Pop Mart’s overall revenue in the third quarter of 2026 fell 45%-50% year on year
According to a voluntary business update announcement released by Pop Mart International Group Limited (09992.HK) on October 27, 2026, overall revenue in the third quarter of 2026 (unaudited) fell 45%-50% year on year compared with the third quarter of 2025.
By region, revenue in China (including Hong Kong, Macau and Taiwan) fell 25%-30% year on year, revenue in Asia-Pacific (Asia and Oceania excluding China) fell 65%-70%, revenue in the Americas fell 70%-75%, and revenue in Europe and other regions fell 50%-55%. Revenue from offline channels in China fell 5%-10% year on year, while revenue from online channels fell 45%-50%.
The announcement is based on the board’s preliminary review of the management accounts, is unaudited, and the data may be adjusted.
Original sources:
Title: LATEST BUSINESS UPDATE FOR THE THIRD QUARTER OF 2026 Publisher: Pop Mart International Group Limited (HKEX announcement) Publication date: 2026-10-27 URL: https://www1.hkexnews.hk/listedco/listconews/sehk/2026/1027/2026102700268.pdf Nature of source: official document Verification status: key data from the full announcement text were actually read for this report, verification date 2026-10-27 Supported content: supports the specific ranges of year-on-year decline in unaudited revenue overall, by region, and by channel
Title: Pop Mart Third-Quarter Sales Fall Up to 50% as Labubu Fad Cools Publisher: Bloomberg Publication date: 2026-10-27 URL: https://www.bloomberg.com/news/articles/2026-10-27/pop-mart-s-quarterly-sales-drop-on-high-base-sluggish-demand Nature of source: media report Verification status: the main report content was actually read for this report, verification date 2026-10-27 Supported content: supports the 45%-50% decline in overall revenue, the 25%-30% decline in China, and the 70%-75% decline in the Americas, among other data
Title: Pop Mart reports 45 to 50% revenue decline as Labubu sales weaken across major markets Publisher: South China Morning Post Publication date: 2026-10-27 URL: https://www.scmp.com/business/china-business/article/3372313/pop-mart-reports-45-50-revenue-decline-labubu-sales-weaken-across-major-markets Nature of source: media report Verification status: the main report content was actually read for this report, verification date 2026-10-27 Supported content: supports the ranges of revenue decline overall and by region, as well as the description that overseas and online channels came under pressure
ABAB AI Insight
Pop Mart’s revenue base in the third quarter of 2025 was extremely high (year-on-year growth of about 245%-250%), and the sharp pullback in the third quarter of 2026 reflects both the cooling of the popularity of core IPs such as Labubu from their peak and the company’s own expectation that 2026 would be a “year of adjustment.” The overseas markets, especially the Americas and Asia-Pacific, saw significantly larger declines than China, indicating that the earlier high growth in global expansion depended more on the short-term breakout of a single IP than on stable contributions from multiple IPs and channels. The much steeper decline in China’s online channels than in offline ones is also in line with the fade in content e-commerce and livestreaming sales enthusiasm.
A comparable case is other consumer companies that rely on a single breakout IP or trendy product. For example, some toy-collectible or fashion brands have also seen a single quarter of sharply lower revenue after a breakout cycle, and later gradually stabilized through multi-IP portfolios, offline experiential stores, and long-term membership operations. The similarity is that a year-on-year decline from a high base does not automatically negate long-term brand value; the difference is that Pop Mart already has a relatively high share of overseas revenue, and the current declines are concentrated in overseas markets and online channels, which has a more direct drag on overall growth.
These figures mean the company has entered a stage of growth normalization after its 2025 surge, and short-term valuation and earnings expectations face downward pressure (some brokerages had already cut future revenue forecasts before the results were released). Long-term focal points are whether new IPs can replicate Labubu’s penetration and whether offline channels and localized overseas operations can provide more stable support as enthusiasm cools. Indicators to watch include whether the year-on-year revenue decline narrows in subsequent quarters and the channel response after new product series are launched.
ABAB News · Laws of cognition
A sharp year-on-year decline from a high base includes both a demand pullback and the natural reversal of the earlier explosive growth.
High growth driven by a single IP often leads to more pronounced regional and channel differentiation after the peak.