Pop Mart International Group Ltd.'s shares fell as much as 10% after analysts
downgraded their outlooks, citing slowing overseas growth and increased
dependence on its Labubu franchise. The stock drop followed a 23% decline on
Wednesday. Analysts pointed to decelerating growth, high IP concentration, and
speculative capital risks. Despite a 185% revenue surge to 37.1 billion yuan in
2025, earnings estimates for 2026-2027 were cut by Morgan Stanley and UBS.
Concerns over second-half growth and dividend reductions contributed to the
selloff.
