2 1 Shi Ji Jing Ji Bao Dao·2025-08-20 04:53Core Viewpoint - The company reported significant growth in revenue and profit for the first half of 2025, indicating strong market demand and the potential for further development of its IPs, particularly LABUBU [3][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 13.88 billion RMB, a year-on-year increase of 204.4% [3]. - Adjusted net profit for the same period was 4.71 billion RMB, reflecting a year-on-year growth of 362.8% [3]. - The revenue and net profit for the first half of 2025 exceeded the total figures for the entire year of 2024 [3]. IP Development and Market Strategy - The CEO emphasized that the true commercial value of an IP like LABUBU begins once it reaches a world-class status, comparing it to a gold mine that requires further exploration [3]. - The company has been cautious in expanding its store presence, with a projected net increase of no more than ten stores in the domestic market for the year [4]. - LABUBU's segment, THE MONSTERS, generated revenue of 4.81 billion RMB, marking a year-on-year increase of 668.0%, accounting for 34.7% of total revenue [3]. Product Diversification - Other IPs such as MOLLY, SKULLPANDA, CRYBABY, and DIMOO each surpassed 1 billion RMB in revenue during the first half of 2025 [5]. - The plush toy category generated 6.14 billion RMB in revenue, surpassing the sales of figurines for the first time [5]. - The company opened its first HIRONO brand store in Shanghai, contributing 730 million RMB in revenue, a year-on-year increase of 197.0% [5]. Overall Business Health - The CEO stated that having a diverse range of IPs is essential for the company's health, similar to how Mickey Mouse represents Disney, indicating a focus on platform diversity rather than reliance on a single IP [5].