泡泡玛特美洲收入增速骤降，出海策略转向本地化深耕

OpinionPOP MART's Americas Growth Plummets as Strategy Shifts to Localization

POP MART's Americas revenue grew 748.4% in 2025 but fell 16.5% in the first half of 2026, signaling the end of online traffic dividends. The company plans a California headquarters to shift from distribution to localization.