泡泡玛特收入近腰斩：百亿IP退潮、海外市场大跌

金雅 2026-10-29 18:20

金雅 2026/10/29 18:20

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泡泡玛特三季度收入近乎腰斩，核心看点是爆款IP退潮后的经营调整。

1. 收入整体同比下降45%至50%，中国市场下降25%至30%，美洲下降70%至75%，欧洲及其他地区下降50%至55%。

2. 去年三季度是历史单季最高，线上抢购和二手炒娃最热，今年热度回落；中国线下仅降5%至10%，线上降45%至50%。

3. Labubu所属THE MONSTERS曾贡献接近四成收入，二手价格回落和单一IP依赖担忧改变投资者预期。

4. 公司不靠大额满减和打折刺激线上，强调维护价格体系；CEO把2026年定义为内部调整的一年。

5. 第二曲线包括影视、乐园和生活方式：Labubu电影仍在剧本开发，动画在探索，北京POP LAND验证线下体验，下一座乐园在选址，并试水珠宝、甜品、家居。

泡泡玛特的案例说明，爆款IP品牌热度退潮会暴露单IP依赖和价格体系管理问题。

1. Labubu依靠明星效应、社交媒体传播、限量发售和二手交易推向全球，THE MONSTERS一度贡献集团接近四成收入；热度回落后二手价格回落，线上抢购和炒娃需求下降。

2. 中国线上收入下降45%至50%，线下仅下降5%至10%，说明线上流量生意波动更大。

3. 公司不依靠大额满减和打折刺激线上销售，而是维护价格体系，不单纯冲GMV，更看重品牌长期价值，但短期营收可能更波动。

4. 品牌延伸上，公司尝试影视和动画为IP补故事世界观，乐园把商品消费延伸到门票、餐饮和线下体验，珠宝、甜品、家居则押注生活方式消费。

5. 关键风险是若只把Labubu印在更多商品上，新业务只是延长爆款尾巴，难以成为长期IP品牌。

泡泡玛特三季度下滑给潮玩卖家带来热度周期、需求变化和经营节奏的提醒。

1. 整体收入同比下降45%至50%，中国下降25%至30%，美洲下降70%至75%，欧洲及其他下降50%至55%。

2. 去年三季度高基数、线上抢购和二手炒娃最热，今年热度明显回落；中国线下仅降5%至10%，线上降45%至50%，炒货和限量抢购需求退潮明显。

3. 单一爆款IP依赖风险显现，Labubu所属THE MONSTERS曾贡献接近四成收入，二手价格回落和市场对单一IP依赖的担忧改变预期。

4. 公司选择不打折冲量、维护价格体系，短期营收更波动；卖家可关注二手溢价消失、社交媒体追逐新角色带来的需求转移。

5. 机会方向包括影视动画补故事、乐园做体验、珠宝甜品家居做生活方式延伸，但乐园是更重资产模式，难以像零售门店快速复制。

潮玩爆款退潮对工厂意味着订单周期、产品设计和IP衍生品结构需要重新评估。

1. Labubu热度变化直接影响THE MONSTERS系列，该系列曾贡献集团接近四成收入，说明单一IP订单波动风险高。

2. 公司正从电影、动画扩展到主题乐园、珠宝饰品、甜品和生活方式产品，可能带来多品类生产与设计需求。

3. 盲盒随机性、隐藏款、限量发售和二手交易曾放大需求，但需求天然有周期性，当消费者已购入多个Labubu、二手溢价消失，购买动力会迅速减弱。

4. 北京POP LAND成为验证线下体验的重要场景，下一座乐园在选址中，乐园涉及门票、餐饮、商品和线下体验，带来配套产品机会，但也是更重资产和运营模式。

5. 数字化电商方面，线上抢购和炒娃热度回落使中国线上收入下降45%至50%，工厂需关注电商需求变化，不宜只押注爆款。

潮玩行业正从爆款驱动转向IP长期经营，服务商需关注客户在热度退潮后的增长与运营痛点。

1. 泡泡玛特三季度收入下降45%至50%，中国下降25%至30%，美洲下降70%至75%，欧洲及其他下降50%至55%；高基数和Labubu热度回落叠加是主因。

