POP MART(HK:09992) IPO早知道·2025-08-19 10:11Core Viewpoint - The article emphasizes that IP value mining has become the core growth engine for Pop Mart International Group, with its internationalization strategy showing significant progress and success in the first half of 2025 [3]. Financial Performance - In the first half of 2025, Pop Mart reported revenue of 138.8 billion RMB, a year-on-year increase of 204.4%, and an adjusted net profit of 47.1 billion RMB, up 362.8% year-on-year [5]. - The revenue and net profit for the first half of 2025 have already surpassed the total for the entire year of 2024 [6]. - The company achieved triple-digit growth across all four major regions: China (82.8 billion RMB, +135.2%), Asia-Pacific (28.5 billion RMB, +257.8%), Americas (22.6 billion RMB, +1142.3%), and Europe & Others (4.8 billion RMB, +729.2%) [6]. IP Development and Revenue - IP incubation and operation remain the core driving force for Pop Mart, with significant revenue contributions from various IPs: THE MONSTERS (48.1 billion RMB, 34.7% of total revenue), and others like MOLLY, SKULLPANDA, CRYBABY, and DIMOO each exceeding 10 billion RMB [8]. - The plush toy category generated 61.4 billion RMB, surpassing the sales of figurines for the first time, indicating a strong product innovation drive [8][21]. International Expansion - Pop Mart opened its first stores in iconic locations such as Cambridge, UK, and Bali, Indonesia, and has expanded to 571 stores across 18 countries by June 30, 2025 [11]. - The Americas market saw a significant increase in offline stores, with 19 new locations, totaling 41, and a revenue increase of 744.3% [12]. Online and Membership Growth - The online channels have shown remarkable growth, with the Americas online revenue reaching 13.3 billion RMB, up 1977.4%, and Europe & Others at 1.6 billion RMB, up 1358.7% [14]. - The total registered members in mainland China increased from 46.08 million to 59.12 million, with member sales contributing 91.2% of total sales [14]. Operational Efficiency - The company achieved a gross margin of 70.3%, an increase of 6.3 percentage points year-on-year, marking a historical high [16]. - The revenue structure has become more balanced, with plush products accounting for 44.2% and figurines for 37.3% of total revenue [20][21]. Cultural and Social Engagement - Pop Mart has been actively engaging in cultural exchanges and social responsibility initiatives, such as hosting events for children with autism and promoting mental health awareness [27]. - The company aims to create a diverse and rich commercial ecosystem centered around IP, enhancing its global influence and operational capabilities [24].