Pop Mart revenue plunges 45% to 50% in third quarter amid broad geographic declines

Key Facts

Pop Mart said unaudited gross revenue fell 45% to 50% in the third quarter compared with the same period in 2025, a decline that extended across its operations in all four regions. Published figures showed the steepest drops in the Americas and Asia-Pacific, while the decline was smaller in China. The company’s announcement did not say that cooling demand for Labubu dolls caused the fall, so the results should not be attributed to that brand or to a shift in consumer spending. The regional comparison shows that weak revenue was not confined to the Chinese market. The quarterly data are preliminary and unaudited, according to the company’s description of its results.

In China, revenue fell 25% to 30% year over year, according to The Standard, citing a company disclosure. The decline was much deeper in Asia-Pacific, where revenue dropped 65% to 70%. The Americas recorded the steepest drop among the regions, at 70% to 75%, while revenue in Europe and other regions fell 50% to 55%. These ranges show a clear divergence in geographic performance in the third quarter, with declines exceeding half in three of the four regions. The figures do not explain the reasons for this divergence.

Sales channels in China also performed differently, with offline channel revenue falling 5% to 10% year over year in the third quarter. By contrast, online channel revenue dropped 45% to 50%, according to The Standard. The decline in online sales was therefore far steeper than the drop in stores and other offline channels. The comparison sets weaker digital activity against the relatively more resilient performance of offline channels in the Chinese market. The disclosure did not specify the reason for the gap between the two channels.

First-half results provide separate context for the company’s trajectory before the third-quarter figures were released. The share of revenue from The Monsters characters declined in the first half, according to earlier results cited in the available materials. This is relevant context because the characters, including Labubu, were central to coverage of the company’s performance, but it does not prove they were behind the third-quarter decline. The different reporting periods also mean the change in share in the first half cannot be treated as a direct explanation for the subsequent quarterly results. The company did not attribute the decline in its disclosure to any particular product.

Chief operating officer Si De said the Chinese market remained “relatively stable and healthy” for the full year, and that the company expects to deliver annual growth there in 2026. The forecast reflects management’s view of the domestic market despite the decline in revenue from its China operations in the third quarter. He added that the company would seek to capture opportunities during the traditional sales season while also preparing for next year. The statement did not specify the expected growth rate or the timing of seasonal opportunities. That leaves management’s forecast and sales plans as the closing elements in a picture of a quarter marked by broad geographic declines, according to preliminary results.