POP MART(HK:09992) 经济观察报·2025-08-20 10:31Core Viewpoint - The focus of investors during the performance release of Pop Mart is on how the company can meet the surging market demand and the sustainability of its IPs [2]. Group 1: Financial Performance - For the first half of the year, Pop Mart reported a revenue of 138.8 billion yuan, representing a year-on-year increase of 204.4% [2]. - The adjusted net profit for the same period was 47.1 billion yuan, showing a year-on-year growth of 362.8% [2]. - The revenue from the LABUBU IP, part of Pop Mart's portfolio, reached 48.1 billion yuan, accounting for 34.7% of total revenue, with a staggering year-on-year growth of approximately 668.4% [2]. Group 2: Production Capacity - Pop Mart's production capacity has significantly increased due to automation improvements, with the automation level in the toy figure industry at around 20%, while Pop Mart has raised this to 50% [3]. - The revenue from plush toys in the first half of the year was 61.4 billion yuan, marking a year-on-year increase of 1276.2%, making it the largest revenue category for the company [3]. - The current monthly production of plush toys is equivalent to the total production of the previous year, with an estimated production of about 30 million units in August, representing a tenfold increase in capacity [2]. Group 3: Market Expansion and Strategy - Pop Mart's core strategy focuses on globalization and group organization, with a global organizational restructuring completed in April 2024 [5]. - Revenue from different regions for the first half of the year includes: China at 82.8 billion yuan (up 135.2%), Asia-Pacific at 28.5 billion yuan (up 257.8%), Americas at 22.6 billion yuan (up 1142.3%), and Europe and other regions at 4.8 billion yuan (up 729.2%) [5]. - The company plans to accelerate store openings in the U.S. market, with over 40 stores currently and expectations to exceed 200 stores by the end of the year [5]. Group 4: Stock Performance - As of August 20, Pop Mart's stock price was 314 HKD per share, reflecting an increase of 11.8%, with a market capitalization of 421.7 billion HKD [6].