Pop Mart reported 2025 revenue of 37.12 billion RMB ($5.38 billion), up 184.7% YoY, with adjusted net profit up 284.5% to 13.08 billion RMB ($1.90 billion). Core IP Labubu generated 14.16 billion RMB ($2.05 billion), or 38.1% of revenue, while plush products became the largest category for the first time. The Americas region grew 748.4%. Despite record results, the stock fell over 21%, pushing market cap below HK$230 billion ($29.4 billion), as HSBC and Morgan Stanley cautioned that Labubu-driven hypergrowth is set to moderate, making 2026 critical for IP diversification.

Related reading: From Popland to Sony Pictures: Is Pop Mart becoming China’s Disney?