BUSINESS

Pop Mart Unveils Up to 5 Billion Yuan Buyback as Overseas Revenue Falls

Published: Aug. 21, 2026 2:36 a.m. GMT+8

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A Pop Mart store in Wuhan on Aug. 11, 2026. Photo: VCG

Chinese toy retailer Pop Mart unveiled a share buyback plan of up to 5 billion yuan ($742 million) after a double-digit decline in overseas revenue in the first half of 2026 led the company to warn it is likely to miss its full-year growth target.

The move underscores the operational challenges Chinese consumer brands face as they try to sustain rapid global expansion after early viral success overseas.

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Pop Mart announced a share buyback of up to 5 billion yuan after overseas revenue fell 11.1% in H1 2026, likely missing its 20% growth target.
Domestic revenue rose 47.3% to 12.2 billion yuan; total revenue increased 23.8% to 17.2 billion yuan.
Labubu IP’s revenue share dropped to 26%, while Twinkle Twinkle rose to 15.4%; Pop Mart diversified into parks and bakeries.

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Who’s Who

Pop Mart: Pop Mart announced a buyback plan of up to 5 billion yuan after a double-digit H1 2026 overseas revenue drop led it to warn it will likely miss its growth target. CEO Wang Ning is treating 2026 as an internal adjustment year. IP Labubu's share fell while Twinkle Twinkle rose, and it is expanding into bakeries.

Sony Pictures: According to the article, Pop Mart announced a tie-up with Sony Pictures in March 2026 to develop a live-action animated Labubu film. This partnership aims to extend the life cycle of Pop Mart's intellectual properties beyond toys through content collaborations.

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What Happened When

2025：: Pop Mart experienced unexpectedly strong overseas growth, which strained the company’s internal management. Labubu, a breakout intellectual property, helped drive global sales and share-price gains this year.

March 2026：: Pop Mart announced a tie-up with Sony Pictures to develop a live-action animated Labubu film.

First half of 2026：: Pop Mart’s overseas revenue declined by 11.1% to 5 billion yuan, and the company spent this period adjusting and optimizing teams across the Americas, Europe, and Asia-Pacific.

May 2026：: Pop Mart’s city park in Beijing expanded its open areas.

June 2026：: Pop Mart opened its first directly operated bakery, POP BAKERY, in Qinhuangdao.

July 2026：: Southeast Asia’s first POP BAKERY opened at VivoCity in Resorts World Sentosa, Singapore.

August 20, 2026 (Wednesday)：: Pop Mart posted revenue of 17.2 billion yuan for the first six months of 2026, with net profit attributable to shareholders rising 10.1% to 5 billion yuan. CEO Wang Ning warned on the earnings call that the company is highly likely to fall short of its 20% full-year growth target, and Pop Mart plans to repurchase between 2 billion yuan and 5 billion yuan of shares over the next six months.