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Pop Mart International’s US sales fell 45% year-on-year in March, reversing earlier gains, according to Bloomberg Second Measure data, highlighting pressure on its overseas expansion. The decline follows stronger promotions in January and February and may partly reflect timing effects, though it also संकेत weakening demand. Analyst Melinda Hu of Sanford C Bernstein said sustained growth will require new scalable IP beyond Labubu and improved localization, forecasting 2026 revenue growth of 16%, below company guidance of at least 20%.