Pop Mart Shares Sink 23% on Doubts Firm Can Grow Past Labubu

Pop Mart International Group Ltd. shares plunged a record 23% after the company’s full-year results revealed a widening dependency on its Labubu franchise, disappointing investors counting on other brands to sustain its explosive growth.

Revenue surged 185% to 37.1 billion yuan ($5.4 billion) in 2025, narrowly missing the 38 billion yuan consensus, the Chinese pop toy maker reported Wednesday. The selloff came despite a 309% surge in net income to 12.8 billion yuan, which was slightly above the forecast of 12.6 billion yuan.