Group 1 - Meituan's international delivery brand Keeta has officially launched in Doha, Qatar, marking a significant expansion in the Middle East market after Saudi Arabia [1][5] - Qatar is one of the highest GDP per capita economies globally, presenting substantial potential for the delivery market, which influenced Keeta's decision to enter this market [1] - Since 2023, Meituan has been actively participating in international competition, driven by technology to develop new business models, aligning with national goals [5] Group 2 - Keeta has already supported several brands, including McDonald's, for delivery orders in Doha [5] - Within less than a year of entering Saudi Arabia, Keeta has become one of the top three delivery platforms in the country, expanding its service coverage from 9 to 20 cities [5] - Meituan views internationalization as a long-term strategy, aiming to leverage local living experiences from China to compete globally and enhance its capabilities [5] Group 3 - Keeta plans to continue deepening its presence in the Middle East and aims to expand to more countries within the Gulf Cooperation Council (GCC) [5] - The company also intends to officially enter the Brazilian market within a few months [5]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the industry due to slowing growth and increased competition [1][2]. Financial Performance - For H1 2025, the company achieved a revenue of 1.299 billion yuan, down 21.59% year-on-year; net profit attributable to shareholders was 789 million yuan, down 29.57% year-on-year; and net profit excluding non-recurring items was 722 million yuan, down 33.70% year-on-year [1]. - In Q2 2025, revenue was 636 million yuan, down 25.11% year-on-year; net profit attributable to shareholders was 346 million yuan, down 41.75% year-on-year; and net profit excluding non-recurring items was 320 million yuan, down 42.83% year-on-year [1]. Profitability Metrics - The gross margin for H1 2025 was 93.44%, a decrease of 1.48 percentage points year-on-year; the net profit margin attributable to shareholders was 60.77%, down 6.88 percentage points year-on-year [2]. - In Q2 2025, the gross margin was 93.00%, down 2.26 percentage points year-on-year; the net profit margin attributable to shareholders was 54.38%, down 15.53 percentage points year-on-year [2]. Expense Ratios - The sales expense ratio for H1 2025 was 11.10%, an increase of 2.58 percentage points year-on-year; the management expense ratio was 5.34%, up 1.25 percentage points year-on-year; and the R&D expense ratio was 12.05%, up 4.46 percentage points year-on-year [2]. - In Q2 2025, the sales expense ratio was 12.39%, up 3.70 percentage points year-on-year; the management expense ratio was 5.99%, up 1.88 percentage points year-on-year; and the R&D expense ratio was 15.42%, up 7.38 percentage points year-on-year [2]. Product Performance - Revenue from solution-type injection products in H1 2025 was 744 million yuan, down 23.79% year-on-year, accounting for 57.27% of total revenue; gross margin was 93.15%, down 0.83 percentage points year-on-year [2]. - Revenue from gel-type injection products was 493 million yuan, down 23.99% year-on-year, accounting for 37.97% of total revenue; gross margin was 97.75%, down 0.23 percentage points year-on-year [2]. - Revenue from freeze-dried powder injection products was 19 million yuan, accounting for 1.50% of total revenue; revenue from facial implant lines was 3 million yuan, down 4.56% year-on-year, accounting for 0.26% of total revenue [2]. Other Income - Other income amounted to 39 million yuan, an increase of 38.88% year-on-year, accounting for 3.01% of total revenue [3]. R&D and Pipeline - The company has a strong R&D pipeline, with products such as botulinum toxin type A and minoxidil lotion submitted for review, and a local anesthetic cream application accepted for listing; other products are in clinical trials, which are expected to strengthen the company's leading position in the medical aesthetics sector [4]. Strategic Acquisition - The company completed the payment for 95% of the transaction price for the acquisition of South Korean REGEN, a key move in its internationalization strategy, which is expected to enhance its leading position in the medical aesthetic injection market and facilitate overseas business expansion [5]. Future Outlook - The company has adjusted its revenue and profit forecasts for 2025-2027 due to industry slowdown and increased competition, projecting revenues of 2.724 billion yuan, 3.190 billion yuan, and 3.715 billion yuan, and net profits of 1.630 billion yuan, 1.942 billion yuan, and 2.343 billion yuan for the respective years [5].

