Pop Mart Navigates Labubu-Fueled Growth Uncertainty

Beijing-based toymaker Pop Mart reported 185% revenue growth and 309% net income increase in 2025 driven by its hit character Labubu, even as its stock has retreated about 40% from an August peak and fell over 22% after a recent earnings release. The company is diversifying—44% of 2025 revenue came from markets outside mainland China—and pursuing films, retail tie-ups, jewelry and theme-park expansion to sustain IP value.