Pop Mart shares soar 11% as CEO announces new mini Labubu

Na Bian—Bloomberg via Getty Imagess of Chinese toy maker Pop Mart International Group Ltd. rose the most in nearly four months on Wednesday, after chief executive officer Wang Ning said the company could easily surpass its annual sales jection and announced plans to launch a new mini Labubu doll

Wang told an earnings call that even he’s been unable to accurately predict earnings growth amid a global collecting frenzy for Labubu dolls

He said that while earlier this year Pop Mart hoped to hit 20 billion yuan ($2.8 billion), he now feels 30 billion yuan “would be quite easy.” A new mini version of Labubu will be launched as soon as this week, Wang added, without giving further details

Pop Mart’s revenue increased 204% year-on-year to 13.88 billion yuan in the first half of 2025, according to a company statement Tuesday

More stores Beijing-based Pop Mart is racing ahead with its global expansion plan, leveraging the worldwide craze over Labubus—plush toys that have turned into a pop culture phenomenon in Western , particularly the U.S

Store expansion will remain fast in the US market in the next one to two years, fellow co-COO Si De said. “We believe Pop Mart’s strong capability in IP incubation and operation and overseas expansion will continue to underpin its solid growth momentum” in the second half, Citigroup Inc. analysts including Lydia Ling wrote

Others took a more cautious view

Pop Mart’s top intellectual perty, including its Labubu dolls, “still see high uncertainties on long-term ity,” Morningstar Inc. analyst Jeff Zhang said

Net store growth in mainland China won’t exceed 10 this year, according to Wednesday’s call, as the company wants to focus on imving each existing store’s operations instead of aggressively expanding

Labubus’ ity is due in part to the company’s blind-box packaging apach for many of its ducts, a draw for customers curious what’s inside

Pop Mart will keep expanding its global foot by establishing offline channels in major landmarks, stepping up investment in its website and self-developed apps, and aiming to collaborate with more international brands and artists, according to its earnings statement.