HONG KONG/SHANGHAI: Pop Mart CEO Wang Ning said that the Chinese toymaker is not only on track to hit its 2025 revenue target of 20 billion yuan (US$2.78 billion), but could see sales climb to 30 billion yuan ($4.1 billion) this year, buoyed by soaring demand for its Labubu collectibles.

Wang’s comments came a day after the company reported record half-year results, with net profit jumping nearly 400 percent. Overseas sales, particularly in higher-margin markets, drove much of the growth.

“We’re very positive about overseas markets, and we also believe there’s still vast space for growth,” Wang told analysts, adding that revenue from North America and Asia Pacific in 2025 is expected to equal China sales in 2024.

Expansion remains a central focus. Pop Mart is exploring opportunities in the Middle East, Central Europe, and Latin America. In the U.S., where it already operates about 40 stores, the company plans “relatively rapid store openings” over the next two years, with 10 new shops expected by the end of 2025.

Pop Mart has built its business on collectible toys, many designed in collaboration with artists and sold in “blind boxes” — mystery packages costing $10 to $20. The brand’s breakout hit, Labubu, a quirky, sharp-toothed figure from artist Kasing Lung’s The Monsters series, has become a global sensation, embraced by celebrities like Rihanna and David Beckham.

The company is now expanding Labubu’s presence with a miniature version that attaches to mobile phones, launching this week.

Beyond physical toys, Pop Mart is testing the waters in content and entertainment. Executives said the company sees long-term potential for its characters in animation and theme park attractions, though they don’t expect those ventures to generate significant short-term revenue.