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Pop Mart is still growing, but the growth engine is clearly cooling. Revenue beat-up is less impressive when profit growth lags, overseas demand weakens, and LABUBU momentum fades. The bullish angle is IP diversification: Star People’s surge shows new characters can take over. But 2026 looks more like a consolidation year than another hyper-growth year. **Bottom line: growth is shifting from LABUBU-driven hype to a broader IP ecosystem.**