Chinese toy manufacturer Pop Mart has forecasted a more than 350% rise in profits for the first half of 2025, driven by booming global demand for its popular Labubu dolls and significant revenue growth.
In a statement released on Tuesday, the Beijing-based company said its revenues more than tripled in the six-month period, with brand recognition and tighter cost controls contributing to higher profitability. Pop Mart’s current market valuation stands at over $40 billion.
The firm’s Labubu dolls—whimsical, elf-like figures with jagged teeth—have become a global phenomenon, sparking long queues at stores and overwhelming demand. The company is also known for its “blind box” sales model, where customers purchase sealed packages without knowing which collectible toy they will receive. The model has drawn some criticism for promoting gambling-like behavior.
First introduced in 2019, Labubu dolls have played a major role in Pop Mart’s rapid expansion. The company now operates over 2,000 retail locations and vending machines worldwide. International sales contributed nearly 40% of its total revenue in 2024.
The dolls have gained widespread popularity in the United States, fueled by endorsements from celebrities such as Kim Kardashian and Blackpink’s Lisa. In June, U.S. sales of Labubu surged by 5,000% year-on-year, according to market analysts at M Science.
“Nothing compares to this kind of growth from other toy companies,” said Vinci Zhang, senior analyst at M Science, who noted that Pop Mart’s U.S. footprint remains relatively small, with around 40 stores compared to 400 in China.
Pop Mart has also expanded Labubu’s visibility through collaborations with global brands including Coca-Cola and the Japanese manga franchise One Piece.
However, the toy’s popularity has led to a rise in counterfeit products. Chinese authorities reported seizing more than 46,000 fake Labubu toys in June amid a crackdown on black-market sales of the imitations, often labeled “Lafufu.”
Pop Mart, which debuted on the Hong Kong Stock Exchange in 2020, has seen its stock price increase nearly 600% over the past year.
