China IP Retailer : IP Offline Sales (Apr 2026): Continuous Softness in Demand

研报英文原文证据摘录

China IP Retailer : IP Offline Sales (Apr 2026): Continuous Softness in Demand

Deutsche Bank

Research

Asia Industry Date

China 21 May 2026

China IP Retailer

Consumer Industry Update

Retail / Wholesale Trade

IP Offline Sales (Apr 2026): Continuous

Softness in Demand

Sammi Xu

Note: Our monthly China IP Retailer Offline Sales Tracker utilizes alternative data to

Research Analyst

analyze major players offline sales in mainland China. This report provides investors +852-2203-5415

with insights into offline sales trends, thereby facilitating an understanding of current

brand momentum. Please be aware that the data presented do not represent official

revenue figures from the companies.

Data in excel available upon request

Pop Mart:softening sales at -1% MoM or +13% YoY in Apr; potential YoY decline

in May

Pop Mart’s same-store sales growth (SSSG) moderated to 13% YoY in Apr-2026,

or a 1% MoM decline as its offline retail trend continues to cool despite intensive

IP product launches. Compared to 2H25 levels, Apr-2026 sales imply an 8%

decline, highlighting potential SSSG challenges for 2H26. This sequential softening

aligns with our earlier predictions: a prolonged holiday period likely front-loaded

consumer purchases, resulting in robust 1Q26 sales (+42% SSSG) followed by a

sequentially softer low season, particularly as Pop Mart faces tougher YoY

comparisons starting in April. Consequently, we think Pop Mart faces a risk of

negative SSSG growth in May. According to our latest online sales tracker (please

see our online tracker), the impact of intense product launches on e-commerce

sales also appears limited.

Entering 2Q26, Pop Mart maintains an aggressive launch schedule as its primary

strategy to stimulate growth. However, we are observing signs of "fashion fatigue"