Core Viewpoint - The article discusses the recent surge in popularity and stock price of Pop Mart, highlighting its impressive financial performance and strategic approach to IP development. Financial Performance - On August 20, Pop Mart's stock price surged, surpassing 300 HKD for the first time, reaching a market capitalization of 420.9 billion HKD [2] - For the first half of 2025, Pop Mart reported revenue of 13.88 billion CNY, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion CNY, up 362.8% [3][4] IP Development Strategy - CEO Wang Ning introduced a Mini version of LABUBU, emphasizing the importance of not over-exploiting the IP to maintain its value [5][7] - Wang compared the potential of a successful IP to a gold mine, suggesting that its true commercial value begins to emerge once it gains global recognition [5] - Despite the popularity of LABUBU, Pop Mart has been cautious in expanding its physical stores, expecting a net increase of no more than ten stores in China this year [7] New Product Launches - Starting August 21, Pop Mart will launch several new products, including collaborations with singer Zhou Shen, with some items already seeing significant price increases on resale platforms [8][12] - The new IP, HIRONO, generated 730 million CNY in revenue, a 197% increase, while the Star People IP achieved 390 million CNY in revenue, making it one of the fastest-growing new IPs [15] Diverse IP Portfolio - Wang expressed that having a diverse range of IPs is crucial for the company's health, similar to how Mickey Mouse represents Disney [16]

Core Viewpoint - Pop Mart's stock price surged over 8%, surpassing 300 HKD for the first time, with a market capitalization exceeding 400 billion HKD [1] Financial Performance - For the first half of 2025, Pop Mart reported revenue of 13.876 billion RMB, a year-on-year increase of 204.4% [4][5] - Gross profit reached 9.761 billion RMB, up 234.4% year-on-year [5] - Operating profit was 6.044 billion RMB, reflecting a 436.5% increase [5] - Profit attributable to the company's owners was 4.574 billion RMB, a 396.5% rise compared to the previous year [4][5] - Basic earnings per share were 344.17 RMB, up 395.3% [5] Product and IP Contribution - Plush products generated revenue of 6.139 billion RMB, a staggering increase of 1276.2%, accounting for 44.2% of total revenue [6] - The LABUBU IP from THE MONSTERS contributed 4.81 billion RMB, representing 34.7% of total revenue [6] Supply Chain and Production Capacity - The production capacity for plush toys has increased to approximately 30 million units per month, over ten times the capacity from the same period last year [4] Future Growth and Expansion - The company aims for revenue of 20 billion RMB this year, with expectations to easily reach 30 billion RMB [3] - Pop Mart plans to expand its presence in regions such as the Middle East, South Asia, Central and South America, and Russia, while also increasing flagship and travel retail stores in major cities [8] - As of now, Pop Mart has 140 overseas stores, with projections to exceed 200 by the end of the year [8] - Revenue from the Asia-Pacific region for the first half of 2025 was 2.85 billion RMB, up 257.8%, while revenue from the Americas reached 2.26 billion RMB, a 1142.3% increase [8]

责任编辑：梁斌 SF055 8月20日，泡泡玛特召开2025中期业绩发布会，公司创始人王宁在会上表示，集团取得了有史以来最好 的业绩。"这半年有我们很多努力的结果，也有很多我们想象不到的惊喜"。 王宁还表示，今年本希望公司营收能够做到200亿，但是感觉今年应该300亿也很轻松。 王宁特别提到Labubu已经成为一个世界级IP。他还透露，本周将发布mini版Labubu，相信会成为超级爆 款。 据泡泡玛特发布2025年半年报显示，上半年泡泡玛特营收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%。 ...

Core Viewpoint - Bubble Mart reported a remarkable half-year performance for 2025, with revenue exceeding 100 billion RMB and net profit surpassing last year's total [2] Revenue Performance - In the first half of 2025, Bubble Mart achieved revenue of 138.8 billion RMB, a year-on-year increase of 204.4%, and adjusted net profit of 47.1 billion RMB, up 362.8% [2] - The LABUBU IP under THE MONSTERS generated revenue of 48.1 billion RMB, marking a staggering growth of 668% [3][6] - Other IPs such as MOLLY, SKULLPANDA, CRYBABY, and DIMOO also surpassed 10 billion RMB in revenue, with respective growth rates of 73.5%, 112.4%, 248.7%, and 192.5% [6] IP Business - IP is the core business of Bubble Mart, with significant revenue growth driven by LABUBU's global popularity [5] - Five major IPs achieved revenue exceeding 10 billion RMB, while 13 other IPs surpassed 1 billion RMB [6] Product Segmentation - For the first time, plush toy revenue exceeded that of figurines, with plush revenue at 61.4 billion RMB (up 1276.2%) and figurine revenue at 51.8 billion RMB (up 94.8%) [7] Regional Performance - Revenue from the China region reached 82.8 billion RMB, a growth of 135.2%, while the Asia-Pacific region saw revenue of 28.5 billion RMB, up 257.8% [11] - The Americas and Europe also experienced explosive growth, with revenue increases of 744.3% and 569.6%, respectively [11] Global Expansion - As of June 30, 2025, Bubble Mart operated 571 stores across 18 countries, with 40 new offline stores and 105 new robot stores added [11] - The company aims to build a comprehensive and diverse commercial ecosystem centered around IP [12]

