IP Toys Monthly Tracker - June

研报英文原文证据摘录

IP Toys Monthly Tracker - June

China (PRC) | China Consumer EquityJulyResearch13, 2026

Figure 1 - Pop Mart Labubu 4.0 second-handIP Toys Monthly Tracker - June

price in mainland China

Pop Mart's June indicators remained mixed, with GMV down 20% YoY, app 250200 (RMB) Labubu 4.0 Hair Salon - Second Hand Px

150users and search trends continuing to soften, and Labubu 4.0 resale prices

falling below retail shortly after launch. Overseas engagement improved 10050

0on new product and FIFA World Cup-related promotions. Despite weaker

Coastal vibes After rain Warm oat Velvet noonoperating indicators, the share price remained resilient, supported by Blue prelude Born rebel Retail px

continued accumulation from Duan Yongping, who increased his stake to .Source: Chaowanzu, Jefferies. Note: official retail price is RMB159

7.65% as of 6 July.

Figure 2 - Labubu 4.0 - Hair Salon

China

E-commerce sales: According to Meritco, Pop Mart's GMV declined 20% YoY in June but•

grew 27% YoY in 2Q26. Bloks delivered stronger momentum, with GMV up 40% YoY in

June and 33% YoY in 2Q26. Miniso and Top Toy recorded GMV growth of 18% YoY and

3% YoY in June, respectively.

Second-hand prices: Labubu 4.0 plush toys (Hair Salon Series) have seen second-hand•

prices mostly fall below retail since their launch on 25 June, while prices for previous

Labubu series remained broadly stable MoM. Among the top 30 most sought-after .Source: Jefferies

products on second-hand trading platforms, product demand remains diversified: four

are non-Pop Mart items, while Labubu has moved back to the No. 2 spot. Figure 3 - Pop-up at Taikoo Shing

Overseas

Social media engagement: Amid the ongoing normalization in consumer interest, Pop•

Mart's engagement on TikTok and Instagram improved in June across its global,