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Chinese toymaker Pop Mart is gearing up for another period of blockbuster growth, following the runaway success of its Labubu toy in international markets since last year, saying it expects first-half revenue and profit to surge from a year earlier.
In a filing to the Hong Kong stock exchange on Tuesday, the Beijing-based company said it expected revenue for the first half of 2025 to increase by more than 200 per cent from a year earlier, while profit would rise by at least 350 per cent.
In April, the company said its first-quarter revenue rose by 170 per cent from a year earlier, driven by a nearly 480 per cent surge in overseas business and close to 100 per cent growth at home.
The company attributed its first-half growth to “the increased global recognition of the Pop Mart brand and its [intellectual properties], and diversified product categories”, noting that revenue from all regional markets rose “rapidly and continuously”.
It added that its growing presence in overseas markets, where the brand has a more premium positioning, helped improve its revenue structure and overall gross profit. The company said it also benefited from a substantial increase in profit from economies of scale, cost optimisations and tighter expense controls.
The toymaker’s breakneck success in international markets came in 2024, when its “Labubu” toy – a toothy, elfin character created by Hong Kong-born artist Kasing Lung – won over millions of fans in Asia, including K-pop star Lisa of Blackpink and members of the Thai royal family. The company’s launch of the third iteration of the toy in Western markets in April also experienced success, attracting high-profile fans like Rihanna and the family of David Beckham.
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