2. 二手价格回落、单一IP依赖担忧改变预期；中国线上收入下降45%至50%，线下仅下降5%至10%，反映炒娃和抢购流量退潮。

3. 客户痛点包括爆款周期短、价格体系维护、海外复制模式承压、第二曲线投入重；公司明确不打折冲GMV，强调维护价格体系。

4. 解决方向包括影视动画补故事世界观、乐园做线下体验、珠宝甜品家居延伸生活方式，以及内部调整。

5. 服务商可围绕IP内容化、会员体验、二手市场监测、多品类运营和海外精细化运营提供方案。

泡泡玛特案例显示，平台需要重新看待爆款IP带来的流量波动和商家运营风险。

1. 三季度整体收入下降45%至50%，中国下降25%至30%，美洲下降70%至75%，欧洲及其他下降50%至55%。

2. 去年三季度线上抢购和二手炒娃最热形成高基数，今年热度回落；中国线上收入下降45%至50%，线下仅下降5%至10%，平台流量和商家经营波动明显。

3. 平台面临商家对单一爆款IP依赖、二手炒作退潮、价格体系维护等问题；泡泡玛特不靠大额满减和打折刺激线上，强调维护价格体系、不单纯冲GMV。

4. 平台招商和活动运营需避免透支品牌价格，关注IP内容、线下体验和生活方式品类的招商机会。

5. 同时要警惕爆款周期和重资产模式风险，乐园、珠宝、甜品、家居等第二曲线并非都能快速复制。

泡泡玛特三季度大幅下滑是观察潮玩IP产业周期与商业模式转型的样本。

1. 收入下降45%至50%，中国下降25%至30%，美洲下降70%至75%，欧洲及其他下降50%至55%；Labubu所属THE MONSTERS曾贡献接近四成收入。

2. 明星效应、社交媒体传播、限量发售和二手交易推动Labubu全球爆红，也带来单一IP依赖和需求周期性；二手价格回落改变投资者预期。

3. 中国线上下降45%至50%，线下仅下降5%至10%，显示炒娃和抢购流量退潮，线上流量生意更不稳定。

4. 公司主动维护价格体系、不打折冲GMV，CEO把2026年定义为内部调整的一年，短期营收可能更波动。

5. 第二曲线包括影视动画、主题乐园、珠宝甜品家居，核心是延长IP生命周期，但内容能力和重资产运营仍是新问题；产业需回答爆款退潮后如何把一阵流行变成长期生意。

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我是品牌商卖家工厂服务商平台商研究者帮我再读一遍。

Quick Summary

Pop Mart's third-quarter revenue nearly halved, with the key issue being business adjustment after the waning of a hit IP.

1. Overall revenue fell 45% to 50% year on year, with China down 25% to 30%, the Americas down 70% to 75%, and Europe and other regions down 50% to 55%.

2. Last year's third quarter was the highest single quarter in its history, when online rush buying and resale flipping were at their hottest; heat has cooled this year. In China, offline sales fell only 5% to 10%, while online sales fell 45% to 50%.

3. THE MONSTERS, the IP behind Labubu, once contributed nearly 40% of revenue; falling resale prices and concerns about single-IP dependence have changed investor expectations.

4. The company is not relying on large discounts or promotions to stimulate online sales and stresses protecting its pricing system; the CEO has defined 2026 as a year of internal adjustment.

5. Second growth curves include film and TV, theme parks and lifestyle: the Labubu film is still in script development, animation is being explored, Beijing POP LAND validates offline experiences, the next park is being sited, and the company is testing jewelry, desserts and home goods.

Pop Mart's case shows that when a hit IP brand loses heat, single-IP dependence and pricing-system management are exposed.

1. Labubu went global through celebrity effect, social media, limited releases and resale; THE MONSTERS once contributed nearly 40% of group revenue. After the heat cooled, resale prices fell and demand for online rush buying and flipping declined.

2. China online revenue fell 45% to 50%, while offline fell only 5% to 10%, showing that online traffic-driven business is more volatile.

3. The company is not relying on large discounts and promotions to stimulate online sales; instead it protects its pricing system and prioritizes long-term brand value over pure GMV, even if near-term revenue is more volatile.

