Guan Cha Zhe Wang·2025-08-19 15:10Core Viewpoint - Pop Mart International Group reported record-high performance in its 2025 interim results, with significant revenue and profit growth driven by its IP incubation and operation strategy [1][4]. Financial Performance - For the first half of 2025, Pop Mart achieved revenue of 138.76 billion RMB, a year-on-year increase of 204.4% [3] - Adjusted net profit reached 47.1 billion RMB, reflecting a year-on-year growth of 362.8% [1][3]. - Key financial metrics include: - Gross profit: 97.61 billion RMB, up 234.4% [3] - Operating profit: 60.44 billion RMB, an increase of 436.5% [3] - Basic earnings per share: 344.17 RMB, a rise of 395.3% [3]. IP Performance - Revenue from artist IP surged to 122.29 billion RMB, a 231.6% increase from the previous year, accounting for 88.1% of total revenue [4][5]. - Major IPs like THE MONSTERS, MOLLY, and SKULLPANDA each generated over 10 billion RMB in revenue [4]. - The LABUBU series saw revenue of 48.1 billion RMB, a staggering growth of 668.0% [5]. Global Expansion - Pop Mart's global strategy has shown significant results, with all four regions (China, Asia-Pacific, Americas, Europe) reporting over 100% growth [7]. - Revenue breakdown by region includes: - China: 82.8 billion RMB, up 135.2% [7][8]. - Asia-Pacific: 28.5 billion RMB, a 257.8% increase [7][8]. - Americas: 22.6 billion RMB, a remarkable growth of 1142.3% [7][8]. - Europe and others: 4.8 billion RMB, up 729.2% [7][8]. Store and Membership Growth - As of June 30, Pop Mart operated 571 stores globally, with a net increase of 40 physical stores and 105 robot stores [9]. - The number of registered members in mainland China grew from 46.08 million to 59.12 million, with a sales contribution of 91.2% from members [9]. Cross-Industry Expansion - Pop Mart is diversifying its IP ecosystem by entering new product categories, including jewelry and potentially home appliances [10][12]. - The launch of the popop jewelry brand and the opening of new stores in Shanghai and Beijing highlight this strategy [10][12].