---
title: "Pop Mart, Laopu Set for Triple-Digit Growth as China Consumption Slows"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/279979500.md"
description: "Pop Mart and Laopu Gold are projected to achieve triple-digit growth despite a slowdown in China's consumer spending. This growth is fueled by demand for Labubu dolls and gold jewelry, although the initial surge is waning. Investors are concerned about sustainability as Pop Mart introduces new characters and Laopu benefits from gold demand. In contrast, Xiaomi faces revenue challenges, Haidilao's strategy remains unchanged, and Anta Sports may reflect losses from Puma. Sinopec suspends fuel exports amid geopolitical tensions, while Innovent Biologics is set to report its first annual profit."
datetime: "2026-03-20T18:01:54.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/279979500.md)
  - [en](https://longbridge.com/en/news/279979500.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/279979500.md)
---

# Pop Mart, Laopu Set for Triple-Digit Growth as China Consumption Slows

China's consumer divide is becoming harder to ignore. Pop Mart (PMRTY) and Laopu Gold (LPGCY) are both expected to deliver triple-digit growth, standing out in a market where domestic spending has had one of its weakest starts outside the pandemic. That momentum has been driven by viral demand from Labubu dolls to ancient-style gold jewelry amplified by online influencers, though that initial surge now appears to be cooling. The key question for investors is whether this level of growth can be sustained, even as Pop Mart shifts toward new characters like Twinkle Twinkle and Skullpanda, and Laopu continues to benefit from gold-linked demand that could again outpace broader consumption into 2026, according to Bloomberg Intelligence.

Elsewhere, the broader consumer and tech landscape looks more mixed. Xiaomi (XIACY) is expected to post its slowest revenue growth since 2023, as AI-driven chip shortages pressure its smartphone business, even as its EV segment could deliver strong sequential gains. Haidilao (HDALF) is back in focus following founder Zhang Yong's return as CEO, though its core strategy may remain largely unchanged. Anta Sports (ANPDF) may begin to reflect losses tied to its stake in Puma, while Meituan (3690 HK) continues to face intense competition in food delivery, with ongoing losses and a deeper push into AI and overseas markets such as Brazil.

In energy and autos, uncertainty is building. China Petroleum & Chemical Corp., or Sinopec (SENGF), has been instructed to suspend fuel exports as Middle East tensions disrupt crude shipments, even as a government-approved restructuring could strengthen parts of its business. Cnooc (CEO) is expected to report lower profits on softer crude prices, though gas production may benefit from China's energy transition. BYD (BYDDF) is also facing pressure, with quarterly profit expected to fall by about a third on weaker shipments and further downside possibly extending into early 2026, even as exports gain traction. One notable exception is Innovent Biologics (IVBXF), which is poised to report its first annual profit following domestic approval of its weight-loss drug, positioning it as a local challenger to global peers.

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