In the first half of 2025, Pop Mart’s revenue from THE MONSTERS, the character line that includes Labubu, grew 668%, and its revenue from the Americas grew 1,142.3%, according to figures reported by TechNode. The toothy plush monster, designed by artist Kasing Lung, became Pop Mart’s engine. A year later, both numbers were shrinking.
Pop Mart’s interim results for the six months ended June 30, 2026, filed with the Hong Kong stock exchange on August 20, show where U.S. demand went, what replaced it, and why the craze cooling is not the same as the company shrinking. Here is what the filing shows, and what it means if you still want one.
Trend Signal
30/100 Weak momentum
- Emerging
- Rising
- Mainstream
- Peaking
- Cooling
Labubu line shrinking and Americas online sales down 45.6%
Pop Mart’s first-half 2026 filing showed revenue from THE MONSTERS, the Labubu line, down 7.5% by our calculation and Americas revenue down 16.5%, and said the popularity of its core characters had returned to normal levels.
Our editorial reading of the cited data, not a forecast. How it is scored
By the numbers
- 16.5%Pop Mart revenue from the Americas, first half of 2026 vs. first half of 2025Pop Mart filing, HKEX
- 7.5%THE MONSTERS (Labubu line) revenue, H1 2026 vs. H1 2025, our calculation from the filingPop Mart filing, HKEX
- 45.6%Pop Mart online revenue in the Americas, first half of 2026 vs. 2025Pop Mart filing, HKEX
- 11,134Counterfeit Labubu dolls CBP seized at Seattle-Tacoma airport on Aug. 26, 2025ABC News
The numbers behind the cooling
Revenue from THE MONSTERS fell to 4.45 billion yuan in the first half of 2026 from 4.81 billion yuan a year earlier, a 7.5% decline by our calculation. Its share of Pop Mart’s sales dropped from 34.7% to 26.0%. It is still the company’s largest character line, but it is no longer what drives growth.
The drop was sharpest outside China. Americas revenue fell 16.5% to 1.89 billion yuan, and Asia Pacific revenue fell 9.7%. Greater China went the other way, rising 47.3% to 12.2 billion yuan, which is why Pop Mart’s total revenue still grew 23.8% to 17.17 billion yuan.
In the Americas section of its filing, Pop Mart wrote that the popularity of the core IPs “returns to normal levels” and that the traffic and customer acquisition of its online channels remain under development. We read that as an acknowledgment that the 2025 surge has passed its peak in the region.
Labubu is still Pop Mart’s biggest line, but its U.S. hype phase is over.
Where demand in the Americas went
The Americas breakdown shows a change in how people buy rather than a collapse. Online revenue in the region fell 45.6%, with Pop Mart’s own app and website down 44.6% and other online channels down 80.1%. Online had carried the surge: it made up 58.6% of Americas revenue in the first half of 2025, against 38.2% a year later.
Physical retail grew. Revenue from Pop Mart stores in the Americas rose 22.5%, and the number of stores there rose from 41 to 86 in a year. Amazon sales rose 34.6% and wholesale revenue rose 69.4%. Offline channels now bring in 53.2% of Americas revenue, up from 37.2%.
| Americas channel | H1 2025 (million yuan) | H1 2026 (million yuan) | Change |
|---|---|---|---|
| Pop Mart retail stores | 737.0 | 903.1 | +22.5% |
| Roboshops | 105.4 | 103.9 | –1.4% |
| Pop Mart app and website | 886.5 | 491.2 | –44.6% |
| Amazon | 125.0 | 168.3 | +34.6% |
| Other online channels | 315.0 | 62.6 | –80.1% |
| Wholesale and other | 95.9 | 162.5 | +69.4% |
| Total Americas | 2,264.9 | 1,891.6 | –16.5% |
What Pop Mart is selling instead
Plush is the growth format. Plush toys brought in 9.82 billion yuan in the first half of 2026, up 60% and 57.2% of revenue, while figure toys were essentially flat, up 0.3%. The filing highlights vinyl plush pendants, including a Labubu “Hair Salon” series with combable hair.
Newer characters are carrying the growth. Twinkle Twinkle revenue rose 580.6% to 2.65 billion yuan, and CRYBABY, DIMOO, SKULLPANDA and HIRONO each topped 1 billion yuan. MOLLY, which marked its 20th anniversary in 2026, fell by about a third, by our calculation, to 0.90 billion yuan.
Pop Mart is still investing in Labubu. In April 2026 it launched THE MONSTERS × FIFA World Cup 26 products, and Labubu appeared at the World Cup opening ceremony. It is also carrying more stock: inventories rose to 6.10 billion yuan at June 30, 2026, and inventory turnover days rose from 123 in 2025 to 201, which the company attributed to stock prepared for overseas expansion.
