Pop Mart Reports Significant Revenue Decline Due to Weakening Labubu Sales

• Pop Mart reported a 45 to 50% year-on-year decline in third-quarter revenue.
• Sales of Labubu dolls, Pop Mart's popular collectible, weakened across major markets.
• Revenue in mainland China fell 25 to 30% in the third quarter from the previous year.
• Overseas operations and online channels were particularly affected by the slowdown.
• The decline was partly due to fading Labubu momentum and a tough comparison to last year's results.