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

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.

Pop Mart is betting on films, theme parks and global expansion to turn Labubu into a lasting franchise, even as the initial craze fades.

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.