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.
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, surging 12.5 per cent to HK$316, giving the company a market capitalisation of over HK$424 billion.
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