{"text":[[{"start":8.08,"text":"Sales at Pop Mart fell by as much as 50 per cent in the third quarter, as demand for the Labubu doll that fuelled the Chinese toy company’s rapid growth wanes."}],[{"start":16.92,"text":"In an update filed with the Hong Kong Stock Exchange on Tuesday evening, Pop Mart said that sales had declined by 45 per cent to 50 per cent in the three months to the end of September, compared with the same period a year earlier."}],[{"start":30.28,"text":"The fall follows a dizzying ascent to global stardom for the Beijing-based company, whose valuation soared last year on the back of a viral frenzy for its furry troll-like doll. Labubu earned celebrity endorsements from the likes of David Beckham and Blackpink star Lisa, but Pop Mart has recently struggled to convince investors that it can sustain its growth with alternative toys as the craze for its main hit falters."}],[{"start":54.88,"text":"Revenues were dragged lower by particularly sharp declines in western markets, where enthusiasm for Labubu peaked around the second half of last year."}],[{"start":63.56,"text":"Sales from the Americas fell by between 70 and 75 per cent, while revenue from Europe and other regions declined by as much as 55 per cent. Sales in mainland China were down 25 to 30 per cent year on year."}],[{"start":76.88,"text":"At the peak of the Labubu frenzy, Pop Mart’s market capitalisation was more than double that of Hasbro and Mattel combined. The company sells many of its products in “blind boxes”, which typically retail for about $10 in China. Customers do not know which character they have purchased until unboxing them, driving repeat purchases and a previously vibrant secondary market."}],[{"start":98.98,"text":"In one instance last year, an enthusiast paid Rmb1.2mn ($170,000), including fees, for a human-sized Labubu at an auction in Beijing."}],[{"start":109.8,"text":"However, the group’s shares have since tumbled as investors have feared its over-reliance on Labubu, particularly as falling secondary market prices have pointed to sinking demand. Pop Mart’s shares are down more than half since their peak in August 2025, taking its market capitalisation to about $22bn."}],[{"start":128.56,"text":"Pop Mart’s update comes amid sustained signs of weak consumer sentiment and demand in China, which accounted for more than half of the company’s revenue in 2025."}],[{"start":138.2,"text":"Consumers in the US, meanwhile, where Pop Mart has sought to find new growth, are grappling with elevated prices and affordability concerns."}],[{"start":152.06,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1793142533_6850.mp3"}