China's Pop Mart, maker of the Labubu doll, says profit soars nearly 400% in first half

Chinese toymaker Pop Mart (9992.HK) posted a 396.5 percent surge in first-half net profit and more than doubled revenue, driven by soaring global demand for its Labubu dolls and stronger overseas sales, Reuters reported.

The “Monsters” line, led by Labubu, earned 4.81bn yuan ($670m), over a third of total revenue, while other popular IPs like “Molly” and “Crybaby” each topped 1bn yuan.

According to Reuters, shares have risen over 200 percent this year, lifting Pop Mart’s value above Mattel and Sanrio. The company now runs 571 stores and nearly 2,600 vending machines in 18 countries, with plans to increase supply as Labubu continues to sell out worldwide.