Wang was speaking with analysts after Pop Mart announced record half-year results yesterday, with the makers of the ugly-cute Labubu doll reporting that net profit soared nearly 400% as demand for the toys surged, particularly in higher-margin overseas markets.

Pop Mart executives also said today that expansion in emerging markets in the Middle East, Central Europe and Central and South America was being explored.

“I think for overseas markets we’re still very positive, and we also believe there’s still very broad space for growth,” Wang said, adding that sales from North America and Asia Pacific this year would together equal China sales in 2024.

In the US, where Pop Mart currently has about 40 stores, Wang said the company will begin a phase of “relatively rapid store openings” over the next year or two, with 10 more US shops expected to open by the end of this year.

Pop Mart’s primary business is producing and selling collectible toys, many of them developed with artists and sold in “blind boxes”, packages consumers buy for around US$10 to US$20 without knowing exactly which iteration of the toy is inside.

Labubu, a toothy-grinned member of “The Monsters” series of toys designed by Kasing Lung, has become a favourite of celebrities including Rihanna and David Beckham and has sold out around the world.

Until now most popular as a charm for handbags, Pop Mart says it will this week launch a mini version of Labubu that can be attached to phones.

The firm is also exploring options in content and entertainment, saying it is optimistic about opportunities for Pop Mart characters to star in animated films and theme park attractions, though these are not expected to contribute a large amount of direct revenue in the short term.