泡泡玛特，股价创历史新高

Core Viewpoint - The article highlights the significant growth and market performance of Pop Mart, with its stock price surpassing 300 HKD and market capitalization exceeding 400 billion HKD, driven by strong revenue and profit growth in the first half of 2025 [3][6]. Financial Performance - For the first half of 2025, Pop Mart reported revenue of 13.88 billion RMB, a year-on-year increase of 204.4% [8]. - Gross profit reached 9.76 billion RMB, up 234.4% compared to the previous year [8]. - Operating profit surged to 6.04 billion RMB, reflecting a 436.5% increase [8]. - Net profit attributable to shareholders was 4.57 billion RMB, marking a 396.5% growth [8]. - The company aims for a revenue target of 20 billion RMB for the year, with expectations to exceed 30 billion RMB easily [6]. Product and IP Contribution - The revenue from plush products reached 6.14 billion RMB, a staggering increase of 1276.2%, accounting for 44.2% of total revenue [9]. - The LABUBU IP generated 4.81 billion RMB in revenue, representing 34.7% of total revenue [9]. - Other IPs like MOLLY, SKULLPANDA, CRYBABY, and DIMOO also surpassed 1 billion RMB in revenue each [9]. Supply Chain and Production Capacity - The production capacity for plush toys has increased to approximately 30 million units per month, which is over ten times the capacity from the previous year [6]. International Expansion - Pop Mart plans to focus on expanding its presence in regions such as the Middle East, South Asia, Central and South America, and Russia [11]. - The company currently operates 140 overseas stores, with expectations to exceed 200 by the end of the year [11]. - Revenue from the Asia-Pacific region reached 2.85 billion RMB, up 257.8%, while revenue from the Americas was 2.26 billion RMB, increasing by 1142.3% [11].