Pop Mart Stock Surges on November 27, 2025 as Labubu Goes Mainstream: 9992.HK & PMRTY Latest News and Outlook

Hong Kong – November 27, 2025: Why Pop Mart Is Back in the Spotlight

Pop Mart International Group Limited, the Hong Kong‑listed toy and entertainment IP company best known for its “blind box” collectibles and viral Labubu character, is back on investors’ radar today.

As of Thursday, November 27, 2025, Pop Mart’s Hong Kong shares (ticker 9992.HK) traded around HK$222.80, up about 8.9% versus yesterday’s close of HK$204.60. Intraday, the stock moved between roughly HK$205 and HK$223, with the latest data putting its market cap near HK$272 billion and its 52‑week range at HK$79.50–HK$339.80. ^[1]

The rally comes as:

Hong Kong equities push toward a two‑week high, helped by optimism that the US Federal Reserve could cut rates as soon as next month. ^[2]
Pop Mart’s IP “goes prime‑time” in New York, with the company making its debut at the 99th Macy’s Thanksgiving Day Parade via a new float, Friendsgiving in POP CITY, featuring Labubu and other fan‑favorite characters. ^[3]
Fresh narratives about China’s “emotional consumption” boom and Pop Mart’s role in premium malls underscore the brand’s structural demand story at home. ^[4]

In other words, today’s move is happening at the intersection of macro tailwinds, cultural spotlight, and still‑powerful fundamentals—even as some analysts warn about a possible “Labubu bubble.” ^[5]

Pop Mart Share Price Today: 9992.HK and PMRTY Snapshot

Hong Kong listing – 9992.HK

Based on the latest exchange data: ^[6]

Last price (Nov 27, 2025): HK$222.80
Daily change: +HK$18.20 (+8.90%)
Day range: HK$205.20 – HK$223.40
Previous close: HK$204.60
52‑week range: HK$79.50 – HK$339.80
Market cap: ~HK$271.7 billion
Dividend yield: ~0.43% (paid annually)
Technical summary (Investing.com): “Strong Buy” on the daily timeframe, with an average 12‑month analyst target around HK$362, implying ~63% upside from current levels. ^[7]

A morning note from the South China Morning Post highlighted Pop Mart as one of the stand‑out movers in Hong Kong today, citing a 5% gain to HK$214.80 by 10:21 a.m., as the Hang Seng Index climbed about 0.4% to 26,023 on renewed rate‑cut hopes. ^[8] AASTOCKS also reported a bearish block trade of 30,000 shares at HK$224.20 late in the morning, suggesting some profit‑taking as the stock spiked almost 10%. ^[9]

US OTC ADR – PMRTY

For international investors, Pop Mart also trades as an unsponsored ADR under the symbol PMRTY in the US over‑the‑counter market. Recent data show: ^[10]

Recent price: Around US$26 per ADR, up about 2% on the latest session
Day range: Approx. US$26.06 – US$26.50
52‑week range: US$11.00 – US$44.68
P/E ratio: ~36x
Dividend yield: ~0.44%

On November 21, MarketBeat reported that PMRTY “gapped down”, opening at US$25.00 after closing at US$26.58 and trading near US$25.90 on light volume, with the ADR still below its 50‑day moving average around US$31.77. Analysts quoted in that piece described the overall rating on PMRTY as a “Moderate Buy.” ^[11]

Catalyst #1: Hong Kong Risk‑On Rally on Fed‑Cut Hopes

The broader backdrop for today’s move is a risk‑on session in Hong Kong equities.

The Hang Seng Index moved higher as investors priced in a possible US Federal Reserve rate cut next month, following dovish comments from Fed officials and speculation around future leadership at the central bank. ^[12]
Rate‑cut expectations tend to benefit growth and consumer names like Pop Mart, which rely on discretionary spending and carry relatively high growth valuations.

Within that context, Pop Mart—already a high‑beta “new consumption” name—amplified the index move. SCMP specifically singled it out as a top gainer, alongside chipmakers and internet names. ^[13]

Catalyst #2: Labubu and Friends Take Over Macy’s Thanksgiving Day Parade

While the Fed narrative is macro, Pop Mart’s branding story today is very micro and very visible—millions of TV viewers visible.