4. In brand extension, the company is using film and animation to give the IP more story and world-building, theme parks to extend product consumption into tickets, food and offline experiences, and jewelry, desserts and home goods to bet on lifestyle consumption.

5. The key risk is that if Labubu is merely printed on more products, new businesses will only extend the tail of a hit rather than become a long-term IP brand.

Pop Mart's third-quarter decline is a reminder for designer-toy sellers about heat cycles, demand shifts and operating rhythm.

1. Overall revenue fell 45% to 50% year on year, with China down 25% to 30%, the Americas down 70% to 75%, and Europe and other regions down 50% to 55%.

2. Last year's third quarter had a high base, with online rush buying and resale flipping at their hottest; heat has clearly cooled this year. In China, offline fell only 5% to 10% while online fell 45% to 50%, showing a clear retreat in flipping and limited-drop demand.

3. Single-hit-IP dependence risk has emerged: THE MONSTERS, the IP behind Labubu, once contributed nearly 40% of revenue; falling resale prices and market concerns about single-IP dependence have changed expectations.

4. The company has chosen not to discount to chase volume and instead protects its pricing system, making near-term revenue more volatile; sellers should watch for the disappearance of resale premiums and demand shifts as social media chases new characters.

5. Opportunities include film and animation to add story, theme parks for experiences, and jewelry, desserts and home goods for lifestyle extension, but theme parks are a heavier-asset model that is harder to replicate quickly than retail stores.

The cooling of hit designer toys means factories need to reassess order cycles, product design and the structure of IP-derived products.

1. Changes in Labubu's heat directly affect THE MONSTERS series, which once contributed nearly 40% of group revenue, highlighting high order volatility risk from a single IP.

2. The company is expanding from film and animation into theme parks, jewelry, desserts and lifestyle products, which may create demand for multi-category production and design.

3. Blind-box randomness, secret editions, limited releases and resale once amplified demand, but demand is inherently cyclical; once consumers have bought multiple Labubus and resale premiums disappear, purchase momentum can weaken quickly.

4. Beijing POP LAND has become an important venue for validating offline experiences, and the next park is being sited. Parks involve tickets, food, merchandise and offline experiences, creating opportunities for supporting products, but also a heavier-asset and operations model.

5. In digital e-commerce, the cooling of online rush buying and flipping has pushed China online revenue down 45% to 50%; factories need to monitor e-commerce demand changes and avoid betting only on hit products.

The designer-toy industry is shifting from hit-driven to long-term IP operation, and service providers need to focus on clients' growth and operational pain points after the heat cools.

1. Pop Mart's third-quarter revenue fell 45% to 50%, with China down 25% to 30%, the Americas down 70% to 75%, and Europe and other regions down 50% to 55%; a high base and the cooling of Labubu are the main combined factors.

2. Falling resale prices and concerns about single-IP dependence have changed expectations; China online revenue fell 45% to 50% while offline fell only 5% to 10%, reflecting the retreat of flipping and rush-buying traffic.

3. Client pain points include short hit cycles, pricing-system maintenance, pressure on replicating the model overseas, and heavy investment in second curves; the company has made clear it will not discount to chase GMV and stresses protecting its pricing system.

4. Solutions include film and animation to add story and world-building, theme parks for offline experiences, jewelry, desserts and home goods to extend into lifestyle, and internal adjustment.

5. Service providers can offer solutions around IP content development, member experiences, resale-market monitoring, multi-category operations and refined overseas operations.

Pop Mart's case shows that platforms need to rethink traffic volatility and merchant operating risks brought by hit IPs.

1. Third-quarter overall revenue fell 45% to 50%, with China down 25% to 30%, the Americas down 70% to 75%, and Europe and other regions down 50% to 55%.

2. Last year's third quarter formed a high base as online rush buying and resale flipping were at their hottest; heat has cooled this year. China online revenue fell 45% to 50% while offline fell only 5% to 10%, making platform traffic and merchant operations visibly more volatile.

3. Platforms face issues such as merchants' dependence on a single hit IP, the retreat of resale speculation and pricing-system maintenance; Pop Mart is not relying on large discounts or promotions to stimulate online sales and stresses protecting its pricing system rather than purely chasing GMV.

