Xin Lang Cai Jing·2025-08-21 09:09Core Viewpoint - Pop Mart's new products have generated significant pre-sale demand, with items being resold at much higher prices on secondary markets, indicating strong market interest and potential for future sales growth [1][6]. Financial Performance - In the first half of the year, Pop Mart reported revenue of 13.876 billion yuan, a year-on-year increase of 204.4% [10]. - The net profit attributable to shareholders reached 4.574 billion yuan, up 396.5% compared to the previous year [10]. - Plush products have become the largest revenue source for Pop Mart, generating 6.14 billion yuan, which accounts for 44.2% of total revenue, with a year-on-year growth of 1276.2% [10]. Product and IP Analysis - Artist IPs are the main revenue drivers for Pop Mart, with their contribution rising from 81.0% in the first half of last year to 88.1% this year [10]. - Revenue from artist IPs increased from 3.688 billion yuan to 12.229 billion yuan, reflecting a growth of 231.6% [10]. - In the first half of the year, 13 artist IPs generated over 1 billion yuan in revenue, with THE MONSTERS, MOLLY, SKULLPANDA, CRYBABY, and DIMOO being the top performers [10]. Market Trends - The LABUBU series from THE MONSTERS has become one of the most popular IPs globally, with a revenue increase of 668%, accounting for 34.7% of total revenue [11]. - The founder of Pop Mart, Wang Ning, indicated that the demand for LABUBU remains high, and a mini version of LABUBU is expected to be released soon, which is anticipated to be a major hit [12]. Stock Performance - As of August 21, Pop Mart's stock price increased by 1.20%, closing at 319.80 HKD, with a market capitalization of 429.5 billion HKD [12].