China's Pop Mart , which has taken the world by storm with its ugly-cute Labubu doll, reported a nearly 400% first-half net profit on Tuesday on high demand for the toys and a shift towards higher-margin overseas markets.

Pop Mart, listed primarily on the Hong Kong Stock Exchange, has been the primary beneficiary of the Labubu craze. During the first half of 2025 alone, Pop Mart reported its net profit soared nearly 400%, with sales of Labubu-related products generating an estimated $418 million and comprising a substantial portion of revenue outside of China.

Pop Mart has sold small Labubus, some shaped like shrimp tempura, carrying Coke products, dressed as pumpkins, and more. Some people might say the doll looks a bit scary, while others think it’s downright adorable. Labubu was introduced to the world in ...

Labubu toys, originally designed by artist Kasing Lung and released by Pop Mart, have skyrocketed in popularity thanks to their unusual mix of cute and creepy. They’re a staple in blind-box culture, which means normally you don’t know which figure you’re getting until you open it, and that unpredictability has made certain editions wildly valuable.

Labubus dolls are only available through online purchases and in-store pickups, if you can find one in stock. Adding to the scarcity factor is the blind-box packaging.