Pop Mart International Group has spent about HK$411.7 million buying back its own shares since it warned that third-quarter revenue fell as much as 50%, according to Hong Kong stock exchange filings. The maker of Labubu dolls bought 3.06 million shares on six trading days between Oct. 29 and Monday, Nov. 9.

The buying is the company's main public response so far to a sharp reversal in demand for its collectible toys. For investors in Hong Kong, the filings offer a running read on how management values the shares while sales shrink at home and abroad. The purchases come in the final days before China's Singles' Day shopping festival on Nov. 11.

Pop Mart's third-quarter revenue drop

In a voluntary business update filed on Oct. 27, Pop Mart said unaudited revenue for the three months to September fell 45% to 50% from the same period of 2025. The company gave ranges rather than exact figures and said the numbers were based on a preliminary review of management accounts that auditors had not checked.

The decline was steepest outside mainland China. Revenue from the Americas fell 70% to 75%, Asia-Pacific excluding China fell 65% to 70%, and Europe and other regions dropped 50% to 55%, the company said. Mainland China revenue fell 25% to 30%.

Within China, the split between channels was stark. Revenue from physical stores and other offline channels slipped 5% to 10%, while online revenue fell 45% to 50%. That gap suggests online demand has cooled much faster than trade in Pop Mart's shops.

The quarter is a sharp turn from the first half. Pop Mart's interim report, filed on Sept. 24, showed revenue of 17.17 billion yuan for the six months to June, up 23.8% from a year earlier. Adjusted net profit rose 9.5% to 5.16 billion yuan, though the adjusted net margin narrowed to 30.0% from 33.9%. Revenue from mainland China grew 47.3% in that period to 12.2 billion yuan.

THE MONSTERS, the character family that includes Labubu, generated 4.45 billion yuan in the first half, more than any other Pop Mart intellectual property, the report showed. The company spent the first half pushing the franchise into sport, including a co-branded line and appearances tied to the 2026 FIFA World Cup.

How big is the Pop Mart buyback?

The repurchases began two days after the business update. On Oct. 29, the company bought 1.28 million shares at prices between HK$126.90 and HK$130, paying HK$165.4 million, the largest single day so far. It then settled into a steadier pace of roughly 340,000 to 370,000 shares a day, spending close to HK$49 million to HK$50 million each session on Oct. 30 and Nov. 2, 4, 6 and 9.

The prices it paid have climbed through the program. The volume-weighted average rose from HK$129.18 on Oct. 29 to HK$143.38 on Nov. 9, an increase of about 11%, and the highest price paid on Monday was HK$144. Across all six days, the average works out to roughly HK$134.55 a share.

All the repurchased shares are to be cancelled, according to the filings. Together they equal 0.23% of the shares in issue when the mandate was granted; the company had about 1.33 billion shares outstanding on Nov. 9. Shareholders approved the buyback authority on May 13, allowing the company to buy back up to 134.1 million shares, or about 10% of its stock. Pop Mart has so far used a little more than 2% of that allowance.

The filings also set a moratorium: Pop Mart cannot issue new shares or sell treasury shares until Dec. 9, under Hong Kong's rule that bars such moves for 30 days after a repurchase. Each further day of buying pushes that date back.

The company has not said how much it plans to spend in total. The daily disclosures, filed after each trading session, are the only way for investors to track the pace.

What Pop Mart investors watch next

Buybacks of this size support the share price at the margin but do little to answer the question raised by the October update: whether the slowdown reflects a passing cooling of the Labubu craze or a longer slide in demand for blind-box collectibles. Pop Mart did not give a full-year forecast in its update.

The pressure is not unique to Pop Mart. Chinese consumer brands have reported uneven results this quarter, with sportswear makers Anta and Li Ning posting third-quarter sales declines as household spending stays cautious.

The next test comes on Nov. 11, when Singles' Day sales close. With online revenue in China down by about half in the third quarter, festival demand for Pop Mart's online stores will be the first fresh sign of whether that channel has stabilized. Investors will also watch the exchange filings each evening for whether the company keeps buying at higher prices, and the Dec. 9 moratorium date, which moves later with every new purchase.