Pop Mart Q3 Revenue Drops 45%-50% YoY, with Steeper Declines in Overseas Markets
nashnova research
Pop Mart warned Q3 revenue fell 45%-50% year-on-year, with overseas markets declining far more steeply than China — putting its flagship global-expansion strategy under the sharpest test yet.
How big is the overall drop?
Pop Mart (泡泡玛特) issued a profit warning: Q3 2026 unaudited revenue fell 45%-50% year-on-year.
The decline spans China and every global region. No market posted positive growth.
This means → this is not a localized problem in one geography; demand contracted across the entire business in the same quarter.
How bad is it overseas?
The Americas saw the steepest fall — revenue down 70%-75% YoY.
Asia-Pacific followed closely, down 65%-70%.
Europe and other regions declined 50%-55%, better than the Americas and APAC but still worse than the group average.
In plain terms = the "going global" story Pop Mart has championed for years turned into its heaviest drag this quarter.
How did the China home market hold up?
China revenue fell 25%-30% YoY — the smallest decline of any region.
Offline channels dipped only 5%-10%, showing relative resilience — physical stores and Robo Shops still draw foot traffic.
Online channels fell 45%-50%, matching the group-wide decline. This means → online consumer willingness to buy shrank faster, making brick-and-mortar the steadier base.
What does this mean for Pop Mart's global strategy?
Every overseas region declined significantly more than China — a gap too wide to explain by currency swings or seasonality alone.
This reflects a possible inflection from "novelty-driven demand" to "repeat-purchase test" — the initial burst in new markets faded, and sustained growth has not filled the gap.
Whether overseas revenue can return to growth in coming quarters will be the market's key checkpoint for judging if Pop Mart's internationalization is a durable franchise or a one-time wave.
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