Pop Mart shares fall 6.818% as revenue declines in key markets
Key Facts
Pop Mart shares fell 6.818% at 09:09 Hong Kong time on October 28, according to ET Net data, after third-quarter figures showed revenue declines in key markets. The company had disclosed its quarterly figures the previous day, according to coverage by the South China Morning Post. The newspaper reported that revenue in several markets outside China fell year on year during the quarter. This follows first-half revenue growth, putting the two quarters on divergent paths. The recorded decline was an intraday move at the time of the update, not the stock’s final closing price.
The decline was steeper in Asia-Pacific outside China and Oceania, where revenue fell between 65% and 70% in the third quarter, according to the company’s Hong Kong Stock Exchange disclosure, as reported by the newspaper. In Europe and other regions, revenue fell between 50% and 55% over the same period. The figures show the decline extending across more than one region, with a larger drop in Asia-Pacific markets outside China and Oceania. The picture was not confined to one market, also encompassing Europe and other regions. The figures come amid coverage of cooling momentum for the Labubu character and a difficult comparison with the previous year’s results.
By contrast, Pop Mart’s revenue in the first half of 2026 rose 23.8% year on year to 17.173 billion yuan, according to the company’s interim financial report published through Financial Filings. That growth provides context for comparison with the third-quarter decline, but relates to a different period and does not change the quarterly figures. The company’s The Monsters characters, which include Labubu, contributed about 38% of its revenue in 2025, according to the Associated Press. The company sells multiple product lines and characters, so that share does not reduce its business to a single character. Third-quarter coverage cited cooling momentum for Labubu alongside new products featuring other characters.
The company’s Hong Kong-listed shares had previously fallen about 23% in the March 25, 2026 session, after the annual results were announced, despite strong revenue, according to the Associated Press. The news agency at the time linked investor moves to concerns about growth’s dependence on Labubu. That month, CEO Wang Ning said the company was "happy to see the character become a lifestyle for more people," expressing confidence in its future. This background comes as third-quarter figures show declines in several regions, while the stock remains vulnerable to sharp moves around company results. Market data on October 28 recorded an intraday drop, without establishing a direct cause.