Pop Mart expected the number of foreign stores to be over 200 by year’s end, according to Co-Chief Operating Officer Moon Duk II.
Shares of Pop Mart International Group, a Chinese toy maker, saw their biggest increase in four months, after CEO Wang Ning commented that the company can easily exceed its annual sales forecast and announced plans to launch a new mini Labubu doll.
Their shares surged up to 11% to HK$310.6, their highest point since their listing in December 2020. The upward trend reversed, with losses reaching up to 4.7%, as some analysts expressed concerns about long-term demand for Pop Mart’s beloved characters.
Wang expressed that he struggled to accurately predict earnings growth due to the global craze for Labubu dolls. He stated that the company aimed for 20 billion yuan, but not getting 30 billion yuan is easy. Wang also mentioned that the new doll will be launched this week, without providing additional details.
The company’s income increased 204% annually to 13.88 billion yuan in 2025. It exceeded the analysts’ expectations of 13.76 billion yuan. Net income increased by 397% to 4.57 billion yuan.
Morgan Stanley recognises Pop Mart as one of the fastest-growing global brands in history, with a market value of $43 billion. Shares have increased by 182% in the first half of 2025. The brokerage predicts that international sales will be more than domestic sales by 2025. The Western market was long dominated by companies like Walt Disney and Hello Kitty’s parent, Sanrio Co., so the rare mainstream breakthrough by a Chinese pop culture was a rare sight.
Pop Mart is capitalizing on a global trend, driven by social media toy hauls and unboxing videos. The company has low manufacturing costs and sells directly through its own stores, eliminating the need for middlemen. So, it saves a lot of expenses and generates more profit.
Many toys are priced higher in Western markets than in China. Morgan Stanley stated that Pop Mart can achieve margins of 75% in the US, even with the tariffs, projecting that North American sales will match those in China by 2028-2029. They forecast company sales will reach $6 billion in 2027, a 500% increase from 2023.
Pop Mart is racing to expand globally, capitalizing on the worldwide craze for its new doll. It is a plush toy that has become a pop culture sensation in the Western market, especially in the US. Its international income grew by 440% to 5.6 billion yuan during the first half of the year.
Pop Mart expected the number of foreign stores to be over 200 by year’s end, according to Co-Chief Operating Officer Moon Duk II. Fellow co-CEO Si De stated that they are expanding their stores rapidly in the US and expect to do so within the next two years.
Labubus has gained popularity due to the company’s blind box packaging strategy, which intrigues customers to want to know what’s inside. The income from The Monsters, the toy series featuring Labubu, increased to 4.81 billion yuan, compared to 626.8 million yuan in the previous year.
The company indicated that net store growth in mainland China will not exceed 10 this year, as they want to prioritize operations in existing stores rather than aggressively expand.
Pop Mart plans to expand its global presence by creating offline channels in major landmarks, increasing investment in its website and apps, and partnering with more international brands and influencers.
Analysts from Citigroup Inc., including Lydia Ling, believe that Pop Mart will maintain a robust growth momentum in the latter half of the year, driven by its overseas expansion.
