本报记者李豪悦 8月19日，泡泡玛特国际集团有限公司（以下简称"泡泡玛特"）发布2025年上半年业绩报告，截至2025 年6月30日止6个月，公司营收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%。此外，据记者了解，公司上半年的营收和经调整净利润金额均超2024年全年。 广州艾媒数聚信息咨询股份有限公司CEO张毅向《证券日报》记者表示，泡泡玛特上半年业绩的增长离 不开公司全球化战略的成功，也验证了中国品牌、中国经验和中国产品在全球具备向上发展的机会。最 后，泡泡玛特最近一年多在成本控制和科学管理上也有所提升。 上海夏至良时咨询管理有限公司高级研究员、大消费行业分析师杨怀玉向《证券日报》记者表示，泡泡 玛特的成功向我们证明了潮玩产业的终极竞争不是产品规模，而是文化符号的全球化能力。一个成功 的"IP"叠加中国成熟的供应链，再加入现在的AI技术实行数字化运营，都将为其他娱乐消费企业提供参 考。 据了解，这是泡泡玛特全球组织架构调整后的首份财报，首次披露了中国、亚太（指中国以外的其他亚 洲及大洋洲国家和地区）、美洲和欧洲及其他地区四大区域业绩：中国营收82.8亿元，同比增长 ...

Core Viewpoint - Pop Mart International Group Limited has demonstrated significant growth in its financial performance for the first half of 2025, driven by its successful global strategy and effective cost management [1][2]. Financial Performance - For the first half of 2025, the company reported revenue of 13.88 billion yuan, a year-on-year increase of 204.4% [1]. - Adjusted net profit reached 4.71 billion yuan, reflecting a year-on-year growth of 362.8% [1]. - The revenue and adjusted net profit for the first half of 2025 exceeded the total figures for the entire year of 2024 [1]. Regional Performance - Revenue from China was 8.28 billion yuan, up 135.2% year-on-year [1]. - Revenue from the Asia-Pacific region (excluding China) was 2.85 billion yuan, showing a growth of 257.8% [1]. - Revenue from the Americas reached 2.26 billion yuan, with an impressive increase of 1142.3% [1]. - Revenue from Europe and other regions was 480 million yuan, marking a growth of 729.2% [1]. - All four regions achieved over 100% growth, with the Americas showing a tenfold increase [1]. Strategic Insights - The success of Pop Mart is attributed to its global strategy, which highlights the potential for Chinese brands and products to thrive internationally [1]. - The ultimate competition in the trendy toy industry is not merely product scale but the ability to globalize cultural symbols [2]. - The integration of AI technology and a mature supply chain in China is seen as a reference for other entertainment and consumer companies [2]. Market Potential - As of August 19, 2023, Pop Mart's stock price has increased by over 200% year-to-date [3]. - Morgan Stanley has indicated that the company's platform value may be underestimated, with significant potential to tap into new IP art resources in the U.S., Europe, Japan, and Southeast Asia [3]. - The company is expected to cultivate local artists and diversify its IP and product offerings over the next 3 to 5 years as it expands its international market presence [3].