Zheng Quan Shi Bao Wang·2025-08-19 11:35Core Insights - The company reported a significant increase in revenue and profit for the first half of the year, with revenue reaching 13.88 billion yuan, a year-on-year growth of 204.4%, and net profit attributable to shareholders at 4.574 billion yuan, up 396.5% [1] - The growth is attributed to the enhanced global recognition of the company's brand and IP, continuous revenue growth across all regional markets, and an increasing proportion of overseas revenue [1][2] Financial Performance - The adjusted net profit for the first half of the year was 4.71 billion yuan, reflecting a 362.8% increase, with an adjusted net profit margin of 33.9%, up 11.6 percentage points from the previous year [1] - The gross profit margin was 70.3%, an increase of 6.3 percentage points year-on-year [1] Regional Performance - The company disclosed performance across four major regions: - China: Revenue of 8.28 billion yuan, up 135.2% - Asia-Pacific: Revenue of 2.85 billion yuan, up 257.8% - Americas: Revenue of 2.26 billion yuan, up 1142.3% - Europe and others: Revenue of 480 million yuan, up 729.2% [2] Store Expansion and Online Growth - As of June 30, the company operated 571 stores globally, with 40 new physical stores and 105 new robot stores added in the first half of the year [2] - The online revenue for the Americas reached 1.33 billion yuan, a staggering increase of 1977.4%, while Europe and other regions saw online revenue of 160 million yuan, up 1358.7% [3] Membership and Sales Contribution - The total number of registered members in mainland China grew from 46.08 million at the end of last year to 59.12 million, with a sales contribution from members at 91.2% and a member repurchase rate of 50.8% [3] IP and Product Categories - The company's core competitiveness lies in IP incubation and operation, with significant revenue contributions from various IPs, including LABUBU's THE MONSTERS generating 4.81 billion yuan [4] - Plush products accounted for 44.2% of total revenue, achieving 6.14 billion yuan, while figure products generated 5.18 billion yuan, representing 37.3% of total revenue [4]