Scalpers retreat, fans fall silent — Pop Mart (泡泡玛特)'s first IP launch of the year meets a cold reception. Why?

Tepid debut for "After School Merodi"

Pop Mart (泡泡玛特)’s first new IP release of 2026, “放学后的Merodi” (After School Merodi), opened in stores on Feb. 27 to noticeably muted demand. Field visits to multiple Beijing outlets found only scattered shoppers and few actual purchases; it has been reported that the livestreamed Tmall launch drew more than 800,000 viewers but generated little discussion in the chat and showed only about 1,000 sales on the flagship store. Even scalpers — historically quick to camp outside shops for hot drops — were reportedly absent. Many consumers told reporters the campus-y theme felt too familiar and failed to deliver the immediate “must-buy” impulse that fuels blind-box mania.

Rapid-fire IP releases, slowing market absorption

The cool reception comes as Pop Mart accelerates its IP pipeline. The company released roughly 57 new IPs in 2025 — up from 29 in 2024 — and is moving from a cadence measured in months to one measured in weeks; the firm announced a follow-up IP, “Key A,” just a week after Merodi. The strategy aims to discover the next breakout title to shoulder revenue away from THE MONSTERS (LABUBU) and other legacy hits, but early signs are mixed. Goldman Sachs reportedly flagged weak initial Tmall sales for the recent Supertutu line (only a few hundred units at first), and resale platforms show price cuts and tepid wishlists for several newcomers.

Business risks and investor scrutiny

The push to flood the market with concepts responds to a clear problem: a handful of legacy IPs still generate the lion’s share of revenue — LABUBU alone contributed about 4.81 billion yuan (48.1亿元) in H1 2025, representing a material share of Pop Mart’s income. That concentration has attracted outside scrutiny; it has been reported that Bernstein released two short reports in late 2025 and Morgan Stanley has lowered its targets on concerns about sustainability. Industry analysts warn that a “fast-fashion” IP strategy can boost short-term hits but risks diluting long-term cultural value and turning IPs into rapidly commodified products rather than enduring franchises.

What’s next?

Pop Mart is simultaneously broadening IP touchpoints — from bakeries and ice cream to phones and home goods — to convert characters into everyday consumer experiences and reduce volatility. Will wider lifestyle plays and tougher curation produce the next LABUBU, or will mass spawning of IPs dilute brand equity and exhaust fan enthusiasm? For now, Merodi’s quiet debut is a reminder that new characters still need storytelling, scarcity management and strong emotional hooks — not just faster release calendars — to reignite the collectible fervor that built Pop Mart’s business.