Core Viewpoint - The launch of the "Mini LABUBU" series by Pop Mart was highly successful, selling out within one minute across major online platforms, indicating strong consumer demand and brand popularity [2][6][14]. Sales Performance - The "Mini LABUBU" series consists of 14 regular and 1 hidden variant, priced at 79 yuan each, with a complete set costing 1106 yuan [6]. - Over 300,000 units of the regular version were sold on Tmall, with all related products showing as "sold out" [6]. - On secondary markets, the price for a complete box of mini LABUBU has surged to approximately 2290 yuan [2]. Social Media Impact - The topic "labubu" trended as the number one search on Weibo, reflecting significant public interest and engagement [5]. Financial Performance - Pop Mart reported a remarkable mid-year performance with revenue of 13.876 billion yuan, a year-on-year increase of 204.4%, and a net profit of 4.574 billion yuan, up 396.5% [14]. - The founder, Wang Ning, expressed confidence in the brand's growth and projected annual revenue to exceed 30 billion yuan [14]. Brand Strategy - Wang Ning emphasized the importance of LABUBU as a world-class IP, suggesting that its value extraction is just beginning, with potential for various product categories and development directions [14].

¥5000 包邮 70人浏览 新出迷你Labubu,28个字母全新未拆封,可面 交 感兴趣的话点"我想要"和我私聊吧~ 礼盒状态 出售状态 售卖方式 卡盒齐全 现货 端盒 7 预计08月30日送达 天猫 泡泡玛特旗舰店 > POPMART泡泡玛特THE MONS ¥1106 (A-M)整盒14个(限购1盒) 不支持 ... ∨ 退货包运费 假一赔四 极速退款 > x1 加入购物车 退款 POPMART泡泡玛特THE MONS ¥1106 (N-Z)整盒14个(限购1盒) 不支持... ∨ x1 退货包运费 假一赔四 极速退款 > 退款 加入购物车 ¥2212 实付款 √ 新浪科技讯 8月28日晚间消息，今日22：00泡泡玛特迷你版Labubu（THE MONSTERS心底密码系列） 线上正式开售，开售60秒全线售罄。 据悉，"迷你版LABUBU"分为A/B两组，各含14个常规款，1个隐藏款，高约10.5厘米，售价79元一只， 单组1106元。 新浪科技在二手平台搜索发现，二手交易平台已将其价格炒至翻番。已有"黄牛"晒出订单抛售迷你版 Labubu，原价1106元一端盒，已被炒至2500元一组，价格高出1倍多。 ...

新浪科技发现，目前，淘宝泡泡玛特官方旗舰店超35万人加购，京东商城泡泡玛特官方旗舰店预约人数 已超14.5万人。在小红书、抖音等平台上，改款产品目前已均已售罄。在闲鱼第三方平台上，一组mini 版LABUBU价格最高已经加价2500元左右。 此前在泡泡玛特2025年中期业绩发布会上，董事长兼CEO王宁曾拿出一个mini版LABUBU，并介绍 到"我们这周就要发布mini版LABUBU，以前可能这个LABUBU大家是挂在包上，现在（可能）从下周 开始大家甚至可以挂在手机上等等这些，我觉得它的场景会更多，我相信应该是一个非常非常受欢迎的 超级爆款。" 泡泡玛特半年报显示，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%，已超越去年全年水平，毛利率更是达到了70.3%。（文猛） 责任编辑：何俊熹 泡泡玛特"迷你版LABUBU"开售：淘宝、京东60秒售罄，全网超50万人排队抢购 8月28日，泡泡玛特"迷你版LABUBU"（THE MONSTERS心底密码系列）今日22时线上开售，开售60 秒钟，该产品京东、淘宝店铺等店铺全部售罄。 官方产品信息显示，THE MO ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with revenue and net profit exceeding the entire year of 2024, indicating robust growth and effective strategic execution [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and a net profit of 4.57 billion yuan, up 396.5% year-on-year [1]. - Adjusted net profit for H1 2025 was 4.71 billion yuan, reflecting a year-on-year growth of 362.8% [1]. - The gross profit margin for H1 2025 was 70.3%, an increase of 6.3 percentage points year-on-year, driven by a higher proportion of overseas revenue and optimized product structure [2]. Group 2: Revenue Breakdown - Domestic revenue (including Hong Kong, Macau, and Taiwan) for H1 2025 was 8.28 billion yuan, up 135.2% year-on-year, accounting for 59.7% of total revenue [1]. - Overseas revenue reached 5.59 billion yuan, a staggering increase of 440% year-on-year, making up 40.3% of total revenue [1]. - The top five IPs generated significant revenue, with The Monsters leading at 4.81 billion yuan, reflecting a year-on-year growth of 668% [1]. Group 3: Strategic Initiatives - The company is advancing its global strategy with a focus on IP platformization, showcasing strong performance from both established and emerging IPs [1]. - The plush toy category has shown remarkable growth, with revenue reaching 6.14 billion yuan in H1 2025, a year-on-year increase of 1276%, surpassing the figure for figurines for the first time [1]. - The company has launched 20 plush products across 10 IPs in H1 2025, indicating a strong product pipeline and capacity expansion [1]. Group 4: Profitability and Cost Management - The sales, management, and financial expense ratios for H1 2025 were 23%, 5.6%, and -0.5%, respectively, showing a decrease in sales and management expenses year-on-year [2]. - The adjusted net profit margin for H1 2025 was 33.9%, an increase of 11.6 percentage points year-on-year, attributed to improved gross margins and operational leverage [2]. Group 5: Future Projections - Revenue projections for 2025-2027 are estimated at 33.61 billion, 47.70 billion, and 61.86 billion yuan, with year-on-year growth rates of 158%, 42%, and 30% respectively [2]. - Expected net profits for the same period are 11.58 billion, 16.53 billion, and 21.71 billion yuan, with growth rates of 270%, 43%, and 31% respectively [2].

