责任编辑：梁斌 SF055 8月20日，泡泡玛特召开2025中期业绩发布会，公司创始人王宁在会上表示，集团取得了有史以来最好 的业绩。"这半年有我们很多努力的结果，也有很多我们想象不到的惊喜"。 王宁还表示，今年本希望公司营收能够做到200亿，但是感觉今年应该300亿也很轻松。 王宁特别提到Labubu已经成为一个世界级IP。他还透露，本周将发布mini版Labubu，相信会成为超级爆 款。 据泡泡玛特发布2025年半年报显示，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%。 ...

Core Viewpoint - Bubble Mart reported a remarkable half-year performance for 2025, with revenue exceeding 100 billion RMB and net profit surpassing last year's total [2] Revenue Performance - In the first half of 2025, Bubble Mart achieved revenue of 138.8 billion RMB, a year-on-year increase of 204.4%, and adjusted net profit of 47.1 billion RMB, up 362.8% [2] - The LABUBU IP under THE MONSTERS generated revenue of 48.1 billion RMB, marking a staggering growth of 668% [3][6] - Other IPs such as MOLLY, SKULLPANDA, CRYBABY, and DIMOO also surpassed 10 billion RMB in revenue, with respective growth rates of 73.5%, 112.4%, 248.7%, and 192.5% [6] IP Business - IP is the core business of Bubble Mart, with significant revenue growth driven by LABUBU's global popularity [5] - Five major IPs achieved revenue exceeding 10 billion RMB, while 13 other IPs surpassed 1 billion RMB [6] Product Segmentation - For the first time, plush toy revenue exceeded that of figurines, with plush revenue at 61.4 billion RMB (up 1276.2%) and figurine revenue at 51.8 billion RMB (up 94.8%) [7] Regional Performance - Revenue from the China region reached 82.8 billion RMB, a growth of 135.2%, while the Asia-Pacific region saw revenue of 28.5 billion RMB, up 257.8% [11] - The Americas and Europe also experienced explosive growth, with revenue increases of 744.3% and 569.6%, respectively [11] Global Expansion - As of June 30, 2025, Bubble Mart operated 571 stores across 18 countries, with 40 new offline stores and 105 new robot stores added [11] - The company aims to build a comprehensive and diverse commercial ecosystem centered around IP [12]

Core Insights - The company reported a significant increase in revenue and profit for the first half of the year, with revenue reaching 13.88 billion yuan, a year-on-year growth of 204.4%, and net profit attributable to shareholders at 4.574 billion yuan, up 396.5% [1] - The growth is attributed to the enhanced global recognition of the company's brand and IP, continuous revenue growth across all regional markets, and an increasing proportion of overseas revenue [1][2] Financial Performance - The adjusted net profit for the first half of the year was 4.71 billion yuan, reflecting a 362.8% increase, with an adjusted net profit margin of 33.9%, up 11.6 percentage points from the previous year [1] - The gross profit margin was 70.3%, an increase of 6.3 percentage points year-on-year [1] Regional Performance - The company disclosed performance across four major regions: - China: Revenue of 8.28 billion yuan, up 135.2% - Asia-Pacific: Revenue of 2.85 billion yuan, up 257.8% - Americas: Revenue of 2.26 billion yuan, up 1142.3% - Europe and others: Revenue of 480 million yuan, up 729.2% [2] Store Expansion and Online Growth - As of June 30, the company operated 571 stores globally, with 40 new physical stores and 105 new robot stores added in the first half of the year [2] - The online revenue for the Americas reached 1.33 billion yuan, a staggering increase of 1977.4%, while Europe and other regions saw online revenue of 160 million yuan, up 1358.7% [3] Membership and Sales Contribution - The total number of registered members in mainland China grew from 46.08 million at the end of last year to 59.12 million, with a sales contribution from members at 91.2% and a member repurchase rate of 50.8% [3] IP and Product Categories - The company's core competitiveness lies in IP incubation and operation, with significant revenue contributions from various IPs, including LABUBU's THE MONSTERS generating 4.81 billion yuan [4] - Plush products accounted for 44.2% of total revenue, achieving 6.14 billion yuan, while figure products generated 5.18 billion yuan, representing 37.3% of total revenue [4]