The Friendsgiving in POP CITY float

Pop Mart is making its first‑ever appearance in the Macy’s Thanksgiving Day Parade in New York, a nearly century‑old US holiday institution: ^[14]

The float is called “Friendsgiving in POP CITY”.
It features Labubu, Mokoko, SKULLPANDA, Dimoo, MOLLY, Peach Riot, Duckoo, and other characters from The Monsters IP universe in a colorful cityscape scene.
Labubu and Mokoko appear as 16‑foot‑tall fuzzy inflatable figures, which Pop Mart says are the first furry sculptures of their kind in parade history. ^[15]
The parade is being broadcast nationwide on NBC and streamed on Peacock in the US, with coverage from outlets ranging from ABC7 New York and AOL to Fast Company and The National Desk, all highlighting Pop Mart’s float as one of this year’s most anticipated new entries. ^[16]

Pop Mart’s own press release frames the float as part of its 15th anniversary celebrations and the 10‑year anniversary of Labubu and The Monsters, describing the parade appearance plus a Macy’s Herald Square holiday pop‑up and a SKULLPANDA pop‑up at 1 Penn Plaza as a “major splash” in New York City this season. ^[17]

For investors, this means:

US brand awareness is inflecting: Millions of mainstream US households are seeing Pop Mart characters on national TV, far beyond niche toy collectors.
Macy’s placement and Herald Square pop‑ups signal deepening partnerships with blue‑chip Western retailers.
It reinforces the company’s strategic pivot toward higher‑margin overseas markets, particularly in the US and Europe. ^[18]

Is today’s 8–9% share‑price jump entirely because of the parade? Probably not—macro is clearly helping—but the timing is perfect for sentiment: a positive Hong Kong session plus a powerful global marketing moment.

Catalyst #3: Emotional Consumption and High‑End Mall Exposure

On the mainland, Pop Mart continues to be held up as a poster child for China’s “emotion‑driven” consumption trend.

A new Xinhua/People’s Daily feature published this morning details how shopping malls are repositioning their layouts to showcase “trendy toy brands” at prime entrances, citing Pop Mart’s Pop Mart Collection and its first Popop jewelry store on the luxury‑heavy first floor of Shanghai’s Grand Gateway 66. ^[19]

Key takeaways from that article: ^[20]

Emotional spending—purchases tied to stress relief, self‑expression, or companionship—is becoming a core driver of China’s consumer economy.
Malls are turning themselves into “third spaces” with immersive IP zones, which favors shareable, collectible brands like Pop Mart.
Management at Grand Gateway 66 said Pop Mart’s accessory concept “far exceeded expectations” in early sales, underscoring its draw among young, experience‑seeking shoppers.

This narrative dovetails neatly with Pop Mart’s financial results, where plush toys and MEGA collectibles have exploded in sales (more on this below). As long as emotional consumption stays in vogue, Pop Mart remains one of the most visible pure‑play beneficiaries.

Fundamentals: Explosive Growth, Especially Outside China

2024 full‑year results

In March 2025, Pop Mart reported record 2024 results: ^[21]

Revenue: RMB 13.04 billion, up 106.9% year‑on‑year.
Adjusted net profit: RMB 3.4 billion, up 185.9% YoY.
Mainland China revenue: RMB 7.97 billion, +52.3% YoY.
Non‑Mainland (including Hong Kong, Macao, Taiwan & overseas): RMB 5.07 billion, up 375.2%, lifting the overseas share of revenue to 38.9%.

By product category in 2024: ^[22]

Figures: RMB 6.94 billion, +44.7% YoY, but down to 53.2% of revenue as the mix diversifies.
Plush toys: RMB 2.83 billion, up an eye‑popping 1,289% YoY, now 21.7% of revenue.
MEGA COLLECTION large figures: RMB 1.68 billion, +146.1% YoY.
Derivatives and others: RMB 1.59 billion, +156.2% YoY.

Gross margin hit a record 66.8%, with inventory days improving from 133 to 102, highlighting stronger operational efficiency. ^[23]

H1 2025: Growth steps up again

The company’s first‑half 2025 numbers pushed the story further: ^[24]

Revenue: RMB 13.88 billion, up 204.4% YoY.
Net profit: RMB 4.68 billion, up 385.6% YoY.
Americas revenue: up 1,142%+, as Pop Mart prioritizes the US market but stresses “quality over speed” in store openings.
The Monsters IP family (including Labubu) delivered RMB 4.81 billion in sales, up ~668%, and became the key driver of group revenue.

