Pop Mart: $4bn in view in '25

Pop Mart chief executive Wang Ning said yesterday his toy company was on track to meet its targeted revenue goal of 20 billion yuan ($2.78 billion) in 2025, and that “30 billion ($4.18 billion) this year should also be quite easy”.

- JIAXING LI CASEY HALL

Mr Wang, who founded the company in 2010, was speaking with analysts after Pop Mart announced record half-year results on Tuesday, with the makers of the ugly-cute Labubu doll reporting net profit soared nearly 400% as demand for the toys surged, particularly in higher-margin overseas markets.

Pop Mart shares were up more than 5% in Hong Kong early yesterday.

Executives also said yesterday that expansion in emerging markets in the Middle East, Central Europe and Central and South America was being explored.

“I think for overseas markets we're still very positive, and we also believe there’s still very broad space for growth,” Mr Wang said, adding that sales from North America and Asia Pacific this year would together equal China sales in 2024.