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(Bloomberg) — Pop Mart International Group Ltd. and Laopu Gold Co. are set to post triple-digit growth, making them standouts in China’s retail landscape defined by sluggish domestic spending.
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The craze for Labubu dolls and hype around ancient-style gold jewelry — aided by an army of influencers generating online buzz — has now abated, raising questions about the sustainability of their rapid growth.
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Pop Mart is pivoting to new toy characters like Twinkle Twinkle and Skullpanda, while a Labubu movie with Sony could rekindle interest as sales growth slows. Laopu remains well positioned as China’s gold-linked jewelry spending could outpace broader consumption again in 2026, Bloomberg Intelligence said.
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This resilience stands in stark contrast to the rest of the consumer sector, with earnings due at a time when China’s consumer spending has seen the worst start to any year outside the pandemic.
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Major players like Haidilao International Holding Ltd. and Anta Sports Products Ltd. likely saw earnings weaken last year. Meituan faces continued headwinds from intense food delivery competition, while Xiaomi Corp. sees high memory prices eroding smartphone margins.
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In the energy sector, Cnooc Ltd. must now contend with complexities as the conflict in the Middle East drives oil prices higher. Peer China Petroleum & Chemical Corp., known as Sinopec, expects demand for refined oil to weaken due to the rise of renewables and uncertainty over global oil prices. On Sunday, it had reported steeper-than-expected decline in profit last year.
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Monday: Laopu Gold (6181 HK) projected a more than 200% increase in full-year revenue and profit, crediting its strong performance to its market leadership and store expansion. Aided by rising gold costs, its routine price hikes have triggered queues of consumers looking to buy before prices climb further. Citi expects growth to climb this year as recently opened and upgraded stores contribute to sales.
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Tuesday: Xiaomi (1810 HK) is expected to see quarterly revenue growth slow to single digits, its weakest pace since 2023. Chief Executive Officer Lei Jun said surging artificial intelligence demand caused severe chip shortages and pressured the firm’s smartphone business in the past year. EVs will be the sole bright spot, with revenue set to gain more than 30% sequentially on record deliveries, BI said.
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- Haidilao’s (6862 HK) growth plans will be in focus, as founder Zhang Yong returned as CEO in January. As Zhang was always involved in management, Jefferies said the core goals of solidifying brands and technology-led efficiency gains are unlikely to change.
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