机构：中金公司 研究员：徐卓楠/张雪晴/王杰睿 1H25 经调净利润超我们预期 1H25 收入138.8 亿元，同增204%，基本符合预告，期内溢利46.8 亿元，同增386%，超此前预告 （+350%），经调整净利润47.1 亿元，同增363%，略超我们预期。在全球化、集团化战略推进下，公 司品牌及旗下IP 全球认可度快速提升，业绩增速、盈利能力进一步向好，1H25 收入利润均超24 全年。 发展趋势 1、品牌全球破圈，传递多元潮流文化，四大区域快速增长。分区域看，中国/亚太/美洲/欧洲及其他营 收分别实现82.8/28.5/22.6/4.8 亿元， 同增135%/258%/1142%/729%，门店数量相比2024 年末分别增加 12/5/19/4 家至443/69/41/18 家，亚太加强精细化运营，美国市场快速拓展覆盖范围，欧洲深化区域总部 建设，提前布局剑桥等地标门店；线上方面，抽盒机、内容电商等各渠道效能提升，34 个国家上线自 研APP（登顶美国APP Store 购物榜）， 搭建消费场景， 各区域线上均实现更快增速， 占比分别为 36%/38%/59%/33%。 2、IP 矩阵"一超多强"，品 ...

在业绩发布会上，泡泡玛特的产能如何承接上半年爆发的市场 需求、IP可持续性成为投资者关注的焦点。 作者：罗文利 封图：现场供图 8月20日，泡泡玛特（09992.HK）召开2025年中期业绩发布会。发布会上，泡泡玛特董事长兼 CEO王宁对今年全年的业绩指引提出了比年初预测的200亿元更高的数字："300亿也没问题。" 8月19日晚，泡泡玛特发布了一份"全面开花"的半年成绩：营收为138.8亿元，同比增长204.4%； 经调整净利润为47.1亿元，同比增长362.8%。 在业绩发布会上，泡泡玛特的产能如何承接上半年爆发的市场需求、IP可持续性成为投资者关注的 焦点。 今年上半年，LABUBU作为泡泡玛特旗下IP在全球市场迎来爆发增长。半年报显示，LABUBU所 属的THE MONSTERS营收为48.1亿元，占营收比重为34.7%，该IP去年同期营收为6.26亿元，同 比增长约668.4%。泡泡玛特联席首席运营官司德称，毛绒（品类）的需求量过大，目前公司仍在 追产能的阶段，"坦白地说，我们下半年产能确实会面临比较大的挑战"。 泡泡玛特供应链中心总裁袁俊杰在业绩发布会上透露，泡泡玛特当前一个月的毛绒品类产量等同于 ...

Group 1 - The Oklahoma City Thunder may soon be sold, following the trend set by the Boston Celtics after their championship win [1] - The sale of NBA teams has reached record highs, with significant interest from investment firms [3][5] - The average valuations of professional sports teams have skyrocketed, with NBA teams seeing a 1176% increase since 2004, reaching an average of $3.8 billion [5][7] Group 2 - Since 2019, multiple North American sports leagues have lifted restrictions on private equity investments in teams, leading to increased participation from private equity firms [7][9] - The trend of group ownership and professional management is emerging, as managing high-value sports teams requires specialized knowledge and resources [16][19] - The integration of sports teams into larger investment portfolios is becoming common, with owners leveraging their assets for better negotiation power and operational efficiency [11][12][14]

Core Viewpoint - The article discusses the expansion of Pop Mart's independent jewelry brand POPOP, highlighting its strategic focus on globalization and diversification of product offerings, particularly through leveraging popular IPs like LABUBU [1][3][4]. Group 1: Brand Expansion and Strategy - POPOP opened its first global store in Shanghai and a second store in Beijing, featuring products from various popular IPs under Pop Mart [1]. - The founder and CEO, Wang Ning, emphasized the importance of jewelry as a significant category for the company's growth and diversification efforts [2][4]. - Pop Mart's strategy includes increasing overseas revenue and expanding its business around IPs, with overseas revenue reaching 1.066 billion yuan in 2023, accounting for 16.9% of total revenue, and projected to grow to 5.07 billion yuan in 2024, representing a 375.2% increase [3]. Group 2: Market Performance and Consumer Behavior - The launch of the POPOP brand is seen as a move towards a more diversified business model, with the potential for high profitability compared to licensing IPs to other brands [6]. - The popularity of LABUBU has significantly influenced consumer purchasing behavior, with 83% of surveyed respondents considering buying products associated with LABUBU [7]. - The high demand for LABUBU products has led to market disruptions, including incidents of scalping and stock shortages, which have raised concerns about consumer experience and brand reputation [7][8]. Group 3: Financial Performance and Market Sentiment - Despite a significant increase in stock price over the past year, recent market reactions have shown caution, with a 6.04% drop in stock price on June 17, resulting in a market value loss of approximately 22.3 billion HKD [8]. - The company's stock has seen a cumulative increase of over 200% in the past year, but there are growing concerns about whether the stock price has outpaced the company's growth potential [8]. - The company has initiated measures to improve consumer access to LABUBU products, including online pre-sales to mitigate the impact of scalping [11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential relative price increase of over 15% within the next six months [4][29]. Core Views - The company is expected to achieve profitability in 2024, with significant improvements in net loss, which narrowed by 58.6% year-on-year to a loss of 269 million USD [2][3]. - Revenue for 2024 reached 1.031 billion USD, reflecting a year-on-year growth of 9.6% (excluding exchange rate effects), although this growth was slightly below expectations due to price adjustments from domestic industry procurement policies [2][3][8]. - The company is focusing on cost reduction and efficiency improvements, which are anticipated to support its path to profitability [12][14]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.031 billion USD, with a year-on-year growth of 9.6% [2][3]. - The net loss for 2024 was 269 million USD, a significant reduction from the previous year's loss of 646 million USD [2][3]. - EBITDA turned positive, improving from a loss of 370 million USD in the previous year to a profit of 60 million USD [2][3]. Business Segments - The coronary business generated 166 million USD in revenue, growing by 9.9%, with domestic sales increasing by 2.0% and overseas sales by 47.0% [9]. - The orthopedic segment achieved 253 million USD in revenue, up 6.2%, with domestic sales rising by 26.1% [9]. - The self-owned product export business saw a remarkable growth of 84.7%, reaching 96 million USD in revenue [3][10]. Future Outlook - For 2025, the company is expected to continue its growth trajectory, with projected revenues of 1.141 billion USD, representing a growth rate of 10.67% [15][16]. - The company anticipates achieving a significant reduction in losses, with a forecasted net profit of -53 million USD for 2025, followed by a profit of 91 million USD in 2026 [15][16]. - The ongoing global expansion of self-owned products is expected to be a key growth driver, with the company entering over 100 countries and regions [10][11].