Pop Mart International, the Chinese toymaker that thrives on a stable of trendy characters, jumped more than 4% to HK230.4, reaching a new high.

Pop Mart has become a darling among investors because of its knack for nurturing intellectual property (IP) that makes its toys must-have items among Generation Z, or those born between 1995 and 2010. The stock has jumped about 10-fold over the past year after Labubu, an elfin character in the Nordic mythology-inspired “The Monsters” series, gained global fame and fuelled overseas sales.

Pop Mart launched Labubu 3.0, a colourful set of seven figurines, and rolled out a pop culture magazine called Playground this year, while reshuffling its management to expedite global expansion.

The stock has 40 buy ratings and two holds, with no sell recommendations, according to Bloomberg.

Revenue in 2024 rose 107 per cent from a year earlier to 13 billion yuan, while profit soared 188 per cent to 3.1 billion yuan. Overseas sales surged 375 per cent to 5.1 billion yuan, thanks to rapid growth in Southeast Asia and North America.

JPMorgan predicted that overseas sales would account for about 65 per cent of the company’s total sales in 2027, growing from less than 40 per cent currently.