Pop Mart's overall revenue halved in Q3, Duan Yongping recorded a floating loss of HK$1.8 billion, and he once said he still wanted to increase his holdings.
On October 27, Pop Mart released its latest business performance for the third quarter of 2026.
On October 27, Pop Mart issued an announcement on the Hong Kong Stock Exchange, disclosing its unaudited operating data for the third quarter of 2026.
According to the announcement, Pop Mart's total revenue in the third quarter of 2026 decreased by 45%-50% year-on-year compared with the third quarter of 2025. Among them, revenue in China decreased by 25%-30% year-on-year, revenue in the Asia-Pacific region decreased by 65%-70% year-on-year, revenue in the Americas decreased by 70%-75% year-on-year, and revenue in Europe and other regions decreased by 50%-55% year-on-year.
By channel, the revenue changes of Pop Mart's various channels in China in the third quarter of 2026 are as follows: offline channels decreased by 5%-10% year-on-year, and online channels decreased by 45%-50% year-on-year.
Figure / HKEX Announcement
Si De, Chief Operating Officer of Pop Mart, stated at Pop Mart's Q3 performance meeting that from the full-year perspective, the performance of the Chinese market remains relatively stable and healthy, and the company is expected to still achieve positive year-on-year growth for the whole year. In the upcoming traditional peak sales season in the fourth quarter, the team will strive to seize sales opportunities and make full preparations for the next year.
From the perspective of "TMT Planet", the reason for Pop Mart's overall revenue decline in the third quarter may still be attributed to the statement mentioned in its semi-annual report: "The external traffic dividend is fading, and the popularity of core IPs has returned to normal levels".
Pop Mart's performance greatly exceeded expectations last year. Blockbuster IPs such as LABUBU became wildly popular across the globe, and the revenue of THE MONSTERS IP alone reached 14.161 billion yuan, accounting for more than a quarter of Pop Mart's total annual revenue.
However, this year, the once breakout IPs have entered the second half of their life cycle, and no new top-tier super IP has emerged to take over the leading position, which can only be filled by mid-tier IPs, leading to the drop in overall revenue data.
It is worth noting that the floating loss of Duan Yongping, known as the "Chinese Warren Buffett" who has been continuously increasing his positions in Pop Mart this year, has once again sparked heated discussions among netizens.
As of the close of trading on October 27, Pop Mart's share price stood at HK$132 per share, down 0.75% from the previous trading day, with a total market capitalization of HK$175.795 billion, which has dropped by more than 60% from its peak of HK$440 billion in August 2025.
Figure / Sina Finance APP
According to reports from Jiemian News, general market calculations show that the central level of Duan Yongping's overall position cost is about HK$150 per share, and his total invested capital exceeds HK$10 billion. Based on this figure, Duan Yongping's floating loss on his Pop Mart holdings is approximately HK$1.846 billion, with a floating loss ratio of around 12.07%.
Duan Yongping has long been optimistic about Pop Mart's sustainable operating capacity. He once replied to netizens on Xueqiu that he is very unlikely to sell his Pop Mart shares within 10 years, and will continue to increase his holdings. "I will probably buy more shares, but the total holding will not exceed 10% of the company, otherwise the company will have complaints haha. My maximum holding in NetEase was only around 10% anyway."
This article is from the WeChat Official Account "TMT Planet Pro", written by Huang Yanhua, published with authorization from 36Kr.