped nearly 400 percent as demand for its toys surged in overseas markets.
After announcing the result, Wang said the company’s 2025 goal of 20 billion yuan ($2.78) billion looked certain, and even reaching 30 billion yuan ($4.18 billion) this year was “quite easy”.
Following the announcement, Pop Mart’s shares fell by more than 5 percent in early trading on August 20, 2025.
Wang said Pop Mart will speed up store openings in the United States (U.S.). The company has 40 stores there and plans to add 10 more before the end of this year. Expansion is also being explored in the Middle East, Central Europe, and South America.
“We remain very positive about the overseas market and believe there is still broad space for growth,” Wang told analysts. He added that sales from North America and Asia Pacific could equal China’s sales next year.
Pop Mart’s main business is collectible toys, often sold in “blind boxes” priced between $10 and $20. Buyers don’t know which version of the toy they will get until they open the box.
Labubu, designed by Kasing Lung, has become the company’s star product. The “toothy monster” has attracted celebrity fans including Rihanna and David Backham. Until now it was most popular as a handbag charm, but Pop Mart has announced a mini version that can be attached to phones.
In the first half of 2025, “The Monsters” series, which includes Labubu earned 4.81 billion yuan ($669.88 million), making up more than one third of total revenue. Other popular lines like “Molly” and “Crybaby” each earned over 1 billion yuan.
Shares in Pop Mart have surged more than 230 percent this year, making the company more valuable than long established toy makers like Mattel and Sanrio. Analysts, however, warn that the stock may be overpriced due to long term risks.