• Pop Mart reports a nearly 400% increase in first-half net profit, driven by the Labubu doll.
• Revenue is expected to reach 30 billion yuan ($4.18 billion) this year.
• The company plans to launch a mini Labubu charm for mobile phones.
• Pop Mart aims to expand its market presence with new stores opening globally.
• Shares have surged more than 230% year-to-date, surpassing traditional toy industry giants.

Chinese toy company Pop Mart (9992.HK) reported a staggering nearly 400% increase in net profit for the first half of the year, primarily attributable to the overwhelming success of its Labubu doll, which has gained worldwide fame. The company’s net profit soared by 396.5% alongside a 204.4% surge in revenues, significantly exceeding previous forecasts, according to Reuters and Channel News Asia.

CEO Wang Ning stated during a recent earnings call that the company is on track to hit its revenue target of 30 billion yuan (approximately $4.18 billion) this year, significantly higher than analyst expectations. This bullish outlook follows a successful first-half where Pop Mart's iconic toy series, "The Monsters", generated 4.81 billion yuan (about $669.88 million), constituting 34.7% of total revenue, according to Reuters and India Times.

The company has also announced plans to launch a new mini version of the Labubu doll, which will be designed to attach to mobile phones. This move aims to broaden the appeal of Labubu beyond its traditional use as a handbag charm, targeting a wider demographic, according to Reuters and South China Morning Post.

To support this growth, Pop Mart plans to significantly increase its store presence, especially in the United States, where it currently operates approximately 40 stores. An additional 10 are expected to open by the end of the year, as part of a broader strategy to penetrate emerging markets in regions such as Central Europe, the Middle East, and South America, according to Reuters, Reuters, and Reuters.