Pop Mart's Myth Shattered?!

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Performance skyrockets, stock prices plummet! Pop Mart’s market value evaporated by over 86 billion in less than two days.

Pop Mart fell more than 30% in two days, heavy funds adjusted their positions in advance, while southbound funds continue to buy against the trend?

The Fidelity Hong Kong Stock Connect Strategy Selected and the GF Value Core have avoided Pop Mart’s halving.

Source: iBusiness Weekly

China’s trendy toy giant Pop Mart’s 2025 revenue slightly missed analyst expectations. After the performance announcement, the company’s stock listed in Hong Kong plunged nearly 15%, marking the largest drop since April 2025.

Pop Mart’s 2025 revenue is expected to grow by 185% to 37.1 billion yuan, below the analyst expectation of 38 billion yuan. Net profit is expected to increase by 309% to 12.8 billion yuan, slightly above the expected 12.6 billion yuan.

Pop Mart has consistently relied on the global popularity of Labubu to drive growth. This little monster doll with sharp teeth has become a phenomenal product in the global collecting craze, remaining the company’s primary growth engine. Pop Mart is now pushing for diversification of its intellectual property (IP) portfolio and continuing its growth momentum by launching new products. The company is developing emerging characters like “Star People” into independent breakout products with their own fan bases, rather than substitutes for Labubu.

Nevertheless, Labubu remains the core pillar of the company’s performance. The Monsters series led by Labubu is expected to generate revenue of 14.2 billion yuan in 2025, exceeding the expected 12.5 billion yuan. This character toy contributed about 40% of the company’s total revenue in 2025, up from 23% in 2024.

However, investors are still concerned that the Labubu craze may fade, and Pop Mart’s stock price has been under pressure since peaking in August 2025. To alleviate this concern, Pop Mart is increasing promotions for other character toys and attempting to reignite market interest in Labubu by collaborating with Sony Pictures to launch a movie.

Bloomberg Industry Research analysts Peter Tang and Monica Si wrote in their report: “Whether Pop Mart can maintain its growth momentum this year hinges on its expansion into overseas markets, especially in the Asia-Pacific and North American markets, as well as IP diversification (excluding Labubu) and new product launches.”

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Editor: Hao Xinyu