Ge Long Hui·2025-08-23 11:56Core Viewpoint - The company reported significant growth in its 2025 H1 financial results, with revenue reaching 13.88 billion yuan, a year-on-year increase of 204%, and adjusted net profit soaring by 363% to 4.71 billion yuan [1][2] Financial Performance - Revenue for 2025 H1 was 13.88 billion yuan, up 204% year-on-year - Gross margin stood at 70.3%, an increase of 6.3 percentage points year-on-year - Adjusted net profit reached 4.71 billion yuan, reflecting a 363% increase year-on-year [1] Regional Growth - Domestic sales reached approximately 8.3 billion yuan, a 135% increase year-on-year - Asia-Pacific revenue was nearly 2.9 billion yuan, up 258% year-on-year - Americas revenue was about 2.3 billion yuan, showing a staggering 1142% increase year-on-year - Europe and other regions generated 480 million yuan, a 729% increase year-on-year [1] IP Performance - In 2025 H1, 13 artist IPs generated over 100 million yuan in revenue, with 5 exceeding 1 billion yuan - Notable IP revenues included THEMONSTERS at 4.8 billion yuan (+668%), MOLLY at 1.4 billion yuan (+74%), and others showing significant growth [1] Product Performance - Plush products became a phenomenon, generating 6.1 billion yuan in revenue, a 1276% increase, accounting for 44% of total revenue - Figures for other product categories included figurines at 5.2 billion yuan (+95%), MEGA at 1 billion yuan (+72%), and derivatives at 1.6 billion yuan (+79%) [2] Profitability Drivers - The increase in gross margin to 70.3% was attributed to a higher proportion of overseas sales, optimized product design, and improved cost control - The company expects continued growth in adjusted net profit, forecasting 11.2 billion yuan for 2025, 16.4 billion yuan for 2026, and 20.7 billion yuan for 2027 [2]