联合研究丨行业点评 [Table_Title] IP 衍生品产业研究（十三）：泡泡玛特 2025H1 业绩超预期， IP 平台化和全球化逻辑持续兑现 %% %% %% %% research.95579.com 丨证券研究报告丨 1 报告要点 [Table_Summary] 泡泡玛特发布 2025H1 业绩，2025H1 营收/经调整净利润 138.76/47.10 亿元（同比 +204.4%/+362.8%，均高于预告的 200%/350%），毛利率/经调整净利率为 70.3%/33.9%（同 比+6.3/+11.6pcts），毛利率提升来自 1）海外占比提升，2）优化产品设计和成本管控、提升对 供应商议价权，3）外采商品占比下降。近期泡泡玛特发布 THE MONSTERS 心底密码系列盲 盒新品，线上/线下发售时间分别为 8 月 28 日/8 月 29 日。 分析师及联系人 [Table_Author] 蔡方羿 高超 仲敏丽 SAC：S0490516060001 SAC：S0490516080001 SAC：S0490522050001 SFC：BUV463 SFC：BUX177 杨云祺 章颖佳 SAC： ...

Market Overview - On August 26, the Hang Seng Index fell by 1.18%, with southbound trading totaling HKD 148.744 billion, comprising HKD 82.658 billion in buying and HKD 66.086 billion in selling, resulting in a net buying amount of HKD 16.573 billion [2][3]. Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total transaction amount of HKD 58.279 billion, with buying at HKD 32.623 billion and selling at HKD 25.656 billion, leading to a net buying of HKD 6.967 billion [2]. - Southbound trading through the Stock Connect (Shanghai) had a total transaction amount of HKD 90.465 billion, with buying at HKD 50.035 billion and selling at HKD 40.430 billion, resulting in a net buying of HKD 9.605 billion [2]. Active Stocks - The most actively traded stock by southbound funds was the Tracker Fund of Hong Kong (盈富基金), with a total transaction amount of HKD 66.44 billion and a net buying of HKD 65.46 billion, despite a closing price drop of 1.29% [2][3]. - Other notable stocks included SMIC (中芯国际) with a total transaction amount of HKD 58.12 billion and a net selling of HKD 9.83 billion, closing down by 2.77% [2][3]. - Alibaba (阿里巴巴-W) had a total transaction amount of HKD 54.74 billion with a net buying of HKD 13.46 billion, closing down by 2.57% [2][3]. Continuous Net Buying - Three stocks experienced continuous net buying for more than three days, with Tencent Holdings (腾讯控股) leading at 8 days of net buying, followed by Meituan (美团-W) at 4 days, and Alibaba (阿里巴巴-W) at 3 days [3]. - The total net buying amounts during this period were HKD 68.83 billion for Tencent, HKD 29.21 billion for Meituan, and HKD 23.18 billion for Alibaba [3].

Core Viewpoint - The recent launch of the "Starry Dream Meteorological Bureau Series" blind box by Pop Mart reflects the willingness of Generation Z to pay for emotional value, but their loyalty depends on continuous innovation to avoid over-marketing and trust depletion [1][6]. Product Launch and Market Response - Pop Mart's new products, including the "Starry Dream Meteorological Bureau Series" blind box priced at 79 yuan each and 474 yuan per box, sold out quickly, indicating high demand [1]. - The overwhelming traffic caused some e-commerce platforms to experience temporary crashes, with users reporting that items were sold out before they could complete their purchases [1][3]. - The blind box's popularity led to a significant price increase in the secondary market, with a complete box selling for 1350 yuan, representing a 300% markup, and individual items averaging 150 yuan, a 200% markup [3][5]. Market Dynamics and Consumer Behavior - The demand for the "Starry Dream" IP is compared to the previous success of the LABUBU 3.0 series, suggesting it may become the next big hit for Pop Mart [5]. - The company has not implemented specific policies to manage price inflation in the secondary market, advising consumers to purchase through official channels [5]. - Pop Mart's adjusted net profit for the first half of 2025 is projected to be 4.71 billion yuan, a 362.8% year-on-year increase, with the "Starry Dream" series generating 390 million yuan in revenue [5]. Industry Insights - Experts note that the success of these products is a typical case of combining IP economics with scarcity marketing, appealing to the emotional needs of young consumers [6][7]. - The blind box mechanism enhances the excitement of randomness, while limited releases create a sense of scarcity, driving rapid purchasing behavior [7]. - The current premium pricing is attributed to short-term supply-demand imbalances, while long-term value will depend on the development of the IP ecosystem and community engagement [7].

