Pop Mart Q3 Revenue Falls 45-50%; Americas Sales Down 70-75% as Labubu Demand Cools

4.4 · 4d ago · WORLD · FINANCE

The Facts

  • Pop Mart reported a 45% to 50% year-on-year drop in third-quarter revenue in a filing on Tuesday. ✓3 · CNBC, SCMP, Bloomberg
  • Americas revenue fell 70% to 75% in the third quarter from a year earlier. ✓2 · CNBC, SCMP
  • Asia-Pacific revenue dropped 65% to 70% in the third quarter (SCMP specifies outside mainland China and Oceania). ✓2 · CNBC, SCMP
  • Mainland China revenue fell 25% to 30% in the third quarter. ✓2 · CNBC, SCMP
  • Europe and other regions recorded a 50% to 55% revenue decline. ✓2 · CNBC, SCMP
Dive deeper · 8 more factsShow less
  • The figures come from a business update filed to the Hong Kong stock exchange late Tuesday. ✓2 · SCMP, CNBC
  • Pop Mart shares fell in Hong Kong after the report. ✓2 · Bloomberg, CNBC
  • Shares fell more than 6% in early trading Wednesday before paring losses to a decline of under 2%; they are down more than 30% so far this year and have closed lower in nine of the past 12 sessions. CNBC only
  • Bloomberg attributes the drop to fading demand for Labubu and a challenging base of comparison. Bloomberg only
  • Jefferies said results were weaker than estimates of a 30% revenue decline but broadly in line with buy-side expectations. CNBC only
  • Jefferies cut Pop Mart's 2027 and 2028 earnings estimates by 9% to 12%, citing pressure on profitability from weaker overseas sales. CNBC only
  • Jefferies expects fourth-quarter revenue to rise 3% from the previous quarter but remain 34% below year-earlier levels. CNBC only
  • Per Jefferies, Pop Mart continues global store expansion with a focus on flagships in cities including New York, Milan and Paris, and is diversifying IPs such as SKULLPANDA, Hirono and Twinkle Twinkle. CNBC only

Context

Pop Mart International Group, the maker of Labubu collectible dolls, reported that third-quarter revenue fell 45% to 50% from a year earlier, according to a filing to the Hong Kong exchange. Declines were steepest in the Americas and Asia-Pacific, and smallest in mainland China.

Shares fell in Hong Kong. Jefferies said the results were weaker than its own estimate but broadly in line with buy-side expectations, and it lowered its 2027 and 2028 earnings forecasts.

How the Agent Panel Scored This

Independent AI personas each scored importance 1–10; the story's score is a trimmed mean (highest and lowest votes dropped). Vote spread: 2.

6 Business Analyst A concrete company filing showing a sharp 45-50% quarterly revenue drop for a major consumer-collectibles firm moved its shares and prompted analyst earnings cuts, making it significant for investors but limited to one company's sector rather than broad economic impact.
5 News Editor A concrete company filing showing a steep revenue drop and share decline is newsworthy for markets and the Labubu brand, but its impact is limited to investors and a single company rather than broad public effects.
5 Critical Reader A verified, concrete financial filing showing a sharp revenue drop for a major listed company with a 30% share decline is newsworthy and moderately important, but its impact is limited to investors and one company rather than broad public effects.
4 Informed Citizen This is a concrete company financial disclosure with a sharp revenue drop and a stock decline, which matters to investors and the Labubu-linked market, but it affects a single company and has limited direct impact on ordinary people beyond the collectible toy market.
4 Global Affairs Analyst This is a company-specific financial update about a consumer collectibles maker with a notable stock drop and analyst estimate cuts, but it has limited broader geopolitical or widespread impact.
4 Policy Expert This is a corporate financial disclosure with a large revenue drop and a brokerage estimate cut, a notable market story but not a governmental action, affecting investors more than the broader public.
4 Science & Tech Analyst A company-specific financial update showing a sharp revenue decline and a share drop of under 2% after paring losses, with limited impact beyond Pop Mart investors and collectible fans.

Sources (3)

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