Pop Mart surged 8%, new IP sold out nationwide, Goldman Sachs confirms "explosive demand"!

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Pop Mart receives a strong boost. A latest report from Goldman Sachs points out that the newly launched IP series in March has seen robust demand in domestic online channels, selling out across the board. Previously, renowned investor Duan Yongping publicly announced his entry, further igniting market enthusiasm.

On Tuesday, Pop Mart's share price surged over 8% at one point. Goldman Sachs analysts Michelle Cheng and others wrote in a report published on April 13 that, as of April 10, all plush toy series from the company were sold out on official online channels, "indicating strong market demand and high popularity of the new IP." In March, the company launched two highly anticipated series, in collaboration with Sanrio and FIFA.

Despite eye-catching single-day gains, Pop Mart's stock has still fallen about 14% year-to-date, clearly lagging behind the Hang Seng Index's approximately 0.6% gain over the same period. On April 2, concerns about the company’s over-reliance on the single IP Labubu led to a sell-off, with its market value shrinking by about $33 billion.

New IP sold out across the board, positive domestic demand signals

Goldman Sachs' report shows that Pop Mart's The Monsters IP launched two major plush toy series in March—The Monsters x Sanrio and The Monsters x FIFA. The Monsters x Sanrio had relatively ample initial stock, with over 45,000 units supplied to Douyin and more than 30,000 to Tmall. The Monsters x FIFA plush keychains were supplied more conservatively, with Douyin receiving over 25,000 units and Tmall over 10,000; currently, they maintain a more than 20% premium in the secondary market.

Additionally, the new series under IP Dimoo (The Secret Theatre Club) also had sufficient initial supply—over 30,000 units on Douyin and over 20,000 units on Tmall. Goldman Sachs pointed out that as of April 10, all of these plush toy series were sold out on official online channels, confirming the resilience of domestic market demand.

The Twinkle Twinkle new series, set to launch on April 16, had pre-orders of 30,000 to 60,000 units on Douyin as of April 13. Its performance tracks ahead of the previous Have a Good Run and Angry Molly series but still lags behind earlier Twinkle Twinkle series.

Growth slows quarter-on-quarter, secondary market cools

Although demand signals remain largely positive, Goldman’s data also reveals a marginal slowdown in growth momentum. According to third-party databases, Pop Mart's Tmall and Douyin flagship stores’ combined March sales rose 67% year-on-year, noticeably slower than the roughly 139% year-on-year growth seen in January and February, bringing overall Q1 FY2026 growth to about 115%.

In the secondary market, March and early April overall entered a cooling period. Labubu’s older series saw price adjustments in March; new series discounts narrowed but the premium space is limited, with only FIFA plush keychains and hidden models still maintaining premiums. Twinkle Twinkle, Dimoo, Skullpanda, Molly, and Crybaby IPs all saw varying degrees of price declines compared with previous periods. Goldman Sachs analysts noted that compared to earlier hot series, the new series’ performance in the secondary market is "not exciting enough."

Overseas market under pressure, US sales drop sharply

The overseas market presents a more evident concern. Goldman Sachs data shows Pop Mart’s US credit card sales in March fell about 46% year-on-year, in sharp contrast to a roughly 36% gain in February, resulting in only about 2% year-on-year growth in the US for fiscal Q1 2026.

Looking at specific products, The Monsters x Sanrio series sold out quickly when launched on the official sites in Thailand, Europe, and the US, but after restocking as of April 9, inventory was still available in those regions. The Monsters x FIFA series has not sold out in Thailand, Europe, or the US since its launch. Pop Mart's APP overseas monthly active users (MAU) declined in the US and Europe, while they remained steady in Southeast Asia.

Goldman Sachs’ report also points out that Pop Mart’s management has long adopted a cautious view toward the overseas market, steering company-wide sales growth to above 20%, implying conservative expectations for overseas performance. Goldman Sachs currently maintains a "Neutral" rating for Pop Mart, with a 12-month target price of HKD 184, about 14% above the current share price.

Duan Yongping enters, market sentiment receives a further boost

As Goldman Sachs' report catalyzed a surge in share price, renowned investor Duan Yongping's public statement also provided extra support for market sentiment. Duan Yongping recently announced on social media, "My Pop Mart insurance company is officially opened," confirming that he has begun building a position in Pop Mart via selling put options.

Duan Yongping stated that Pop Mart’s latest earnings report inspired his research interest: "I spent several days in a row to understand this company; haven't felt this excited in a long time." He admitted that he previously found the business "too far from himself, not easy to understand," and had not researched it deeply, but he always had a good impression of founder Wang Ning.

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