Pop Mart Shares Plunge 22.5% After 2025 Earnings

Pop Mart International Group Ltd., the Beijing-based maker of collectible blind box toys, saw its Hong Kong-listed shares plummet 22.5 percent to HKD168.30 on Wednesday following the release of its 2025 annual earnings report. The decline, the steepest single-day drop since April 2025, stemmed from investor worries over the company's deepening reliance on its flagship Labubu monster doll franchise, despite robust overall financial growth.

The report showed revenue surging 185 percent to 37.1 billion yuan (about USD5.4 billion) for the year, surpassing 30 billion yuan for the first time and aligning closely with analyst expectations, though it fell slightly short of a 38 billion yuan consensus. Adjusted net profit rose 285 percent to 13.1 billion yuan, reflecting strong demand for the company's intellectual properties. However, the results highlighted a slowdown in the second half, particularly in the fourth quarter, which amplified concerns about the sustainability of top franchises.

Central to the performance was the Monsters series, featuring the elf-like Labubu dolls, which generated 14.2 billion yuan in revenue, a 366 percent increase from the previous year. This accounted...