Deutsche Bank analyst Sammi Xu says Pop Mart's new Star People IP launch is unlikely to offset high-year-ago base effects in Q3. Citing Magic Mirror e-commerce data, Xu notes Pop Mart's August online sales fell 40% YoY, widening from a 21% decline in July. Star People is the group's most important Q3 release and its fastest-growing series in 1H, but is unlikely to fully counter last year's Labubu 3.0 and Mini Labubu launches. Continued weak sales signal persistent domestic demand pressure, no cl

Deutsche Bank analyst Sammi Xu says Pop Mart's new Star People IP launch is unlikely to offset high-year-ago base effects in Q3. Citing Magic Mirror e-commerce data, Xu notes Pop Mart's August online sales fell 40% YoY, widening from a 21% decline in July. Star People is the group's most important Q3 release and its fastest-growing series in 1H, but is unlikely to fully counter last year's Labubu 3.0 and Mini Labubu launches. Continued weak sales signal persistent domestic demand pressure, no clear stabilization, and little evidence that recent product releases will reverse the trend.