Pop Mart Posts Nearly 400% Profit Growth on Labubu Global Demand

Chinese toymaker Pop Mart International Group reported a remarkable surge in financial performance in the first half of 2025, driven largely by the global popularity of its Labubu doll from "The Monsters" IP. The company's revenue jumped 204% year-on-year to approximately RMB 13.88 billion ($1.93 billion), while net profit soared nearly 400% to RMB 4.57 billion, significantly exceeding prior forecasts. Labubu, praised for its distinctive 'ugly-cute' design and endorsed by celebrities like Rihanna, Lisa from Blackpink, and David Beckham, has become one of the most sought-after collectible toys worldwide, with sales expected to surpass 10 million units daily by September. Pop Mart's gross profit margin improved to 70.3% due to increased revenue and effective cost controls, and the company expanded its retail footprint to 571 stores and over 2,500 automated shops across 18 countries. Other top-performing IPs, including Molly and Crybaby, each generated over RMB 1 billion in revenue, contributing to the company's robust growth. The strong overseas demand and a shift to higher-margin markets have played key roles in this rapid expansion, making Pop Mart more valuable than traditional toy giants like Mattel and Sanrio.