Pop Mart International Group Limited reported a 45% to 50% year-over-year decline in third-quarter revenue, reversing first-half growth as revenue fell across every reported region.
The company disclosed the figures Tuesday in a filing with the Hong Kong Stock Exchange. Revenue in its America region declined 70% to 75%, while Asia-Pacific revenue fell 65% to 70%. In Europe and other regions, revenue fell 50% to 55%; PRC operations posted a 25% to 30% decline.
Within PRC operations, online revenue declined 45% to 50%, compared with a 5% to 10% drop offline. That channel breakdown applies to PRC operations; the companywide decline covers all regions. Pop Mart includes Hong Kong, Macau and Taiwan in its PRC operations reporting segment.
The company reported 23.8% revenue growth for the first half of 2026. For comparison, its third-quarter revenue rose 245% to 250% in 2025, including a 1,265% to 1,270% increase in the America region.
The latest figures are based on management accounts. Pop Mart cautioned that they could change because its auditors have not audited or reviewed them.