（原标题：成倍激增！中国潮玩，全球买单） 21世纪经济报道记者 刘婧汐 实习生 陈晗章 广州报道 年中季，海外市场收入暴涨成为了头部中国潮玩企业财报中的高频关键词。 2025年上半年，泡泡玛特（09992.HK）海外营收达到55.93亿元，同比大增439.60%，海外营收占比升 至40.31%；受益于前一年低基数，布鲁可(00325.HK)上半年海外营收达到1.1亿元，相较去年同期增长 899%，占总收入的8.3%，带动总营收扭亏为盈；同期，名创优品(09896.HK)品牌海外业务收入35.34亿 元，同比增长29.4%，占名创优品品牌收入的40.9% 要看到的是，中国潮玩企业已经在海外市场布局已久。 早在2015年，名创优品就启动了全球化战略，在新加坡的核心商圈开设了海外第一家门店。泡泡玛特则 于2020年开出了韩国首店，虽然稍晚一步，但去年以来爆火的LABUBU却带动了整个中国潮玩行业的 强势输出。 中国潮玩，全球买单；高附加值，不靠低价。这批中国潮玩企业，走出了一条与以往不同的出海路。 海外市场全面开花 受益于去年的低基数，"中国版乐高"布鲁克海外市场以近九百倍的增速遥遥领先。 2024年前，布鲁可海外 ...

年中季，海外市场收入暴涨成为了头部中国潮玩企业财报中的高频关键词。 早在2015年，名创优品就启动了全球化战略，在新加坡的核心商圈开设了海外第一家门店。泡泡玛特则 于2020年开出了韩国首店，虽然稍晚一步，但去年以来爆火的LABUBU却带动了整个中国潮玩行业的 强势输出。 中国潮玩，全球买单；高附加值，不靠低价。这批中国潮玩企业，走出了一条与以往不同的出海路。 2025年上半年，泡泡玛特（09992.HK）海外营收达到55.93亿元，同比大增439.60%，海外营收占比升 至40.31%；受益于前一年低基数，布鲁可(00325.HK)上半年海外营收达到1.1亿元，相较去年同期增长 899%，占总收入的8.3%，带动总营收扭亏为盈；同期，名创优品(09896.HK)品牌海外业务收入35.34亿 元，同比增长29.4%，占名创优品品牌收入的40.9% 要看到的是，中国潮玩企业已经在海外市场布局已久。 海外市场全面开花 2024年前，布鲁可海外收入占比长期维持在2%上下，截至2024年下半年，仍只占总收入的2.9%。进入 2025年，布鲁可海外业务增速陡然加快，今年上半年海外营收突破1亿元，占据布鲁可总收入的8.3 ...

Core Insights - The article highlights the significant growth of Pop Mart and Blokus in the toy industry, driven by innovative product design, effective market promotion, and global expansion strategies. Group 1: Financial Performance - In the first half of 2025, Pop Mart achieved revenue of 13.88 billion RMB, a year-on-year increase of 204.4%, with adjusted net profit reaching 4.71 billion RMB, up 362.8% [1][2] - Blokus reported revenue of 1.338 billion RMB, a 27.9% increase year-on-year, with adjusted profit of 320 million RMB, growing by 9.6% [1] Group 2: Product Innovation and Design - Pop Mart's product innovation is driven by a strong IP ecosystem, with 13 artist IPs generating over 100 million RMB each in the first half of 2025, including THE MONSTERS and MOLLY, which saw revenue growth of 668.0% and 73.5% respectively [2][5] - The plush toy category for Pop Mart generated approximately 6.14 billion RMB, a staggering increase of 1276.2%, marking a shift in consumer preferences [5][6] Group 3: Market Promotion Strategies - Pop Mart has expanded its offline presence with 571 stores across 18 countries, adding 40 new stores in the first half of the year, and operates 2,597 robot stores [11][14] - Blokus has a robust offline distribution network with over 500 dealers covering 150,000 outlets, with offline sales accounting for 90.6% of total revenue, reflecting strong demand in lower-tier cities [15][17] Group 4: Global Expansion Strategies - Pop Mart's regional headquarters strategy has led to significant revenue growth in the Americas (1142.3%) and Europe (729.2%), enhancing its global brand influence [20] - Blokus has established localized teams in Europe, achieving overseas revenue of over 111 million RMB, a year-on-year increase of 898.6%, with the US and Indonesia being the top markets [21] Group 5: Consumer Engagement and Membership - Pop Mart's digital membership strategy has resulted in 59.12 million registered members, contributing 91.2% of sales, with a member repurchase rate of 50.8% [14] - Blokus has introduced appealing products targeting female consumers, simplifying assembly processes to attract a broader audience [9]

