Ge Long Hui·2025-08-23 11:56Core Viewpoint - The company reported a significant increase in revenue and profit for the first half of 2025, indicating strong growth momentum and potential for continued performance improvement in the future [1][2][6] Domestic Performance - In H1 2025, domestic revenue reached 82.8 billion yuan, up 135.2% year-on-year, with offline channel revenue at 50.8 billion yuan (+117.1%) and online channel revenue at 29.4 billion yuan (+212.2%) [2] - The company opened 12 new retail stores, bringing the total to 443, achieving a record high in average store efficiency [2] - Membership numbers increased by 28% to 59.12 million, with a rise in per capita spending [2] - The pre-sale model initiated in June contributed to contract liabilities of 850 million yuan, more than tripling year-on-year, which is expected to boost performance in the second half of the year [2] International Performance - In H1 2025, overseas revenue reached 55.9 billion yuan, a year-on-year increase of 314%, with significant growth across regions [3] - Asia-Pacific revenue was 28.5 billion yuan (+258%), the Americas saw revenue of 22.7 billion yuan (+1142%), and Europe and others generated 4.8 billion yuan (+729%) [3] - The company opened 30 new stores in Asia-Pacific, 31 in the Americas, and 9 in Europe, indicating ongoing expansion efforts [3] - The online growth rate significantly outpaced offline, suggesting unmet demand and further expansion opportunities in various regions [3] Product Perspective - The IP matrix showed comprehensive growth, with the core character Labubu generating 48.1 billion yuan in revenue, a 668% increase [4] - Other IPs also performed well, with new IP CRYBABY generating 12.2 billion yuan (+249%) and classic IPs like MOLLY and SKULLPANDA maintaining growth [4] - The company’s ability to operate and develop IP effectively provides a strong competitive advantage [4] Category Performance - Revenue from plush toys, figures, MEGA, and derivatives reached 61.4 billion yuan, 51.8 billion yuan, 10.1 billion yuan, and 15.5 billion yuan respectively, with plush toys seeing a remarkable growth of 1276% [5] - The company’s supply chain capabilities have improved significantly, allowing for better alignment with high growth demand [5] - The gross profit margin for H1 2025 was 70.3%, up 6.3 percentage points year-on-year, with a net profit margin of 33.0%, the highest in history [5] Future Growth Potential - The upcoming Mini Labubu product is expected to expand into new usage scenarios, potentially becoming a best-seller [6] - Continued rapid store openings in the overseas market and gradual expansion into the Middle East and South America are anticipated [6] - The company is expected to maintain high growth rates in the second half of the year, supported by new product categories and business models [6]