（文章来源：第一财经） 8月20日，泡泡玛特创始人王宁表示，今年是希望营收能够做到200亿，但是感觉今年应该300亿也很轻 松。虽然业绩的增长是非常重要，但是对于整个公司来讲，健康度也很重要。 ...

Core Insights - The core viewpoint of the article highlights the impressive financial performance of Pop Mart International Group in the first half of 2025, showcasing significant revenue and profit growth driven by its strong IP portfolio [1][2]. Financial Performance - In the first half of 2025, Pop Mart reported revenue of 13.88 billion RMB, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion RMB, up 362.8% [1]. - The company's IP-driven strategy has led to substantial revenue contributions from its key IPs, with LABUBU's THE MONSTERS generating 4.81 billion RMB, accounting for 34.7% of total revenue and showing a remarkable growth of 668.0% [2]. IP Portfolio and Revenue Breakdown - The five major IPs, including THE MONSTERS, MOLLY, SKULLPANDA, CRYBABY, and DIMOO, each surpassed 1 billion RMB in revenue, with CRYBABY achieving a growth rate of 248.7% [1][2]. - The revenue breakdown by product category shows plush toys generating 6.14 billion RMB (up 1276.2%), figures for figurines at 5.18 billion RMB (up 94.8%), and MEGA products at 1.01 billion RMB (up 71.8%) [2]. Global Expansion - Pop Mart has continued its global expansion by opening flagship stores in key locations such as Cambridge, UK, and Bali, Indonesia, bringing the total number of stores worldwide to 571 across 18 countries [3]. - The online channel in the Chinese market has also seen significant growth, achieving revenue of 2.94 billion RMB, a year-on-year increase of 212.2% [3].

Core Viewpoint - The founder of Pop Mart, Wang Ning, expressed confidence in achieving significant revenue growth, initially targeting 50% growth but now optimistic about reaching 30 billion RMB in revenue this year, up from 10 billion RMB last year [1] Group 1 - The company had a revenue of 10 billion RMB last year and aims for 30 billion RMB this year, indicating a substantial increase [1] - Wang Ning's initial target for growth was 50%, but the current sentiment suggests that achieving 30 billion RMB in revenue is easily attainable [1]

Core Insights - Pop Mart held its mid-year performance conference for 2025 in Hong Kong on August 20 [1] - Founder Wang Ning teased the upcoming release of a mini version of LABUBU, expected to be launched this week [1] - Wang expressed confidence that the mini LABUBU will become a highly popular product, potentially becoming a "super hit" [1]

8月20日，泡泡玛特创始人王宁表示："从IP贡献营收的占比来讲，首先我个人不认为如果有一个IP占比 特别大，就不健康。我觉得这个比例其实对于我们来讲也不是那么重要。我们相信其实每个IP都各具特 色。"财报显示，从IP分类，今年上半年，LABUBU所在的THE MONSTERS营收48.1亿元，占比 34.7%。除此之外，MOLLY、SKULLPANDA、CRYBABY和DIMOO营收均突破10亿元。 今年上半年，LABUBU所在的THE MONSTERS营收48.1亿元，占比34.7%。 ...

亚太地区(除中国)营收28.5亿元，同比增长257.8%，该区域市场消费潜力持续释放，对整体营收贡献度 不断提升。美洲市场营收22.6亿元，同比暴增1142.3%，是泡泡玛特几大市场中增长最为迅猛的区域。 欧洲及其他地区营收4.8亿元，同比增长729.2%。 消息面上，泡泡玛特发布2025年中期业绩。财报显示，上半年泡泡玛特营收138.8亿元，同比增长 204.4%，经调整净利润47.1亿元，同比增长362.8%。LABUBU所在的THE MONSTERS营收48.1亿元， 占比34.7%；MOLLY、SKULLPANDA、CRYBABY和DIMOO营收均突破10亿元，13大艺术家IP实现收 入破亿。 泡泡玛特(09992)盘中涨超4%，高见295港元创历史新高。截至发稿，涨3.28%，报290港元，成交额 22.46亿港元。 ...

Core Insights - The core viewpoint of the article highlights the significant growth and success of Pop Mart's plush toy category, driven by advanced supply chain management and innovative manufacturing processes [1] Group 1: Company Performance - Pop Mart's plush toy category has become a blockbuster product, with production capacity increasing tenfold year-on-year, reaching over 30 million units in August [1] - In the first half of 2023, Pop Mart's plush category generated revenue of 6.14 billion yuan, reflecting a staggering year-on-year growth of 1276.2% [1] Group 2: Supply Chain and Innovation - The company attributes its success to a 3A supply chain, which focuses on developing new materials and processes to continuously enhance quality management standards [1] - In collaboration with Guangzhou Customs and other institutions, Pop Mart has established relevant standards for trendy toys and related products in the first half of this year [1]

亚太地区（除中国）营收28.5亿元，同比增长257.8%，该区域市场消费潜力持续释放，对整体营收贡献 度不断提升。美洲市场营收22.6亿元，同比暴增1142.3%，是泡泡玛特几大市场中增长最为迅猛的区 域。欧洲及其他地区营收4.8亿元，同比增长729.2%。 智通财经APP获悉，泡泡玛特(09992)盘中涨超4%，高见295港元创历史新高。截至发稿，涨3.28%，报 290港元，成交额22.46亿港元。 消息面上，泡泡玛特发布2025年中期业绩。财报显示，上半年泡泡玛特营收138.8亿元，同比增长 204.4%，经调整净利润47.1亿元，同比增长362.8%。LABUBU所在的THE MONSTERS营收48.1亿元， 占比34.7%；MOLLY、SKULLPANDA、CRYBABY和DIMOO营收均突破10亿元，13大艺术家IP实现收 入破亿。 ...

智通财经获悉，8月20日，泡泡玛特(09992)召开2025中期业绩发布会，创始人王宁在会上表示，集团取 得了有史以来最好的业绩，预计全年营收不低于300亿元，相比数据自己更关注集团增长的健康度，更 关注大数据增长背后的小数字。8月19日，泡泡玛特发布2025年半年报，财报显示，上半年泡泡玛特营 收138.8亿元，同比增长204.4%，经调整净利润47.1亿元，同比增长362.8%。 ...

Core Insights - The core viewpoint of the article highlights the significant growth and success of Pop Mart's plush toy category, driven by precise manufacturing and collaboration within the supply chain [1] Group 1: Performance and Growth - Pop Mart's plush toy category has become a blockbuster, with production capacity increasing tenfold year-on-year, surpassing 30 million units in August [1] - In the first half of 2025, the plush category generated revenue of 6.14 billion yuan, reflecting a staggering year-on-year growth of 1276.2% [1] Group 2: Supply Chain and Standards - The company has enhanced its quality management through the development of new materials and processes, supported by a 3A supply chain [1] - In collaboration with Guangzhou Customs and other institutions, Pop Mart released relevant standards for trendy toys and related products in the first half of this year [1]