After the Hype... POP MART Reports a 45–50% Q3 Revenue Decline...

The blind-box boom just hit a pretty serious speed bump... POP MART’s third-quarter revenue fell 45–50% year over year in 2026, according to its unaudited business update reported by the South China Morning Post. That is company-wide revenue compared with Q3 2025, and it gives collectors plenty to chew on after Labubu’s wild ride.

The regional picture is roughest overseas: the Americas declined 70–75%, Asia-Pacific outside mainland China and Oceania fell 65–70%, and Europe and other regions dropped 50–55%. Mainland China was down 25–30%. Those numbers describe the business; they do not tell us how every individual character or release performed.

From the collector side, this feels like a good moment to revisit the questions we were already asking. What happens when the chase settles down? Are we buying a character because we love the design, or because everybody else is hunting it? And how does a company turn that huge burst of attention into a lasting connection with the artists and their worlds?

I dug into the rise, peak, and possible future of THE MONSTERS in my earlier Labubu blog post and the full YouTube video. Give those a look for the longer conversation... this latest update adds another chapter.

A rough quarter does not erase the toys on our shelves or the reasons we collected them. It does make the next chapter interesting. What would get you excited about Labubu and POP MART again: fewer releases, more storytelling, or something completely unexpected? Drop your thoughts on the video!

Source: South China Morning Post • Popmart Investor Relations • Popmart Press