A person holds a PopMart Labubu The Monsters Big into Energy series vinyl plush toy during a press preview at the AliExpress pop-up store on November 11, 2025 in London, UK.
Isabel Infantes | Reuters
shares of pop mart Sales fell more than 4% in the Hong Kong market on Friday after the lovemaker released first-half results showing declines in sales in the Asia-Pacific region and the Americas.
The toy maker reported first-half sales of 17.17 billion yuan ($2.55 billion) for the period ended June 30, up 23.8% year-on-year. However, growth was uneven, with sales falling by 9.7% in the Asia-Pacific region (excluding China) and 16.5% in the Americas. Meanwhile, sales in China increased by 47.3%.
Citi said its results were weaker than expected, citing pressure in overseas markets, where sales fell 11% from a year ago. Citi said the company faces challenges globally, from inventory management and supply chain to warehousing, logistics and store operations.
The bank now expects PopMart’s group revenue to decline 8% year-on-year in 2026 and has lowered its price target to HK$198. Citi said management now believes it will be difficult to achieve its original 20% revenue growth target for 2026, given greater-than-anticipated challenges and competitive pressures.
The stock recently fell 3.9% to HK$147.70 ($18.84).