Core Insights - Bubble Mart International Group reported a significant revenue increase of 204.4% year-on-year, reaching 13.88 billion RMB in the first half of 2025, with adjusted net profit soaring by 362.8% to 4.71 billion RMB, surpassing the total revenue and net profit for the entire year of 2024 [1] - The report marks the first financial disclosure following the global organizational restructuring, revealing performance across four major regions: China, Asia-Pacific, Americas, and Europe & others [1] Regional Performance - Revenue from China reached 8.28 billion RMB, a year-on-year increase of 135.2% [1] - Asia-Pacific revenue was 2.85 billion RMB, growing by 257.8% [1] - Americas revenue surged to 2.26 billion RMB, with an impressive growth of 1142.3% [1] - Europe and other regions generated 480 million RMB, reflecting a growth of 729.2% [1] Store Expansion and Online Sales - As of June 30, 2025, Bubble Mart operated 571 stores globally, with 40 new offline stores and 105 new robot stores added [1] - In China, the number of offline stores increased by 12 to a total of 443, contributing 5.08 billion RMB in revenue, a growth of 117.1% [2] - Online sales reached 2.94 billion RMB, marking a 212.2% increase, with Douyin contributing 560 million RMB, up by 168.6% [2] IP Performance - The IP "THE MONSTERS," featuring LABUBU, generated 4.81 billion RMB, a remarkable growth of 668.0%, accounting for 34.7% of total revenue [2] - Other IPs such as MOLLY, SKULLPANDA, CRYBABY, and DIMOO each surpassed 1 billion RMB in revenue [2] - Plush toy category revenue reached 6.14 billion RMB, surpassing the revenue from figurines for the first time [2] New IP Development - Bubble Mart opened the first store for the new IP HIRONO in Shanghai, covering various categories and achieving 730 million RMB in revenue, a growth of 197.0% [2] - The new IP "Starry People" emerged as one of the fastest-growing new IPs, generating 390 million RMB [2]

Summary of Labubu IP Development and Market Insights Industry and Company Overview - The document discusses the development of the Labubu IP, created by artist Long Jiasheng, which has gained popularity among contemporary youth due to its unique characteristics and emotional resonance [1][2]. Key Points and Arguments - **Labubu's Unique Appeal**: The IP differentiates itself from traditional cute IPs by embodying a blend of dark innocence and rebellion, appealing to modern youth emotions [1][2]. - **Product Launches and Market Impact**: The release of the "Heartfelt Macaron" plush keychain in September 2023 marked a significant breakthrough, utilizing a blind box format that enhanced social sharing and product visibility [1][3]. - **Celebrity Influence**: In April 2024, Thai star Lisa's social media exposure significantly boosted Labubu's popularity, similar to the success paths of other brands like Bearbrick and Cos [1][4]. - **Diverse Product Line**: Labubu has expanded its product offerings through various versions, sub-brands, and limited editions, enhancing consumer interaction and brand storytelling [1][5]. - **Supply Strategy**: The company employs a "70% full" supply strategy to maintain market excitement, but actual demand often exceeds expectations, leading to high resale market premiums [1][8]. - **Pre-sale and Market Control**: To manage excessive premiums, the company uses pre-sales to regulate supply and demand, extending the IP's lifecycle while maintaining brand value [1][10]. - **Auction Market Performance**: Labubu's presence in high-end auctions, with items selling for up to 1.08 million yuan, underscores its status as a collectible and artistic product [1][7][10]. Additional Important Insights - **Social Media Impact**: Platforms like Xiaohongshu and Douyin have amplified discussions around Labubu, further enhancing its status as a trendy identity symbol [1][6][7]. - **Global Market Expansion**: The company has over 400 stores in mainland China and around 150 overseas, indicating potential for further growth in international markets [1][16]. - **Future Growth Potential**: The domestic market still has significant room for growth, particularly among the 18-35 age demographic and in lower-tier cities [1][17]. - **Upcoming Developments**: The company plans to launch new products, short films, and derivative items in the latter half of 2025, indicating a strong market momentum [1][19]. This comprehensive overview highlights the strategic initiatives and market dynamics surrounding the Labubu IP, showcasing its potential for continued growth and influence in the global market.

