In the first half of the year, Pop Mart, the creator of ‘Labubu’, has raised its net profit by nearly 400%
On Tuesday, the Chinese firm Pop Mart, which has captivated the globe with its “ugly” yet charming Labubu doll, announced a nearly 400% net profit increase in the first half of the year, driven by robust toy demand and a pivot toward foreign markets with greater profit margins.
The net profit margin of 396.5% and revenue growth of 204.4% surpassed the estimates provided in a preliminary results report from the previous month, which projected a revenue increase of 200% in the first half of 2025 and an annual recurring net profit rise of at least 350%.
With an increase of over 200% in Pop Mart shares this year, the Chinese toy company has surpassed the value of established industry leaders like Mattel, producer of Barbie, and Sanrio, owner of Hello Kitty.
In an interview with Chinese state media last month, its CEO, Wang Ning, stated that Labubu sales will surpass 10 million units per day beginning in September of this year.
Pop Mart classifies Labubu as one of its intellectual property characters, “The Monsters.” On Tuesday, it said that “The Monsters” raised 4.81 billion yuan ($669.88 million) in the first half of the year, accounting for 34.7% of total revenue. Four other intellectual property characters, including “Molly” and “Crybaby,” exceeded 1 billion yuan during the period.
The company now has 571 stores, 40 of which were opened in the first half of this year, and 2,597 automated robot stores in 18 countries and regions.
