Chang Sha Wan Bao·2025-08-20 02:55Core Insights - The core viewpoint of the article highlights the impressive financial performance of Pop Mart International Group in the first half of 2025, showcasing significant revenue and profit growth driven by its strong IP portfolio [1][2]. Financial Performance - In the first half of 2025, Pop Mart reported revenue of 13.88 billion RMB, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion RMB, up 362.8% [1]. - The company's IP-driven strategy has led to substantial revenue contributions from its key IPs, with LABUBU's THE MONSTERS generating 4.81 billion RMB, accounting for 34.7% of total revenue and showing a remarkable growth of 668.0% [2]. IP Portfolio and Revenue Breakdown - The five major IPs, including THE MONSTERS, MOLLY, SKULLPANDA, CRYBABY, and DIMOO, each surpassed 1 billion RMB in revenue, with CRYBABY achieving a growth rate of 248.7% [1][2]. - The revenue breakdown by product category shows plush toys generating 6.14 billion RMB (up 1276.2%), figures for figurines at 5.18 billion RMB (up 94.8%), and MEGA products at 1.01 billion RMB (up 71.8%) [2]. Global Expansion - Pop Mart has continued its global expansion by opening flagship stores in key locations such as Cambridge, UK, and Bali, Indonesia, bringing the total number of stores worldwide to 571 across 18 countries [3]. - The online channel in the Chinese market has also seen significant growth, achieving revenue of 2.94 billion RMB, a year-on-year increase of 212.2% [3].