Overview
- Resale data from Qiandao show the Labubu character "Luck" fell from above 500 yuan in June to around 108 yuan in October.
- Pop Mart says it boosted plush production tenfold this year, with executive Sid Si arguing increased supply is curbing scalper premiums rather than signaling weaker demand.
- A preliminary update showed July–September revenue up as much as 245% year on year, including 185%–190% growth in mainland China, 365%–370% overseas and roughly 1,265%–1,270% in the Americas.
- The stock rose about 2.4% on Wednesday, remains roughly 25% below August highs and is still up around 186% for the year.
- The Monsters line delivered about 35% of first-half revenue versus roughly 14% a year earlier, while analysts warn second-hand prices can mislead and resellers shift to exporting as Pop Mart expands retail such as its Bangkok flagship.