4. Platform merchant recruitment and campaign operations need to avoid overdrawing brand pricing and should focus on opportunities in IP content, offline experiences and lifestyle categories.

5. At the same time, they should watch risks from hit cycles and heavy-asset models; second curves such as theme parks, jewelry, desserts and home goods cannot all be replicated quickly.

Pop Mart's sharp third-quarter decline is a sample for observing the cycle and business-model transition of the designer-toy IP industry.

1. Revenue fell 45% to 50%, with China down 25% to 30%, the Americas down 70% to 75%, and Europe and other regions down 50% to 55%; THE MONSTERS, the IP behind Labubu, once contributed nearly 40% of revenue.

2. Celebrity effect, social media, limited releases and resale pushed Labubu to global popularity, but also brought single-IP dependence and demand cyclicality; falling resale prices have changed investor expectations.

3. China online sales fell 45% to 50% while offline fell only 5% to 10%, showing the retreat of flipping and rush-buying traffic and the greater instability of online traffic-driven business.

4. The company is proactively protecting its pricing system and not discounting to chase GMV; the CEO has defined 2026 as a year of internal adjustment, so near-term revenue may be more volatile.

5. Second curves include film and animation, theme parks, and jewelry, desserts and home goods; the core is extending IP life cycles, but content capabilities and heavy-asset operations remain new challenges. The industry must answer how to turn a passing fad into a long-term business after the heat of a hit fades.

Disclaimer: The "Quick Summary" content is entirely generated by AI. Please exercise discretion when interpreting the information. For issues or corrections, please email run@ebrun.com .

I am a Brand Seller Factory Service Provider Marketplace Seller Researcher Read it again.

一路狂奔的泡泡玛特，突然踩下了刹车。

10月27日，泡泡玛特披露2026年第三季度业务状况，整体收入同比下降45%至50%。其中，中国市场下降25%至30%，美洲下降70%至75%，欧洲及其他地区下降50%至55%。

泡泡玛特首席运营官司德在电话会上解释，去年三季度是公司历史上单季销售最高的季度，同时也是线上抢购和二手“炒娃”最火热的时期，而今年相关热度明显回落。

背后的问题由此浮出水面：当Labubu这一百亿IP的热度退潮，泡泡玛特究竟是一家擅长制造爆款的潮玩公司，还是一家能够长期经营IP的公司？

收入近乎腰斩，海外市场大跌

泡泡玛特这轮下滑，首先是高基数与爆款降温叠加的结果。

2025年，Labubu所属THE MONSTERS系列一度贡献集团接近四成收入。明星效应、社交媒体传播、限量发售和二手交易，共同把Labubu推向全球。

泡泡玛特近期的压力与Labubu热度下降高度相关，二手价格回落以及市场对单一热门IP依赖度过高的担忧，正在改变投资者预期。

一个明显的信号是线上和线下的分化。三季度，泡泡玛特中国线下收入仅下降5%至10%，线上却下降45%至50%。司德在电话会上表示，去年线上聚集了大量抢新品、抢限量款甚至炒货需求，今年二级市场“炒娃”热度明显回落，是线上跌幅更大的重要原因。

这也呈现出潮玩商业模式的两面性。潮玩卖的不只是玩具，而是审美、情绪价值、收藏欲和稀缺感。盲盒制造随机性，隐藏款刺激复购，社交平台制造流行，二手市场放大“抢不到”的焦虑。一个IP成为爆款，增长可以非常陡峭。

但同样的机制，也意味着需求天然具有周期性。当消费者已经购入多个Labubu，当二手溢价消失，当社交媒体开始追逐下一个角色，购买动力就可能迅速减弱。

泡泡玛特也在主动弱化这种流量生意。管理层表示，公司不会依靠大额满减和打折刺激线上销售，而是希望维护价格体系，“不是单纯冲GMV”。

“今年大概率完不成年初既定的20%增长目标，下半年压力更大。”8月，CEO王宁更将2026年定义为“内部调整的一年”，称不会把冲高业绩作为首要目标。

这种选择更有利于品牌长期价值，却意味着短期营收可能更波动。特别是美洲市场三季度收入下降70%至75%，说明泡泡玛特过去依靠“爆款IP+快速开店”复制海外增长的模式正遭遇压力。

