BEIJING, March 25 - Pop Mart International Group shares plunged more than 20% Wednesday after the Hong Kong-listed collectibles giant reported 2025 earnings that disappointed investors despite nearly tripling annual revenue.
The maker of viral blind-box toys like Labubu, Molly, and Crybaby posted 2025 revenue of 37.12 billion yuan ($5.38 billion), up 185% from 13.04 billion yuan a year earlier. Net profit attributable to owners surged 308% to 12.78 billion yuan.
Yet Morningstar analyst Jeff Zhang noted the results missed consensus estimates, citing a sharp fourth-quarter slowdown and concerns about the longevity of its top intellectual properties.
A reduced dividend payout-down to 25% from 35% in 2024-further dampened sentiment. Chairman and CEO Wang Ning pledged 2026 revenue growth of at least 20% but emphasized profitability over aggressive expansion.
Pop Mart is doubling down on licensing and theme parks while expanding overseas: it added manufacturing in Mexico, Cambodia, and Indonesia, named London its European HQ, and partnered with Sony Pictures to develop a Labubu film.