Pop Mart Shares Rally as Global Expansion Offsets Fading Labubu Hype

During a recent annual event, founder Wang Ning revealed that Pop Mart’s global registered user base surpassed 100 million by the end of 2025. This milestone follows a year of record-breaking volume, where sales of the popular Labubu figure alone exceeded 100 million units. While the "ugly-cute" monster has dominated the brand's portfolio, total sales across all product lines topped 400 million units, underscoring a business model that is beginning to move past its primary breakout hit.

Diversifying the IP Portfolio

The company is now navigating a transition phase as the frenzy surrounding Labubu stabilizes. Unlike the peak of the craze when dolls commanded double their retail value on secondary markets, the figures are now readily available in physical stores. Morningstar analyst Jeff Zhang noted that Pop Mart is actively moderating its reliance on the "Monsters" series to prevent brand fatigue. According to Zhang, the company’s global expansion is expected to persist, with North America, Europe, and the Middle East serving as the primary engines for new store openings.

Financial institutions remain bullish on the company’s trajectory despite a volatile performance in late 2025. Citi analysts recently designated Pop Mart as their top pick within China’s consumer sector, citing breakthroughs in product innovation and monetization across new categories. Although the stock dipped after an August peak, a recent rebound has pushed its year-to-date gain to 37%. Analysts expect these diversification efforts and a more robust supply chain to sustain growth through 2026 as the brand matures into a global lifestyle staple.