盲盒之王，业绩“爆”了

Core Insights - The article highlights the impressive mid-year performance of Pop Mart, known as the "King of Blind Boxes," with significant revenue and profit growth in the first half of 2025, surpassing market expectations and previous annual figures [1][3]. 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% [1][3]. - The company's pre-tax profit reached 6.157 billion yuan, up 401.2% year-on-year [1]. - Net profit attributable to shareholders was 4.574 billion yuan, reflecting a 396.5% increase compared to the previous year [1]. Global Strategy and Market Expansion - Pop Mart aims to become a world-class consumer brand, focusing on group and international strategies [3]. - Revenue from the Chinese market was 8.283 billion yuan, with a growth rate of 135.2% [3]. - The Asia-Pacific region generated 2.851 billion yuan, growing by 257.8% [3]. - Revenue from the Americas reached 2.265 billion yuan, marking a staggering growth of 1142.3% [3]. - Europe and other regions achieved revenue of 478 million yuan, with a growth of 729.2% [3]. IP Development and Product Strategy - Pop Mart has evolved from a single blind box manufacturer to an "IP full industry chain operator," enhancing the commercial viability of its IPs [4]. - In the first half of 2025, 13 artist IPs generated over 100 million yuan each, with THE MONSTERS leading at 4.814 billion yuan [4]. - The LABUBU IP has gained global popularity, particularly with the launch of the "High Energy Ahead" series [4]. Retail and Membership Growth - The company operates in 37 countries, with physical stores in 18 countries including the US, UK, and Canada [6][7]. - The number of offline stores increased by 40 to a total of 571, while the number of robot stores rose by 105 to 2,597 [8]. - As of June 30, 2025, the total registered members in mainland China grew from 46.08 million to 59.12 million, with a member contribution to sales of 91.2% and a repurchase rate of 50.8% [9].