靠LABUBU大火，泡泡玛特赚麻了，但下一个现象级IP还能出现吗？ 在LABUBU的带动下，泡泡玛特业绩"狂飙"。 尽管泡泡玛特此前已展现良好增长势头，但8月19日发布的2025年中期财报仍超出市场预期。财报显 示，上半年泡泡玛特营收138.8亿元，同比增长204.4%；经调整净利润47.1亿元，同比增长362.8%，已 超越去年全年水平。毛利率更是达到了70.3%。 强劲的盈利能力叠加LABUBU爆红效应，推动泡泡玛特股价持续攀升。8月20日港股收盘，公司股价创 下历史新高，总市值突破4000亿港元。从女明星Lisa带货引发抢购，到108万元的LABUBU天价拍卖， 随着LABUBU成长为超级IP，泡泡玛特在全球IP市场的影响力正加速扩张。 在2025年上半年业绩发布会上，泡泡玛特创始人王宁亲自带货，称本周将发布MINI版LABUBU，相信 会成为超级爆款。然而，正如投资机构在业绩会上的犀利提问：高光业绩背后，泡泡玛特如何让 LABUBU这样的超级IP保持长红？一旦消费者产生审美疲劳，是否会对未来业绩造成冲击？ 王宁"喊话"营收300亿 8月20日，在2025年上半年财报业绩会上，面对投资人及机构的提问，王 ...

Core Insights - The company achieved significant financial growth in the first half of 2025, with revenue surpassing 138.8 billion yuan, a year-on-year increase of 204.4%, and adjusted net profit reaching 47.1 billion yuan, up 362.8% from the previous year [1][2] Financial Performance - The gross profit margin improved to 70.3%, an increase of 6.3 percentage points, indicating enhanced profitability [1] - The revenue from the "THE MONSTERS" series, which includes the popular IP "LABUBU," reached 48.1 billion yuan, accounting for 34.7% of total revenue [2] IP and Product Development - The company’s core business of IP operations was a key driver of growth, with multiple IPs generating significant revenue, including THE MONSTERS, MOLLY, SKULLPANDA, CRYBABY, and DIMOO, each exceeding 10 billion yuan [1] - The plush toy category generated 61.4 billion yuan in revenue, surpassing the figure for figurines for the first time, marking a new growth area for the company [2] Geographic Expansion - The company is expanding its global footprint, with revenue growth across four major regions: China (82.8 billion yuan, up 135.2%), Asia-Pacific (28.5 billion yuan, up 257.8%), Americas (22.6 billion yuan, up 1142.3%), and Europe & others (4.8 billion yuan, up 729.2%) [2] - As of June 30, the company opened 571 stores in 18 countries, including 40 new physical stores and 105 new robot stores [3] Future Outlook - The founder expressed confidence in achieving a revenue target of 300 billion yuan for the year, significantly higher than the initial goal of 200 billion yuan, based on current performance and market feedback [3]

Core Insights - The company reported impressive financial results for the first half of 2025, with revenue reaching 13.88 billion yuan, a year-on-year increase of 204.4%, and adjusted net profit of 4.71 billion yuan, up 362.8% [2] - The founder expressed optimism about achieving a revenue target of 20 billion yuan for the year, suggesting that 30 billion yuan is also within reach [4] - The stock price surged over 8% on the Hong Kong market, reaching a historic high of 305 HKD per share, with a market capitalization exceeding 400 billion HKD [4][5] Financial Performance - The first half of 2025 saw significant growth across various regions, with China generating 8.28 billion yuan (up 135.2%), Asia-Pacific 2.85 billion yuan (up 257.8%), Americas 2.26 billion yuan (up 1142.3%), and Europe and other regions 480 million yuan (up 729.2%) [9] - The total revenue from THE MONSTERS, including the LABUBU brand, was 4.81 billion yuan, reflecting a staggering growth of 668.0% [7] Product and Market Strategy - The company plans to launch a mini version of LABUBU, which is expected to become a major hit, and aims to develop LABUBU into a world-class IP with various product categories [7] - The company is focusing on expanding its international presence, targeting markets in the Middle East, South Asia, Central and South America, and Russia, with plans to open flagship stores in major cities [8][9] Operational Efficiency - The company has significantly increased its production capacity, with the current monthly output of plush toys exceeding ten times that of the same period last year, reaching approximately 30 million units [9] - The company is continuously optimizing its urban amusement parks, with a focus on enhancing customer experience despite temporarily closing about 50% of the area for upgrades [7]

