Overview
- Investors sold the stock by more than 20% after the results, even though 2025 revenue rose 185% to 37.12 billion yuan and profit jumped 308% on the back of Labubu.
- Morningstar said revenue and earnings missed consensus with a marked fourth‑quarter slowdown, and the dividend payout ratio was cut to 25% from 35%.
- CEO Wang Ning guided for at least 20% revenue growth in 2026 and said the company will launch home appliances next month with a focus on protecting margins.
- Pop Mart is building out its characters through a Labubu film with Sony and director Paul King, an expanded Pop Land park in Beijing set for summer, and fashion tie‑ups including Uniqlo and Moynat.
- Shares now sit about 40% below their August peak as HSBC trims its 2026‑2027 earnings outlook and lowers this year’s growth forecast to under 24% while keeping a positive view on Pop Mart’s ability to globalize new IP.