Pop Mart’s jaw-dropping 200% rally has lit a fire under Wall Street, sending analysts into a frenzy to revise their forecasts upward. The Hong Kong-listed toy maker — now the top performer on the MSCI China Index in 2025 — is riding an unstoppable wave powered by the global obsession with its Labubu dolls.

In just this week alone, at least five major brokerages, including Deutsche Bank, Morgan Stanley, and Citigroup, have rushed to hike their price targets. Citigroup made the boldest move, slashing its previous forecast and setting a street-high target of HK$308 — a stunning 90% upgrade — citing Pop Mart’s rapidly expanding global IP footprint.

On Friday, Pop Mart shares surged another 3.5%, putting the stock on course for yet another record close.

🌍 Global Craze for Labubu Drives Soaring Sales

At the heart of Pop Mart’s meteoric rise is its wildly popular Labubu character, the star of its Monsters blind-box series. In 2024 alone, The Monsters franchise raked in more than 3 billion yuan (US$410 million) — nearly a quarter of Pop Mart’s total revenue — dwarfing its previous 368 million yuan just a few years ago.

The brand’s IP-driven model has transformed Pop Mart from a quirky toy retailer in 2010 into a global pop culture powerhouse, with fans around the world lining up for hours at stores to snap up new blind-box releases.

💰 Valuations High — But Bulls See More Room to Run

Despite valuations soaring to 45 times forward earnings — far outpacing peers like Sanrio and even Disney — many analysts believe the rally still has legs. The company’s rapid expansion, strong brand loyalty, and runaway sales momentum continue to fuel bullish sentiment.

Already trading above the 12-month average price target tracked by Bloomberg, Pop Mart has officially entered overbought territory. But for now, the Labubu-fueled frenzy shows no signs of slowing.

🎯 Quick Stats:

• YTD stock gain: 200%

• Sales from The Monsters (2024): 3 billion yuan

• Revenue share from Labubu: ~25%

• P/E (forward): 45x

• New price target (Citigroup): HK$308

From humble beginnings to global phenomenon, Pop Mart’s story is turning into one of the most electrifying IPO and growth success stories in Asia this year — and investors are racing to keep up.

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