Jin Rong Jie·2025-08-20 06:09Core Viewpoint - Pop Mart (09992) has seen a significant increase in stock price, reaching a historical high of 318.4 HKD, following the release of its mid-year performance report, which showed substantial growth in revenue and profit [1] Financial Performance - For the first half of the year, Pop Mart reported revenue of 13.88 billion HKD, representing a year-on-year increase of 204.4% [1] - The adjusted net profit for the same period was 4.71 billion HKD, up 362.8% year-on-year [1] - The gross profit margin reached 70.3%, an increase of 6.3 percentage points compared to the previous year, marking a historical high [1] Market Outlook - The Chairman and CEO, Wang Ning, expressed optimism about achieving 20 billion HKD in revenue this year, suggesting that reaching 30 billion HKD is also feasible [1] - Morgan Stanley's report indicated that Pop Mart's net profit exceeded their expectations by 5%, highlighting a strong IP platform and significant sales growth across various regions: - Greater China sales grew by 135% - Asia-Pacific sales increased by 258% - Americas saw a growth of 1142% - Europe and other regions grew by 729% - The overseas sales proportion has risen to 40%, driven by IP and product growth rather than excessive reliance on marketing or channel expansion [1] - The increase in gross profit margin was primarily due to overseas price adjustments and economies of scale, with expectations for further improvement in profitability as operational leverage in overseas markets becomes more apparent [1]