泡泡玛特(09992) - 2025 - 中期财报

Corporate Information This section provides essential details about the company's governance structure and contact information Board of Directors and Committees This section lists the composition of the company's Board of Directors (including executive, non-executive, and independent non-executive directors) and its Remuneration, Nomination, and Audit Committees - Executive Directors include Mr. Wang Ning (Chairman of the Board), Ms. Liu Ran, Mr. Si De, and Mr. Wen Dey[3] - Independent Non-Executive Directors include Mr. Zhang Jianjun, Mr. Wu Liansheng, and Mr. Yan Jinliang[3] - Mr. Zhang Jianjun chairs the Remuneration Committee, Mr. Wang Ning chairs the Nomination Committee, and Mr. Wu Liansheng chairs the Audit Committee[3][4] Company Contact Information This section provides detailed contact information for the company's headquarters and principal places of business (Beijing, China; Hong Kong), share registrar, principal bankers, legal advisors, and auditors - The company's headquarters are located on the 36th and 37th floors, Tower A, POSCO Center, Hongtai East Street, Dawangjing Science and Technology Business Park, Chaoyang District, Beijing, China[5][7] - The principal place of business in Hong Kong is on the 19th floor, Golden Centre, 188 Des Voeux Road Central[5][7] - Principal bankers include Industrial and Commercial Bank of China, Bank of Communications, and China Minsheng Bank[6][7] - The auditor is PricewaterhouseCoopers[8][9] - The company's stock code is 9992[9] Financial Summary In the first half of 2025, the company achieved substantial growth in revenue, gross profit, operating profit, and profit for the period, with significant improvements in gross margin and net profit margin, alongside an increase in total assets and total equity Key Financial Data for H1 2025 (Unaudited) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 13,876,276 | 4,557,831 | 204.4% | | Gross Profit | 9,761,064 | 2,919,105 | 234.4% | | Operating Profit | 6,043,741 | 1,126,417 | 436.5% | | Profit for the Period | 4,681,713 | 964,142 | 385.6% | | Profit Attributable to Owners of the Company | 4,574,368 | 921,333 | 396.5% | | Non-IFRS Adjusted Net Profit | 4,709,630 | 1,017,625 | 362.8% | | Gross Margin | 70.3% | 64.0% | +6.3pp | | Net Profit Margin | 33.7% | 21.2% | +12.5pp | | Non-IFRS Adjusted Net Profit Margin | 33.9% | 22.3% | +11.6pp | Key Balance Sheet Data | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 3,506,097 | 2,634,591 | | Current Assets | 17,850,582 | 12,236,081 | | Total Assets | 21,356,679 | 14,870,672 | | Total Equity | 14,429,574 | 10,884,639 | | Non-current Liabilities | 1,003,907 | 616,005 | | Current Liabilities | 5,923,198 | 3,370,028 | | Total Liabilities | 6,927,105 | 3,986,033 | Management Discussion and Analysis This section provides a comprehensive overview of the company's operational and financial performance, strategic initiatives, and future outlook Business Review The company achieved significant revenue growth in the first half of 2025, driven by IP operations, product R&D, channel expansion, and internationalization strategies, with several core IPs performing strongly and plush products becoming a phenomenal hit - The company was named one of TIME Magazine's 2025 'Global 100 Most Influential Companies' for the first time[12][15] - Revenue reached RMB 13,876.3 million in the first half of 2025, a 204.4% year-on-year increase[13][15] - China market revenue was RMB 8,282.8 million, growing by 135.2% year-on-year[13][15] - Asia-Pacific revenue was RMB 2,850.9 million, growing by 257.8% year-on-year[13][15] - Americas revenue was RMB 2,264.9 million, growing by 1,142.3% year-on-year[13][15] - Europe and other regions revenue was RMB 477.7 million, growing by 729.2% year-on-year[13][15] IP Incubation and Operation Through differentiated operational strategies, the company continuously enhanced IP popularity and commercialization, successfully creating multiple popular trendy culture IPs, with LABUBU becoming a global hit and core IPs like MOLLY, SKULLPANDA, CRYBABY, and DIMOO also performing strongly - In the first half of 2025, 13 artist IPs generated over RMB 100 million in revenue[18][21] - THE MONSTERS (including LABUBU) generated RMB 4,814.0 million in revenue, MOLLY RMB 1,357.2 million, SKULLPANDA RMB 1,220.5 million, CRYBABY RMB 1,218.2 million, and DIMOO RMB 1,105.1 million[18][21] - LABUBU became one of the most popular global IPs in the first half of 2025 through its 'High Energy Ahead' and 'Strange Flavor Convenience Store' figurine series[19][22] - MOLLY maintained strong vitality through premiumization strategies with ANGRY MOLLY, BABY MOLLY 'Pocket Friends', and ROYAL MOLLY and SPACE MOLLY[20][23] - Plush product revenue reached RMB 6,139.2 million, a 1,276.2% year-on-year increase, accounting for 44.2% of total revenue, becoming a phenomenal hit[33][35] - MEGA COLLECTION generated RMB 1,007.1 million in revenue in the first half, accounting for 7.3% of total revenue, and opened premium collection stores in Chengdu SKP and Beijing SKP-S[37][40] Consumer Access The company continues to expand its offline and online channels globally, increasing the number of stores and robot stores, improving online platform operational efficiency, and steadily growing its membership base and activity - As of June 30, 2025, the company operated 571 stores (net increase of 40) and 2,597 robot stores (net increase of 105 units) globally[38][41] - The number of stores in mainland China increased from 431 to 443 (net increase of 12), and robot stores increased by 213 units[42][44][70] - The number of stores in the Americas increased from 22 to 41 (net increase of 19)[42][44] - Online channels (POP MART Draw Box Machine, Tmall, Douyin, JD.com) showed strong sales growth, ranking first in industry sales on Tmall, Douyin, and JD.com platforms during the 6.18 shopping festival[43][