Sou Hu Cai Jing·2025-08-19 10:57Core Viewpoint - Bubble Mart International Group has reported significant growth in its 2025 semi-annual financial results, showcasing a strong performance across various regions and product lines, driven by its diverse IP portfolio and international expansion [1][2]. Financial Performance - In the first half of 2025, Bubble Mart achieved a revenue of 13.88 billion yuan, representing a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [1]. - The revenue from China reached 8.28 billion yuan, growing by 135.2%, while the Asia-Pacific region (excluding China) saw a revenue of 2.85 billion yuan, up 257.8% [1]. - The Americas reported a remarkable revenue of 2.26 billion yuan, with a staggering growth rate of 1142.3%, and Europe and other regions generated 480 million yuan, reflecting a growth of 729.2% [1]. IP Development and Performance - The IP incubation and operation remain the core driving force for Bubble Mart, with LABUBU's THE MONSTERS generating 4.81 billion yuan, accounting for 34.7% of total revenue [2]. - Other IPs such as MOLLY, SKULLPANDA, CRYBABY, and DIMOO each surpassed 1 billion yuan in revenue, contributing to a diverse and healthy IP matrix [2]. - The plush toy category generated 6.14 billion yuan, marking a significant shift as it surpassed the revenue from figurines for the first time [2]. Market Position and Future Outlook - Industry experts note that Bubble Mart has developed a differentiated path for IP value extraction over the past decade, broadening the boundaries of IP development and establishing many IPs as global classics [3]. - This year marks the 10th anniversary of LABUBU, and next year will celebrate the 20th anniversary of MOLLY, indicating a strong foundation for future IP value exploration [3].