Labubu Carries Pop Mart Stock to All-Time High

Shares of Pop Mart International Group Ltd. reached an all-time high following exceptional half-year earnings results, largely propelled by surging global demand for its Labubu plush toys, particularly across the U.S. and other overseas markets.[para. 1] In the first half of 2025, Pop Mart’s profit soared by 385.6% year-on-year to nearly 4.7 billion yuan ($654.9 million), while revenue jumped by 204.4% to almost 13.9 billion yuan.[para. 2] The Americas led growth with revenue climbing over twelvefold compared to the same period in 2024, while sales in Europe and other regions outside the Asia-Pacific increased more than eightfold.[para. 3] As a result, shares climbed over 12.5%, peaking at HK$318.4 during the trading day, the highest since the company’s December 2020 listing, and closing at HK$316.[para. 4]

Pop Mart is on track to meet its 2025 revenue target of 20 billion yuan, with CEO Wang Ning expressing confidence that even 30 billion yuan is attainable this year.[para. 5] The Labubu character, from the company’s “The Monsters” toy line, became its top-selling intellectual property (IP) with revenue of 4.81 billion yuan in the first half, a more than sevenfold increase year-on-year.[para. 6] Labubu, recognized for its big eyes and sharp-toothed smile, sparked a worldwide craze, triggering bidding wars and long wait lines, solidifying Pop Mart as one of the world’s most valuable IP-driven firms.[para. 7]

Nevertheless, concerns arose recently about declining Labubu popularity, particularly after the company increased the supply of third-generation dolls through restocking and preorders, which led to a price drop on secondary markets.[para. 8] Prior to publishing its strong results, Pop Mart’s share price had stagnated between HK$240 and HK$285 for two months and paradoxically fell after announcing a bullish earnings forecast in July 2025.[para. 9] Many domestic investors have grown more cautious regarding Pop Mart’s prospects, according to analyst Xu Junyi of Bin Yuan Capital Ltd.[para. 10] In response, Wang Ning expressed hope that Labubu would achieve lasting cultural significance akin to icons like Mickey Mouse or Hello Kitty, asserting that such IPs maintain value even after public interest wanes.[para. 11] He also teased the imminent release of a mini Labubu, designed for phone attachments, predicting it would be a “mega-hit.”[para. 12]

With a continued focus on overseas expansion, Pop Mart is targeting new frontiers like the Middle East.[para. 13] Wang Ning described foreign markets as still being in early development stages but noted consistently robust customer turnout at grand opening events.[para. 14] By June 2025, the company had 128 overseas stores—doubling from 58 a year prior—with average store revenue up 99.3% year-on-year. Executive Wen Deyi predicted total overseas locations would exceed 200 by year-end, as the company continues opening about three new stores per week.[para. 15][para. 16] A flagship store in Doha, Qatar, will kick off Pop Mart’s Middle Eastern presence, and the company is planning entry into Central Europe and South America using a hybrid retail model.[para. 17]

Despite brisk U.S. sales, Pop Mart is avoiding overly rapid expansion there, instead emphasizing quality stores and sustainable growth, according to COO Si De.[para. 18] Si noted that American demand for high-quality, quickly iterated IP products is strong, and that Pop Mart’s U.S. operations remain confident in growth even independent of Labubu’s viral momentum.[para. 19][para. 20] Livestreaming is contributing significantly to international sales, especially via TikTok, where Pop Mart consistently ranks among top sellers in the U.S.[para. 21] Celebrity endorsements—such as Rihanna, Dua Lipa, and Lisa from Blackpink displaying Labubu—have also amplified brand appeal in Western markets, with Si highlighting the deliberate placement of flagship stores in prestige locations to attract further influencer attention, creating positive social media exposure that further drives business growth.[para. 22][para. 23][para. 24]