Pop Mart's 2026 Growth Trajectory Could Normalize -- Market Talk

Dow Jones

Feb 10

0845 GMT - Pop Mart's 2026 growth trajectory could normalize after the Labubu frenzy last year, HSBC analysts say in a research note. As supply scales and product availability improves, the "rush-to-buy" dynamic could fade, the analysts note. As a result, Pop Mart's overall growth could moderate, though continued global retail expansion, new member acquisition and new product launches could further support, they note. HSBC lowers its estimates for Pop Mart's revenue growth to 23.7% from 30.6%. "The Labubu risk," as HSBC describes the fading of its trademark product's popularity, may already be priced in after shares retreated from its peak, they add. HSBC maintains a buy call on Pop Mart but lowers its target price to HK$354.00 from HK$392.50. Shares last ended at HK$269.80. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

February 10, 2026 03:45 ET (08:45 GMT)

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One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www-web.itiger.com/news/2610617495"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2610617495\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2610617495?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2026-02-10 16:45","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2610617495","market":"hk","top_or_hot":-1,"title":"Pop Mart's 2026 Growth Trajectory Could Normalize -- Market Talk","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0845 GMT - <a href=\"https://laohu8.com/S/PMRTY\">Pop Mart</a>'s 2026 growth trajectory could normalize after the Labubu frenzy last year, <a href=\"https://laohu8.com/S/HSBC\">HSBC</a> analysts say in a research note. As supply scales and product availability improves, the \"rush-to-buy\" dynamic could fade, the analysts note. As a result, <a href=\"https://laohu8.com/S/POPMF\">Pop Mart</a>'s overall growth could moderate, though continued global retail expansion, new member acquisition and new product launches could further support, they note. HSBC lowers its estimates for <a href=\"https://laohu8.com/S/09992\">Pop Mart</a>'s revenue growth to 23.7% from 30.6%. \"The Labubu risk,\" as HSBC describes the fading of its trademark product's popularity, may already be priced in after shares retreated from its peak, they add. HSBC maintains a buy call on Pop Mart but lowers its target price to HK$354.00 from HK$392.50. Shares last ended at HK$269.80. (sherry.qin@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  February 10, 2026 03:45 ET (08:45 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pop Mart's 2026 Growth Trajectory Could Normalize -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPop Mart's 2026 Growth Trajectory Could Normalize -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-02-10 16:45</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0845 GMT - <a href=\"https://laohu8.com/S/PMRTY\">Pop Mart</a>'s 2026 growth trajectory could normalize after the Labubu frenzy last year, <a href=\"https://laohu8.com/S/HSBC\">HSBC</a> analysts say in a research note. As supply scales and product availability improves, the \"rush-to-buy\" dynamic could fade, the analysts note. As a result, <a href=\"https://laohu8.com/S/POPMF\">Pop Mart</a>'s overall growth could moderate, though continued global retail expansion, new member acquisition and new product launches could further support, they note. HSBC lowers its estimates for <a href=\"https://laohu8.com/S/09992\">Pop Mart</a>'s revenue growth to 23.7% from 30.6%. \"The Labubu risk,\" as HSBC describes the fading of its trademark product's popularity, may already be priced in after shares retreated from its peak, they add. HSBC maintains a buy call on Pop Mart but lowers its target price to HK$354.00 from HK$392.50. Shares last ended at HK$269.80. (sherry.qin@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  February 10, 2026 03:45 ET (08:45 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0359201612.USD","symbol_name":"贝莱德中国基金A2","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2610617495","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2610617495","pubTimestamp":1770713100,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0845 GMT - Pop Mart's 2026 growth trajectory could normalize after the Labubu frenzy last year, HSBC analysts say in a research note. As supply scales and product availability improves, the \"rush-to-buy\" dynamic could fade, the analysts note. As a result, Pop Mart's overall growth could moderate, though continued global retail expansion, new member acquisition and new product launches could further support, they note. HSBC lowers its estimates for Pop Mart's revenue growth to 23.7% from 30.6%. \"The Labubu risk,\" as HSBC describes the fading of its trademark product's popularity, may already be priced in after shares retreated from its peak, they add. HSBC maintains a buy call on Pop Mart but lowers its target price to HK$354.00 from HK$392.50. Shares last ended at HK$269.80. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0359201612.USD":"贝莱德中国基金A2","HSHD.SI":"HSBC HK SDR 5to1","SG9999002950.SGD":"United Asian Growth Opportunities SGD","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","BK4207":"综合性银行","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","BK1610":"ETF&股票定投概念","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","09992":"泡泡玛特","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","PMRTY":"Pop Mart International Group Limited","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","SGXZ86797644.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) INC","03143":"华夏香港银行股","SG9999001069.SGD":"UOB UNITED ASIA PACIFIC GROWTH (SGD) ACC","BK1601":"香港本地股","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","SGXZ62798434.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) ACC","BK4585":"ETF&股票定投概念","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","BK1224":"专卖店","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","BK1231":"综合性银行","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","BK4521":"英国银行股","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","00005":"汇丰控股","LU0823426480.USD":"法巴中国股票经典Dis","BK1572":"香港银行股","HSBA.UK":"汇丰控股有限公司","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","BK4588":"碎股","LU0823426308.USD":"法巴中国股票基金","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC"},"translate_title":"泡泡玛特2026年增长轨迹可能正常化——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HSHD.SI":0.6,"PMRTY":1.95,"09992":1.95,"03143":0.6,"00005":0.71,"HSBA.UK":0.6},"content_text":"0845 GMT - Pop Mart's 2026 growth trajectory could normalize after the Labubu frenzy last year, HSBC analysts say in a research note. As supply scales and product availability improves, the \"rush-to-buy\" dynamic could fade, the analysts note. As a result, Pop Mart's overall growth could moderate, though continued global retail expansion, new member acquisition and new product launches could further support, they note. HSBC lowers its estimates for Pop Mart's revenue growth to 23.7% from 30.6%. \"The Labubu risk,\" as HSBC describes the fading of its trademark product's popularity, may already be priced in after shares retreated from its peak, they add. HSBC maintains a buy call on Pop Mart but lowers its target price to HK$354.00 from HK$392.50. Shares last ended at HK$269.80. (sherry.qin@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  February 10, 2026 03:45 ET (08:45 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}