Chang Jiang Shang Bao·2025-08-20 09:06Core Insights - The company achieved significant financial growth in the first half of 2025, with revenue surpassing 138.8 billion yuan, a year-on-year increase of 204.4%, and adjusted net profit reaching 47.1 billion yuan, up 362.8% from the previous year [1][2] Financial Performance - The gross profit margin improved to 70.3%, an increase of 6.3 percentage points, indicating enhanced profitability [1] - The revenue from the "THE MONSTERS" series, which includes the popular IP "LABUBU," reached 48.1 billion yuan, accounting for 34.7% of total revenue [2] IP and Product Development - The company’s core business of IP operations was a key driver of growth, with multiple IPs generating significant revenue, including THE MONSTERS, MOLLY, SKULLPANDA, CRYBABY, and DIMOO, each exceeding 10 billion yuan [1] - The plush toy category generated 61.4 billion yuan in revenue, surpassing the figure for figurines for the first time, marking a new growth area for the company [2] Geographic Expansion - The company is expanding its global footprint, with revenue growth across four major regions: China (82.8 billion yuan, up 135.2%), Asia-Pacific (28.5 billion yuan, up 257.8%), Americas (22.6 billion yuan, up 1142.3%), and Europe & others (4.8 billion yuan, up 729.2%) [2] - As of June 30, the company opened 571 stores in 18 countries, including 40 new physical stores and 105 new robot stores [3] Future Outlook - The founder expressed confidence in achieving a revenue target of 300 billion yuan for the year, significantly higher than the initial goal of 200 billion yuan, based on current performance and market feedback [3]