the Beijing-based toy maker posted annual revenue of 37.1 billion yuan ($5.4 billion) for 2025, up 185% from a year earlier, just shy of LSEG estimates of 38 billion yuan.

The Hong Kong-listed company’s shares slid over 22% on Wednesday after reporting its annual earnings as investors worry the hype over Pop Mart’s signature Labubu toys is over.

the Beijing-based toy maker posted annual revenue of 37.1 billion yuan ($5.4 billion) for 2025, up 185% from a year earlier, just shy of LSEG estimates of 38 billion yuan.

Heavy reliance on Labubu and “The Monsters” franchise weighed on investor sentiment after the latest report.