Pop Mart International Group Ltd. said it will continue to expand its global footprint with focus on North America and Europe, after reporting its profit more than doubled last year thanks to the popularity of its patented products.

Pop Mart shares surged 12% in HK market.

“By developing physical stores in globally iconic locations, we aim to enhance brand experience and recognition,” according to an exchange filing. It will also look at strengthening cooperation with artists and brands to promote the “cross-boundary integration of pop culture,” the maker of Labubu dolls said.

Net income for the Beijing-based toys company rose 188% to 3.1 billion yuan ($427 million) in 2024 compared to 1.1 billion yuan a year earlier, beating the 2.71 billion yuan analyst estimate. Full-year sales more than doubled to 13 billion yuan.

The performance of Labubu was “particularly impressive,” it added. Thirteen of its intellectual property products generated sales of over 100 million yuan.

The brand has become a global phenomenon after K-pop band Blackpink’s Lisa revealed how she obsesses over toys from the Chinese company. The resultant strong overseas sales have turned Pop Mart into one of the hottest stocks, with shares up 360% in the past year.