Core Viewpoint - The company reported significant growth in revenue and profit for the first half of 2025, indicating strong market demand and the potential for further development of its IPs, particularly LABUBU [3][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 13.88 billion RMB, a year-on-year increase of 204.4% [3]. - Adjusted net profit for the same period was 4.71 billion RMB, reflecting a year-on-year growth of 362.8% [3]. - The revenue and net profit for the first half of 2025 exceeded the total figures for the entire year of 2024 [3]. IP Development and Market Strategy - The CEO emphasized that the true commercial value of an IP like LABUBU begins once it reaches a world-class status, comparing it to a gold mine that requires further exploration [3]. - The company has been cautious in expanding its store presence, with a projected net increase of no more than ten stores in the domestic market for the year [4]. - LABUBU's segment, THE MONSTERS, generated revenue of 4.81 billion RMB, marking a year-on-year increase of 668.0%, accounting for 34.7% of total revenue [3]. Product Diversification - Other IPs such as MOLLY, SKULLPANDA, CRYBABY, and DIMOO each surpassed 1 billion RMB in revenue during the first half of 2025 [5]. - The plush toy category generated 6.14 billion RMB in revenue, surpassing the sales of figurines for the first time [5]. - The company opened its first HIRONO brand store in Shanghai, contributing 730 million RMB in revenue, a year-on-year increase of 197.0% [5]. Overall Business Health - The CEO stated that having a diverse range of IPs is essential for the company's health, similar to how Mickey Mouse represents Disney, indicating a focus on platform diversity rather than reliance on a single IP [5].

Core Viewpoint - The stock price of Pop Mart has surged over 8% on August 20, reaching a historic high of over 300 HKD, with a market capitalization exceeding 400 billion HKD [2]. Financial Performance - For the first half of 2025, Pop Mart reported revenue of 13.876 billion RMB, a year-on-year increase of 204.4% [5][7]. - The net profit attributable to shareholders for the same period was 4.574 billion RMB, reflecting a growth of 396.5% [5][7]. - Gross profit reached 9.761 billion RMB, up 234.4% year-on-year [7]. - Operating profit increased by 436.5% to 6.044 billion RMB [7]. - Basic earnings per share were 344.17 RMB, a rise of 395.3% [7]. Product and IP Contribution - The revenue from plush products was 6.139 billion RMB, showing a significant increase of 1276.2%, accounting for 44.2% of total revenue [8]. - The LABUBU IP generated revenue of 4.81 billion RMB, contributing 34.7% to the overall revenue [8]. Future Outlook and Expansion - The company aims for a revenue target of 20 billion RMB for the year, with a more optimistic outlook suggesting it could reach 30 billion RMB [4]. - Pop Mart plans to expand its presence in regions such as the Middle East, South Asia, Central and South America, and Russia, while also increasing flagship stores in major cities [10]. - Currently, Pop Mart has 140 overseas stores, with expectations to exceed 200 by the end of the year [10]. - Revenue from the Asia-Pacific region was 2.85 billion RMB, up 257.8%, while the Americas saw revenue of 2.26 billion RMB, a staggering increase of 1142.3% [10].

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].

2025.08.20 王宁还表示："从IP贡献营收的占比来讲，首先我个人不认为如果有一个IP占比特别大，就不健康。我 觉得这个比例其实对于我们来讲也不是那么重要。我们相信其实每个IP都各具特色。"财报显示，从IP 分类，今年上半年，LABUBU所在的THE MONSTERS营收48.1亿元，占比34.7%。除此之外， MOLLY、SKULLPANDA、CRYBABY和DIMOO营收均突破10亿元。 本文字数：430，阅读时长大约1分钟 微信编辑| 七三 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 作者 |第一财经 揭书宜 8月20日，泡泡玛特业绩发布会上，泡泡玛特供应链中心总裁袁俊杰表示，以毛绒玩具为例，现在一个 月的产能是去年同期的十倍以上，现在是3000万只左右。经济生产自动化是实现的办法。 泡泡玛特创始人王宁表示，今年是希望营收能够做到200亿，但是感觉今年应该300亿也很轻松。虽然业 绩的增长是非常重要，但是对于整个公司来讲，健康度也很重要。 ...

Core Insights - The core viewpoint of the article highlights the significant growth in revenue and profit for Pop Mart in the first half of 2025, driven by strong performance in various regions and the success of its artist IPs [1][4]. Financial Performance - For the six months ending June 30, 2025, Pop Mart reported revenue of RMB 13.88 billion, a year-on-year increase of 204.4% [3]. - Gross profit reached RMB 9.76 billion, up 234.4% compared to the previous year [3]. - Operating profit was RMB 6.04 billion, reflecting a substantial growth of 436.5% [3]. - Net profit attributable to shareholders was RMB 4.57 billion, an increase of 396.5% year-on-year [3]. Revenue Growth by Region - The Americas saw a remarkable revenue increase of 1142.3%, contributing RMB 22.65 billion [4]. - Revenue from the Asia-Pacific region grew by 257.8%, reaching RMB 28.51 billion [4]. - In China, revenue increased by 135.2%, totaling RMB 82.83 billion [4]. - Revenue from Europe and other regions rose by 729.2%, amounting to RMB 4.78 billion [4]. Artist IP Performance - Pop Mart had 13 artist IPs generating over RMB 100 million, with 5 IPs exceeding RMB 1 billion in revenue [4][5]. - The THE MONSTERS series, particularly the character LABUBU, generated RMB 48.14 billion, accounting for 34.7% of total revenue and showing a year-on-year growth of 668% [4][5]. Store Expansion and Membership Growth - As of June 30, 2025, Pop Mart operated 571 stores globally, with a net increase of 40 stores in the first half of the year [6]. - The company also expanded its robot store operations, increasing the number of robot stores by 105 to a total of 2597 [6]. - Membership in mainland China grew significantly, with total registered members increasing from 46.08 million to 59.12 million, a net addition of 13.04 million [6]. - Membership contributed to 91.2% of sales, with a repurchase rate of 50.8% [6].

