POP MART International Group Limited's stock plummeted 9.57% during intraday trading on Thursday, extending a recent decline for the collectibles retailer.

The sharp drop follows reports that several major financial institutions, including Morgan Stanley and Citigroup, have lowered their target prices for the company. Analysts cited concerns over performance guidance that fell below market expectations, slowing growth in overseas markets, and short-term pressures from a high base effect as key reasons for their more cautious outlook.

While the company recently reported strong full-year 2025 results with revenue surging 184.7% year-on-year, analysts noted risks from the company's high dependence on a single IP, LABUBU, which accounted for nearly 40% of total revenue. The performance of other flagship IPs like Molly fell short of expectations, failing to provide a timely second growth curve to support the company's expansion.