POP MART(HK:09992) 第一财经·2025-08-20 05:19Core Viewpoint - The founder of Pop Mart, Wang Ning, expressed an optimistic outlook for the company's revenue, aiming for 20 billion RMB this year, with a belief that reaching 30 billion RMB is also feasible. He emphasized the importance of both revenue growth and the overall health of the company [3]. Financial Performance - In the first half of 2025, Pop Mart reported revenue of 13.88 billion RMB, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion RMB, up 362.8%. This revenue surpassed the total for the entire year of 2024 [5]. - The report revealed performance across four major regions: - China: 8.28 billion RMB, up 135.2% - Asia-Pacific: 2.85 billion RMB, up 257.8% - Americas: 2.26 billion RMB, up 1142.3% - Europe and others: 480 million RMB, up 729.2% [5]. IP and Product Development - The LABUBU IP, part of the THE MONSTERS series, generated 4.81 billion RMB, accounting for 34.7% of total revenue. Other IPs like MOLLY, SKULLPANDA, CRYBABY, and DIMOO also exceeded 1 billion RMB in revenue [5]. - The plush toy category generated 6.14 billion RMB, marking a significant shift as its revenue share surpassed that of figurines for the first time, driven by product innovation [5]. Online Sales Growth - Online sales channels achieved revenue of 2.94 billion RMB, a year-on-year increase of 212.2%. The Pop Mart capsule machines contributed significantly, generating 1.13 billion RMB, up 181.9% [6]. - The Tmall flagship store reported revenue of 660 million RMB, a growth of 230.7%, and ranked first in sales during the 618 shopping festival [6]. Supply Chain and Production Capacity - The production capacity for plush toys has increased to approximately 30 million units per month, ten times that of the same period last year, indicating a focus on meeting demand [6]. - Wang Ning announced the upcoming release of a Mini version of LABUBU that can be attached to mobile phones, expanding its usage scenarios [6].