泡泡玛特：步入大潮玩时代，IP持续出圈带动业绩增长

Investment Rating - No specific investment rating provided in the report [3] Core Views - Pop Mart achieved a 62% YoY revenue growth in H1 2024, with net profit attributable to shareholders increasing by 93.3% YoY [1] - The company raised its full-year growth guidance, expecting revenue growth of at least 60% (up from 30%) and overseas revenue growth of at least 200% (up from 100%) [2][10][11] - Overseas expansion and new IP product launches are expected to drive further growth [1][10] Revenue Breakdown Overall Revenue - H1 2024 revenue reached RMB 4.558 billion, a 62% YoY increase [1][6] - Net profit attributable to shareholders was RMB 921 million, up 93.3% YoY [6] Regional Revenue Mainland China - Revenue grew 31.5% YoY to RMB 3.206 billion [1][6] - Offline channels contributed 39.2% of revenue, with retail stores and robot stores generating RMB 1.471 billion and RMB 315 million, respectively, up 24.7% and 16.2% YoY [1][7] - Online channels accounted for 24.0% of revenue, with key platforms like Tmall and Douyin showing strong growth [1][7] - Wholesale and other channels grew 90.8% YoY to RMB 324 million, driven by Pop Mart City Park [1][7] Overseas Markets - Revenue surged 259.6% YoY to RMB 1.351 billion [1][6] - Offline channels grew 397.3% YoY, contributing 20.8% of revenue, with retail stores and robot stores generating RMB 894 million and RMB 53 million, respectively [2][7] - Online channels grew 335.4% YoY to RMB 247 million, with platforms like Lazada and Shopee showing strong performance [2][7] - Southeast Asia contributed 41.1% of overseas revenue, followed by East Asia and Hong Kong/Macau/Taiwan at 35.4% [6] IP Performance - Artist IP contributed 81% of revenue, generating RMB 3.69 billion in H1 2024, up 70.4% YoY [8] - Top IPs: MOLLY (RMB 782 million, 17.2% of revenue), THE MONSTERS (RMB 627 million, 13.7%), and SKULLPANDA (RMB 575 million, 12.6%) [8] - MOLLY revenue grew 90.1% YoY, THE MONSTERS surged 292.2%, and SKULLPANDA increased 9.2% [8] Product Categories - Handicrafts (blind boxes) accounted for 58.3% of revenue, growing 30.2% YoY [9] - MEGA products grew 141.9% YoY, contributing 12.9% of revenue [9] - Plush toys and derivatives grew 993.6% and 77.5% YoY, respectively [9] Profitability - Gross margin improved to 64.0%, up 3.6pp YoY, driven by cost control, supplier bargaining power, and higher overseas sales [2][9] - Net profit margin rose 3.2pp to 20.3% [2][9] Expansion Plans - Pop Mart plans to open 30-40 new stores in Southeast Asia and North America in H2 2024 [10] - The company aims to enhance online channel penetration and collaborate with KOLs to boost IP visibility [10] - Supply chain management will be strengthened to support global operations [10]