A Shanghai-based maker of “blind box” figurines made $1.8 billion last year—and continues to grow across the world.

and welled-up tears around its eyes. Since discovering Chinese toy company Pop Mart a year ago, Carrillo has bought nearly 100 of its products, many of which she gives as gifts to friends and family.

Pop Mart International Group Ltd expects annual revenue to reach 20 billion yuan ($2.75 billion) in 2025, reflecting a 50 ...