POP MART’s Q3 2026 announcement 👇
Overall revenue fell 45%–50% year over year.
Domestic revenue declined 25%–30%, with online sales down 45%–50% and offline sales down just 5%–10%.
Overseas markets collapsed across the board: Asia-Pacific fell 65%–70%, and the Americas fell 70%–75%.
Market sentiment is sharply divided. Some investors are worried that the Labubu craze is fading, the company’s reliance on hit products is becoming more pronounced, and overseas traffic growth is peaking. A small number of investors are betting that the new IP, Twinkle Twinkle, will break through in the future.
Personally, I think blind boxes are an emotion-driven business. The boost from hit products comes quickly—but fades even faster. Continued store expansion keeps pushing up costs, and simply betting on hit products isn’t sustainable. The real turning point will depend on whether the company can consistently incubate long-term IPs at scale.
In summary, its stock carries relatively high short-term risk.
Overall revenue fell 45%–50% year over year.
Domestic revenue declined 25%–30%, with online sales down 45%–50% and offline sales down just 5%–10%.
Overseas markets collapsed across the board: Asia-Pacific fell 65%–70%, and the Americas fell 70%–75%.
Market sentiment is sharply divided. Some investors are worried that the Labubu craze is fading, the company’s reliance on hit products is becoming more pronounced, and overseas traffic growth is peaking. A small number of investors are betting that the new IP, Twinkle Twinkle, will break through in the future.
Personally, I think blind boxes are an emotion-driven business. The boost from hit products comes quickly—but fades even faster. Continued store expansion keeps pushing up costs, and simply betting on hit products isn’t sustainable. The real turning point will depend on whether the company can consistently incubate long-term IPs at scale.
In summary, its stock carries relatively high short-term risk.
