Pop Mart net profit up 350pc in first half as Labubu takes world by storm

Pop Mart International (9992) expects a more than 350 percent jump in net profit in the first half of the year, exceeding its annual performance of 2024, as its hit Labubu doll continues to garner demand across the world.

Its revenue is expected to surge no less than 200 percent year-on-year, according to an exchange filing.

The company said its revenue growth is mainly attributed to increased global recognition of its brand and intellectual property, as well as diversified product categories.

In addition, a growing portion of overseas revenue and a substantial increase in profit from economies of scale contributed to its profit growth.

The brand and its popular IP Labubu have become a global phenomenon, with countless overseas celebrities and consumers falling into collecting frenzies.

Constant product costs optimization and strengthened expense control also improved profitability, the company said.

In the first half of 2024, Pop Mart's revenue was 4.56 billion yuan (HK$4.99 billion), while its net profit amounted to 920 million yuan.

HELEN ZHONG