Huan Qiu Wang·2025-08-19 12:35Core Insights - In the first half of 2025, Pop Mart International Group reported a revenue of 13.88 billion RMB, representing a year-on-year growth of 204.4%, and an adjusted net profit of 4.71 billion RMB, up 362.8% compared to the previous year [1] - The company achieved record-high performance with revenue exceeding 10 billion RMB and net profit surpassing the total for the entire year of 2024 [1] - Pop Mart's core growth driver remains the incubation and operation of intellectual properties (IPs), with significant popularity among various IPs contributing to its success [1] Revenue Breakdown - Plush toys generated a revenue of 6.14 billion RMB, accounting for 44.2% of total revenue, with a staggering year-on-year growth of 1276.2% [2] - Figurines achieved a revenue of 5.18 billion RMB, representing 37.3% of total revenue, with a year-on-year increase of 94.8% [2] - MEGA products brought in 1.01 billion RMB, making up 7.3% of total revenue, with a growth of 71.8% year-on-year [2] - Derivative products and others generated 1.55 billion RMB, contributing 11.2% to total revenue, with a year-on-year growth of 78.9% [2] Strategic Developments - Pop Mart opened POP MART COLLECTION stores in Chengdu SKP and Beijing SKP-S, targeting high-end consumer markets to enhance cultural experiences [4] - The company launched its jewelry brand popop in Shanghai and Beijing, aiming to redefine the emotional value of jewelry through IP [4] - With over a decade of development, Pop Mart has established a differentiated approach to IP value extraction, expanding the boundaries of IP development [4] - The company celebrates the 10th anniversary of LABUBU and anticipates the 20th anniversary of MOLLY, indicating a strong foundation for future IP value exploration [4]