Labubu Doll Maker Reports Nearly 400% Profit Surge In First Half

China’s Pop Mart, the toy company behind the “ugly-cute” Labubu doll, said on Tuesday its first-half net profit rose nearly 400%, lifted by booming demand and stronger sales in higher-margin overseas markets. The company reported a 396.5% surge in net profit and a 204.4% rise in revenue, both beating forecasts issued last month. At that time, Pop Mart had projected revenue growth of about 200% and at least a 350% increase in recurring net profit for the first half of 2025.

Pop Mart’s shares have climbed more than 200% so far this year, making the Chinese company more valuable than long-established rivals such as Barbie-maker Mattel and Hello Kitty owner Sanrio.

The company’s “blind box” sales model — in which customers only discover which figurine they have purchased after opening the package — has played a central role in driving demand. Labubu’s popularity has also been amplified by its appearance among celebrities. Blackpink’s Lisa has been photographed with the doll and has spoken publicly about her fondness for it, while Rihanna, Dua Lipa and former footballer David Beckham have also been seen with Labubu, treating it as a fashion accessory. The toy even made an appearance during Paris Fashion Week.

Pop Mart said it is ramping up production as Labubu dolls continue to sell out worldwide. CEO Wang Ning told Chinese state media last month that daily sales of the character are expected to surpass 10 million units starting in September.

Labubu is part of Pop Mart’s “The Monsters” intellectual property (IP), which generated 4.81 billion yuan ($669.9 million) in the first half, accounting for nearly 35% of total revenue. Other IPs, including “Molly” and “Crybaby,” each earned more than 1 billion yuan during the same period.

The company has also expanded its global retail presence, now operating 571 stores — 40 of them opened in the first half of this year — along with 2,597 automated “robot shops” across 18 countries and regions.

For Pop Mart, Labubu is only one part of its wider portfolio, but the character’s rapid global rise points to more than just a passing toy trend. With its unconventional design and fast-growing fan base, Labubu has become an internet phenomenon. Divisive in its appeal — viewed by some as creepy and by others as cute — the doll has nonetheless established a significant cultural presence.