复盘 Labubu 发展历程，如何看待爆品 IP 的"运"与 "势"？20250811 摘要 拉布布 IP 通过萌化形象和独特的暗黑纯真反叛特质，区别于传统可爱 IP，更贴合当代年轻人情绪，迅速走红。 2023 年 9 月推出的心动马卡龙毛绒挂件是拉布布破圈的关键，盲盒形 式和社交属性使其迅速传播，后续系列如"作作派对"、"前方高能" 及联名款持续丰富产品线。 2024 年 4 月，泰国明星 Lisa 的社交平台曝光引爆拉布布热度，明星效 应助推其成为全球潮流象征，类似于暴力熊和 Cos 的成功路径。 拉布布系列通过推出不同版本挂件、子品牌和限定款，并构建角色故事 线，增强了 IP 的多元化和消费者互动性。 公司采取"七分饱"供应策略维持市场热度，但实际需求远超预期，导 致二手市场溢价较高，如 3.0 版本隐藏款溢价曾达数十倍。 公司通过预售调控供需，抑制过高溢价，延长 IP 生命周期，同时借助高 端拍卖会提升品牌价值，如拉布布曾以 108 万元高价成交。 泡泡玛特计划通过短片、电影、主题乐园等形式扩展 IP 影响力，并借鉴 迪士尼经验，打造全球潮流综合性文化娱乐集团。 Q&A 拉布布这个 IP 的起源和形象 ...

Core Insights - The Chinese潮玩 (trendy toy) market has experienced explosive growth, with market value increasing from 6.3 billion yuan in 2015 to 60 billion yuan in 2023, and projected to reach 110.1 billion yuan by 2026 [2][3] - The rise of Labubu has significantly influenced the潮玩 industry, attracting more consumers and capital, while also leading to increased competition among brands [2][3][4] - The潮玩 market is characterized by a shift from materialistic consumption to emotional and social value, with consumers seeking identity recognition and emotional connection through潮玩 products [1][4] Market Dynamics - The潮玩 market is becoming increasingly crowded, with new brands emerging and competition intensifying as established players like泡泡玛特 dominate [2][4] - The top five潮玩 IP companies hold only 20.8% of the market share, indicating a fragmented industry with no clear monopoly [4][5] - The trend of emotional connection and companionship is becoming central to潮玩 design, with companies focusing on creating relatable and emotionally resonant IPs [5][6] Investment and Mergers - Significant mergers and acquisitions have occurred in the潮玩 sector, including量子之歌 acquiring 61% of Letsvan and万达电影 investing 144 million yuan in 52TOYS [3][4] - The influx of capital and interest in潮玩 is expected to drive further industry development, although it may also lead to resource concentration on popular IPs [3][4] Consumer Behavior - The consumer base for潮玩 is expanding, with increased accessibility through various retail channels, including online platforms and physical stores [2][3] - Social media plays a crucial role in shaping潮玩 culture, with platforms facilitating community engagement and content creation around潮玩 products [3][6] Future Trends - Companies are increasingly focusing on self-developed IPs, with plans to enhance their proprietary product offerings [5][6] - The潮玩 industry is exploring innovative marketing strategies, including collaborations with celebrities and immersive experiences to enhance consumer engagement [6][8] - Despite the growth, the潮玩 market is still perceived as niche, with ongoing challenges in reaching broader consumer demographics beyond urban centers [8][9]

Core Viewpoint - The recent surge in Pop Mart's stock price is attributed to the upcoming launch of a new product, the plush Labubu, expected in October, which has generated significant market interest [1][5]. Group 1: Product Launch and Market Response - On July 24, Pop Mart's stock rose by 4.37%, increasing its market capitalization by nearly 15 billion HKD, likely due to the announcement of the new Labubu product [1]. - The new plush Labubu, approximately 40 cm tall, features a colorful tie-dye design and is part of the same series as the previously released "Frontline High Energy" series [3]. - There is a mix of consumer reactions to the new product, with some expressing concerns about availability and others critiquing its design [3]. Group 2: Brand and Financial Performance - Labubu, created by Hong Kong artist Long Jia Sheng in 2015, has become a significant IP for Pop Mart, contributing to the company's revenue growth [5]. - Pop Mart's recent earnings forecast indicates a projected revenue increase of no less than 200% and a profit increase of no less than 350% for the six months ending June 30, 2025 [5]. - The company sells approximately 10 million Labubu figures each month, indicating strong demand that exceeds current supply chain capabilities [6][7]. Group 3: Strategic Insights and Future Plans - Pop Mart's founder, Wang Ning, addressed concerns about "hunger marketing," emphasizing efforts to optimize the supply chain to meet demand [7]. - The company is considering various ways to enrich the Labubu IP's narrative and is exploring potential collaborations with Hollywood for a movie adaptation [8]. - Wang Ning believes that while storytelling is important for IP success, it is not strictly necessary, and the company is focused on innovative ways to develop its IP [7][8].

