Pop Mart’s earnings may come under pressure in 2026 amid weakening demand for
its collectible IPs in China and slowing overseas sales, Deutsche Bank’s Sammi
Xu says. She points to softer secondary-market prices for recently launched The
Monsters and Twinkle Twinkle toys.
Rising inventory levels also suggest risks of overstocking and potential
clearance pressure for the company behind the Labubu franchise, Xu notes.
Deutsche Bank forecasts 2026 adjusted net profit at CNY11.5 billion, 24% below
consensus, and maintains a sell rating while cutting its price target to HK$140
from HK$157.