Shares of Pop Mart jumped 6.6% in Hong Kong. The company's production capacity is gradually enhancing, and management anticipates a stronger sales performance in the fourth quarter.

According to a report by Huachuang Securities, Pop Mart's overall revenue for Q3 2025 increased by 245-250%, with revenue in China (including Hong Kong, Macao, and Taiwan) up 185-190% and overseas revenue up 365-370%. The significant growth validates the long-term potential of globalization expansion and IP ecosystem synergy. The company's rich IP portfolio and diversified product offerings are expected to continuously meet the demand in the fashion toy market. The company's full-chain IP operation capabilities are promising. Since the third quarter, with the gradual enhancement of production capacity, coupled with pre-sale model fulfillment of consumer demand, effective sales growth is being driven. By channel, Q3 offline revenue in China (including Hong Kong, Macao, and Taiwan) increased by 130%-135% year-over-year, while online revenue surged by 300%-305% year-over-year.

Morgan Stanley states a more positive outlook on Pop Mart's sales growth towards 2026, believing that not all growth momentum is fully released by 2025. Its ongoing tactical adjustments emphasize a clear focus on business quality and sustainable growth. The bank believes the Labubu pre-sale drove Q3 2025 performance beyond expectations, and Pop Mart has restored the spot sale model to better manage product lifecycle and encourage repeat customer growth. Management expects strong sales in the fourth quarter due to a greater number of festivals and robust product stock.