国际化是美团的长期发展战略之一。美团方面表示，未来，Keeta还将进一步拓展至中东更多市场，并 计划在数月内正式进入巴西。 编辑 杨娟娟 新京报贝壳财经讯（记者陈维城）当地时间8月19日11时，美团旗下国际外卖品牌Keeta正式在卡塔尔首 都多哈上线。这是继沙特阿拉伯之后，美团国际化业务在中东市场的又一重要突破。 自2024年9月正式进入中东的沙特阿拉伯后，7月底，Keeta在沙特阿拉伯完成了服务范围的进一步拓展 ——在原本9个核心城市的基础上新增覆盖11个城市，实现在沙特阿拉伯20个城市提供服务，基本完成 全域覆盖。 校对 刘军 ...

Core Insights - Bubble Mart reported record-high performance in its 2025 interim results, 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% [1] - CEO Wang Ning emphasized the importance of sustainable growth over aggressive expansion, focusing on the health of the company's growth metrics [1][2] - The LABUBU IP is seen as a significant asset, with potential for further development and diversification in product offerings [1][4] Financial Performance - Revenue for the first half of 2025 was 13.88 billion yuan, with a net profit exceeding the total for the entire year of 2024 [1] - The revenue from the LABUBU segment (THE MONSTERS) reached 4.81 billion yuan, a staggering increase of 668.0%, accounting for 34.7% of total revenue [4] - The plush toy category generated 6.14 billion yuan in revenue, surpassing the sales of figurines for the first time [4] Market Expansion - Bubble Mart plans to focus on markets in the Middle East, South Asia, Central and South America, and Russia, while continuing to expand flagship stores in major cities like Paris, Sydney, Milan, and New York [5] - The company currently operates 140 overseas stores, with expectations to exceed 200 by the end of the year [5] - Membership in mainland China grew significantly, with total registered members increasing from 46.08 million to 59.12 million, contributing 91.2% of sales [5] Product Development and Innovation - The company is enhancing its product offerings, with a focus on the LABUBU mini version and other diversified applications [2][4] - The supply chain has improved significantly, with plush toy production capacity now exceeding ten times that of the previous year, reaching approximately 30 million units per month [4] - Bubble Mart is also expanding into new business areas such as accessories, theme parks, and building blocks, which are gaining market attention [5] Stock Performance - Following the announcement of the interim results, Bubble Mart's stock price surged over 13%, reaching a historical high and a market capitalization exceeding 400 billion HKD [6]

Core Insights - In the first half of 2025, Pop Mart reported a revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8%, surpassing the total figures for the entire year of 2024 [1][4][6] Revenue and Profit Performance - The revenue and net profit for the first half of 2025 exceeded the total for the entire year of 2024, which were 13.04 billion yuan and 3.4 billion yuan respectively [6] - The gross margin for the first half of 2025 was 70.3%, an increase of 6.3 percentage points year-on-year, while the adjusted net profit margin was 33.9%, up 11.6 percentage points [4] IP Performance - The LABUBU IP achieved significant success, with THE MONSTERS generating 4.81 billion yuan in revenue, accounting for one-third of total revenue and showing a year-on-year growth of 668% [9] - Five major IPs, including THE MONSTERS, MOLLY, SKULLPANDA, CRYBABY, and DIMOO, each generated over 1 billion yuan in revenue [7] Regional Performance - Revenue from the Americas increased by over 10 times, reaching 2.26 billion yuan, while the Asia-Pacific region saw a revenue increase of 257.8% to 2.85 billion yuan [12][13] - The company opened its first stores in key locations such as Cambridge, UK, and Bali, Indonesia, expanding its global footprint to 571 stores across 18 countries [13][15] Online and Offline Sales - Online sales in China reached 2.94 billion yuan, a year-on-year increase of 212.2%, with significant contributions from various e-commerce platforms [25] - The company’s membership base grew from 46.08 million at the end of 2024 to 59.12 million by June 30, 2025, with members contributing 91.2% of sales [27]