证券研究报告 轻工制造 公司研究 / 公司深度 2025 年 08 月 28 日 全球化战略成效显著，盈利能力实现结构性跃升 | | | | 市场数据： | 2025 | 年 | 08 | 月 | 27 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 322.2 | | 一年内最高/最低（港元） | | | | 339.8/43.7 | | | 总股本（亿股） | | | | | 13.4 | | 总市值（亿港元） | | | | | 4327.0 | 一年内股价与恒生指数对比走势： 资料来源：iFinD，爱建证券研究所 范林泉 S0820525020001 021-32229888-25516 朱振浩 S0820125020001 021-32229888-25515 zhuzhenhao@ajzq.com ——泡泡玛特首次覆盖报告 报告原因： 泡 投资要点： 买入（首次） 泡 投资评级与估值：预计公司 2025-2027 年实现归母净利润 111.7/174.9/222.7 亿元，同比 增长 257.5%/56.5%/27.3%， ...

Group 1 - The core viewpoint of the article highlights Bubble Mart's significant growth in revenue and profit, with a 204.4% increase in revenue to 13.88 billion yuan and a 362.8% rise in adjusted net profit to 4.71 billion yuan for the first half of 2025, surpassing the entire profit of 2024 [1] - The company achieved a historical high gross margin of 70.3%, an increase of 6.3 percentage points year-on-year, indicating strong financial performance [1] - Bubble Mart's market capitalization has exceeded 400 billion HKD, and it has been included in the Hang Seng Index, reflecting strong investor interest [1] Group 2 - The company's success is attributed to its deep IP foundation and operational capabilities, with 13 IPs generating over 100 million yuan in revenue, and 5 IPs exceeding 1 billion yuan [2] - LABUBU, part of the IP matrix, generated 4.81 billion yuan in revenue, a 668% increase year-on-year, while other IPs like MOLLY and CRYBABY also showed significant growth [2] - The revenue from plush products reached 6.14 billion yuan, accounting for 44.2% of total revenue, marking a shift in product focus [2] Group 3 - Bubble Mart has transformed from a trendy goods store to a product brand since signing designer Kenny Wong in 2016, emphasizing long-term IP operation and product expressiveness [3] - The company has diversified its IP offerings, such as creating multiple versions of MOLLY and launching new products like BABY MOLLY, which received strong market feedback [3][4] - The IP incubation and operation system is well-established, focusing on exploration and differentiation in IP management [5] Group 4 - Bubble Mart has successfully expanded internationally, with significant revenue growth in all four regions, particularly in the Americas, where revenue surged by 1142.3% [6] - The company has opened more retail stores in the Americas, increasing from 22 to 41 stores, and plans to have over 60 by the end of the year [7] - In Europe and Asia-Pacific, the company continues to open stores in key locations, including airports and tourist destinations [8] Group 5 - The company emphasizes the importance of health and sustainability in its growth strategy, with a focus on improving organizational structure and supply chain efficiency [11] - Bubble Mart has implemented automation in its factories, achieving a 50% automation level, significantly higher than the industry average [11] - The company is also building its ecosystem through themed events and exhibitions, enhancing brand image and IP influence [12][13]

