Pop Mart Eyes Ambitious Revenue Growth Amid Soaring Labubu Demand
Pop Mart CEO Wang Ning has announced that the company is firmly on track to meet its 2025 revenue target of 20 billion yuan ($2.78 billion). He added that reaching 30 billion yuan ($4.18 billion) in revenue this year “should also be quite easy.” Founded in 2010, the company recently reported record-breaking half-year results. Net profit surged nearly 400% as demand for its unique toys, especially overseas, continued to grow. The toy maker is known for its quirky Labubu character and other collectible figures.
Strong Overseas Demand Fuels Rapid Growth
Speaking to analysts after the earnings release, Wang expressed confidence in Pop Mart’s global expansion. He highlighted that sales from North America and the Asia Pacific are expected to match China’s sales this year.
The US market remains a key focus. Pop Mart already operates about 40 stores there. Wang revealed plans to accelerate store openings, with 10 new locations expected by year-end. He also confirmed the company is exploring growth in emerging markets, including the Middle East, Central Europe, and Latin America.
Blind Box Craze Powers Profit Surge
Pop Mart’s core business involves selling collectible toys through “blind boxes.” These are mystery packages priced between $10 and $20, with customers unaware of which figure they’re purchasing. Many of these toys are created in collaboration with artists.
Labubu, part of the “The Monsters” series designed by Kasing Lung, has become a global sensation. It has caught the attention of celebrities such as Rihanna and David Beckham. Initially popular as a handbag charm, Pop Mart will soon release a mini Labubu designed for mobile phones.
“The Monsters” series generated 4.81 billion yuan ($669.88 million) in the first half of 2025. This accounted for nearly 35% of Pop Mart’s total revenue. Other top-selling lines, including “Molly” and “Crybaby,” also exceeded 1 billion yuan in revenue each during the same period.
Long-Term Vision Includes Films and Theme Parks
While profits soar, analysts remain cautious. Morningstar analyst Jeff Zhang noted that despite positive earnings, Pop Mart’s shares appear overpriced due to potential long-term business risks.
Nonetheless, investor confidence remains strong. The company’s stock has surged over 230% this year, pushing its valuation above established giants like Mattel and Sanrio.
Looking ahead, Pop Mart has ambitions beyond toys. Executives revealed plans to build a Disney-style entertainment empire. Although animated films and theme parks are part of this vision, they are not expected to significantly impact revenue in the near future.
with inputs from Reuters
