泡泡玛特（09992）：收入利润新高，做世界的“泡泡玛特”

Investment Rating - The report maintains an "OUTPERFORM" rating for Pop Mart International with a target price of HKD 354.00, reflecting a potential upside from the current price of HKD 280.80 [2][9][18]. Core Insights - Pop Mart's revenue reached RMB 13.9 billion in 1H25, representing a year-on-year growth of 204%. The gross profit margin was 70.3%, an increase of 6.3 percentage points, while the net profit was RMB 4.7 billion, up 363% year-on-year [3][17]. - The company plans to add approximately 10 new stores domestically and aims to reach 200 overseas stores by the end of 2025, with an expected net profit margin of around 35% for the year [3][4]. Financial Performance - Revenue projections for 2025-2027 are RMB 35.2 billion, RMB 51.5 billion, and RMB 62.1 billion, respectively, with adjusted net profits of RMB 12.4 billion, RMB 18.3 billion, and RMB 22.3 billion [9][18]. - The adjusted net profit margin is expected to be 35.3% in 2025, 35.5% in 2026, and 35.9% in 2027, indicating a stable profitability outlook [9][15]. Domestic Business Performance - Domestic revenue was RMB 8.3 billion, a 135% increase year-on-year, with 44 new retail stores added, bringing the total to 443 stores [4][17]. - Online sales contributed RMB 29.4 billion, growing by 212%, with significant contributions from various e-commerce platforms [4][5]. International Expansion - Overseas revenue reached RMB 5.6 billion, a 440% increase year-on-year, with 70 new retail stores added globally [5][17]. - The company is focusing on high-quality store openings and has plans to expand into South America and the Middle East in 2025 [5][9]. IP Development and Product Diversification - The revenue from IP products accounted for 88.1% of total revenue, with significant contributions from key IPs such as LABUBU and THE MONSTERS [7][8]. - Plush product sales surpassed figurines for the first time, indicating successful product category expansion [7][8]. Cost Management and Profitability - The gross profit margin improved to 70.3%, driven by increased overseas sales and better cost control [8][9]. - Selling and administrative expense ratios decreased, contributing to enhanced profitability [8][9].