Pop Mart's explosive growth driven by Labubu has significantly decelerated in the first half of 2026. The Chinese toy maker, known for its blind box collectibles, is now searching for its next major character to sustain momentum.

The company's revenue surge from Labubu previously fueled rapid expansion, but market saturation and increased competition have contributed to the slowdown. Investors are closely watching whether Pop Mart can replicate the success of its breakout star.

Industry analysts note that creating viral characters consistently is challenging, especially in the competitive collectibles market. Pop Mart's ability to identify and develop the next big IP will be crucial for maintaining its growth trajectory and investor confidence.