泡泡玛特半年报业绩点评：业绩超预期，全球化、多品类战略顺利推进

Investment Rating - The report maintains an "Accumulate" rating for the company [5][13]. Core Insights - The company's revenue and profit for the first half of 2024 exceeded expectations, driven by a successful global and multi-category strategy. The IP matrix has formed a strong competitive landscape, contributing to the underlying growth of performance. New categories such as plush toys have seen explosive growth [4][5]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 4.56 billion yuan, a year-on-year increase of 62%. The net profit attributable to shareholders was 920 million yuan, up 93.3% year-on-year. Adjusted net profit reached 1.02 billion yuan, growing by 90.1% year-on-year. The gross margin was 64%, an increase of 3.6 percentage points year-on-year, while the adjusted net profit margin was 22.3%, up 3.3 percentage points year-on-year [5][8]. Global Expansion - The company's global layout is entering a harvest period, with revenue from Hong Kong, Macau, Taiwan, and overseas regions reaching 1.35 billion yuan, a year-on-year increase of 259.6%, accounting for 29.7% of total revenue, up 16.3 percentage points year-on-year. The revenue distribution from overseas markets includes Southeast Asia (41.1%), East Asia and Hong Kong, Macau, Taiwan (35.4%), North America (13.2%), and Europe, Australia, and others (10.3%) [5][4]. IP Matrix and Product Categories - The company’s top three IPs, MOLLY, THE MONSTERS, and SKULLPANDA, generated revenues of 780 million, 630 million, and 570 million yuan respectively, with year-on-year growth rates of 90.1%, 292.2%, and 9.2%. Additionally, other IPs such as DIMOO, Hirono, Zsiga, and CRYBABY also achieved over 100 million yuan in revenue during the same period. The company successfully expanded beyond traditional blind box figures, with revenue from figures/derivatives and other categories accounting for 58.3%, 19%, 12.9%, and 9.8% respectively. Notably, plush toys generated 446 million yuan in revenue, nearly a 1000% increase year-on-year, significantly boosting sales for THE MONSTERS and CRYBABY [5][4].