Pop Mart said it would be able to easily double this year’s revenue from its 2024 record sales, as it prepares to launch a mini version of the Labubu plush toy to extend its phenomenal success and conquer more hearts beyond mainland China.
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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.
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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