Mini Labubus are coming after your mobile phone, as Pop Mart aims to double 2025 sales
The company, founded in 2010 in Beijing, could double its 2025 revenue to 30 billion yuan (US$4.2 billion) from last year's sales of 13 billion yuan, said Pop Mart's founder and CEO Wang Ning, citing the bigger-than-imagined worldwide market for its plush toys and figurines.
'I think hitting 30 billion [yuan] this year will be easy,' Wang said during a post-earnings press briefing in Hong Kong on Wednesday, a day
after reporting an interim net profit that quintupled to 4.57 billion yuan from a year ago. 'In the past, Labubu figures were often seen attached to bags, but as early as next week, people [can] start attaching them to their phones.'
The bullish forecast underscores Pop Mart's rise from obscurity as a toy seller in Beijing's Zhongguancun technological zone to the world's most valuable toymaker, with a market capitalisation larger than the sum total of Hasbro, Mattel and Sanrio.
A man walks with two Labubu plush toys hanging from his backpack at The Bund in Shanghai on July 4, 2025. Photo: AFP
Pop Mart's shares extended their gains on Wednesday amid a declining market, surging by 8.6 per cent to a record HK$305 before the lunchtime trading pause in Hong Kong.
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