Pop Mart International Group posted explosive first-half results, with revenue leaping 204% year on year to 13.88 billion yuan (US$1.91 billion) and net profit surging nearly 400% to about 4.7 billion yuan. The performance surpassed guidance issued last month and marks the Chinese toymaker’s strongest half since its 2020 Hong Kong listing. Demand for the company’s ugly-cute Labubu characters, part of its “The Monsters” franchise, accounted for 4.81 billion yuan—roughly 35% of total sales—after the dolls went viral on social media and were spotted with celebrities from Rihanna to Blackpink’s Lisa. Overseas markets delivered 40% of group revenue, with sales in the Americas soaring more than 1,100% and Asia-Pacific ex-China up 258%. Founder and Chief Executive Officer Wang Ning told an earnings call he now expects 2025 revenue to exceed 30 billion yuan (US$4.18 billion), lifting a previous 20 billion-yuan goal. Pop Mart plans to scale its 140 overseas stores to more than 200 by year-end and will add at least 10 U.S. outlets while exploring expansion in the Middle East, South Asia and Latin America. The company will also release a mini Labubu pendant this week as it pushes new product formats. Investors cheered the guidance, sending Pop Mart shares up as much as 12.5% to a record HK$316 in Hong Kong trading and valuing the group at nearly HK$400 billion. The stock has gained more than 200% since January, outpacing traditional toy rivals such as Mattel and Sanrio, as the company ramps up production capacity to 30 million plush toys a month to meet global demand.