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泡泡玛特电话会:本周发布迷你版LABUBU,今年营收300亿很轻松,净利润率在35%左右
华尔街见闻·2025-08-20 11:06

Core Viewpoint - The company has experienced significant growth in revenue and profit, with a notable increase in the popularity of its LABUBU IP, indicating strong market potential and brand value [2][3][7]. Financial Performance - The latest financial report shows a 400% increase in net profit for the first half of the year, with plush product revenue growing by 1276.2%, making it the largest category [2]. - LABUBU generated revenue of 48.1 billion yuan, accounting for 34.7% of total revenue, reflecting substantial year-on-year growth [2]. Management Insights - The CEO expressed confidence in achieving a revenue target of 300 billion yuan for the year, up from an initial estimate of 200 billion yuan, emphasizing the importance of health metrics in performance evaluation [3]. - The management anticipates an increase in net profit margin, projecting it to be around 35% for the year [4]. Market Performance - The company's stock surged by 12% on Wednesday, reaching a historical high of 316 HKD, with a market capitalization exceeding 420 billion HKD [5]. Product Development - A mini version of LABUBU is set to be released, which is expected to become a new hit product, showcasing the brand's potential for future growth [7]. - The CEO noted that the company is strategically managing the release of LABUBU products to avoid overexploitation of the IP while maintaining high demand [7][8]. Production Capacity - Monthly production capacity has increased tenfold compared to last year, but the company faces challenges in meeting the high demand for LABUBU products [9][10]. - The COO highlighted that the current market demand for plush products is enormous, and the company is focused on maximizing production capacity through lean and automated production techniques [10]. International Expansion - The overseas market has shown remarkable growth, with sales increasing by 440% year-on-year, contributing approximately 50% to total revenue, and achieving single-store efficiency four times that of domestic stores [11]. - The CEO expressed confidence in the rapid growth of international markets, including Germany and Mexico, which are still in the early stages of development [12]. - The company plans to explore emerging markets in the Middle East, Central Europe, and Central South America, maintaining an average of three new store openings per week [13].