On the afternoon of 7 August (HKT), Pop Mart (09992.HK) surged at the open and climbed to an intraday high of HK$293.40, up nearly 6 per cent. By 2:15 p.m. the stock was still up about 2 per cent at HK$282.60, marking a four-day rally of roughly 15 per cent and pushing its all-time high even higher.

(Image source: uSMART HK app)

Capital Flows and Street Views: Funds Add Exposure, Target Price Lifted to HK$365

By the end of Q2, the number of mutual funds holding Pop Mart had risen to 286, with combined positions of almost 65 million shares—an increase of nearly 4 million quarter-on-quarter. Star funds under E Fund and GF Fund ranked among the top ten holders. Morgan Stanley, calling Pop Mart’s “platform value clearly underestimated,” reiterated its “Overweight” rating and raised its target price to HK$365, implying about 46 times FY25E P/E. Citi followed suit, lifting its 2025-27 earnings forecasts by 38-49 per cent and its target to HK$308, citing Labubu’s global popularity and new-product catalysts.

Labubu Fever in the Middle East: Blind Boxes Fetch Up to SAR 399

Prior to the share-price spike, Labubu blind boxes were already selling for SAR 99–399 (US$26–107) on Saudi e-commerce sites—transforming the toy from a niche collectible into social currency with cultural cachet. Analysts note that in an environment of high macro uncertainty, emotionally charged products such as designer toys are resonating with young consumers, giving Pop Mart’s overseas channel rollout an unexpected boost.

Beyond online sales, Pop Mart will make its debut at MEFCC 2025 in Abu Dhabi, bringing Chinese designer-toy culture to the Gulf with limited-edition drops, immersive interactions, and ROBOSHOP vending machines—further cementing its offline presence in the region.

Fundamentals Accelerate: Overseas Revenue Likely to Surpass Domestic for the First Time

The company recently guided that H1 2025 revenue will jump at least 200 per cent y/y, with non-GAAP net profit up about 350 per cent and net margin rising to roughly 30 per cent. Management said overseas growth has been “far beyond imagination,” and full-year overseas revenue is highly likely to overtake domestic sales, with North America poised to outpace Southeast Asia.

As a result, investors are reassessing Pop Mart’s global potential: flagship IPs such as Labubu and SKULLPANDA are increasingly collaborating with luxury brands and influencers, extending the “IP-content-commercialization” loop into a broader consumer ecosystem. Meanwhile, high-turnover formats like vending machines, pop-ups and flagship stores allow the company to replicate its light-asset model rapidly overseas.

Risks and Outlook

In the near term, the sharp rally may prompt some profit-taking by funds that built positions in Q2; over the medium-to-long term, the pace of IP refresh, supply-chain resilience and overseas user engagement will be critical to any further re-rating. Most sell-side analysts believe that if Labubu’s popularity in the Middle East, Europe and the U.S. continues to translate into sales, Pop Mart’s earnings growth could keep beating consensus.

All told, as “emotion-driven spending” defines the designer-toy market, Pop Mart is riding a Labubu-led global frenzy to capture its next growth curve—and the record-breaking share price is already discounting how much imagination its worldwide IP strategy can ultimately unlock.

How to Buy POP MART on uSMART

After logging into the uSMART HK app, click on "Search" at the top right of the page, input the stock code to access the details page and view transaction details and historical trends. Then click the "Trade" button at the bottom right, select the "Buy/Sell" option, fill in the transaction conditions, and submit your order.

(Image source: uSMART HK app)