An exhibition featuring Labubu is held in Beijing on June 18 , 2025. Photo: VCG

Chinese toy company Pop Mart - the company behind trendy toy Labubu - issued an announcement on Tuesday evening stating that the group expects its revenue for the first half of this year to grow by no less than 200 percent year-on-year, and its profit is expected to grow by no less than 350 percent year-on-year.

According to the financial report, in the first half of last year, the company achieved revenue of 4.558 billion yuan, with adjusted net profit reaching 1.018 billion yuan. Based on the calculation, Pop Mart's revenue for the first half of this year is expected to be no less than 13.7 billion yuan, with adjusted net profit exceeding 4.6 billion yuan.

In 2024, the company achieved full-year revenue of 13.04 billion yuan and an adjusted net profit of 3.4 billion yuan. That is to say, in the first half of this year, Pop Mart's revenue and net profit have surpassed the full-year figures for 2024.

Regarding for the performance changes, Pop Mart said that the global recognition of the brand and its IPs has further increased, with diversified product categories driving group revenue growth, and all regional markets achieving sustained high-speed revenue growth. 

In addition, the proportion of overseas revenue continues to rise, and the change in revenue structure has positively impacted both gross profit and net profit, the company said, noting that economies of scale have significantly increased net profit. Furthermore, the group continues to optimize its product costs, strengthen expense control and enhance profitability, according to the announcement.

In a recent interview with CCTV News, Pop Mart founder Wang Ning said that the company's overseas business growth has been faster than expected, and overall overseas revenue may surpass domestic revenue this year.

Labubu - a toothy, fluffy figure toy from Pop Mart - has sparked a global frenzy. According to the Xinhua News Agency, in the pre-dawn chill outside a New York mall, young fans camped overnight, eager to get their hands on a Labubu doll. In Paris, shoppers carrying Labubu shopping bags posed for photos in front of the Louvre. In Seoul's Myeongdong shopping area, long queues formed not for K-pop stars, but for Labubu. Its theme song echoed in Spanish streets.

The frenzy surrounding Labubu has sparked long queues, thriving secondary markets, and rental services, with some transactions standing out due to their scale. A one-of-a-kind mint-green, human-sized Labubu sold for 1.08 million yuan at a Beijing auction in June, setting a new record for the blind box toy as it transitions from pop craze to coveted collectible, Xinhua reported.

Pop Mart's performance mirrors that China's trendy toys become more popular in the overseas markets, experts said.

Wang Lingjun, a deputy head of the General Administration of Customs, said at a press conference on Monday that in the first four months of this year, China's exports of dolls and animal toys surpassed the 10 billion yuan mark, reaching 13.31 billion yuan, with a growth rate of 9.6 percent.

"Many Chinese brands appeal to foreign consumers thanks to their high-tech, aesthetics, design, and emotional resonance. From 'Made-in-China' to 'Chinese brands', this is a natural result of China's high-quality development, and enabled by China's complete industrial system, fair and open market environment and sustained investment in innovation," Mao Ning, a spokesperson from China's Foreign Ministry, said on July 2.

Chinese brands, by going global, offer more choices to worldwide consumers, Mao noted.

Global Times