Core Viewpoint - Pop Mart International Group reported a record high performance in the first half of 2025, with revenue reaching 13.88 billion RMB, a year-on-year increase of 204.4%, and adjusted net profit of 4.71 billion RMB, up 362.8% [1] Financial Performance - Revenue for the first half of 2025 was 138.8 billion RMB, with a net profit exceeding the entire year of 2024 [1] - The company achieved significant growth across all regions: - China: 8.28 billion RMB, up 135.2% - Asia-Pacific: 2.85 billion RMB, up 257.8% - Americas: 2.26 billion RMB, up 1142.3% - Europe and others: 480 million RMB, up 729.2% [1] IP and Product Performance - The core driver of growth remains IP incubation and operation, with LABUBU's THE MONSTERS generating 4.81 billion RMB, accounting for 34.7% of total revenue [2] - Five major IPs surpassed 1 billion RMB in revenue, with the plush category revenue reaching 6.14 billion RMB, surpassing figures for figurines for the first time [12][9] Global Expansion - Pop Mart opened its first stores in landmark locations such as Cambridge, UK, and Bali, Indonesia, with a total of 571 stores across 18 countries by June 30, 2025 [4] - The Americas saw a significant increase in offline stores, with 19 new openings, totaling 41, and revenue of 840 million RMB, up 744.3% [5] Online and Membership Growth - The company's online channels saw substantial growth, with total online revenue reaching 1.33 billion RMB in the Americas, up 1977.4% [7] - Membership numbers increased significantly, with total registered members in mainland China rising from 46.08 million to 59.12 million, contributing to 91.2% of sales [7] Operational Efficiency - The company reported a gross margin of 70.3%, an increase of 6.3 percentage points year-on-year, indicating improved operational and profitability metrics [7]

Core Viewpoint - The company is focusing on expanding its international presence, particularly in the Middle East, South Asia, Latin America, and Russia, while also enhancing its flagship stores in major cities worldwide [1] Group 1: International Expansion - The company plans to open its first store in the Middle East at Doha Airport, aiming to establish a significant presence in the region [1] - Currently, the company operates 140 overseas stores, with expectations to exceed 200 by the end of the year [1] Group 2: Revenue Growth - In the first half of 2025, the company's revenue in China reached 8.28 billion yuan, representing a year-on-year increase of 135.2% [1] - Revenue from the Asia-Pacific region was 2.85 billion yuan, showing a remarkable growth of 257.8% [1] - The Americas generated revenue of 2.26 billion yuan, with an extraordinary growth rate of 1142.3% [1] - Revenue from Europe and other regions amounted to 480 million yuan, reflecting a growth of 729.2% [1] - All four regions achieved over three-digit growth, with the Americas experiencing a tenfold increase, marking a significant success in the company's internationalization strategy [1]

当地时间8月19日上午11点，美团(03690)旗下国际外卖品牌Keeta正式在卡塔尔首都多哈上线。这是继沙特阿拉伯之后，美团国际化业务在中东市场的又一重 要突破。 Keeta表示，基于我们在沙特的良好进展，我们选择卡塔尔作为Keeta在中东的第二站。卡塔尔作为世界上人均GDP最高的经济体之一，其外卖市场具有巨大 的增长潜力。Keeta致力于为卡塔尔用户提供更好的外卖服务体验，助力当地餐饮商户、骑手等合作伙伴健康发展，并为当地的数字经济增长做出贡献。 ▲在卡塔尔首都多哈，Keeta已支持麦当劳、快乐蜂、星巴克等多家品牌外卖下单。 自2024年9月正式进入中东的沙特阿拉伯，Keeta充分展现了产品实力和技术优势，以更优质的外卖服务赢得了越来越多本土用户的青睐，并为当地餐饮商户 带来额外的线上订单增长。目前Keeta已成为沙特市占前三的玩家。 7月底，Keeta在沙特阿拉伯完成了服务范围的进一步拓展——在原本9个核心城市的基础上新增覆盖11个城市，实现在沙特20个城市提供服务，基本完成全 域覆盖。 国际化是美团的长期发展战略之一。未来，Keeta还将进一步拓展至中东更多市场，并计划在数月内正式进入巴西。 ...

