Sou Hu Cai Jing·2025-08-20 00:26Core Insights - The core viewpoint of the article highlights the significant growth in revenue and profit for Pop Mart in the first half of 2025, driven by strong performance in various regions and the success of its artist IPs [1][4]. Financial Performance - For the six months ending June 30, 2025, Pop Mart reported revenue of RMB 13.88 billion, a year-on-year increase of 204.4% [3]. - Gross profit reached RMB 9.76 billion, up 234.4% compared to the previous year [3]. - Operating profit was RMB 6.04 billion, reflecting a substantial growth of 436.5% [3]. - Net profit attributable to shareholders was RMB 4.57 billion, an increase of 396.5% year-on-year [3]. Revenue Growth by Region - The Americas saw a remarkable revenue increase of 1142.3%, contributing RMB 22.65 billion [4]. - Revenue from the Asia-Pacific region grew by 257.8%, reaching RMB 28.51 billion [4]. - In China, revenue increased by 135.2%, totaling RMB 82.83 billion [4]. - Revenue from Europe and other regions rose by 729.2%, amounting to RMB 4.78 billion [4]. Artist IP Performance - Pop Mart had 13 artist IPs generating over RMB 100 million, with 5 IPs exceeding RMB 1 billion in revenue [4][5]. - The THE MONSTERS series, particularly the character LABUBU, generated RMB 48.14 billion, accounting for 34.7% of total revenue and showing a year-on-year growth of 668% [4][5]. Store Expansion and Membership Growth - As of June 30, 2025, Pop Mart operated 571 stores globally, with a net increase of 40 stores in the first half of the year [6]. - The company also expanded its robot store operations, increasing the number of robot stores by 105 to a total of 2597 [6]. - Membership in mainland China grew significantly, with total registered members increasing from 46.08 million to 59.12 million, a net addition of 13.04 million [6]. - Membership contributed to 91.2% of sales, with a repurchase rate of 50.8% [6].