Key facts
- Overall revenue fell as much as 50% from a year earlier in the three months ended September.
- Revenue in China declined 25% to 30%.
- Sales from the Americas fell 70% to 75%.
- Revenue in Asia-Pacific markets outside mainland China and Oceania dropped 65% to 70%.
- The Monsters franchise, which includes Labubu, generated revenue of 4.45 billion yuan, down 7.5% from a year earlier.
- Twinkle Twinkle revenue jumped 580.6% to 2.65 billion yuan.
Chinese toy maker Pop Mart International Group reported a significant year-on-year revenue decline of 45% to 50% in the third quarter, primarily due to weakening sales of its popular Labubu collectible dolls across major markets. The company's business update indicated that overseas operations and online channels were particularly affected by the slowdown. Revenue in mainland China saw a decrease of 25% to 30%, while sales in the Americas plummeted by 70% to 75%. Revenue in Asia-Pacific markets outside mainland China and Oceania also experienced a sharp drop of 65% to 70%. The company is implementing a share buyback program of 2 billion yuan to 5 billion yuan to support market confidence amidst these challenges.