Pop Mart Revenue Falls 45% to 50% in Third Quarter of 2026
Key Facts
Pop Mart said on October 27 that its unaudited total revenue fell 45% to 50% year on year in the third quarter of 2026, a sharp reversal from the growth the company recorded in the same period a year earlier. The business update showed revenue declines across the regions and channels disclosed by the company. The comparison base was high, as total revenue rose 245% to 250% in the third quarter of 2025. The company also recorded annual revenue growth of about 250% that quarter, according to The Straits Times. The company’s disclosure did not specify the reason for the decline or break down revenue by the characters it sells.
The previous annual results show the scale of the acceleration that preceded the current retreat. Pop Mart’s revenue reached about 37.12 billion yuan in 2025, up 184.7% year on year. In the first half of 2026, the company generated revenue of 17.17 billion yuan, up 23.8% year on year. The contrast points to slower revenue growth before the contraction recorded in the third quarter, while the year-on-year comparison remained affected by the large jump in 2025. The third-quarter figures cover revenue, not the number of units sold.
In a press assessment of the performance, The Straits Times said the decline came as Labubu’s momentum cooled and comparisons with strong 2025 results proved difficult. That remains a press interpretation, as the company did not attribute the decline to the character in its update. The coverage also reported that revenue fell across all regions, with greater pressure in the Americas and Asia-Pacific than in the Chinese market. The breadth of the geographic decline underscores that the reported figures were not limited to one market. The company’s disclosure did not specify each character’s or product’s contribution to regional revenue.
The decline also extended to sales channels, according to coverage by the South China Morning Post, which pointed to lower revenue across major regions and channels. Among the pressures discussed in the coverage was weak online revenue, as the company continues to expand its store presence. Pop Mart opened a three-storey flagship near West Lake in Hangzhou and launched its European flagship on Paris’s Boulevard Haussmann in September. During the third quarter, it released new products tied to the characters Twinkle Twinkle and Dimoo. These steps place commercial expansion and new character launches alongside the reported revenue decline.
On the outlook, The Straits Times cited a note from HSBC saying it could take longer for Pop Mart’s business to stabilize, describing the path as a “longer road to stability.” The bank also cut its forecasts for the coming years, according to the press coverage, amid questions about whether demand can continue after the previous boom. The assessment comes as the company seeks to support its portfolio with new releases and expand its store network. It announced its third-quarter business update on October 27, while the disclosure was based on unaudited revenue. The disclosure underlying the figures did not include a company explanation for the decline.