Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Current Price: $20.34 per ADR / HK$161.40 per share (Aug 5, 2026) Market Capitalization: ~US$26.8 billion (HK$211.7 billion) 52-Week Range (ADR): $17.90 – $44.68 (down ~55% from the February high) We spent our careers looking for businesses whose earnings ten years out we could predict with reasonable confidence. Pop Mart is the opposite case: a company whose current earnings are spectacular beyond almost anything we have seen in consumer products — 72% gross margins, 46% operating margins, a 78% return on equity, no net debt — and whose earnings five years out we cannot estimate within a factor of three. The company sells $10 surprise dolls to adults, and in 2025 one plush monster named Labubu became a global craze that tripled revenue in a single year.
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