Overview
- Preliminary Q3 revenue rose as much as 245% year on year, with mainland China up about 185%–190%, overseas up roughly 365%–370%, and the Americas surging around 1,265%–1,270%.
- The stock fell about 9%–12% on Oct. 23 and is down roughly 30% from an August peak, even after a brief rebound, though it remains sharply higher for the year.
- Short interest climbed to about 1.4% of free float and put options activity increased, signaling a build-up of bearish positioning.
- Secondary-market prices have dropped sharply, with Qiandao data showing a popular Labubu character sliding from above 500 yuan in June to around 108 yuan, and premiums on mini sets nearly erased.
- Pop Mart says it boosted plush output tenfold to roughly 30 million units a month to curb scalping, while analysts warn growth could peak in 2025 and slow next year despite new characters and global expansion.