Pop Mart Shares Surge as Profits Jump Nearly 400% in 2025

Shares of Chinese toymaker Pop Mart International Group Ltd rose sharply Wednesday after the company reported a stunning profit surge, fueled by global demand for its Labubu dolls and overseas expansion.

The stock, listed in Hong Kong, climbed more than 8% in mid-morning trading to HKD 305, reversing earlier losses of nearly 5%. According to LSEG data, Pop Mart shares have soared over 200% since the beginning of 2025, making it one of the year’s standout performers on the Hong Kong exchange.

Revenue and Profit Skyrocket

Pop Mart reported revenue of 13.88 billion yuan ($1.93 billion) for the first six months of 2025, representing a 204.4% year-on-year increase. Net profit attributable to shareholders surged 396.5% to 4.57 billion yuan, far exceeding its earlier forecast of at least 200% revenue growth and a 350% profit rise—an impressive performance that could further boost investor confidence in Pop Mart shares.

The results highlight the continued momentum behind Pop Mart’s unique business model, which centers on “blind boxes” — toys packaged in mystery boxes where buyers only discover the character after purchase. The concept has become a cultural phenomenon, especially around the company’s flagship character Labubu, a sharp-toothed, big-eared plushie that has developed a celebrity following.

Rihanna and Lisa from K-pop group Blackpink have been spotted carrying Pop Mart’s $30 Labubu keychains, boosting the toy’s global visibility and cementing its status as a trend-driven lifestyle collectible.

Global Expansion Driving Growth

International markets contributed significantly to the company’s performance. Revenue from the Asia-Pacific region (excluding China) rose 257.8% year-on-year to 2.85 billion yuan, making it the company’s largest overseas market.

The Americas followed, with revenue surging over 1,000% to 2.26 billion yuan, underlining the brand’s growing appeal outside Asia.

Pop Mart said intellectual property (IP) remains at the core of its business strategy, with plans to continue investing in creative collaborations and character development. The company aims to deepen its presence in overseas markets through new store openings, e-commerce platforms, and international partnerships, these strategic moves could have a positive impact on Pop Mart shares.

Investor Reactions and Market Outlook

While Pop Mart’s financial performance has exceeded expectations, some analysts have cautioned against assuming sustained long-term momentum. Jeff Zhang, an equity analyst at Morningstar, noted that consumer preferences in the collectibles market can shift rapidly.

“Sales growth of Labubu and other IPs remain robust, but there is no guarantee that consumers will continue to favor them in the next five to ten years,” Zhang said. “We believe shares may be overpriced as investors are overlooking the high business risk in the long run.”

Despite these concerns, investor enthusiasm for Pop Mart has been strong, reflected in its stock price performance throughout 2025. The company’s ability to leverage its intellectual property portfolio, build cultural relevance, and expand its international footprint has set it apart from competitors in the toy and lifestyle sector.

The Road Ahead

Looking forward, Pop Mart shares are expected to benefit as the company prioritize IP development and globalization as its key growth engines. The company said in its earnings statement that it views intellectual property as the “core” of its business and will continue expanding its character lineup while strengthening brand loyalty.

The firm is also exploring new forms of entertainment and merchandising tied to its popular characters, including themed exhibitions and experiential retail. Its recent “Monsters Convenience Store” exhibition in Shanghai drew large crowds and reinforced the cultural appeal of the Labubu franchise.

With strong financial momentum, global expansion underway, and a loyal fan base, Pop Mart is positioning itself as a major force in the global toy and collectibles industry. However, its future growth—and the performance of Pop Mart shares—will depend on sustaining consumer interest and successfully evolving its brand portfolio in a fast-changing market.

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