摩根士丹利发布研报称，泡泡玛特上半年纯利高该行预期5%，公司具良好IP的平台组合，大中华区销 售增长135%；亚太区增长258%；美洲增长1142%；欧洲及其他地区增长729%，海外销售占比提升至 40%。上半年毛利率提升主要受海外价格调整和规模经济推动，增长主要由IP和产品驱动，而非过度依 赖行销或渠道扩展，该行认为其高营业利润率将成为新常态，随著海外市场营运杠杆效应逐步显现，盈 利能力有望进一步提升。 消息面上，泡泡玛特发布中期业绩，上半年营收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%；毛利率为70.3%，同比提升6.3个百分点，创下历史新高。此外。泡泡玛特董事长 兼CEO王宁在中期业绩发布会表示，今年是希望能够做到200亿元营收，同时坦言，"感觉今年应该300 亿元也很轻松。" 泡泡玛特(09992)午后涨幅扩大逾13%，高见318.4港元再创历史新高。截至发稿，涨12.04%，报314.6港 元，成交额82.07亿港元。 ...

消息面上，8月20日，泡泡玛特2025年中期业绩发布会在香港举行。泡泡玛特创始人、董事长兼CEO王 宁表示，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。 王宁在发布会上还宣布："这周将发布mini版LABUBU。"针对这款产品，王宁表示，现在大家把 LABUBU挂在包上，以后说不定会挂在手机上，"我相信这应该是非常受欢迎的超级爆款。" 8月20日，泡泡玛特(9992.HK)盘中拉升涨超8%，股价触及305港元，再创历史新高，市值突破4000亿港 元。 | 泡泡玛特 v | | | | | | | --- | --- | --- | --- | --- | --- | | HK9992 港股通 空 L2 | | | | | | | 304.800 市值 4069.1亿 量比 | 6.83 | | | | | | 303.000 5 | 267.600 | 1.45% | 流通 4069.1亿 | 换 | | | 22.200 7.91% 开 | 市图 54.64 | 56.54亿 | 275.000 | 额 | | | 恒生消费 ETF 0.10% 含泡泡玛特 11.5% > | 相关 ...

Core Viewpoint - Pop Mart (09992) has seen a significant increase in stock price, reaching a historical high of 318.4 HKD, driven by strong mid-year performance and optimistic revenue projections for the year [1] Financial Performance - For the first half of the year, Pop Mart reported revenue of 13.88 billion HKD, representing a year-on-year growth of 204.4% [1] - Adjusted net profit for the same period was 4.71 billion HKD, showing a year-on-year increase of 362.8% [1] - The gross profit margin reached 70.3%, an increase of 6.3 percentage points year-on-year, marking a historical high [1] Market Expansion - The Chairman and CEO, Wang Ning, expressed a goal of achieving 20 billion HKD in revenue this year, with a confident outlook suggesting that 30 billion HKD is also attainable [1] - Morgan Stanley's report indicated that Pop Mart's net profit exceeded their expectations by 5%, highlighting a strong IP platform and significant sales growth across various regions: - Greater China sales grew by 135% - Asia-Pacific sales increased by 258% - Americas sales surged by 1142% - Europe and other regions saw a growth of 729% [1] - The share of overseas sales has risen to 40%, indicating successful international expansion [1] Profitability and Operational Efficiency - The increase in gross profit margin was primarily driven by overseas price adjustments and economies of scale [1] - Growth was attributed to IP and product development rather than excessive reliance on marketing or channel expansion [1] - The high operating profit margin is expected to become the new norm as operational leverage in overseas markets gradually materializes, suggesting further potential for profit enhancement [1]

消息面上，泡泡玛特国际集团最新财报显示，上半年泡泡玛特营收138.8亿元（人民币，下同），同比 增长204.4%，经调整净利润47.1亿元，同比增长362.8%。半年营收、净利润均超2024全年。创始人王宁 在2025中期业绩发布会上表示，集团取得了有史以来最好的业绩，预计全年营收不低于300亿元。 王宁表示："这周就要发布Mini 版LABUBU，以前可能大家是挂在包上，可能从下周开始，大家甚至可 以挂在手机上，它的使用场景会更多。" #泡泡玛特股价大涨#【#迷你版LABUBU本周发布#】港股泡泡玛特（09992.HK）早盘涨超8%，股价达 首次突破300港元，刷新上市以来新高。#南财·快讯# ...