Group 1: Tourism Industry Insights - The number of cities in China that foreign tourists are booking flights to has increased to 144, reflecting a shift towards "deep travel" in smaller cities, with a year-on-year increase of 16 cities [1] - Popular new destinations include scenic small cities such as Ganzi in Sichuan, Zhangye in Gansu, Anqing in Anhui, Enshi in Hubei, and Aksu in Xinjiang, indicating a trend towards exploring natural beauty and cultural diversity [1] - This trend is expected to boost local cultural tourism and consumption markets, while also raising demands for transportation, accommodation, and public services [1] Group 2: Company Performance - Pop Mart reported a revenue of 13.88 billion yuan for the first half of 2025, representing a year-on-year growth of 204.4%, with an adjusted net profit of 4.71 billion yuan, up 362.8% [2] - Revenue growth by region shows significant increases: China at 8.28 billion yuan (up 135.2%), Asia-Pacific at 2.85 billion yuan (up 257.8%), Americas at 2.26 billion yuan (up 1142.3%), and Europe and other regions at 480 million yuan (up 729.2%) [2] - The substantial growth in overseas markets indicates a large potential for expansion, although the company faces challenges related to product homogenization and the cyclical nature of trendy consumer products [2] Group 3: Cryptocurrency and Tourism - Thailand is simplifying the process for foreign tourists to exchange cryptocurrency for Thai baht as a strategy to stimulate tourism [3] - This initiative reflects an innovative policy approach in a tourism-dependent economy, aiming to attract younger, digitally-savvy tourists [3] - Although direct purchases with cryptocurrency are not allowed, the plan is set to be piloted for 18 months, indicating a commitment to integrating digital assets into the tourism sector [3] Group 4: Sports and Local Economy - The new Sichuan provincial football league ("Chuan Chao") is set to open on September 20, 2025, and will run until July 2026, featuring 162 matches across 28 rounds [4] - The league includes teams from over 20 cities, potentially serving as a platform to boost local sports industries and cultural tourism consumption [4] - The event is expected to attract crowds, driving ticket sales, sponsorships, and related economic activities, thus creating a new growth point for regional sports economies [4]

Core Insights - Pop Mart (09992.HK) reported a significant increase in revenue and profit for the first half of the year, with revenue reaching 13.876 billion yuan, a year-on-year growth of 204.4%, and net profit attributable to shareholders at 4.574 billion yuan, up 396.5% [3] Revenue Breakdown - The company's revenue from artist IP increased from 3.688 billion yuan in the first half of last year to 12.229 billion yuan this year, marking a growth of 231.6% [3] - The proportion of revenue from artist IP rose from 81.0% to 88.1% during the same period [3] - Pop Mart had 13 artist IPs generating over 100 million yuan in revenue, with THE MONSTERS series leading at 4.814 billion yuan [3] IP Performance - The LABUBU character from THE MONSTERS series became one of the most popular global IPs, with its price skyrocketing to 78 times its original price, reaching as high as 1.08 million yuan for a rare version [3][4] - Revenue from licensed IPs increased from 695 million yuan to 1.525 billion yuan, a growth of 119.4%, due to expanded collaborations with copyright holders [4] Regional Sales Performance - Sales in mainland China reached 8.283 billion yuan, a year-on-year increase of 135.2% [4] - The Asia-Pacific region saw revenue of 2.851 billion yuan, up 257.8%, while the Americas experienced a staggering growth of 1142.3% with revenue of 2.265 billion yuan [4] - Europe and other regions reported revenue of 478 million yuan, a growth of 729.2% [4] Membership Growth - The total number of registered members increased from 46.08 million at the end of last year to 59.12 million, with 13.04 million new members added [4] - Membership contributed to 91.2% of sales, with a repurchase rate of 50.8% [4] Store Expansion - As of June 30, Pop Mart operated 571 stores across 18 countries, with a net increase of 40 stores in the first half of the year [5] - The number of robot stores reached 2,597, with a net increase of 105 in the same period [5] - In mainland China, the number of offline stores increased from 431 to 443 [5] Stock Performance - As of August 19, Pop Mart's stock price was 280.8 HKD per share, reflecting a year-to-date increase of approximately 200%, with a total market capitalization of 377.1 billion HKD [5]