Q3 2025 update: Still huge, but slowing from a very high base

In October, Pop Mart reported unaudited Q3 2025 revenue that was still spectacular: ^[25]

Overall revenue growth:+245% to +250% YoY vs Q3 2024.
PRC operations: +185% to +190% YoY.
Overseas operations: +365% to +370% YoY.

Caixin’s analysis of the Southeast Asia push notes that Asia‑Pacific revenue growth slowed from about 350% YoY in Q1 to around 175% YoY by Q3, as the base became larger and early euphoria moderated. ^[26]

Still, for a company of Pop Mart’s size, triple‑digit revenue growth across multiple quarters continues to support premium valuation multiples—provided the Labubu craze does not implode.

Global Expansion: Thailand, the US, and Beyond

Pop Mart’s overseas thesis extends far beyond one parade float:

In Thailand, Pop Mart has opened increasingly large flagships in Bangkok and the Iconsiam mall and is expanding floor space to house more IP. A recent Caixin report says the Southeast Asian trendy toy market is worth ~US$2.5 billion, growing ~20% annually, with Pop Mart’s Labubu helping drive tourism campaigns and record event sales (over US$700,000 in a single Bangkok signing event). ^[27]
The same report notes Pop Mart’s Asia‑Pacific growth is starting to normalize, and warns that heavy reliance on a single blockbuster IP leaves the company vulnerable if trends shift. ^[28]
In the US and Europe, Pop Mart is using flagship stores, mall pop‑ups, and collaborations to move from niche fandom to mainstream awareness—today’s Macy’s Parade appearance being the clearest symbol of that push. ^[29]

Recent regional news also highlights themed events like “POP LAND Exclusive Festive Event in Thailand” and new product launches such as the POP BEAN Fluffy & Cozy plush series, officially releasing online today, November 27, 2025. ^[30]

The Bear Case: Is the Labubu Bubble Near Its Peak?

Despite today’s strong move, some analysts remain openly skeptical about the sustainability of Pop Mart’s current hype cycle.

A widely shared article (originally based on Bloomberg reporting) quotes Bernstein analyst Melinda Hu, who compares Labubu’s boom‑and‑bust risk to the infamous Beanie Babies bubble of the 1990s. Key concerns: ^[31]

The Labubu mania is driven by scarcity, dopamine‑heavy blind‑box mechanics, and speculative secondary‑market trading—patterns that historically have not supported decades‑long franchises.
Pop Mart’s reliance on The Monsters/Labubu has grown quickly: Labubu‑related products made up roughly a third of revenue in the first half of 2025, up from about 14% a year earlier, raising concentration risk. ^[32]
Bernstein expects Pop Mart’s annual revenue growth to peak around 145% this year, with margins gradually compressed by heavier marketing spending and overseas expansion costs. ^[33]

Criticism has been amplified by recent controversies:

A viral livestream clip in which a Pop Mart employee questioned the value of a 79‑yuan (US$11) blind‑box phone chain triggered social‑media backlash over “overpriced” collectibles. A TradingView/GuruFocus note says the incident coincided with a 5.5% single‑day drop in Pop Mart’s ADR, pulling prices to their lowest levels since May and contributing to a roughly 38% slide from the late‑August peak. ^[34]
Several pieces, including an Irish Examiner/Bloomberg reprint, emphasize that Pop Mart’s Hong Kong shares fell more than 30% from August highs following Q3 numbers and the livestream issue, despite those results beating expectations. ^[35]
Reuters and Caixin have both documented a cooling in Labubu resale prices and a wave of cheaper “blind box” imitators, raising questions about how long Pop Mart can maintain pricing power. ^[36]

In short: today’s bounce is real, but so is the debate about whether Pop Mart is a durable IP platform or a single‑franchise super‑cycle nearing its top.

