2 1 Shi Ji Jing Ji Bao Dao·2025-08-20 13:33Core Insights - The core viewpoint of the article highlights the impressive financial performance of Pop Mart International Group in the first half of 2025, with significant revenue and profit growth, and a focus on maintaining a healthy business model despite rapid expansion [2][4][5]. 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% [2]. - The revenue and net profit for the first half of 2025 surpassed the total figures for the entire year of 2024 [2]. - As of August 20, 2025, Pop Mart's stock price reached 316 HKD per share, marking a 12.54% increase and achieving a total market capitalization of 424.3 billion HKD [2]. Future Outlook - The founder of Pop Mart, Wang Ning, expressed optimism about achieving a revenue target of 20 billion RMB for the year, suggesting that 30 billion RMB is also feasible [4]. - The management anticipates an increase in net profit margin, projecting it to be around 35% for the year [4]. Product Strategy and IP Development - Pop Mart's strategy focuses on increasing production capacity to meet market demand while investing in R&D for materials and automation technology [5]. - The LABUBU IP remains a significant topic, with its sales accounting for less than 35% of total revenue, indicating a diversified IP portfolio [5][6]. - New IPs like HIRONO and Star People have shown strong revenue contributions, with HIRONO generating 730 million RMB and Star People contributing 390 million RMB in the first half of 2025 [6]. Supply Chain and Production Capacity - The plush product category achieved revenue of 6.14 billion RMB, a year-on-year increase of 1276.2%, and for the first time, its revenue share exceeded that of figurines [8]. - Monthly production capacity for plush products has reached approximately 30 million units, over ten times the capacity from the previous year [7][8]. - Pop Mart is planning to establish six global production bases to enhance production capacity alignment [8]. Organizational Structure and Management - The company has initiated a significant organizational restructuring to support its global strategy, aiming for a flatter management structure to improve efficiency [9]. - Wang Ning emphasized the importance of maintaining a healthy organizational environment and being responsive to challenges as the company grows [9].