盲盒之王，业绩“爆”了！

Core Viewpoint - The mid-year performance of Pop Mart has significantly exceeded market expectations, establishing itself as a benchmark for phenomenal growth in the new consumption sector, with remarkable revenue and profit increases in the first half of 2025 [2][4]. Financial Performance - In the first half of 2025, Pop Mart reported revenue of 13.876 billion yuan, a year-on-year increase of 204.4% [4]. - The company's pre-tax profit reached 6.157 billion yuan, up 401.2% year-on-year [2]. - Net profit attributable to shareholders was 4.574 billion yuan, reflecting a year-on-year growth of 396.5% [2]. Global Strategy and Market Expansion - Pop Mart aims to become a world-class consumer brand, actively pursuing group and international strategies [4]. - Revenue from the Asia-Pacific region reached 2.851 billion yuan, growing by 257.8% [4]. - The Americas saw revenue of 2.265 billion yuan, a staggering increase of 1142.3% [4]. - Revenue from Europe and other regions amounted to 478 million yuan, up 729.2% [4]. IP Development and Sales - Pop Mart has evolved from a single blind box manufacturer to an "IP full industry chain operator," enhancing the commercial viability of its IPs [5]. - In the first half of 2025, 13 artist IPs generated over 100 million yuan in revenue, with THE MONSTERS leading at 4.814 billion yuan [5]. - LABUBU, part of THE MONSTERS family, has become one of the world's most popular IPs, significantly contributing to sales [5]. Retail and Online Presence - The company operates in 37 countries, with 571 physical stores and 2,597 robot stores as of mid-2025 [8]. - In China, the focus is on enhancing brand experience and operational efficiency [8]. - Pop Mart is expanding its online business through partnerships with local platforms and leveraging content marketing strategies on platforms like TikTok [9]. Membership Growth and Sales Contribution - As of June 30, 2025, the total number of registered members in mainland China increased to 59.12 million, up from 46.08 million at the end of 2024 [9]. - Membership contributed to 91.2% of total sales, with a repurchase rate of 50.8% [9].