Pop Mart Q3 2026 Revenue Falls 45%-50% Year on Year

The sharpest signal here is the divergence between China's relatively shallow offline decline and the far steeper online drop, suggesting the pullback is concentrated in digital and overseas channels rather than a uniform collapse in physical retail demand. The Americas and Asia-Pacific contractions, at 70%-75% and 65%-70% respectively, point to a reversal in the international expansion that had been a growth engine. Whether the overseas decline reflects one-off inventory or demand normalization is the open question, and the split between offline resilience and online weakness in China is the second metric worth tracking.