Core Insights - The company reported a significant increase in revenue and profit for the first half of the year, with total revenue reaching 13.876 billion yuan, a year-on-year growth of 204.4%, and a profit attributable to shareholders of 4.574 billion yuan, up 396.5% [1] Revenue Breakdown - Revenue from China amounted to 8.283 billion yuan, reflecting a growth rate of 135.2% year-on-year [1] - Revenue from the Asia-Pacific region reached 2.851 billion yuan, with a remarkable growth of 257.8% [1] - Revenue from the Americas was 2.265 billion yuan, showing an extraordinary increase of 1142.3% [1] - Revenue from Europe and other regions totaled 478 million yuan, marking a growth of 729.2% [1] Market Expansion - The chairman and CEO expressed confidence in the overseas market performance, noting that revenue from the Americas now accounts for over 16% of total revenue, with plans to increase the number of stores in North America from approximately 40 to over 60 by the end of the year [1] - The company is optimistic about future growth in the North American, Asia-Pacific, and European markets [1] Artist IP Performance - By the first half of 2025, the company expects to have 13 artist IPs generating over 100 million yuan in revenue, including LABUBU, THE MONSTERS, MOLLY, SKULLPANDA, CRYBABY, and DIMOO, which generated revenues of 4.814 billion yuan, 1.357 billion yuan, 1.221 billion yuan, 1.218 billion yuan, and 1.105 billion yuan respectively during the reporting period [1] New Product Launch - The company is set to launch a new Mini version of LABUBU, which is anticipated to become a popular item, as it can be attached to mobile phones [2]

Core Insights - Pop Mart (9992.HK) saw a nearly 7% increase in intraday trading, reaching a historical high of 299.8 HKD, with a market capitalization exceeding 400 billion HKD [1] - Founder Wang Ning projected that the company's total revenue for the year would not be less than 30 billion RMB [1] - Wang emphasized that having a single IP account for a large proportion of the company's revenue is not unhealthy, and introduced the upcoming mini version of LABUBU, indicating potential for more diversified applications in the future [1] Financial Performance - On August 19, Pop Mart released its financial report, showing that revenue for the first half of 2025 reached 13.88 billion RMB, representing a year-on-year growth of 204.4% [1] - The adjusted net profit for the same period was 4.71 billion RMB, reflecting a significant year-on-year increase of 362.8% [1]

Core Insights - Bubble Mart reported a revenue of 13.88 billion yuan for the first half of 2025, representing a year-on-year growth of 204.4% [1] - The adjusted net profit for the same period was 4.71 billion yuan, showing a significant increase of 362.8% [1] - The gross margin for the first half of 2025 was 70.3%, up by 6.3 percentage points compared to the previous year [1] Business Performance - The IP incubation and operation business saw the "LABUBU" series from THE MONSTERS generate a revenue of 4.81 billion yuan, a staggering growth of 668.0%, accounting for 34.7% of total revenue [1] - Classic IP "MOLLY" generated 1.36 billion yuan, up 73.5%; SKULLPANDA generated 1.22 billion yuan, up 112.4%; CRYBABY generated 1.22 billion yuan, up 248.7%; DIMOO generated 1.11 billion yuan, up 192.5% [1] Product Categories - Driven by popular IPs like LABUBU, plush products achieved a revenue of 6.14 billion yuan, a remarkable growth of 1276.2%, making up 44.2% of total revenue [1] - Figurines generated 5.18 billion yuan, with a year-on-year increase of 94.8%, accounting for 37.3% of total revenue [1] - MEGA products generated 1.01 billion yuan, up 71.8%, contributing 7.3% to total revenue; derivative products and others generated 1.55 billion yuan, up 78.9%, accounting for 11.2% [2] Regional Performance - In April 2025, Bubble Mart initiated a global organizational restructuring, establishing regional headquarters in four major areas [2] - Revenue from China reached 8.28 billion yuan, up 135.2%; Asia-Pacific revenue was 2.85 billion yuan, up 257.8%; Americas revenue was 2.26 billion yuan, up 1142.3%; Europe and other regions generated 480 million yuan, up 729.2% [2] - As of June 30, 2025, Bubble Mart operated 571 stores across 18 countries, with 40 new stores added in the first half of the year and 105 new robot stores [2] Store Performance - In the Chinese market, 12 new offline stores were added, totaling 443, with offline revenue of 5.08 billion yuan, up 117.1% [2] - Online channels in China generated 2.94 billion yuan, a growth of 212.2%, with box machines contributing 1.13 billion yuan, up 181.9%, and content e-commerce channels generating 560 million yuan, up 168.6% [2] - In the Americas, 19 new offline stores were added, reaching 41, with offline revenue of 840 million yuan, up 744.3% [3] - In Europe, 4 new offline stores were added, totaling 18, with offline revenue of 280 million yuan, up 569.6% [3] - In the Asia-Pacific region, 5 new offline stores were added, reaching 69, with offline revenue of 1.53 billion yuan, up 203.5% [3]

