POP MART has released the latest forecast for its H1 2025 results on the Hong Kong Stock Exchange (HKEX), showing more than 200% year-on-year (YoY) growth in revenue and a profit surge of no less than 350% compared to the first half of 2024.
In the 6 months ending on 30 June 2025, the Chinese toymaker projects it earned at least 13.7 billion RMB (1.91 billion USD) in revenue and 4.1 billion RMB (571.59 million USD) in net profit. By comparison, the brand’s full-year revenue for 2024 was 13.04 billion RMB (1.82 billion USD), with a net profit of 3.4 billion RMB (474.00 million USD). H1 2025 is projected to surpass the entire year of 2024 in both revenue and profit for POP MART.
According to POP MART, the main reasons for its rapid growth are:
- POP MART and its IPs are being recognised and seeing growth in global markets, earning from diverse categories.
- Its success overseas means a higher profitability, paired with larger scale, boosting the total income and profit.
- POP MART’s continuous effort in cutting costs and optimising spending has further enhanced profitability.
JPMorgan, in the meantime, estimates the company will earn 30.4 billion RMB (4.24 billion USD) in revenue and 9.4 billion RMB (1.31 billion USD) in net profit. The compound annual growth rate (CAGR) between 2025 and 2027 is expected to be 23% in revenue and 25% in profit.
However, despite JPMorgan raising POP MART’s target price from 330 HKD to 340 HKD, the company’s share price dropped over 4% on 16 July, the day of the announcement, after briefly peaking early in the morning. With its high market value, POP MART has propelled founder and CEO Wang Ning to become the richest man in Henan Province, China, and one of the top CEOs in the country. How it navigates the LABUBU boom, the bubble and remains sustainable is the next step that calls for monitoring.