0800 GMT - Pop Mart International's product mix and geographical mix likely drove average selling price growth in 2025, say Macquarie Capital's Terence Chang and Linda Huang in a note. The Labubu doll maker said it sold over 400 million units across all intellectual properties and product categories last year. While it didn't give a breakdown of how these units were sold, the analysts expect higher contribution from plush toys, which are usually more expensive than figurines, and from overseas markets, which price their products higher than in China. Macquarie Capital reiterates its outperform rating, as it reckons Pop Mart has potential to expand further overseas with more balanced contribution from its IPs. Macquarie maintains its target price at HK$470.00. Shares are up 5.0% at HK$270.00. (megan.cheah@wsj.com)

(END) Dow Jones Newswires

February 10, 2026 03:00 ET (08:00 GMT)

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