The Bull Case: From Hot Toy to Global IP Platform

Bulls argue that the market is underestimating Pop Mart’s ability to turn Labubu’s flash into long‑term franchise cash flow and to replicate its success with new intellectual properties: ^[37]

IP depth, not just one character: Beyond Labubu, Pop Mart manages a broad stable of IPs like MOLLY, SKULLPANDA, Dimoo, Peach Riot, HIRONO and Twinkle Twinkle. Several of these already generate hundreds of millions of RMB in annual revenue. ^[38]
Twinkle Twinkle as the “next hit”: JPMorgan analysts cited in Bloomberg coverage argue that Twinkle Twinkle is gaining an authentic fan base, not just spillover demand from Labubu, and could account for around 8% of sales by 2027, up from 2.8% in the latest period. ^[39]
Platform economics: As Pop Mart shifts deeper into theme‑park experiences, movies, digital entertainment, and brand collaborations, each new IP benefits from the same global distribution and marketing infrastructure, improving operating leverage over time. ^[40]
Recognition and prestige: The company has been included in TIME’s 2025 list of the World’s Most Influential Companies, and its characters increasingly show up at global cultural events—from Comic‑Con to the US Open to Macy’s Parade. ^[41]

From this perspective, today’s bounce is part of a broader re‑rating of “new consumption” names, with Pop Mart sitting at the intersection of retail, entertainment, and pop culture.

What Analysts and Models Say Right Now

Investor signals are mixed but skew positive:

Fundamental/Street view
- Investing.com’s aggregated data show ~30 analysts covering Pop Mart, with an average target near HK$362 and a consensus leaning toward “Strong Buy”, implying around 63% upside from today’s price. ^[42]
- Jefferies previously raised its target to HK$383.20 and maintained a Buy rating after Q3, citing sustained momentum and overseas strength. ^[43]
- TipRanks, summarizing the latest Hong Kong‑listed rating, notes a recent “Sell” call with a HK$225 target, underscoring that not every analyst is on board. ^[44]
Technical/quant view
- Investing.com’s technical summary for 9992 flags a “Strong Buy” on the daily chart, with most moving averages and momentum indicators tilted bullish after the recent reversal. ^[45]
- In contrast, StockInvest still classifies 9992 as a “sell candidate” in the medium term, even as it acknowledges a 3‑day winning streak and rising volume. Its trend‑based model warns that the stock remains within a falling channel and estimates a potential 30%+ downside over the next three months if the trend resumes. ^[46]

For investors, the main message is that the dispersion of views is widening: as Pop Mart becomes more widely owned and more volatile, research opinions and quant models are less uniform than they were earlier in the year.

Key Questions for Pop Mart Investors After Today’s Rally

If you’re tracking Pop Mart stock into year‑end, today’s move raises a few practical questions:

How much of the Labubu craze is already priced in?
- The stock is still well below its 52‑week high near HK$340 but far above this year’s lows around HK$80. ^[47]
- Secondary‑market Labubu prices and imitation “blind box” products will be important indicators of whether the craze is stabilizing or rolling over. ^[48]
Can new IPs like Twinkle Twinkle meaningfully diversify revenue?
- Early sell‑through and fan engagement for Twinkle Twinkle and other series will show whether Pop Mart can avoid being a one‑hit wonder. ^[49]
How durable is the emotional‑consumption tailwind in China?
- If Chinese consumers trade down or shift from collectibles to other experiences, premium toy IPs could feel the pinch—even with strong overseas expansion. ^[50]
Will overseas growth stay capital‑efficient?
- Triple‑digit revenue growth is impressive, but margins will depend on how quickly stores, theme‑park experiences, and marketing costs ramp outside China. ^[51]
How volatile are you willing to go?
- Between October’s double‑digit drops, November’s ADR gap‑down, and today’s near‑9% jump, Pop Mart is behaving like a high‑beta growth stock, not a sleepy consumer staple. ^[52]

Bottom Line: A Big Green Day, But Not a One‑Way Story

On November 27, 2025, Pop Mart International Group Limited is enjoying:

A sharp rebound in its Hong Kong listing,
A massive visibility boost from Macy’s Thanksgiving Day Parade, and
Continued narrative support from China’s emotional‑consumption boom and global expansion stories.

At the same time, serious concerns remain about:

Over‑reliance on Labubu,
The possibility of a boom‑bust cycle in speculative collectibles, and
Rising marketing and international expansion costs that could pressure margins if growth normalizes. ^[53]

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