Core Insights - The company reported a remarkable revenue increase of 204.4% in the first half of 2025, reaching 13.88 billion RMB, with adjusted net profit soaring by 362.8% to 4.71 billion RMB [1][4][27] Group 1: Business Philosophy and Strategy - The founder's "slow company" philosophy emphasizes building a strong foundation over rapid growth, which has proven effective through strategic decisions made over the past decade [2][25] - The company adopts a "seven-point-full" operating philosophy, maintaining a balance between supply and demand, ensuring product scarcity to enhance value [6][18] - The long-term perspective is crucial, with a focus on gradual growth and optimization over a decade rather than seeking quick results [6][25] Group 2: Market Performance and Growth - The Americas market experienced an astonishing growth rate of 1142.3%, while Europe also saw triple-digit growth [4][19] - The company operates 571 direct-operated stores globally, allowing for direct consumer engagement and rapid market response [5][20] Group 3: Product and IP Strategy - The company has developed a comprehensive IP discovery and incubation system, akin to a record label, categorizing IPs into different levels for resource allocation [9][10] - The plush toy category emerged as the top revenue generator, with a 1276.2% increase, reflecting the company's strategic focus on core categories [13][26] Group 4: Supply Chain and Production - A robust supply chain supports the explosive growth, with production capacity increased over tenfold through lean manufacturing and automation [16][17] - The establishment of an overseas production base in Vietnam has significantly reduced costs and improved operational efficiency [16][17] Group 5: Globalization Strategy - The company's globalization strategy involves targeting major cities first, establishing brand influence in competitive markets [19][23] - The DTC model is replicated globally, ensuring a deep understanding of local consumer preferences through a localized team structure [20][23] Group 6: Emotional and Cultural Connection - The company emphasizes "retail entertainment," creating emotional connections with consumers beyond mere product sales [18][26] - The positioning as an "art company" using commercial means for promotion highlights the focus on emotional engagement rather than just product functionality [26][27]

Core Viewpoint - The opening of Bubble Mart's first global "Zhen Cang" store in Chengdu has attracted significant consumer interest, with long queues forming as adults wait to purchase high-end collectible toys, particularly the MEGA series, which are priced in the thousands of yuan [1][2][3]. Group 1: Store Opening and Consumer Behavior - The first "Zhen Cang" store opened in Chengdu SKP, with consumers queuing for hours to enter, indicating strong demand for high-end collectible toys [2][3]. - The store does not sell lower-priced items like LABUBU plush toys or blind box figures, focusing instead on the MEGA series, which are positioned as collectible items [2][3][9]. - The high price point of products, such as the MEGA SPACE MOLLY priced at 5,999 yuan, reflects their unique design and limited production [9][10]. Group 2: Financial Performance and Product Segmentation - Bubble Mart's 2024 annual report shows significant revenue growth across product categories, with MEGA series revenue reaching 1.68 billion yuan, a 146.1% increase year-on-year [3][5]. - The company has segmented its product lines into four categories, with figure toys generating 6.94 billion yuan (53.2% of revenue), plush toys at 2.83 billion yuan (21.7%), MEGA at 1.68 billion yuan (12.9%), and other IP-related products at 1.59 billion yuan (12.2%) [5][10]. Group 3: Market Strategy and Future Plans - The "Zhen Cang" store aims to cater to high-end consumers and is part of Bubble Mart's strategy to diversify its product offerings beyond blind boxes [9][10]. - The company plans to open a second "Zhen Cang" store in Beijing SKP, indicating confidence in the high-end collectible market [10]. - The store's limited edition products and collaborations, such as the MEGA SPACE MOLLY panda, are designed to enhance the brand's appeal and create a sense of exclusivity [12][13]. Group 4: Consumer Experience and Tax Benefits - The store's location in Chengdu SKP allows for a unique shopping experience, including a "buy and refund" tax benefit for eligible consumers, enhancing the attractiveness of the store for both local and international shoppers [7][13]. - The store is expected to become a landmark for tourists, particularly those interested in purchasing exclusive items not available overseas, contributing to a trend of "reverse shopping" [13].