Pop Mart hits 11-month low after results on concerns of reliance on Monsters, Labubu

Pop Mart International

25/03/2026 06:34

** Shares of Pop Mart International Group 9992.HK drop 21.7% to HK$170, their lowest level since April 25, 2025

** Stock on track for the biggest one-day pct decline since April 7, 2025

** Top pct loser in benchmark Hang Seng Index .HSI, which is up 0.5%

** Beijing-based maker of collectible "blind box" toys - including the viral Labubu - said its 2025 revenue rose 185% from a year earlier and was in line with market expectations of 37.12 bln yuan ($5.38 bln)

** "Pop Mart’s reliance on the Monsters and Labubu lingers, with a 38% mix of revenue rising from 35% in the first half of 2025. Hence, we still expect a longer duration for Pop Mart to effectively diversify across different IPs" - Morningstar

** "We think the Labubu frenzy has yet to cease, as the Monsters IP revenue grew over 350% in 2025" - Morningstar

** Pop Mart has doubled down on licensing business and theme park operations, but we think execution risks remain high,  Morningstar adds

** YTD, stock down 8%

 (Reporting by Donny Kwok)

 ((donny.kwok@thomsonreuters.com))