Core Viewpoint - The company, Pop Mart, is undergoing a significant transformation, moving away from its reliance on blind box sales to a more diversified IP-driven business model, which is reflected in its impressive financial performance [1][26]. Financial Performance - In the first half of 2025, Pop Mart reported revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [1]. - The revenue from the LABUBU brand under THE MONSTERS reached 4.81 billion yuan, accounting for 34.7% of total revenue, while other IPs like MOLLY and SKULLPANDA also surpassed 1 billion yuan in revenue [7]. Shift from Blind Boxes - The blind box model, once a key driver of Pop Mart's success, is being gradually phased out as the company focuses on building a more robust IP ecosystem [9][26]. - The company recognizes that relying solely on the allure of blind boxes is not a sustainable path to greatness [6]. IP Development and Consumer Engagement - Pop Mart is transitioning from a model based on chance to one centered around emotional connections with characters, emphasizing storytelling and consumer engagement [11][12]. - The opening of the first offline theme park, POP LAND, has attracted over 1 million visitors in its first year, showcasing the company's commitment to creating immersive experiences around its IPs [16]. Global Expansion and Market Performance - In the first half of 2025, Pop Mart's overseas revenue reached 2.26 billion yuan in the Americas, a staggering increase of 1142.3%, and 2.85 billion yuan in the Asia-Pacific region, up 257.8% [25]. - The company aims to establish itself as a global brand, aspiring to be "the world's Pop Mart," rather than just a Chinese version of Disney [22][24]. Conclusion - By moving away from a single business model based on blind boxes, Pop Mart has built a strong IP-centric barrier, achieving a significant upgrade in brand value and profit margins, while cultivating a more loyal customer base driven by love for the characters rather than mere chance [26][27].

Core Insights - The upcoming online sale of the "Mini LABUBU" from Pop Mart's "THE MONSTERS" series is generating significant interest, with a surge in online reservations [2][6]. Group 1: Product Details - The "Heart Code" series consists of blind boxes featuring soft rubber plush keychains, divided into two series with a total of 30 designs, including 14 regular and 1 hidden variant [6]. - The mini version of LABUBU is priced at 79 yuan each, while the complete set costs 1,106 yuan, contrasting with the regular version priced at 99 yuan each and standing 17 centimeters tall [6]. Group 2: Sales and Demand - As of the report, over 24,100 reservations have been made for the "Heart Code" series on the Dewu platform [6]. - The "Star People Good Dream Meteorological Bureau Series" blind box sold over 2,000 units within five days of its release on the Dewu app, with 12,000 users expressing interest [6].

Core Insights - The upcoming online sale of the "Mini LABUBU" from Pop Mart's "THE MONSTERS Heart Code Series" is generating significant pre-order interest, indicating strong market demand [1][6]. Product Details - The "Heart Code Series" consists of soft rubber plush blind boxes, divided into two series with a total of 30 designs, including 14 regular and 1 hidden variant [6]. - The mini version of LABUBU is priced at 79 yuan each, while the regular version is 99 yuan for a height of 17 cm [6]. - The complete set of the mini version is available for 1,106 yuan [6]. Sales Channels and Performance - As of the report, over 24,100 pre-orders have been recorded on the Dewu platform for the "Heart Code Series" [12]. - The "Starry Dream Meteorological Bureau Series" blind box sold over 2,000 units within five days on the Dewu app, with 12,000 users expressing interest [13]. - Pop Mart's online sales platform currently does not offer a pre-order function, only allowing users to add notifications for the sale [12].

Core Insights - LABUBU has significantly boosted the sales performance of Pop Mart, with the company reporting a revenue of 138.8 billion yuan for the first half of 2025, marking a year-on-year growth of 204.4% [1][2] - The IP "THE MONSTERS," which includes LABUBU, generated 48.1 billion yuan in revenue, representing a staggering 668% increase compared to the previous year [2][3] - Pop Mart's strategy focuses on maintaining a balanced growth across its various IPs, with LABUBU accounting for less than 35% of the total revenue from THE MONSTERS [3][17] Financial Performance - The overall revenue for Pop Mart in the first half of 2025 reached 138.8 billion yuan, with a year-on-year growth of 204.4% [2][12] - Revenue from THE MONSTERS reached 48.1 billion yuan, with a 668% increase year-on-year [2][6] - Other IPs such as MOLLY, SKULLPANDA, CRYBABY, and DIMOO also saw significant revenue growth, exceeding 10 billion yuan each [2][3] IP Development and Strategy - Pop Mart is expanding its IP portfolio, with new characters like "Xingxingren" showing promising growth, generating 3.9 billion yuan in revenue [3][4] - The company emphasizes a platform-based approach, aiming for healthy development across multiple IPs rather than relying solely on LABUBU [3][17] - Pop Mart is actively engaging consumers through events and collaborations, enhancing the emotional connection with its IPs [16][17] Supply Chain and Operational Challenges - The surge in demand for LABUBU and other plush products has led to significant challenges in the supply chain, prompting a comprehensive review and adjustment of production capabilities [6][7] - The production capacity for plush products has increased tenfold compared to the previous year, reaching approximately 30 million units per month [6][7] - The company is focused on improving the alignment between real demand and production forecasts to minimize discrepancies [7] International Expansion - Pop Mart's international strategy has shown remarkable results, with revenue from the Americas growing by 1142.3% and Europe by 729.2% in the first half of 2025 [11] - The company has established regional headquarters in four areas, indicating a structured approach to global expansion [11] - The number of registered members in China has increased significantly, contributing to 91.2% of sales, highlighting the importance of member engagement in driving revenue [12]