Despite the latest pullback, many are holding on to their bullish calls for Pop Mart to remain one of the hottest consumer brands in China this year.

The company currently operates over 2,000 locations globally, including more than 40 stores in the United States, a market where Labubu sales surged by 5,000% in June.

Pop Mart expects a 350% profit rise in 2023, driven by Labubu dolls and global sales growth, bolstered by celebrity endorsements.