Di Yi Cai Jing·2025-08-20 05:19Core Viewpoint - The founder of Pop Mart, Wang Ning, expressed an optimistic outlook for the company's revenue, aiming for 20 billion RMB this year, with a belief that reaching 30 billion RMB is also feasible. He emphasized the importance of both revenue growth and the overall health of the company [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%. This revenue surpassed the total for the entire year of 2024 [4]. - The report revealed performance across four 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%), and Europe & others (480 million RMB, up 729.2%) [4]. - The IP category performance showed that THE MONSTERS, which includes LABUBU, generated 4.81 billion RMB, accounting for 34.7% of total revenue. Other IPs like MOLLY, SKULLPANDA, CRYBABY, and DIMOO also exceeded 1 billion RMB in revenue [4]. Product Development and Market Strategy - The plush toy category generated 6.14 billion RMB, marking a significant shift as its revenue share surpassed that of figurines. Product innovation has been a key driver of this rapid growth, positioning Pop Mart as a more open and inclusive global IP platform [4]. - Wang Ning stated that the revenue share of any single IP is not a primary concern, as each IP has its unique characteristics [4]. Online Sales Growth - Online sales channels in China saw rapid growth, achieving revenue of 2.94 billion RMB, a year-on-year increase of 212.2%. The box machine sales model contributed significantly, generating 1.13 billion RMB, up 181.9% [4]. - Content e-commerce platforms, particularly Douyin, generated 560 million RMB, reflecting a year-on-year growth of 168.6%. During the 618 shopping festival, Pop Mart's flagship stores ranked first in sales across major platforms like Tmall, Douyin, and JD, with Tmall alone generating 660 million RMB, up 230.7% [4]. Supply Chain and Product Availability - Despite rapid sales growth, consumers have expressed concerns about the availability of LABUBU products. The supply chain president, Yuan Junjie, indicated that the current monthly production capacity for plush toys is over ten times that of the same period last year, reaching around 30 million units [5]. - Wang Ning announced the upcoming release of a Mini version of LABUBU that can be attached to mobile phones, expanding its usage scenarios [5].