Pop Mart Earnings Preview: Can Thursday’s Results Prove Growth Beyond the Labubu Boom?

Pop Mart International Group is preparing to release its 2026 interim results on Thursday, August 20, as investors assess whether the Chinese collectibles company can sustain strong growth after the extraordinary global success of Labubu.

According to Bloomberg-compiled estimates, Pop Mart is expected to report first-half revenue of RMB19.98 billion, up approximately 44% from RMB13.88 billion a year earlier. Adjusted net profit is projected to rise about 27% to RMB5.98 billion from RMB4.71 billion.

The company’s board will meet Thursday to approve results for the six months ended June 30 and consider a possible interim dividend, according to an official Hong Kong Stock Exchange filing.

Key Takeaways: Pop Mart’s interim report will test whether strong domestic sales and continued overseas expansion can offset slowing momentum after the Labubu-led boom. Investors will focus on the performance of The Monsters franchise, overseas store productivity, margins and management’s strategy for creating new flagship intellectual properties.

Pop Mart Intentionally Shifts Into a Lower Gear

Pop Mart entered 2026 with deliberately conservative guidance after an exceptional year of expansion. Revenue surged 184.7% to RMB37.12 billion in 2025, while net profit jumped 293.3% to RMB13.01 billion. Overseas revenue increased 291.9%, driven by explosive demand for Labubu and other designer collectibles.

Chief Executive Wang Ning subsequently described 2026 as a year for consolidation, comparing the strategy to a Formula One car entering the pit lane to refuel and change tires. Management set a full-year growth target of at least 20%, a substantial slowdown from the previous year’s triple-digit expansion.

The cautious target initially unsettled investors, particularly after the company’s 2025 revenue narrowly missed elevated expectations. Pop Mart shares fell sharply following the March results, reflecting concerns that its valuation had become dependent on continued blockbuster-level growth. The Financial Times reported that the stock dropped more than 22% during the first session after the release.

However, Pop Mart’s first-quarter performance proved considerably stronger than management’s minimum target. Unaudited revenue increased 75%–80% year over year, including growth of 100%–105% in mainland China. Chinese online sales climbed 150%–155%, while offline revenue rose 75%–80%, according to the company’s official quarterly business update.

Can Pop Mart Reduce Its Reliance on Labubu?

The central question is whether Pop Mart can develop a broader intellectual-property portfolio before Labubu’s extraordinary popularity begins to normalize.

The Monsters franchise, which includes Labubu, generated RMB14.16 billion in 2025 and accounted for approximately 38% of group revenue. Its sales increased 365.7%, making it by far the company’s largest commercial engine. Meanwhile, several established characters, including Molly, delivered results below some analysts’ expectations.

Bloomberg consensus projections indicate that The Monsters could generate RMB14.51 billion during 2026, with its estimated revenue contribution declining to roughly 33.3%. A lower percentage would be encouraging if other franchises are growing rapidly, but it could become a warning sign if the decline reflects weaker Labubu sales without the emergence of another major hit.

Investors will therefore examine product sell-through, inventory levels and resale-market pricing. More generous promotions during China’s midyear shopping season and declining premiums for selected products have raised questions about whether supply is beginning to catch up with demand.

Pop Mart is attempting to extend the commercial life of its characters through collaborations, films, books, lifestyle merchandise and experiential businesses. These initiatives could make revenue less dependent on repeated blind-box launches, although their financial contribution remains small compared with the core retail operation.

Overseas Growth Moves From Expansion to Execution

International operations represent the second major test. Overseas sales accounted for 43.8% of Pop Mart’s revenue in 2025, with revenue in the Americas surging 748.4% to RMB6.81 billion. That expansion helped transform the company from a China-focused retailer into a global consumer brand. China Daily reported that Pop Mart planned to increase its US store network to more than 100 locations in 2026.

Growth remained strong in the first quarter, but it slowed substantially from the previous year’s extraordinary pace. Revenue rose 55%–60% in the Americas, 60%–65% in Europe and other markets, and 25%–30% across Asia-Pacific markets outside mainland China.

For the first half, analysts expect mainland China to contribute RMB12.05 billion in revenue. Asia-Pacific revenue is forecast at RMB3.50 billion, followed by RMB2.73 billion from the Americas and RMB792 million from Europe and other regions.

The focus is now shifting from store openings to operating quality. Investors want evidence that overseas locations can maintain traffic, repeat purchases and profitability after the initial excitement surrounding new openings fades. Localized merchandising, supply-chain management and regulatory compliance will become increasingly important as the network grows.

New Businesses Offer Long-Term Potential

Pop Mart is also experimenting with businesses designed to turn its characters into broader entertainment properties. POP BAKERY combines popular characters with food and themed retail experiences, while the POP LAND amusement project is scheduled to add new attractions during its next expansion phase.

These ventures are unlikely to make a major near-term contribution and may require substantial investment. Nevertheless, they could strengthen customer engagement and extend character lifecycles beyond collectible toys.

Thursday’s report must ultimately demonstrate that Pop Mart can convert viral attention into durable earnings. Strong first-half revenue alone may not be enough: investors will want improving IP diversification, disciplined overseas expansion and evidence that growth can remain healthy even after the Labubu phenomenon reaches a more mature stage.

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