"我们是希望尽量不增加门店，但是希望把每个门店能够做好。"他说。 责任编辑：李昂 8月20日，泡泡玛特2025年中期业绩发布会在香港举行。 泡泡玛特创始人王宁表示，大家都认为上半年泡泡玛特在持续扩圈，品牌势能也非常强。但是他指出， 泡泡玛特并没有激进开店，上半年国内的门店没有太多增加。同时，他预计，今年国内的门店净增长估 计不超过十家。 ...

Group 1 - The core viewpoint is that despite the popularity of LABUBU, its sales revenue only accounts for about 35% of the total, indicating challenges in production capacity for the second half of the year [1] - The current monthly production capacity is over ten times that of the same period last year, highlighting significant growth in production capabilities [1] - The company emphasizes that lean production automation is key to enhancing production capacity from a technical perspective [1] Group 2 - The stock of Pop Mart experienced a nearly 4% increase during trading, recovering from a previous drop of over 4% [1]

Group 1 - The core viewpoint is that despite the popularity of LABUBU, its sales revenue only accounts for about 35% of the total, indicating challenges in production capacity for the second half of the year [1] - The current monthly production capacity is over ten times that of the same period last year, showcasing significant growth in production capabilities [1] - The company emphasizes that lean production automation is key to enhancing production capacity from a technical perspective [1] Group 2 - The stock of Pop Mart experienced fluctuations, initially dropping over 4% before rising nearly 4% during trading [1]

Core Insights - Bubble Mart reported a significant increase in revenue and profit for the first half of 2025, with revenue reaching 13.88 billion yuan, a year-on-year growth of 204.4%, and adjusted net profit of 4.71 billion yuan, up 362.8% [1] - The company's gross margin improved to 70.3%, an increase of 6.3 percentage points compared to the previous year, marking multiple historical highs in various metrics [1] Group 1 - The production capacity for plush products reached 30 million units in August, which is ten times the capacity of the same period last year [1] - The company emphasizes a vertically integrated supply chain, ensuring that any directive or artistic idea is seamlessly communicated across thousands of production lines and a workforce of over 100,000 [1] - The company is focusing on lean production automation to enhance capacity and meet the growing demand from fans and consumers [1] Group 2 - The founder of Bubble Mart, Wang Ning, stated that the company aims to sell 10 million LABUBU units each month, indicating a demand that exceeds the current supply chain growth [2] - Wang Ning mentioned that production capacity is being increased monthly, with a doubling of capacity from the previous month, although strict quality control limits the extent of this increase [2]

Core Viewpoint - Pop Mart's production capacity has significantly increased, now exceeding ten times that of the same period last year, driven by lean production automation and accurate sales forecasting [1] Group 1 - Pop Mart's Vice President Yuan Junjie announced the current monthly production capacity is over ten times that of the same month last year [1] - The company attributes its production capacity enhancement to lean production automation techniques [1] - To meet the demands of fans and consumers, the company emphasizes the importance of aligning actual demand, sales forecasts, and production plans [1]

责任编辑：李昂 8月20日，泡泡玛特2025年中期业绩发布会在香港举行。 泡泡玛特创始人王宁表示，今年年初时还说非常有信心达成50%的整体增长，去年是100亿，今年希望 能够做到200亿，但是现在感觉，今年应该300亿也很轻松。（新浪科技） ...

新浪讯 8月20日上午消息，泡泡玛特2025年中期业绩发布会在香港举行。泡泡玛特创始人、董事长兼 CEO王宁表示，"很高兴能够在香港跟大家见面，回顾过去的半年是很特别的半年，我觉得这半年真的 有我们很多努力的结果，也有很多我们想象不到的惊喜。" 王宁表示，"值得高兴的不只是业绩，还有我们整个海外全球化的成功，以及整个IP平台更进一步的发 展和健康化。当然，还有大家熟知的LABUBU进一步扩圈，成为了世界级的IP。"（闫妍） 来源：新浪网 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 8月19日，泡泡玛特国际集团发布2025年半年报。财报显示，上半年泡泡玛特营收138.8亿元（人民币， 下同），同比增长204.4%，经调整净利润47.1亿元，同比增长362.8%。半年营收突破百亿，净利润超 2024全年，集团业绩再创新高。 ...

Core Viewpoint - Pop Mart has experienced a significant surge in net profit and revenue, driven by the popularity of its Labubu dolls, but faces potential long-term risks due to changing consumer preferences and regulatory scrutiny on blind-box toys [1][3][4]. Financial Performance - Pop Mart's revenue increased by 204.4% year on year to 13.88 billion yuan ($1.93 billion) for the first half of 2025 [1]. - The net profit attributable to shareholders soared by 396.5% to 4.57 billion yuan [1]. - The company's stock has rallied over 200% since the beginning of the year [4]. Market Dynamics - The Labubu plushies have gained global popularity, with notable appearances on the bags of celebrities like Rihanna and Blackpink's Lisa [2]. - The Asia-Pacific region, excluding China, is the largest overseas market for Pop Mart, with revenue soaring by 257.8% to 2.85 billion yuan [4]. - The Americas represent the second-largest overseas market, with revenue jumping over 1,000% to 2.26 billion yuan [4]. Regulatory Environment - Chinese state media has called for stricter oversight of blind-box toys, suggesting measures such as age verification and parental consent for online purchases [3]. - While not directly naming Pop Mart, state media criticized businesses for encouraging excessive spending on mystery boxes [3]. Business Strategy - Intellectual Property is central to Pop Mart's business model, and the company aims to continue expanding its global footprint [5].

Group 1 - The core message of the news is the impressive financial performance of Pop Mart in the first half of 2025, highlighting significant revenue and profit growth [2][3] - Pop Mart reported a revenue of 13.88 billion yuan, representing a year-on-year increase of 204.4% [3] - The adjusted net profit for the first half of 2025 reached 4.71 billion yuan, showing a remarkable year-on-year growth of 362.8% [3] Group 2 - The company achieved a revenue exceeding 10 billion yuan and a net profit surpassing the total for the entire year of 2024, marking a new high in its performance [3] - The CEO emphasized the success of the company's global expansion and the further development of its IP platform, indicating a strategic focus on international growth [3] - The LABUBU brand has expanded its reach, positioning itself as a world-class intellectual property [3]

IP运营与创意设计是推动泡泡玛特发展的关键因素。泡泡玛特IP分为艺术家IP和授权IP。报告期内，泡 泡玛特的艺术家IP的收入占比由去年上半年的81.0%上升到今年上半年的88.1%。艺术家IP收入从去年上 半年的36.88亿元，上升至今年上半年的122.29亿元，增长了231.6%。（智通财经） 【#LABUBU带动泡泡玛特半年净赚45.74亿#】#泡泡玛特年内股价涨约200%# 8月19日，泡泡玛特 (09992.HK)发布今年上半年中期业绩报告。期内，该公司收益138.76亿元，同比增长204.4%；拥有人应 占溢利45.74亿元，同比增长396.5%。#泡泡玛特上半年营收138.8亿元# ...