对泡泡玛特来说，其面临的挑战不只是寻找下一个Labubu，也需要证明在下一个超级爆款还没出现时，公司如何持续增长。

从影视到乐园、饰品，第二曲线能接住Labubu吗？

泡泡玛特已经在尝试回答这个问题。

过去两年，公司明显加快了业务边界扩张，从电影、动画到主题乐园，再到珠宝饰品、甜品和生活方式产品——看似分散，背后的商业逻辑只有一个：延长IP生命周期，让消费者在不买盲盒的时候，也愿意为角色付费。

第一条路是影视。

司德在电话会上透露，Labubu电影仍处于剧本开发阶段，公司还在探索Labubu动画，SKULLPANDA、星星人等IP也在与不同创作团队接触。

影视的价值除了票房，还在于给IP补上故事和世界观。Labubu的优势是形象足够鲜明，但真正可以经营几十年的IP无法只靠形象，迪士尼、三丽鸥等成熟IP公司的核心能力在于让角色不断进入新的故事和场景。不过，设计爆款玩偶和持续生产优质内容是完全不同的能力，泡泡玛特目前仍处在试水阶段。

第二条路是主题乐园。

北京POP LAND已成为泡泡玛特验证线下体验的重要场景，管理层也透露，下一座乐园在选址中。乐园把一次性的商品消费延伸到门票、餐饮、商品和线下体验，但它同时也是更重的资产和运营模式，很难像零售门店一样快速复制。

第三条路则是押注生活方式类消费。

从珠宝到甜品，再到此前试水的家居家电，泡泡玛特希望证明，消费者购买的不只是一个玩具，而是角色所代表的审美和生活方式。

这条路的想象空间不小。如果消费者愿意持续为设计、内容和品牌本身付费，泡泡玛特就可能从潮玩公司成长为真正的IP集团，但如果只是不断把Labubu印在更多商品上，新业务本质上仍然是在延长“爆款的尾巴”。

三季度收入近乎腰斩，更像是泡泡玛特的一次压力测试。

过去几年，它已经证明自己有能力制造全球爆款。接下来需要证明的是：当爆款退潮之后，它能否将一阵流行变成一门长期生意。

注：文/金雅，文章来源：天下网商(公众号ID：txws_txws)，本文为作者独立观点，不代表亿邦动力立场。

文章来源：天下网商

FAQ回顾

泡泡玛特2026年第三季度收入为什么大幅下滑？

泡泡玛特三季度收入同比下降45%至50%，主要受去年高基数和Labubu热度回落影响。去年三季度线上抢购、限量款和二手“炒娃”火热，今年热度回落；中国线上收入下降45%至50%，跌幅明显大于线下。

泡泡玛特过度依赖Labubu单一IP会带来什么风险？

2025年Labubu所属THE MONSTERS系列一度贡献泡泡玛特接近四成收入。随着二手价格回落和市场对单一热门IP依赖的担忧上升，爆款降温会迅速影响线上销售和投资者预期，三季度中国线上收入下降45%至50%。

泡泡玛特海外市场为什么出现大跌？

泡泡玛特三季度美洲收入下降70%至75%，欧洲及其他地区下降50%至55%。除了去年同期高基数，过去依靠“爆款IP＋快速开店”复制海外增长的模式正遭遇压力，Labubu热度回落也放大了海外收入波动。

泡泡玛特正在用哪些方式延长IP生命周期？

泡泡玛特从三方面延伸IP价值：影视方面，Labubu电影处于剧本开发阶段并探索动画；线下体验方面，北京POP LAND已运营，下一座乐园在选址；生活方式方面，拓展珠宝、甜品、家居家电等，让消费者在不买盲盒时也愿为角色付费。

潮玩公司如何降低对单一爆款IP的依赖？

可参考泡泡玛特的思路：用影视给IP补故事和世界观，用主题乐园把商品消费延伸到门票、餐饮和线下体验，再通过珠宝、甜品、生活方式产品延长角色付费场景；同时弱化打折冲量、维护价格体系，转向长期IP经营。