In H1 2025, Chinese toy maker Pop Mart posted revenue of 13.88 billion RMB ($1.9 billion), surpassing Disney and Bandai Namco in toy sales and ranking second globally behind Lego. Revenue surged 204% YoY, while adjusted net profit jumped 363% to 4.71 billion RMB ($650 million), exceeding its 2024 full-year results. Hit IP Labubu contributed 4.81 billion RMB ($670 million), driving plush toy sales past figurines for the first time. Disney’s toy division earned 13.86 billion RMB ($1.9 billion) and Bandai Namco about 13.44 billion RMB ($1.85 billion) in the same period. Unlike rivals, Pop Mart built success without film or anime tie-ins, relying on edgy design, blind-box mechanics, and viral social media.