Pop Mart, the Chinese toy firm behind the hugely popular Labubu dolls, has said its profits are set to soar for the first six months of this year. The Beijing-based company said it expects profits for the period to jump by at least 350% as revenues more than tripled.

Chinese toymaker Pop Mart International Group Ltd. expects the soaring global popularity of its Labubu plush toys to drive a threefold increase in first-half revenue and an even bigger boost to profit.

Despite the latest pullback, many are holding on to their bullish calls for Pop Mart to remain one of the hottest consumer brands in China this year.