Soaring over 6%! Will Pop Mart continue to hit record highs and become the second Guizhou Moutai? How did Labubu make Hermès fall into disgrace?

Stock Performance and Future Prospects

Pop Mart International Group Limited (9992.HK) has seen its stock price reach HK$234.00 as of June 3, 2025, with a market cap of HK$305.48 billion, reflecting a strong performance. The company’s revenue surged by 106.9% in 2024 to RMB 13.04 billion and grew 165%-170% in Q1 2025, driven by overseas expansion. While this suggests continued growth, becoming as iconic as Guizhou Moutai, a blue-chip liquor brand, is complex due to differing industries and market dynamics. Analysts predict potential rises, but sustainability remains a question, especially with recent stake sales.

Labubu and Hermès Controversy

Labubu, a popular Pop Mart character, has become a trendy bag charm, often attached to high-end Hermès bags like the Birkin. This has led to mixed reactions: some see it as a fun, personal touch, while others feel it clashes with Hermès’ elegance. However, there’s no evidence that Labubu has caused Hermès to “fall into disgrace”; it’s more of a stylistic debate among fashion enthusiasts.

Survey Note: Detailed Analysis of Pop Mart and Labubu’s Impact

This note provides a comprehensive analysis of Pop Mart’s recent stock performance, its potential to emulate Guizhou Moutai, and Labubu’s cultural impact, particularly in relation to Hermès. The findings are based on recent financial reports, market analyses, and social media discussions as of June 4, 2025.

Pop Mart’s Stock Performance and Growth Trajectory

Pop Mart International Group Limited, listed on the Hong Kong Stock Exchange as 9992.HK, has experienced significant stock growth, with prices reaching HK$234.00 on June 3, 2025, and a market cap of HK$305.48 billion 

This growth is fueled by Pop Mart’s expansion into 100 countries, a mature IP operation system featuring characters like THE MONSTERS and MOLLY, and a strategy to diversify beyond toys. Recent developments include launching the jewelry brand POPOP and planning derivative products like the LABUBU refrigerator 

The comparison to Guizhou Moutai, a blue-chip liquor brand, is ambitious. Moutai’s market dominance is rooted in a centuries-old heritage and stable demand, while Pop Mart operates in the volatile collectibles market. PitchBook reports a trailing 12-month revenue of $1.82 billion as of December 31, 2024, with a market cap of $39 billion, suggesting strong but different fundamentals 

. Analysts predict a potential 88.69% rise in stock price over the next three months, but the evidence leans toward Pop Mart being a growth story rather than a direct parallel to Moutai.

Labubu’s Cultural Impact and Relation to Hermès

Labubu, a character from Pop Mart’s The Monsters series, has become a global phenomenon, particularly as a bag charm. Created by Hong Kong-born illustrator Kasing Lung, Labubu’s popularity spiked in 2025 due to celebrity endorsements, such as K-pop star Lisa and Love Island’s Olivia Attwood 

The trend of attaching Labubu to Hermès bags, such as the Birkin and Kelly, has sparked debate. Fashion editors and enthusiasts have mixed views: some, like Bryan Yambao (Bryanboy), see it as a “match made in heaven,” enhancing the collectible thrill for Hermès enthusiasts 

This debate highlights a generational divide, with Gen Z embracing Labubu for uniqueness, often clipping it to high-end bags, while traditionalists prefer Hermès’ quiet luxury 

Comparative Analysis and Market Implications

To better understand Pop Mart’s position, consider the following table comparing key metrics with Guizhou Moutai as of recent reports:

This table underscores Pop Mart’s rapid growth but also highlights Moutai’s scale and stability. Pop Mart’s international expansion and IP strategy suggest potential, but market volatility and competition (e.g., Funko) could challenge its ascent to Moutai’s level.

Pop Mart’s stock is on an upward trajectory, with strong financials and global expansion, but becoming the “second Guizhou Moutai” is a complex goal given industry differences. Labubu has not caused Hermès disgrace but has ignited a stylistic debate, reflecting broader cultural shifts in fashion. Investors and consumers should monitor Pop Mart’s diversification and market reception, while fashion enthusiasts may continue to see Labubu as a playful, if controversial, accessory.