June 18, 2025, an exhibition room at Popmart’s theme park “Popland” in Beijing.
Pedro Pardo | AFP | Getty Images
Chinese toy manufacturer stocks pop mart The stock fell 9% on Thursday, its worst day since April, widening its decline from its peak in late August.
The company behind the popular Love Bu dolls, a series of collectible elf-like monster dolls sold in blind box packaging, reported on Tuesday that third-quarter revenue more than tripled from the same period last year as sales in the U.S. increased between 1,265% and 1,270%.
But there are growing concerns that this boom may fade.
According to data from Chinese resale platform Qiandao, some Love Buses are being sold for close to or even below PopMart’s official retail price, marking a significant shift after a period of high demand and prices. For example, the resale price of Labubu’s character “Luck” released in April soared to more than 500 yuan (about $70) at one point. However, it has since fallen to 108 yuan (about $15), according to Qiandao.
PopMart stock has fallen 30% since August, but is still up 159% so far this year.
Analysts are divided on how to interpret the economic downturn.
One idea is that the drop in resale prices may indicate that enthusiasm for Luvbu and other collectibles is slowing after its summer peak, especially among younger, non-traditional toy buyers. Another possibility: The decline may reflect PopMart’s efforts to increase supply and curb scalping, rather than a decline in consumer demand.
PopMart has seen its supply of stuffed animals increase tenfold this year and is now producing about 30 million items each month, the company told Reuters on Tuesday.
morgan stanley Analysts said in a September note to clients that “second-hand market prices do not effectively reflect the true supply and demand situation,” especially given PopMart’s efforts to limit the influence of resellers.
Lovebu dolls’ popularity has been further boosted by celebrity fans such as singer Rihanna and former soccer player David Beckham. But Love Bath isn’t the only PopMart product that’s catching the attention of non-traditional toy buyers.
Morgan Stanley analysts said emerging characters like Twinkle Twinkle and global expansion opportunities continue to play a key role in driving Pop Mart’s growth.
