Zheng Quan Shi Bao Wang·2025-08-19 12:54Core Insights - The core viewpoint of the article highlights the exceptional financial performance of Pop Mart International Group in the first half of 2025, with significant revenue and profit growth across various regions and product categories [1][4][5]. Financial Performance - In the first half of 2025, Pop Mart reported revenue of 138.8 billion RMB, a year-on-year increase of 204.4%, and an adjusted net profit of 47.1 billion RMB, up 362.8% [1]. - The company achieved a record high in revenue and profit, with all operational metrics showing strong performance [1]. Regional Performance - Revenue from China reached 82.8 billion RMB, growing by 135.2%; Asia-Pacific revenue was 28.5 billion RMB, up 257.8%; the Americas saw revenue of 22.6 billion RMB, a staggering increase of 1142.3%; and Europe and other regions generated 4.8 billion RMB, growing by 729.2% [1]. - The Americas market focused on the U.S., with offline revenue increasing by 744.3% to 8.4 billion RMB, while Europe saw a 569.6% increase in offline revenue to 2.8 billion RMB [5]. Product Categories - The plush category generated revenue of 61.4 billion RMB, surpassing the figure for figurines for the first time, driven by product innovation [2][12]. - The top five IPs, including LABUBU and THE MONSTERS, each generated over 10 billion RMB in revenue, with THE MONSTERS alone achieving 48.1 billion RMB, a growth of 668.0% [9][10]. Online and Offline Channels - The online channel in the Americas generated 13.3 billion RMB, a remarkable increase of 1977.4%, while Europe and other regions saw online revenue of 1.6 billion RMB, up 1358.7% [7]. - The company opened new stores in iconic locations globally, with a total of 571 stores across 18 countries by June 30, 2025, including 40 new offline stores and 105 new robot stores [4]. Membership and Customer Engagement - The total number of registered members in mainland China grew from 46.08 million at the end of 2024 to 59.12 million by June 30, 2025, with member sales contributing 91.2% of total sales [7]. - The company’s gross margin reached 70.3%, an increase of 6.3 percentage points year-on-year, indicating strong operational efficiency [7]. Strategic Initiatives - Pop Mart is enhancing its international strategy with a global organizational restructuring, establishing regional headquarters to deepen its international presence [4]. - The company is committed to cultural exchange through its IPs, with initiatives like the "Star Children Meet Star People" event aimed at supporting children with autism [17].