Zhong Guo Neng Yuan Wang·2025-08-20 04:36Core Insights - In the first half of 2025, Pop Mart reported a revenue of 13.88 billion yuan, representing a year-on-year growth of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8%, exceeding previous forecasts of 200% revenue growth and 350% net profit growth [1] - The company's gross margin for the first half of the year was 70.3%, an increase of 6.3% compared to the same period last year, while the adjusted net profit margin rose to 33.9%, up 11.6% year-on-year [1] Revenue Breakdown - The Monsters series generated 4.81 billion yuan in revenue, contributing over 30% of total revenue, with a staggering year-on-year growth of 668% [1] - Plush products surpassed figurines for the first time, achieving revenue of 6.14 billion yuan, a remarkable increase of 1276.2% [1] - The Americas region saw significant growth, with revenue of 2.265 billion yuan, up 1142.3%, while Europe and other regions reported revenue of 478 million yuan, a growth of 729.2% [1] IP Performance - Pop Mart's strong IP portfolio remains a competitive advantage, with five major IPs (The Monsters, Molly, Dimoo, Skullpanda, and Crybaby) each generating over 1 billion yuan in revenue during the first half of 2025 [3] - The classic IP Molly continued its stable growth, achieving revenue of 1.36 billion yuan, a year-on-year increase of 73.5% [3] - New IPs Crybaby and Skullpanda showed strong growth, with revenues of 1.218 billion yuan and 1.22 billion yuan, respectively, reflecting increases of 248.7% and 112.4% year-on-year [3]