LABUBI退燒 泡泡瑪特海外業績承壓

泡泡瑪特上半年營收171.7億元人民幣，未達市場預期的199.8億元1。其超級IP產品LABUBI在海外市場表現疲軟，導致多個地區業績下滑1。亞太地區營收年減9.7%、美洲地區年減16.5%，僅歐洲及其他地區逆勢增長5.9%1。

創辦人王寧表示上半年完成逾20%的成長，但坦言全年或難以完成年初制定的20%成長目標1。CFO楊鏡冰指出海外收入年減11%1。此外，LABUBI銷售額占比已下滑至26%1，反映出這一曾經熱銷產品的市場熱度正在消退。

Pop Mart, a Chinese trendy toy company, reported first-half revenues of 17.17 billion yuan, falling short of market expectations of 19.98 billion yuan 1. The underperformance reflects weakening overseas demand, particularly for its flagship IP product LABUBU, which has seen declining international appeal.

Regional performance deteriorated across most markets in the first half of the year 1. The Asia-Pacific region experienced a 9.7% year-on-year revenue decline, while the Americas contracted by 16.5% 1. Only Europe and other regions managed growth at 5.9% 1. LABUBU's sales proportion dropped to 26% of the company's total revenue 1. Founder Wang Ning stated that the company achieved over 20% growth in the first half but indicated the full-year target of 20% growth may be difficult to achieve 1. Chief Financial Officer Yang Jingbing acknowledged that overseas markets faced margin compression in 2026, with international revenues declining 11% year-on-year 1.