Pop Mart International Group, the Chinese toy company behind the wildly popular Labubu character, has reported explosive first-half results that have lifted its billionaire founder Wang Ning into the ranks of China’s top 10 richest individuals. Fueled by surging global demand, the brand is now setting its sights on becoming a multibillion-dollar global powerhouse.
Wang Ning Projects $4.2 Billion in Sales for 2025
During a live-streamed conference on Tuesday, Wang Ning, Pop Mart’s 38-year-old chairman and CEO, said the company could “easily” reach 30 billion yuan ($4.2 billion) in sales this year. The bold prediction followed an interim earnings release that far outpaced expectations and underscored the momentum behind the company’s flagship toy line.
The Hong Kong-listed company reported sales of 13.9 billion yuan in the first half of the year, marking a 204.4% year-on-year increase, according to its stock exchange filing. Profit attributable to shareholders surged nearly 397% to 4.6 billion yuan compared to the same period last year.
Shares Surge as Pop Mart Climbs in Value
Analysts and investors responded swiftly to the blockbuster performance. Kenny Ng, a Hong Kong-based securities strategist at Everbright Securities International, told WeChat that the results support Pop Mart’s surging valuation. Shares in the company rose more than 6% on Wednesday morning, driving year-to-date gains to a whopping 227%.
The market rally has also vaulted Wang Ning into ninth place among China’s wealthiest, with a net worth of $24.9 billion, according to the Real-Time Billionaires List. He was previously ranked 10th in the country.
Labubu Takes the Global Stage
Pop Mart’s growth has been propelled by the runaway success of Labubu, a rabbit-like doll with pointed ears, jagged teeth, and a mischievous grin. The character has become a global sensation, rapidly ascending to global IP prominence, according to the company. The appeal stretches beyond casual fans. Labubu has become a collector’s item, embraced by global celebrities including Rihanna, Kim Kardashian, and Lisa from the K-pop group Blackpink. Thanks to this cultural crossover, the character drives much of Pop Mart’s revenue and places the brand in direct competition with global toy and lifestyle giants building fandom-driven merchandise empires.
Monsters Series Leads Sales
Labubu’s influence has been especially apparent in Pop Mart’s Monsters series, which emerged as the company’s top-selling product line. The series made up more than one-third of Pop Mart’s total revenues in the first half of 2025, according to the interim filing.
The craze has transcended regional boundaries, with products quickly selling out in both physical and digital distribution channels. Pop Mart’s expanding network of flagship stores, online sales platforms, and partnerships with global retailers has amplified its ability to meet and, in many cases, struggle to meet the overwhelming demand.
Global Expansion Accelerates
Pop Mart executives have made it clear that international growth is central to their future strategy. So far, China accounted for about 60% of revenue in the first half, but international markets are scaling rapidly. The Americas, including the U.S., were the fastest-growing region, with sales surging over 1,000% year-on-year to reach 2.3 billion yuan in just six months.
Looking ahead, the company plans to significantly expand its international retail footprint. Executives said Tuesday that Pop Mart will open new stores in the Middle East and Central Europe this year, growing its overseas base from 140 locations to 200. Such moves are expected to further anchor Labubu and the Monsters series as cultural icons with global reach.
From Niche to Global Phenomenon
Founded in 2010, Pop Mart initially built a cult following in China through limited-edition designer toys, blind boxes, and collaborations with artists. Its appeal was driven in part by scarcity, creative storytelling, and the thrill of collectibles. But with Labubu, Pop Mart has turned niche popularity into a worldwide phenomenon.
The company’s ability to elevate its intellectual property into a lifestyle brand positions it alongside global entertainment players that monetize fandom in diverse ways, from merchandise to digital content and experiential retail. The strong earnings report suggests that momentum is only accelerating, with Labubu leading the charge.
