3 6 Ke·2025-08-20 00:38Core Insights - Pop Mart reported a significant increase in revenue and profit for the first half of 2025, with revenue reaching 13.88 billion RMB, a year-on-year growth of 204.4%, and adjusted net profit of 4.71 billion RMB, up 362.8% [1][2] Financial Performance - Revenue for the first half of 2025 was 13,876.3 million RMB, compared to 4,557.8 million RMB in the same period of 2024, marking a 204.4% increase [2] - Gross profit reached 9,761.1 million RMB, a 234.4% increase from 2,919.1 million RMB [2] - Operating profit surged to 6,043.7 million RMB, up 436.5% from 1,126.4 million RMB [2] - The net profit attributable to the company's owners was 4,574.4 million RMB, a 396.5% increase from 921.3 million RMB [2] Revenue Breakdown by Product Category - Plush toys generated 61.4 billion RMB in revenue, accounting for 44.2% of total revenue, with a year-on-year growth of 1276.2% [13][14] - Figures for other categories include: - Figures for figurines reached 51.8 billion RMB, a 94.8% increase [14] - MEGA products generated 10.1 billion RMB, up 71.8% [14] - Derivative products and others brought in 15.5 billion RMB, a growth of 78.9% [14] Revenue Breakdown by IP - The top revenue-generating IP was THE MONSTERS, contributing 48.1 billion RMB, a staggering 668% increase from 6 billion RMB [5] - Other notable IP revenues included: - MOLLY: 13.6 billion RMB, up 73.5% [5] - SKULLPANDA: 12.2 billion RMB, up 248.7% [5] - CRYBABY: 12.2 billion RMB, up 192.5% [5] - DIMOO: 11.1 billion RMB, up 192.5% [5] Geographic Revenue Distribution - Revenue from China reached 82.8 billion RMB, accounting for 59.7% of total revenue, with a year-on-year growth of 135.2% [16][17] - The Americas saw the highest growth rate at 1142.3%, generating 22.6 billion RMB [16][17] - Revenue from the Asia-Pacific region was 28.5 billion RMB, up 257.8% [16][17] - Europe and other regions contributed 4.8 billion RMB, a 729.2% increase [16][17] Store Expansion and Channels - 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 [20] - The company also expanded its robot store count to 2,597, with a net increase of 105 [20] - Offline channels contributed 61.4% of revenue in China, while online channels accounted for 35.5%, showing significant growth in both areas [18][19]