Chinese toymaker Pop Mart International Group reported first-half 2025 revenue of 13.88 billion yuan (US$1.91 billion), up 204% from a year earlier, while net profit soared almost fourfold to 4.57 billion yuan. The surge was driven by global demand for its Labubu plush dolls, part of the company’s “The Monsters” intellectual-property line. Labubu merchandise generated 4.81 billion yuan, or almost 35% of total sales, as the company’s blind-box model, viral social-media exposure and celebrity endorsements spurred repeat purchases. Plush products alone brought in 6.14 billion yuan—an increase of more than 1,200%—helped by higher prices and margins in overseas markets, which now account for roughly 40% of Pop Mart’s revenue. The earnings momentum has lifted Pop Mart’s Hong Kong-listed shares more than 200% this year, giving the Beijing-based firm a market value greater than Barbie-maker Mattel and Hello Kitty owner Sanrio. Chief Executive Officer Wang Ning said the company will boost Labubu output to over 10 million units a day from September and continue expanding its 571-store network and 2,597 vending-machine ‘robot shops’ across 18 countries.