Pop Mart International Group, the Beijing-based maker of collectible "blind box" toys — including the viral, toothy-grinned Labubu — on Wednesday said profits and revenue for 2025 were robust and generally in line with market expectations.

The company reported that revenue for 2025 nearly tripled to 37.12 billion yuan, from 13.04 ⁠billion yuan recorded in 2024, while profit attributable to owners was 12.78 billion yuan, up 308 percent from 3.13 billion yuan a year earlier.

Still, shares of Pop Mart International Group were down more than 20 percent after the midday break.

Morningstar analyst Jeff Zhang said the annual revenue and earnings growth missed the consensus estimate from analysts, with a material slowdown in the fourth quarter, amplifying investor concerns about the durability of top intellectual properties.

"Also, a pullback in dividend payout ratio to 25 percent in 2025 from 35 percent in ⁠2024 is another negative to us," Zhang said.

"Pop Mart has also doubled down on ⁠the licensing business and theme park operations, but we think execution risks remain high."

Wang Ning, Pop Mart's chairman and chief executive, said ⁠the company expects to deliver revenue growth of no less than 20 percent from a year earlier in 2026.

"We won't pursue overly aggressive growth that boosts revenue at the expense of profitability," Wang said on a post-earnings call with analysts and investors.

Riding ⁠a global wave of demand for its plush toys, bag charms and collectibles from hit intellectual properties like including Labubu, Molly and Crybaby, Pop Mart has grown from a domestic blind-box retailer into one of the country's most closely watched consumer brands, as it continues to ride a wave of popularity to further overseas expansion.

In January, the company said it had added manufacturing capacity in Mexico, Cambodia and Indonesia to support demand and strengthen supply-chain resilience.

The company also said it plans to make London its European headquarters and has teamed up with Sony Pictures to develop ⁠a film about Labubu, underscoring its push to expand further in overseas markets.



Edited by Tony Sabine