Pop Mart shares drop 8.6% on US sales slowdown worries

Pop Mart shares fell as much as 8.6% in Hong Kong on December 8, the sharpest drop in over six weeks, after concerns about slowing US sales growth.

Pop Mart, a Chinese toymaker known for its Labubu figurines, has seen its stock decline around 40% since August.

Analysts cited worries that Black Friday sales in the US may have missed expectations, which could affect confidence in the company’s overseas growth.

Short interest in Pop Mart reached 6.3% of its free float on December 4, the highest since August 2023, according to S&P Global.

Investors have also raised questions about the company’s product diversity and new revenue sources.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

Black Friday worries oversell US market weight

Overseas sales reached 5.07 billion RMB in 2024 or 38.9% of the total including Hong Kong, Macao and Taiwan 1. The Americas surged 1,265% to 1,270% in Q3 2025 2 yet stayed a small slice, with North America at 13.2% of overseas in H1 2024 3.
The 40% share slide since August looks out of step with guidance. H1 2025 targets at least 200% sales growth to 13.67 billion RMB and no less than 350% net profit growth 4.
Inventory turnover moved from 133 days in 2023 to 102 days in 2024 1. Faster cycles blunt short-term regional demand swings.

Worries about reliance on a few hits open SaaS options for collectible brands

Pop Mart brought in over 3 billion RMB from 13 intellectual property (IP) lines beyond its top four 1. That gap creates demand for IP portfolio tools that track lifecycles, predict hit potential, and plan launches for brands going global.
The blind box model uses sealed packs with a random figurine to spur repeat buys and unboxing content 5. Brands need community analytics for sentiment and resale pricing 5. They also need point-of-sale tools for rarity plus real-time stock across stores and ROBOSHOP kiosks 5. Pop Mart runs over 130 stores and more than 190 units outside mainland China as of December 2024 5.