Cai Jing Wang·2025-08-19 10:06Core Insights - Pop Mart International Group reported a significant increase in revenue and profit for the first half of 2025, with revenue reaching 13.88 billion RMB, a year-on-year growth of 204.4%, and adjusted net profit of 4.71 billion RMB, up 362.8% [1] Revenue Breakdown - Revenue from China was 8.28 billion RMB, growing by 135.2% year-on-year - Revenue from the Asia-Pacific region was 2.85 billion RMB, with a remarkable growth of 257.8% - Revenue from the Americas reached 2.26 billion RMB, showing an extraordinary increase of 1142.3% - Revenue from Europe and other regions was 480 million RMB, growing by 729.2% [1] IP Revenue Contribution - Revenue from THE MONSTERS, featuring the LABUBU IP, was 4.81 billion RMB, accounting for 34.7% of total revenue - Other IPs such as MOLLY, SKULLPANDA, CRYBABY, and DIMOO each surpassed 1 billion RMB in revenue - A total of 13 artist IPs generated over 100 million RMB, indicating a diverse and healthy IP matrix [1] Product Category Performance - Plush toys generated revenue of 6.14 billion RMB, a staggering growth of 1276.2%, making up 44.2% of total revenue - Figurines achieved revenue of 5.18 billion RMB, with a year-on-year increase of 94.8%, accounting for 37.3% - MEGA products generated 1.01 billion RMB, up 71.8%, representing 7.3% of total revenue - Derivative products and others brought in 1.55 billion RMB, growing by 78.9%, making up 11.2% of total revenue [1] Store Expansion and Membership Growth - As of June 30, 2025, Pop Mart operated 571 stores across 18 countries, with 40 new offline stores and 105 new robot stores added - The number of registered members in mainland China grew from 46.08 million at the end of 2024 to 59.12 million, with an increase of 13.04 million members - Membership sales contributed to 91.2% of total sales, with a member repurchase rate of 50.8% [2]