Core Viewpoint - The balanced development of multiple IPs is essential for the long-term and stable operation of the company, as well as for shaping global pop culture [2][3] Company Performance - During the mid-year performance release, the LABUBU IP was a focal point, with the THE MONSTERS series generating revenue of 4.81 billion yuan in H1 2025, a year-on-year increase of 668% [3] - THE MONSTERS series accounts for nearly 35% of total revenue, while five self-owned IPs generated over 1 billion yuan, and 13 IPs exceeded 100 million yuan in revenue [3][5] - The company emphasizes the importance of showcasing the best aspects of each IP to provide different consumers with companionship and joy [3] IP Development Strategy - The balanced growth of multiple IPs helps mitigate risks associated with reliance on a single IP, showcasing the company's operational capabilities in IP creation and management [5] - The company is focused on both classic IPs like MOLLY, SKULLPANDA, and DIMOO, which each contribute nearly 10% to total revenue, and new IPs like CRYBABY and HACIPUPU, which have shown rapid growth [7][12][14] - The classic IP MOLLY achieved revenue of 2.09 billion yuan in 2024, with a year-on-year growth of 105.2% [7] Market Expansion - CRYBABY, created by a Thai artist, has gained significant popularity in Thailand and has expanded into the North American market with a collaboration with the classic IP "Powerpuff Girls," achieving a revenue increase of 248.7% to 1.22 billion yuan in H1 2025 [12] - The company is also exploring new product categories beyond traditional collectibles, with plush toys becoming the top revenue contributor in H1 2025 [16] Cultural Impact - The emergence of LABUBU as a world-class IP from China signifies a shift in cultural consumption, moving towards fragmented content that emphasizes emotional value and self-expression [25][27] - The company aims to create a global cultural impact, with LABUBU being the first of many potential influential IPs [25][27]