美团国际化再下一城！当地时间8月19日上午11点，美团旗下国际外卖品牌Keeta正式在卡塔尔首都多哈上线。这是继沙特阿拉伯之后，美团国际化业务在中 东市场的又一重要突破。 Keeta表示，基于我们在沙特的良好进展，我们选择卡塔尔作为Keeta在中东的第二站。卡塔尔作为世界上人均GDP最高的经济体之一，其外卖市场具有巨大 的增长潜力。Keeta致力于为卡塔尔用户提供更好的外卖服务体验，助力当地餐饮商户、骑手等合作伙伴健康发展，并为当地的数字经济增长做出贡献。 在卡塔尔首都多哈，Keeta已支持麦当劳、快乐蜂、星巴克等多家品牌外卖下单 自2024年9月正式进入中东的沙特阿拉伯，Keeta充分展现了产品实力和技术优势，以更优质的外卖服务赢得了越来越多本土用户的青睐，并为当地餐饮商户 带来额外的线上订单增长。目前Keeta已成为沙特市占前三的玩家。 7月底，Keeta在沙特阿拉伯完成了服务范围的进一步拓展——在原本9个核心城市的基础上新增覆盖11个城市，实现在沙特20个城市提供服务，基本完成全 域覆盖。 国际化是美团的长期发展战略之一。未来，Keeta还将进一步拓展至中东更多市场，并计划在数月内正式进入巴西。 ...

Core Insights - The core viewpoint of the article highlights the exceptional financial performance of Pop Mart International Group in the first half of 2025, with significant revenue and profit growth across various regions and product categories [1][4][5]. Financial Performance - In the first half of 2025, Pop Mart reported revenue of 138.8 billion RMB, a year-on-year increase of 204.4%, and an adjusted net profit of 47.1 billion RMB, up 362.8% [1]. - The company achieved a record high in revenue and profit, with all operational metrics showing strong performance [1]. Regional Performance - Revenue from China reached 82.8 billion RMB, growing by 135.2%; Asia-Pacific revenue was 28.5 billion RMB, up 257.8%; the Americas saw revenue of 22.6 billion RMB, a staggering increase of 1142.3%; and Europe and other regions generated 4.8 billion RMB, growing by 729.2% [1]. - The Americas market focused on the U.S., with offline revenue increasing by 744.3% to 8.4 billion RMB, while Europe saw a 569.6% increase in offline revenue to 2.8 billion RMB [5]. Product Categories - The plush category generated revenue of 61.4 billion RMB, surpassing the figure for figurines for the first time, driven by product innovation [2][12]. - The top five IPs, including LABUBU and THE MONSTERS, each generated over 10 billion RMB in revenue, with THE MONSTERS alone achieving 48.1 billion RMB, a growth of 668.0% [9][10]. Online and Offline Channels - The online channel in the Americas generated 13.3 billion RMB, a remarkable increase of 1977.4%, while Europe and other regions saw online revenue of 1.6 billion RMB, up 1358.7% [7]. - The company opened new stores in iconic locations globally, with a total of 571 stores across 18 countries by June 30, 2025, including 40 new offline stores and 105 new robot stores [4]. Membership and Customer Engagement - The total number of registered members in mainland China grew from 46.08 million at the end of 2024 to 59.12 million by June 30, 2025, with member sales contributing 91.2% of total sales [7]. - The company’s gross margin reached 70.3%, an increase of 6.3 percentage points year-on-year, indicating strong operational efficiency [7]. Strategic Initiatives - Pop Mart is enhancing its international strategy with a global organizational restructuring, establishing regional headquarters to deepen its international presence [4]. - The company is committed to cultural exchange through its IPs, with initiatives like the "Star Children Meet Star People" event aimed at supporting children with autism [17].