Pop Mart forecast third-quarter revenue would fall 45% to 50% year over year.
Why it matters: The update gives investors a fresh read on Chinese consumer demand and character merchandise. It also follows strong first-half mainland China growth and weaker overseas performance.
- Mainland China revenue fell 25% to 30%, while overseas declines ranged from 50% to 75%.
- Within mainland China, offline revenue fell 5% to 10%, compared with a 45% to 50% online decline.
- Pop Mart shares fell as much as 6% on October 28 to HK$123.80, an 18-month low, according to <a href="https://www.scmp.com/business/china-business/article/3372313/pop-mart-reports-45-50-revenue-decline-labubu-sales-weaken-across-major-markets">South China Morning Post coverage</a>.
- The third-quarter figures are preliminary, unaudited and subject to change.
Pop Mart International Group forecast a sharp third-quarter contraction in a Hong Kong Stock Exchange filing dated October 27. The company said unaudited revenue would fall 45% to 50% year over year in a voluntary business update.
The decline was broad-based. Mainland China revenue fell 25% to 30%; Asia-Pacific revenue excluding mainland China fell 65% to 70%; the Americas fell 70% to 75%; and Europe and other regions fell 50% to 55%.
Mainland China's offline channel was relatively more resilient, with revenue down 5% to 10%. Online revenue fell 45% to 50%.
The update follows strong first-half performance in mainland China and weaker overseas results. In the first half of 2026, revenue rose 23.8% to RMB17.17 billion and attributable profit rose 10.1% to RMB5.04 billion, according to the company's interim results. Mainland China revenue rose to RMB12.20 billion from RMB8.28 billion a year earlier, while overseas revenue fell to RMB4.97 billion from RMB5.59 billion.
The year-ago third quarter had revenue growth of approximately 250%. South China Morning Post coverage said overseas operations and online channels bore the brunt of the decline.
Pop Mart said the information may be subject to change and adjustment. It did not disclose exact third-quarter revenue, product-level Labubu sales, margins, inventory or cash-flow figures.
By the numbers
- 45%-50% - forecast year-over-year third-quarter revenue decline
- RMB17.17 billion - first-half 2026 revenue, up 23.8% year over year
- Approximately 250% - revenue growth in the year-ago third quarter
Yes, but: The figures are preliminary and unaudited. Pop Mart did not provide exact third-quarter revenue or product-level Labubu sales, so the update does not show how individual products contributed to the decline.