Pop Mart has issued a bullish earnings forecast, projecting over 200% year-on-year revenue growth and more than 350% profit growth for the first half of 2025.

Based on prior financial data, this suggests H1 revenue could exceed 13.7 billion RMB ($1.92 billion), with net profit surpassing 4.1 billion RMB ($576 million) and adjusted net profit exceeding 4.6 billion RMB ($646 million) — already outpacing the company’s full-year 2024 figures.

The company attributes the surge to growing global recognition of its IPs, expanded product lines, and a rising share of overseas revenue, which have boosted both margins and profitability. Cost optimization and stronger scale effects have also contributed to earnings growth.

Despite the strong outlook, Pop Mart’s stock fell 4.03% on July 16, as investors took profits following a sharp rally — shares have doubled since February. The company’s overseas revenue rose 375.2% to 5.07 billion RMB ($710 million) in 2024, accounting for nearly 40% of total revenue. Citi forecasts full-year sales to grow 156%, with global expansion and sustained IP momentum, especially Labubu, seen as key growth drivers.