The Chinese company Pop Mart is officially more valuable than industry giants Mattel and Sanrio, thanks to the popularity of Labubu dolls.

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.

Explosive demand for its Labubu dolls in overseas markets has driven the growth, since the toys sell for higher prices and generate bigger margins in regions like North America.

Chinese plush toymaker Pop Mart International Group Ltd. reported robust revenue and profit growth, boosted by global demand for its hugely popular Labubu dolls.

The doll maker’s sales have soared as young people grappling with economic uncertainty find joy in affordable pleasures.

The best part, though, might have been Madonna’s cake, which embraced the ongoing Labubu craze. In fact, the pop singer’s cake was shaped just like a Labubu, with a phrase underneath that read: “Happy Birthday Madudu.” (I hope she trademarked that.)