Core Insights - The core viewpoint of the article highlights the significant growth in Pop Mart's mid-year performance for 2025, showcasing record revenue and profit figures, along with a successful organizational restructuring [1] Financial Performance - In the first half of the year, Pop Mart reported revenue of 13.88 billion yuan, representing a year-on-year increase of 204.4% [1] - The adjusted net profit for the same period was 4.71 billion yuan, reflecting a year-on-year growth of 362.8% [1] - The gross profit margin reached 70.3%, an increase of 6.3 percentage points compared to the previous year, marking a historical high [1] Regional Performance - Revenue from China amounted to 8.28 billion yuan, up 135.2% year-on-year [1] - Revenue from the Asia-Pacific region (excluding the Americas) was 2.85 billion yuan, showing a growth of 257.8% [1] - Revenue from the Americas reached 2.26 billion yuan, with an impressive year-on-year increase of 1142.3% [1] - Revenue from Europe and other regions was 480 million yuan, reflecting a growth of 729.2% [1] Product Performance - The "LABUBU" series within "THE MONSTERS" was the top revenue generator, contributing 4.81 billion yuan, which accounts for 34.7% of total revenue [1] - Other series such as "MOLLY," "SKULLPANDA," and "CRYBABY" each surpassed 1 billion yuan in revenue [1] - For the first half of the year, revenue from plush products reached 6.14 billion yuan, marking the first time it exceeded the revenue from figurines [1]

此外，泡泡玛特会员数字化规模快速扩大。截至2025年6月30日，中国内地累计注册会员总数从2024年 12月31日的4608万人增长至5912万人，新增注册会员数1304万人。2025上半年会员贡献销售占比 91.2%，会员复购率为50.8%。 IP收入来看，LABUBU所在的THE MONSTERS营收48.1亿元，占比34.7%；MOLLY、SKULLPANDA、 CRYBABY和DIMOO营收均突破10亿元；13大艺术家IP收入破亿，IP矩阵愈发多元健康。 2025年上半年，毛绒实现营收61.4亿元，同比增长1276.2%，占比44.2%，收入占比首次超过手办。手办 实现营收51.8亿元，同比增长94.8%，占比37.3%；MEGA实现营收10.1亿元，同比增长71.8%，占比 7.3%；衍生品及其他营收15.5亿元，同比增长78.9%，占比11.2%。 截至6月30日，泡泡玛特在全球18个国家开设了共571家门店，其中线下门店新增40家，机器人商店新增 105台。 8月19日，泡泡玛特国际集团发布2025年半年报，财报显示，上半年泡泡玛特营收138.8亿元(人民币， 下同)，同比增长204.4%，经调 ...

Core Insights - The Chinese潮玩 industry has experienced rapid growth, becoming a new growth point in cultural consumption, driven by the popularity of blind box toys and plush figures that provide emotional value to young consumers [1][3] - A潮玩 store on Nanjing Road in Shanghai has seen significant foot traffic, with a reported revenue of 13.04 billion yuan in 2024, marking a year-on-year increase of 106.9%, indicating a strong consumer interest in original潮流 IPs [3] - The Chinese潮玩 industry is gaining global attention, with a focus on潮流 culture and IP creativity, successfully attracting a fan base both domestically and internationally [3][7] Industry Developments - The Chinese government has initiated measures to further cultivate new growth points in cultural and tourism consumption, emphasizing the development of fashionable domestic潮流 products and brands [7] - Domestic潮玩 companies are continuously innovating their product lines and consumption scenarios to strengthen connections with both domestic and international consumers [7] - The vibrant潮玩 consumption market also faces risks of overheating, prompting industry experts to call for stricter enforcement of regulations and collaborative efforts from families, schools, and platforms to guide rational consumption among minors [11]