Pop Mart shares plunge over 22% as concerns over sustainability of Labubu sales dwarf stellar results

The Beijing-based toy maker reported 2025 revenue of 37.1 billion yuan ($5.4bn), up 185% year-on-year. Revenue missed LSEG's 38.0 billion yuan estimate by roughly 0.9 billion yuan, about a 2.4% shortfall. Exceptional top-line growth points to strong consumer demand, but the small miss versus consensus may limit immediate upside for the stock.

Analysis

The Beijing-based toy maker reported 2025 revenue of 37.1 billion yuan ($5.4bn), up 185% year-on-year. Revenue missed LSEG's 38.0 billion yuan estimate by roughly 0.9 billion yuan, about a 2.4% shortfall. Exceptional top-line growth points to strong consumer demand, but the small miss versus consensus may limit immediate upside for the stock.