The company's gross profit margin last year was as high as nearly 67%, far higher than the 45% of daily necessities retailer Miniso, and about 20% of Xiaomi and electric vehicle maker BYD.
As the popularity of this toothed monster soars, Pop Mart Hong Kong stocks have risen by more than 180% this year, and have soared by 588% in the past year, pushing the company's market value to exceed US$40 billion (about S$51.2 billion).
In June this year, a life-sized and unique mint green Labubu doll was sold in Beijing at a sky-high price of up to 1.08 million yuan (about 190,000 Singapore dollars).
Chinese trendy toy manufacturer Pop Mart predicts that, driven by the popularity of Labubu series dolls, the group's profit will surge at least 350% in the first half of the year end of June and its revenue will also increase at least 200%.
Popular Mart issued an announcement on Tuesday (July 15) stating that in addition to the significant increase in brand awareness, cost optimization and cost control also help the group improve its profit performance.
Labubu's international popularity has also made Pop Mart one of the few Chinese retail brands that have successfully entered the Western market.
Labubu is a monster character created by Hong Kong artist Long Jiasheng. Its unique shape is sought after by collectors. Artists such as Rihanna and BLACKPINK member Lisa and other stars publicly appeared with Labubu, which attracted enthusiastic pursuit from fans. In order to get the style you like, many fans have been queuing up for a long time and are even willing to pay a premium to buy it.