The 2026 growth outlook of only 20% has raised market doubts, and Pop Mart plummeted 21%.

GateUser-bd883c58 · 2026-04-01T22:21:31+00:00

Pop Mart (09992.HK) saw its stock price plummet over 21% in the afternoon of March 25, with its market capitalization dropping to HKD 230 billion. In 2025, revenue reached RMB 37.12 billion, a year-on-year increase of 184.7%, with net profit of RMB 12.78 billion, up 308.8% year-on-year. LABUBU's THE MONSTERS achieved global popularity, with revenue reaching RMB 14.16 billion.

GateUser-bd883c58

2026-04-01 22:21:31

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On March 25 afternoon, Hong Kong stocks Pop Mart (09992.HK) plunged by more than 21%, with its market value falling to HK$230 billion.

In terms of news, at Pop Mart’s 2025 annual results briefing, Wang Ning, Chairman of the Board and Chief Executive Officer of Pop Mart, said that in 2026, the company will work to achieve a growth rate of no less than 20%.

Pop Mart’s full-year 2025 revenue was RMB 37.12 billion, up 184.7% year over year, versus an estimated RMB 37.96 billion; net profit was RMB 12.78 billion, up 308.8% year over year, versus an estimated RMB 12.64 billion; and final dividend per share was RMB 2.38, compared with RMB 0.81 in the same period last year.

In 2025, THE MONSTERS—home to LABUBU—went viral worldwide, becoming a world-class IP. Revenue reached RMB 14.16 billion, up 365.7%. This was the first time LABUBU’s family revenue broke through RMB 10 billion. Thanks to a differentiated IP operating strategy, the six major IPs, including SKULLPANDA, CRYBABY, MOLLY, DIMOO, Star People, and others, saw revenue surpass RMB 2 billion; 17 IPs surpassed RMB 100 million; and in the first half of 2025, the number of IPs with revenue exceeding RMB 100 million was 13.

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