POP MART disclosed its unaudited business update for the first quarter of 2026 on May 12. The announcement indicates that total revenue for the period is expected to increase by 75% to 80% compared to the same period last year.

Analyzing the market structure, the performance in the Chinese market was particularly strong, with domestic revenue projected to grow by 100% to 105% year-over-year. Within this, the online channel is anticipated to surge by 150% to 155%, outpacing the growth of the offline channel, which is estimated at 75% to 80%. In overseas markets, the Asia-Pacific, Americas, Europe, and other regions all recorded double-digit growth.

**Chinese Market Doubles, Online Channel Emerges as Key Driver** In the Q1 2026 business data, revenue from the Chinese market, a significant component of overall performance, is projected to grow by 100% to 105% year-over-year.

From a channel perspective, the online channel is expected to grow by 150% to 155% year-over-year, exceeding offline growth. The rapid expansion of the online business is linked to the company's prior investments in live-streaming e-commerce, online blind box sales, and membership system development. Concurrently, the faster growth of the online channel has contributed to user base expansion, operational efficiency improvements, and the allocation of certain fixed costs from offline operations.

The offline channel is projected to grow by 75% to 80% year-over-year, maintaining an upward trend. The offline and online channels complement each other across different dimensions, forming the company's current dual-channel business structure.

In overseas markets, the Asia-Pacific region (excluding Mainland China) is projected to grow by 25% to 30%, showing relatively steady growth. The Americas region is expected to grow by 55% to 60%, while Europe and other regions are projected to increase by 60% to 65%.

Key factors influencing this growth include the social media popularity of IPs like Labubu, as well as POP MART's store expansions and localized operations in key cities across Europe and the Americas. In contrast, the Asia-Pacific market has entered a phase of more stable development, while brand recognition in European and American markets is still being gradually established.

Overall, POP MART's revenue across different overseas markets shows a growth trend, with the characteristic of multi-regional synergistic growth being quite evident.