2025年8月曼谷，潮湿闷热的午后。在当地地标性商场ICONSIAM门前，年轻人们正排着长队，等待一场不同寻常的"盛典"。这并非歌手见面会或电子产 品发布，而是一家来自中国的潮玩品牌旗舰店开业。伴随着音乐和欢呼，泡泡玛特全球最大的旗舰店揭幕，760平方米的沉浸式空间涌入了如潮的人群。 这一幕，正是当下中国潮玩品牌出海热潮的缩影。 几乎在同时，香港资本市场上也在上演另一场狂欢。2025年8月20日，泡泡玛特公布了堪称"史上最强"的半年报：上半年营收138.8亿元人民币，同比增长 204.4%；经调整净利润47.1亿元，同比增长362.8%。财报发布后，泡泡玛特股价几天内快速拉升并创下历史新高。截至8月26日港股收盘，股价报收每股 326港元，市值突破4300亿港元。 更令人瞩目的是，泡泡玛特业绩发布仅一天后，另一份重磅公告接踵而至——名创优品披露旗下潮玩品牌TOP TOY获得了由主权基金淡马锡领投的新一 轮投资，投后估值约100亿港元。淡马锡此时入场被认为既能在IPO定价时抬升TOP TOY估值，又能顺带将其在东南亚的渠道资源、政府关系乃至ESG （环境、社会和公司治理）体系打包赋能给TOP TOY。这次投资既 ...

多IP的均衡发展不仅是公司长期、稳健经营的体现，也是塑造全球流行文化的基础。 从公司经营维度，多IP的均衡发展有利于规避高度依赖单一IP带来的风险，是当下业绩稳健性的重要体现；兼顾新、老IP，多IP的同步增长是泡泡玛特IP 打造和运营能力的突出体现，这一能力建立在其对零售、供应链、品类、内容等多个领域的深度积累上，成为其未来长期、可持续发展的动力来源。 另一方面，跳出具体的公司业务和经营数据，中国文化消费品牌的出海不再只是产能外溢的结果，而是基于新的内容形态，真正制造全球流行文化，而一 种文化的诞生不会只有一个爆款，我们需要更多LABUBU。 除了LABUBU，还有哪些IP值得关注 作者 | 张一童（上海） 不可否认，在本周举办的泡泡玛特中期业绩发布会上，LABUBU依然是最引人瞩目的话题中心。THE MONSTERS系列2025H1收入达到48.1亿元，同比增 长668%，新品MINI LABUBU即将发售的消息也在海内外社媒引发巨大反响。 尽管位列所有IP第一，THE MONSTERS系列在总收入中的占比也刚刚接近35%。2025年H1，泡泡玛特自有IP中有5个收入超10亿，收入过亿的IP更是达到 13个 ...

Core Points - The 2025 China International Service Trade Fair will feature a cultural tourism service section from September 10 to 14, focusing on "Technology Empowerment and Creative Leadership" [1][3] - The event will showcase 456 participating companies, including 85 Fortune 500 and industry-leading firms, highlighting the integration of cultural technology and creativity [1][3] Group 1: Exhibition Highlights - The "Beijing Audio-Visual Exhibition" will occupy a central position at the fair, covering 541 square meters and featuring four key areas: premium creations, new business scenarios, ultra-high-definition audio-visual, and emergency broadcasting [3][4] - Attendees can experience immersive technologies such as cinema-grade naked-eye 3D and advanced AIGC applications, enhancing the interaction with cultural content [4][5] Group 2: Cultural and Technological Integration - The "Cultural Heritage and Technology" indoor exhibition will present breakthroughs in Beijing's cultural heritage sector, including interactive experiences and digital cultural products [5][6] - The outdoor section will feature a "Cultural Heritage Life Experience" area, allowing visitors to purchase cultural products and engage in various educational activities [6][7] Group 3: Tourism and Travel Innovations - The fair aims to promote Beijing as a preferred destination for inbound tourism, showcasing services related to visas, transportation, and technology [9][10] - Key players in the tourism sector, including major airlines and travel agencies, will present innovative products and services to enhance the travel experience for international visitors [10][11]

Group 1 - On August 26, 2025, the top three companies by trading volume in the Southbound Stock Connect were Yingfu Fund (02800) with a trading volume of 5.01 billion, SMIC (00981) with 3.86 billion, and Alibaba-W (09988) with 3.29 billion [1] - In the Southbound Stock Connect for Shenzhen-Hong Kong, the top three companies were Alibaba-W (09988) with a trading volume of 2.19 billion, SMIC (00981) with 1.95 billion, and Tencent Holdings (00700) with 1.81 billion [1] Group 2 - The top active companies in the Southbound Stock Connect (Hong Kong) included Yingfu Fund (02800) with a net buy of 4.997 billion, Alibaba-W (09988) with a net buy of 448 million, and Tencent Holdings (00700) with a net buy of 911 million [2] - In the Southbound Stock Connect (Shenzhen), Alibaba-W (09988) had a net buy of 897 million, while SMIC (00981) and Tencent Holdings (00700) had net sells of 275 million and 240 million respectively [2]