3 6 Ke·2025-08-20 10:58Core Insights - The core viewpoint of the article highlights the impressive financial performance of Pop Mart in the first half of 2025, showcasing significant revenue growth and profitability, driven by strong sales in plush products and international expansion [1][2]. Financial Performance - Pop Mart reported a revenue of 138.8 billion RMB for the first half of 2025, representing a year-on-year increase of 204.4% [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]. - Adjusted net profit for the period was 47.1 billion RMB, up 362.8% year-on-year, surpassing the total net profit for the entire year of 2024 [1]. - The company aims for a full-year revenue target of 200 billion RMB, with a potential to reach 300 billion RMB [1]. Revenue Breakdown - The plush product category's revenue exceeded that of figurines for the first time, generating 61.4 billion RMB in the first half of 2025 [2]. - The LABUBU series contributed 48.1 billion RMB, accounting for 34.7% of total revenue [3]. - Other notable IPs included MOLLY with 13.6 billion RMB (up 73.5%), SKULLPANDA with 12.2 billion RMB (up 112.4%), and CRYBABY with 12.2 billion RMB (up 248.7%) [3]. International Expansion - Revenue from the Chinese market reached 82.8 billion RMB, a growth of 135.2%, while the Asia-Pacific region saw a 257.8% increase to 28.5 billion RMB [7]. - The Americas experienced a remarkable growth of 1142.3%, with revenue reaching 22.6 billion RMB, and Europe and other regions grew by 729.2% to 4.8 billion RMB [7]. - As of June 30, 2025, Pop Mart operated 571 stores across 18 countries, with a net increase of 40 stores since the beginning of the year [7]. Market Sentiment - Despite the positive performance, some institutions express concerns about the sustainability of growth and short-term valuation risks [8]. - Goldman Sachs noted that while net profit growth exceeded expectations, it only "roughly met" the elevated expectations of buyers [8]. - Following the earnings report, Pop Mart's stock price rose by 12.54% to 316 HKD per share, with a year-to-date increase of over 249% [8].