On October 28, Pop Mart submitted a performance update to the Hong Kong Stock Exchange, showing a 45% to 50% year-on-year decline in Q3 sales. Specifically, the Americas market dropped by 70% to 75%, and mainland China saw a decline of 25% to 30%. Since its peak in August 2025, the stock price has fallen by more than half, with a market capitalization of approximately $22 billion.
In the comments section of an avoid-this-brand post on Xiaohongshu on September 8, a netizen pointed out that Pop Mart's contract factory has no days off in a busy month, 8 a.m. to 9 p.m. shifts are common, and the hourly wage is 10 yuan, urging people to avoid it.
China Labor Watch has released an investigative report stating that while the art toy Labubu became a global hit in 2025, workers at its Chinese contract factories face harsh conditions such as low wages and excessive overtime, creating a sharp contrast with the brand Pop Mart's commercial success.