Core Viewpoint - The inclusion of Pop Mart International Group in the Hang Seng Index reflects strong market recognition of its comprehensive strength, marking its first entry into the index alongside China Telecom and JD Logistics [3][12]. Group 1: Hang Seng Index Changes - The number of constituent stocks in the Hang Seng Index will increase from 85 to 88, effective September 8, 2025 [5][6]. - New additions include China Telecom Co., Ltd. - H shares, JD Logistics Co., Ltd., and Pop Mart International Group [7]. Group 2: Pop Mart's Performance - Pop Mart reported a revenue of 13.88 billion yuan for the first half of 2025, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [13]. - The company’s stock price increased by over 258% this year, with a market capitalization exceeding 430 billion HKD as of August 22 [13]. - Pop Mart's IP LABUBU has gained global recognition, contributing to a total revenue exceeding 1 billion yuan from its major IPs, indicating a strong market presence [12][13]. Group 3: Market Trends and Future Outlook - The Hang Seng Index has shown resilience, with a cumulative increase of over 20% in the first half of 2025 [12]. - Pop Mart aims for an annual revenue of no less than 30 billion yuan, leveraging its IP-driven business model to expand globally [13].

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]