Ge Long Hui·2025-07-22 19:21Group 1 - The company is expected to achieve a revenue growth rate of at least 200% in H1 2025, with corresponding revenue of approximately 13.67 billion yuan and a profit growth rate of at least 350%, leading to a profit of around 4.34 billion yuan, resulting in a profit margin of about 31.7%, an increase of 10.6 percentage points year-on-year [1] - The IP ecosystem is undergoing a comprehensive upgrade, with the Labubu 3.0 second-hand market prices stabilizing. The popularity of top IPs is driving sales for other IPs, such as Xingxingren and Crybaby, indicating potential for replicating Labubu's success [1] - The company has launched new products in the soft rubber category, with positive market feedback, including the HACIPUPU gummy bear and SP light-weaving plush accessories [1] Group 2 - The domestic market is expected to continue its strong performance, while the overseas market is expanding with new store openings. The company has received good sales feedback for new product lines, including Labubu, DIMOO, and PINOJELLY [2] - The brand's influence in the North American market is growing, aided by celebrity endorsements, and the sales momentum is still on the rise, with the Crybaby IP expected to replicate Labubu's overseas success [2] - The company has diversified its business model with various formats such as parks, jewelry, and pop-up stores, indicating significant potential for IP derivatives and a strong operational capability across the entire IP value chain [2]