Counterfeits are still the main buying risk
The Labubu surge brought a wave of fakes. On August 18, 2025, the Consumer Product Safety Commission issued an urgent warning about counterfeit Labubu dolls, sometimes called “Lafufu,” sold as plush figures and plush keychains small enough for a child to fit in their mouth and block their airway. CPSC said it had requested the seizure of thousands of units from shipments from China that violated federal toy safety rules.
Customs has been stopping them at the border. U.S. Customs and Border Protection officers at Seattle-Tacoma International Airport seized 11,134 counterfeit Labubu dolls on August 26, 2025, in a shipment from South Korea falsely declared as LED bulbs, ABC News reported. CBP put the shipment’s worth, at manufacturer’s suggested retail prices, at more than $500,000.
- Look for a holographic Pop Mart sticker and a scannable QR code that leads to Pop Mart’s official site.
- On newer editions, check for a subtle UV stamp on one foot.
- Be wary of overly bright colors or the wrong tooth count; CPSC says genuine dolls have nine teeth.
- Avoid deep discounts and buy from reputable sellers, as CPSC advises.
What it means if you still want one
A cooling craze is good news for people who want the toy rather than the trade. More of Pop Mart’s business in the Americas now runs through its 86 stores in the region and through Amazon, and less through its own app and website. Buy from Pop Mart’s stores, app or website, or its official listings, and check the authenticity points above on anything else.
Do not buy Labubu as a store of value. Pop Mart’s own filing shows how fast demand for a single character can swing, and the company keeps releasing new Labubu products while building inventory for overseas expansion, which adds supply.
What to watch next
- Pop Mart’s full-year 2026 results, for whether Americas revenue steadies as its store count grows.
- Whether Pop Mart discounts or bundles older stock while inventory turnover stays near 201 days.
- New CPSC warnings or CBP seizures involving counterfeit designer toys ahead of the holidays.
Where to start
Paid links: we earn a commission if you buy through the buttons below, at no extra cost to you. As an Amazon Associate I earn from qualifying purchases.
Accessories for plush and blind-box collectors
| Product type | Good fit for | Where to look |
|---|---|---|
| Acrylic display case for blind-box figures | Fits shelf display | See listings on AmazonOpens Amazon search results, not one listing: check the model on the product page. |
| Small UV flashlight | Fits checking authenticity marks | See listings on AmazonOpens Amazon search results, not one listing: check the model on the product page. |
| Bag charm clip for plush pendants | Fits carrying a plush pendant | See listings on AmazonOpens Amazon search results, not one listing: check the model on the product page. |
Product types that fit the trend described above, not tested models. Check the exact listing before you buy. How we pick them.
Acrylic display case for blind-box figures
Where to look: Amazon
Useful whether you collect vinyl figures or plush. Measure your largest piece first, since plush pendants and figures vary in size.
- Keeps dust and hands off
- Stackable grids are common
- Plush may not fit figure-size cubes
- Adds cost per figure
Small UV flashlight
Where to look: Amazon
CPSC says newer authentic dolls carry a subtle UV stamp on one foot. A small UV light helps you see it; combine it with the sticker and QR code checks.
- Reveals UV marks CPSC mentions
- Cheap and pocket-sized
- Only newer editions carry the stamp
- Not proof on its own
Bag charm clip for plush pendants
Where to look: Amazon
Plush pendants are Pop Mart’s growth format. A sturdier clip lowers the odds of losing one from a bag strap.
- Secures a pendant to a bag
- Easy to swap charms
- Weak clasps can open
- Metal can scuff bags
More: Collectibles and Toys trends and how the Trend Signal is scored.
Sources
- Pop Mart interim results announcement, six months ended June 30, 2026 — HKEXnews
- POP MART Reports First Half 2026 Financial Results, Announces Future Stock Buyback Plan — PR Newswire
- POP MART posts strong H1 2025 results, focuses on US market — TechNode
- CPSC Issues Urgent Safety Warning to Labubu Collectors — U.S. Consumer Product Safety Commission
- Over 11,000 counterfeit Labubu dolls worth $500,000 seized at Seattle airport — ABC News
Questions readers ask
Is Labubu still popular in 2026?
Yes, but less than in 2025. Pop Mart’s revenue from THE MONSTERS, the Labubu line, was 4.45 billion yuan in the first half of 2026, still its largest character line, but down 7.5% from a year earlier.
Why did Labubu sales drop?
Online sales fell hardest: Pop Mart’s Americas online revenue dropped 45.6% in the first half of 2026, while store sales rose. Explaining that drop, Pop Mart’s filing says the popularity of its core characters returned to normal levels.
How can I tell if a Labubu is fake?
CPSC says authentic dolls have a holographic Pop Mart sticker, a scannable QR code to Pop Mart’s site and, on newer editions, a UV stamp on one foot. Fakes often have overly bright colors or the wrong number of teeth; real ones have nine.
Are fake Labubus dangerous?
CPSC warned on August 18, 2025 that counterfeit Labubu plush dolls and keychains can be small enough for a child to put in their mouth and block their airway, a serious choking risk for young children.
