Pop Mart's H1 revenue grew only 24% to 17.17 billion CNY, sharply below expectations (20B–37% growth consensus) and the prior year's 200%+ boom, driven by waning Labubu demand. CEO acknowledged the company will likely miss its 20% annual growth target, with 6+ months of inventory accumulation and struggling international sales (–11% YoY). The case illustrates a broader challenge for trend-driven Chinese consumer brands: viral momentum is volatile without deeper IP, repeat purchase, and character diversification—a lesson Pop Mart must solve through entertainment expansion (Labubu film, Pop Land parks) to avoid becoming another flash-in-the-pan brand.