Core Viewpoint - The popularity of LABUBU, a plush toy IP from Pop Mart, is attributed to over a decade of continuous IP operation and innovation in the trend toy industry, aiming to become a world-class Chinese consumer brand [1][27]. Group 1: Company Overview - Pop Mart was founded in 2010, initially as a trend collection store, and has since focused on the trend toy sector, leading to the creation of several well-known IPs like MOLLY and DIMOO [1][19]. - As of the end of last year, Pop Mart had over 46 million registered members in mainland China and more than 400 stores domestically, with ongoing expansion into international markets [1][27]. - The company aims to become a global leader in the trend toy industry, aspiring to be the "Disney of China" and now the "Pop Mart of the World" [1][27]. Group 2: Product and Market Dynamics - LABUBU has seen explosive demand, significantly outpacing supply, prompting the company to double its production capacity month over month [2][3]. - The company has implemented a pre-sale strategy to combat scalping and ensure that genuine customers can purchase the product [3][24]. - LABUBU's design, which aligns with its character as a forest spirit, has contributed to its popularity, showcasing the importance of artistic design in trend toys [4][6]. Group 3: IP Development and Strategy - Pop Mart's IP strategy is akin to Disney's, focusing on creating recognizable characters through artistic design rather than storytelling [8][12]. - The company believes that the emotional connection and recognition of IP characters can sustain their lifecycle, despite fluctuations in popularity [12][24]. - Pop Mart is exploring potential collaborations with Hollywood for LABUBU-related content, indicating a strategy to enhance IP engagement through multimedia [9][11]. Group 4: Global Expansion and Future Goals - In 2024, Pop Mart's overseas revenue is projected to reach 5.07 billion yuan, with expectations that international sales will surpass domestic sales [28][30]. - The company emphasizes the importance of balancing art and commerce, aiming to establish a global presence through direct store management and a focus on quality [29][30]. - Pop Mart's long-term vision includes creating high-value consumer products and becoming a new generation of world-class Chinese brands, with a commitment to sustainable growth [33].

Core Viewpoint - Haitong International maintains a target valuation of 35 times the price-to-earnings ratio for Pop Mart (09992) by 2025, raising the target price by 60% to HKD 316.7, while keeping an "outperform" rating [1] Group 1: Financial Performance - Pop Mart's performance in the first half of the year exceeded expectations, with significant year-on-year growth attributed to the global recognition of its IPs and a diverse range of product categories driving rapid revenue growth across regions [1] - The company is expected to achieve revenues of RMB 35.1 billion, RMB 53.5 billion, and RMB 69.1 billion for the years 2025 to 2027, reflecting year-on-year growth rates of 169%, 53%, and 29% respectively [2] - Adjusted net profits are projected to be RMB 11.2 billion, RMB 17.8 billion, and RMB 23.8 billion for the same years, with year-on-year growth rates of 229%, 58%, and 34% respectively [2] Group 2: Operational Insights - The increase in overseas revenue proportion and changes in revenue structure positively impacted both gross and net profit margins, alongside enhanced economies of scale [1] - The company has successfully diversified its IP portfolio from reliance on a single product (MOLLY) to multiple successful IPs like PUCKY, DIMOO, SKULLPANDA, and more recently, THE MONSTERS and CRYBABY, reducing risks associated with dependence on a few IPs [1] - The long-term operational capability of Pop Mart's IPs has been validated, ensuring a higher sustainability of performance [1]

Core Insights - The LABUBU IP has gained immense popularity, leading to high resale prices and difficulties for collectors to purchase at retail prices [1] - Bubble Mart has successfully developed multiple IPs, with four generating over 1 billion yuan in annual revenue [1][2] Group 1: LABUBU Popularity and Market Dynamics - LABUBU's popularity has resulted in a significant increase in resale prices, with tickets for its pop-up store selling for 2400 yuan and initial figures being resold at over 20 times their original price [1] - The high resale prices have discouraged some long-time collectors, who express concerns about the authenticity of products and the excessive premiums charged by resellers [1] Group 2: Financial Performance of IPs - In 2024, MOLLY achieved a revenue of 2.09 billion yuan, marking a year-on-year growth of 105.2% [2] - SKULLPANDA generated 1.31 billion yuan in revenue, reflecting a year-on-year increase of 27.7% [2] - CRYBABY reported a remarkable revenue of 1.16 billion yuan, with a staggering year-on-year growth of 1537.2%, making it one of the fastest-growing new IPs to surpass 1 billion yuan in sales [2]