Ge Long Hui·2025-07-17 19:17Core Viewpoint - The company, Pop Mart, is expected to report significant growth in its first half performance, with revenue projected to increase by no less than 200% year-on-year, reaching at least 13.67 billion yuan, and net profit expected to grow by no less than 350%, amounting to at least 4.34 billion yuan, exceeding market expectations [1] Group 1: Performance Drivers - The substantial year-on-year growth in the company's performance is primarily attributed to the global recognition of its IPs, which has led to a diverse range of product categories driving rapid revenue growth across various regions [1] - The increasing proportion of overseas revenue has positively impacted both gross and net profit margins, alongside scale effects enhancing overall profitability [1] - Continuous optimization of product costs and strengthened expense management have contributed to improved profitability [1] Group 2: Product and IP Development - The LABUBU pre-sale has been highly successful, with the first batch of inventory selling out and a significant contribution expected to the annual performance from the re-listed products [2] - New IPs are emerging, with the company's IP incubation and operational capabilities being validated, particularly with CRYBABY showing strong potential in the Thai market [2] - The company is expanding its product lines to further explore IP value, including the launch of the independent accessory brand POPOP and the preparation of a small appliance product line [2] Group 3: Future Outlook - The company has demonstrated its long-term operational capabilities for IPs, reducing reliance on a few key IPs, which enhances the sustainability of its performance [3] - The profitability of overseas operations is high and growing rapidly, especially in the U.S., where price increases are expected to further enhance regional gross margins [3] - The company has revised its revenue and net profit forecasts for 2025-2027, projecting revenues of 35.1 billion, 53.5 billion, and 69.1 billion yuan, and adjusted net profits of 11.2 billion, 17.8 billion, and 23.8 billion yuan respectively, indicating strong growth potential [3]