Shares in Labubu-maker Pop Mart fell more than a fifth on Wednesday after annual results showed it was still heavily reliant on the ugly-but-cute monster doll for its rapid growth.
Pop Mart’s revenue rose from Rmb13bn ($1.9bn) to Rmb37.1bn in 2025, representing year-on-year growth of 185 per cent, but just behind the expectations of analysts polled by Bloomberg. Profits attributable to the owners of the company quadrupled to Rmb12.8bn, slightly ahead of estimates.
Sales of the product line that contains Labubu — the doll that has propelled the Chinese company to global stardom in recent years — rose more than 365 per cent to Rmb14.2bn, accounting for about 38 per cent of revenue, compared with 23 per cent in 2024.
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