The stock climbed as much as 11% to 310.6 Hong Kong dollars, the highest level since the company went public in Dec. 2020. That reversed earlier losses of up to 4.7%, as some analysts flagged concerns about longer-term demand for Pop Mart’s popular characters. 

Wang told an earnings call that even he’s been unable to accurately predict earnings growth amid a global collecting frenzy for Labubu dolls. He said that while earlier this year Pop Mart hoped to hit 20 billion yuan ($2.8 billion), he now feels 30 billion yuan “would be quite easy.” A new mini version of Labubu will be launched as soon as this week, Wang added, without giving further details.

Pop Mart’s revenue increased 204% year-on-year to 13.88 billion yuan in the first half of 2025, according to a company statement Tuesday. That beat the average analyst estimate of 13.76 billion yuan and compared with 62% growth in the same period a year ago. Net income jumped 397% to 4.57 billion yuan.

More stores

Beijing-based Pop Mart is racing ahead with its global expansion plan, leveraging the worldwide craze over Labubus—plush toys that have turned into a pop culture phenomenon in Western markets, particularly the U.S. Its overseas revenue grew 440% to 5.6 billion yuan during the first six months of the year.

Pop Mart expects total foreign store numbers to exceed 200 by year-end, up from its current 140, co-chief operating officer Moon Duk II told the earnings call. Store expansion will remain fast in the US market in the next one to two years, fellow co-COO Si De said. 

“We believe Pop Mart’s strong capability in IP incubation and operation and overseas expansion will continue to underpin its solid growth momentum” in the second half, Citigroup Inc. analysts including Lydia Ling wrote.

Others took a more cautious view. Pop Mart’s top intellectual property, including its Labubu dolls, “still see high uncertainties on long-term popularity,” Morningstar Inc. analyst Jeff Zhang said. 

Net store growth in mainland China won’t exceed 10 this year, according to Wednesday’s call, as the company wants to focus on improving each existing store’s operations instead of aggressively expanding. 

Labubus’ popularity is due in part to the company’s blind-box packaging approach for many of its products, a draw for customers curious about what’s inside. Revenue for The Monsters, the toy series that includes Labubu, reached 4.81 billion yuan, compared with 626.8 million yuan for the same period last year.

Pop Mart will keep expanding its global footprint by establishing offline channels in major landmarks, stepping up investment in its website and self-developed apps, and aiming to collaborate with more international brands and artists, according to its earnings statement.