【泡泡玛特（9992.HK）】IP矩阵维持健康，全球化布局再加速——25H1业绩点评（付天姿/杨朋沛）

Core Viewpoint - The company reported significant growth in its 1H25 performance, with revenue reaching 13.88 billion RMB, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion RMB, reflecting a 362.8% increase [3] Revenue Breakdown by Region - In China, revenue was 8.28 billion RMB, up 135.2%, accounting for 59.7% of total revenue. Offline channel revenue was 5.08 billion RMB, with retail store revenue at 4.41 billion RMB, growing 119.9% [4] - The Asia-Pacific region generated 2.85 billion RMB, a 257.8% increase, with online channel revenue growing 546.7% [4] - The Americas saw revenue of 2.27 billion RMB, up 1142.3%, with online sales increasing 1977.4% [4] - Europe and other regions achieved revenue of 480 million RMB, a 729.2% increase, with online sales growing 1358.7% [4] Revenue Breakdown by IP and Category - Five IPs generated over 1 billion RMB each, with THE MONSTERS accounting for 34.7% of total revenue. The STAR series emerged as the fastest-growing IP [5] - Plush toys became the largest product category, increasing from less than 10% in 24H1 to 44% in 25H1 [5] Operational Efficiency - The gross margin improved by 6.3 percentage points to 70.3%, driven by higher overseas pricing and a reduction in promotional activities [6] - The sales and management expense ratios decreased by 6.7 percentage points and 4.0 percentage points, respectively, to 23.0% and 5.6% [6]