泡泡玛特上半年净利润同比增长396.5%，毛绒产品收入激增1276.2%

Core Viewpoint - The company reported a significant increase in revenue and profit for the first half of the year, driven by strong performance in plush products and overseas markets [1][6][13]. Financial Performance - Revenue reached 138.8 billion RMB, a year-on-year increase of 204.4% [1][6]. - Gross profit margin improved to 70.3%, up from 64.0% [6][13]. - Net profit attributable to shareholders was 45.7 billion RMB, soaring 396.5% year-on-year [4][6]. Product Performance - Plush products generated 61.4 billion RMB in revenue, a staggering increase of 1276.2%, becoming the largest product category, accounting for 44.2% of total revenue [11][16]. - Revenue from THE MONSTERS (mainly LABUBU) reached 48.1 billion RMB, representing 34.7% of total revenue, up from 13.7% in the previous year [9][16]. Market Expansion - Overseas revenue amounted to 55.9 billion RMB, a remarkable increase of 440%, with its share of total revenue rising from 22.8% to 40.3% [7][14]. - The Americas market saw revenue growth of 1142.3%, while the Asia-Pacific region grew by 257.8% [7][14]. IP Performance - LABUBU's IP revenue surged to 48.1 billion RMB, a 668% increase, surpassing MOLLY to become the top IP [9][16]. - The new IP "Star People" generated 3.9 billion RMB in revenue, indicating strong IP creation capabilities [17]. Operational Efficiency - Cash and cash equivalents increased to 119.2 billion RMB from 61.1 billion RMB at the beginning of the year, providing ample funding for global expansion [18]. - Inventory rose from 15.2 billion RMB to 22.7 billion RMB, indicating challenges in supply chain management despite improved turnover days [18].