Qi Lu Wan Bao·2025-08-20 03:45Core Viewpoint - Pop Mart International Group reported a record high performance in the first half of 2025, with revenue reaching 13.88 billion RMB, a year-on-year increase of 204.4%, and adjusted net profit of 4.71 billion RMB, up 362.8% [1] Financial Performance - Revenue for the first half of 2025 was 138.8 billion RMB, with a net profit exceeding the entire year of 2024 [1] - The company achieved significant growth across all regions: - China: 8.28 billion RMB, up 135.2% - Asia-Pacific: 2.85 billion RMB, up 257.8% - Americas: 2.26 billion RMB, up 1142.3% - Europe and others: 480 million RMB, up 729.2% [1] IP and Product Performance - The core driver of growth remains IP incubation and operation, with LABUBU's THE MONSTERS generating 4.81 billion RMB, accounting for 34.7% of total revenue [2] - Five major IPs surpassed 1 billion RMB in revenue, with the plush category revenue reaching 6.14 billion RMB, surpassing figures for figurines for the first time [12][9] Global Expansion - Pop Mart opened its first stores in landmark locations such as Cambridge, UK, and Bali, Indonesia, with a total of 571 stores across 18 countries by June 30, 2025 [4] - The Americas saw a significant increase in offline stores, with 19 new openings, totaling 41, and revenue of 840 million RMB, up 744.3% [5] Online and Membership Growth - The company's online channels saw substantial growth, with total online revenue reaching 1.33 billion RMB in the Americas, up 1977.4% [7] - Membership numbers increased significantly, with total registered members in mainland China rising from 46.08 million to 59.12 million, contributing to 91.2% of sales [7] Operational Efficiency - The company reported a gross margin of 70.3%, an increase of 6.3 percentage points year-on-year, indicating improved operational and profitability metrics [7]