Core Insights - The Chinese潮玩 (trendy toy) market has experienced explosive growth, with market value increasing from 6.3 billion yuan in 2015 to 60 billion yuan in 2023, and projected to reach 110.1 billion yuan by 2026 [2][3] - The rise of Labubu has significantly influenced the潮玩 industry, attracting more consumers and capital, while also leading to increased competition among brands [2][3][4] - The潮玩 market is characterized by a shift from materialistic consumption to emotional and social value, with consumers seeking identity recognition and emotional connection through潮玩 products [1][4] Market Dynamics - The潮玩 market is becoming increasingly crowded, with new brands emerging and competition intensifying as established players like泡泡玛特 dominate [2][4] - The top five潮玩 IP companies hold only 20.8% of the market share, indicating a fragmented industry with no clear monopoly [4][5] - The trend of emotional connection and companionship is becoming central to潮玩 design, with companies focusing on creating relatable and emotionally resonant IPs [5][6] Investment and Mergers - Significant mergers and acquisitions have occurred in the潮玩 sector, including量子之歌 acquiring 61% of Letsvan and万达电影 investing 144 million yuan in 52TOYS [3][4] - The influx of capital and interest in潮玩 is expected to drive further industry development, although it may also lead to resource concentration on popular IPs [3][4] Consumer Behavior - The consumer base for潮玩 is expanding, with increased accessibility through various retail channels, including online platforms and physical stores [2][3] - Social media plays a crucial role in shaping潮玩 culture, with platforms facilitating community engagement and content creation around潮玩 products [3][6] Future Trends - Companies are increasingly focusing on self-developed IPs, with plans to enhance their proprietary product offerings [5][6] - The潮玩 industry is exploring innovative marketing strategies, including collaborations with celebrities and immersive experiences to enhance consumer engagement [6][8] - Despite the growth, the潮玩 market is still perceived as niche, with ongoing challenges in reaching broader consumer demographics beyond urban centers [8][9]

Core Viewpoint - The recent surge in Pop Mart's stock price is attributed to the upcoming launch of a new product, the plush Labubu, expected in October, which has generated significant market interest [1][5]. Group 1: Product Launch and Market Response - On July 24, Pop Mart's stock rose by 4.37%, increasing its market capitalization by nearly 15 billion HKD, likely due to the announcement of the new Labubu product [1]. - The new plush Labubu, approximately 40 cm tall, features a colorful tie-dye design and is part of the same series as the previously released "Frontline High Energy" series [3]. - There is a mix of consumer reactions to the new product, with some expressing concerns about availability and others critiquing its design [3]. Group 2: Brand and Financial Performance - Labubu, created by Hong Kong artist Long Jia Sheng in 2015, has become a significant IP for Pop Mart, contributing to the company's revenue growth [5]. - Pop Mart's recent earnings forecast indicates a projected revenue increase of no less than 200% and a profit increase of no less than 350% for the six months ending June 30, 2025 [5]. - The company sells approximately 10 million Labubu figures each month, indicating strong demand that exceeds current supply chain capabilities [6][7]. Group 3: Strategic Insights and Future Plans - Pop Mart's founder, Wang Ning, addressed concerns about "hunger marketing," emphasizing efforts to optimize the supply chain to meet demand [7]. - The company is considering various ways to enrich the Labubu IP's narrative and is exploring potential collaborations with Hollywood for a movie adaptation [8]. - Wang Ning believes that while storytelling is important for IP success, it is not strictly necessary, and the company is focused on innovative ways to develop its IP [7][8].

