Pop Mart reports nearly 400% profit surge on Labubu toys

Chinese toy manufacturer Pop Mart, known for its Labubu dolls, reported a net profit of 4.6 billion yuan ($640 million) for the first half of 2025, a 397% increase compared to the same period last year, Report informs via Bloomberg.

Revenue for the period reached 13.9 billion yuan ($1.9 billion), up 204% year-on-year.

The popularity of Labubu dolls has propelled Pop Mart’s market capitalization on the Hong Kong Stock Exchange to 373 billion HKD ($48 billion), surpassing major companies such as Ford Motor ($45 billion) and Adidas ($35 billion).

The company’s management described the success as unexpected. In an interview with Bloomberg, Pop Mart founder and CEO Wang Ning noted that the company’s operations outside China have grown faster than anticipated, with North America emerging as the fastest-growing market. The company expects that sales in North America will surpass those in Southeast Asia by the end of the year.