Xin Lang Cai Jing·2025-08-19 15:28Core Insights - Pop Mart (09992.HK) reported a significant increase in revenue and profit for the first half of the year, with revenue reaching 13.876 billion yuan, a year-on-year growth of 204.4%, and net profit attributable to shareholders at 4.574 billion yuan, up 396.5% [3] Revenue Breakdown - The company's revenue from artist IP increased from 3.688 billion yuan in the first half of last year to 12.229 billion yuan this year, marking a growth of 231.6% [3] - The proportion of revenue from artist IP rose from 81.0% to 88.1% during the same period [3] - Pop Mart had 13 artist IPs generating over 100 million yuan in revenue, with THE MONSTERS series leading at 4.814 billion yuan [3] IP Performance - The LABUBU character from THE MONSTERS series became one of the most popular global IPs, with its price skyrocketing to 78 times its original price, reaching as high as 1.08 million yuan for a rare version [3][4] - Revenue from licensed IPs increased from 695 million yuan to 1.525 billion yuan, a growth of 119.4%, due to expanded collaborations with copyright holders [4] Regional Sales Performance - Sales in mainland China reached 8.283 billion yuan, a year-on-year increase of 135.2% [4] - The Asia-Pacific region saw revenue of 2.851 billion yuan, up 257.8%, while the Americas experienced a staggering growth of 1142.3% with revenue of 2.265 billion yuan [4] - Europe and other regions reported revenue of 478 million yuan, a growth of 729.2% [4] Membership Growth - The total number of registered members increased from 46.08 million at the end of last year to 59.12 million, with 13.04 million new members added [4] - Membership contributed to 91.2% of sales, with a repurchase rate of 50.8% [4] Store Expansion - As of June 30, Pop Mart operated 571 stores across 18 countries, with a net increase of 40 stores in the first half of the year [5] - The number of robot stores reached 2,597, with a net increase of 105 in the same period [5] - In mainland China, the number of offline stores increased from 431 to 443 [5] Stock Performance - As of August 19, Pop Mart's stock price was 280.8 HKD per share, reflecting a year-to-date increase of approximately 200%, with a total market capitalization of 377.1 billion HKD [5]