Core Viewpoint - The popularity of LABUBU, a plush toy IP from Pop Mart, is attributed to over a decade of continuous IP operation and innovation in the trend toy industry, aiming to become a world-class Chinese consumer brand [1][27]. Group 1: Company Overview - Pop Mart was founded in 2010, initially as a trend collection store, and has since focused on the trend toy sector, leading to the creation of several well-known IPs like MOLLY and DIMOO [1][19]. - As of the end of last year, Pop Mart had over 46 million registered members in mainland China and more than 400 stores domestically, with ongoing expansion into international markets [1][27]. - The company aims to become a global leader in the trend toy industry, aspiring to be the "Disney of China" and now the "Pop Mart of the World" [1][27]. Group 2: Product and Market Dynamics - LABUBU has seen explosive demand, significantly outpacing supply, prompting the company to double its production capacity month over month [2][3]. - The company has implemented a pre-sale strategy to combat scalping and ensure that genuine customers can purchase the product [3][24]. - LABUBU's design, which aligns with its character as a forest spirit, has contributed to its popularity, showcasing the importance of artistic design in trend toys [4][6]. Group 3: IP Development and Strategy - Pop Mart's IP strategy is akin to Disney's, focusing on creating recognizable characters through artistic design rather than storytelling [8][12]. - The company believes that the emotional connection and recognition of IP characters can sustain their lifecycle, despite fluctuations in popularity [12][24]. - Pop Mart is exploring potential collaborations with Hollywood for LABUBU-related content, indicating a strategy to enhance IP engagement through multimedia [9][11]. Group 4: Global Expansion and Future Goals - In 2024, Pop Mart's overseas revenue is projected to reach 5.07 billion yuan, with expectations that international sales will surpass domestic sales [28][30]. - The company emphasizes the importance of balancing art and commerce, aiming to establish a global presence through direct store management and a focus on quality [29][30]. - Pop Mart's long-term vision includes creating high-value consumer products and becoming a new generation of world-class Chinese brands, with a commitment to sustainable growth [33].

Core Viewpoint - Haitong International maintains a target valuation of 35 times the price-to-earnings ratio for Pop Mart (09992) by 2025, raising the target price by 60% to HKD 316.7, while keeping an "outperform" rating [1] Group 1: Financial Performance - Pop Mart's performance in the first half of the year exceeded expectations, with significant year-on-year growth attributed to the global recognition of its IPs and a diverse range of product categories driving rapid revenue growth across regions [1] - The company is expected to achieve revenues of RMB 35.1 billion, RMB 53.5 billion, and RMB 69.1 billion for the years 2025 to 2027, reflecting year-on-year growth rates of 169%, 53%, and 29% respectively [2] - Adjusted net profits are projected to be RMB 11.2 billion, RMB 17.8 billion, and RMB 23.8 billion for the same years, with year-on-year growth rates of 229%, 58%, and 34% respectively [2] Group 2: Operational Insights - The increase in overseas revenue proportion and changes in revenue structure positively impacted both gross and net profit margins, alongside enhanced economies of scale [1] - The company has successfully diversified its IP portfolio from reliance on a single product (MOLLY) to multiple successful IPs like PUCKY, DIMOO, SKULLPANDA, and more recently, THE MONSTERS and CRYBABY, reducing risks associated with dependence on a few IPs [1] - The long-term operational capability of Pop Mart's IPs has been validated, ensuring a higher sustainability of performance [1]

Core Insights - The LABUBU IP has gained immense popularity, leading to high resale prices and difficulties for collectors to purchase at retail prices [1] - Bubble Mart has successfully developed multiple IPs, with four generating over 1 billion yuan in annual revenue [1][2] Group 1: LABUBU Popularity and Market Dynamics - LABUBU's popularity has resulted in a significant increase in resale prices, with tickets for its pop-up store selling for 2400 yuan and initial figures being resold at over 20 times their original price [1] - The high resale prices have discouraged some long-time collectors, who express concerns about the authenticity of products and the excessive premiums charged by resellers [1] Group 2: Financial Performance of IPs - In 2024, MOLLY achieved a revenue of 2.09 billion yuan, marking a year-on-year growth of 105.2% [2] - SKULLPANDA generated 1.31 billion yuan in revenue, reflecting a year-on-year increase of 27.7% [2] - CRYBABY reported a remarkable revenue of 1.16 billion yuan, with a staggering year-on-year growth of 1537.2%, making it one of the fastest-growing new IPs to surpass 1 billion yuan in sales [2]