联合研究丨行业点评 [Table_Title] IP 衍生品产业研究（十三）：泡泡玛特 2025H1 业绩超预期， IP 平台化和全球化逻辑持续兑现 %% %% %% %% research.95579.com 丨证券研究报告丨 1 报告要点 [Table_Summary] 泡泡玛特发布 2025H1 业绩，2025H1 营收/经调整净利润 138.76/47.10 亿元（同比 +204.4%/+362.8%，均高于预告的 200%/350%），毛利率/经调整净利率为 70.3%/33.9%（同 比+6.3/+11.6pcts），毛利率提升来自 1）海外占比提升，2）优化产品设计和成本管控、提升对 供应商议价权，3）外采商品占比下降。近期泡泡玛特发布 THE MONSTERS 心底密码系列盲 盒新品，线上/线下发售时间分别为 8 月 28 日/8 月 29 日。 分析师及联系人 [Table_Author] 蔡方羿 高超 仲敏丽 SAC：S0490516060001 SAC：S0490516080001 SAC：S0490522050001 SFC：BUV463 SFC：BUX177 杨云祺 章颖佳 SAC： ...

Group 1 - The core message of the news is the impressive financial performance of Pop Mart in the first half of 2025, highlighting significant revenue and profit growth [2][3] - Pop Mart reported a revenue of 13.88 billion yuan, representing a year-on-year increase of 204.4% [3] - The adjusted net profit for the first half of 2025 reached 4.71 billion yuan, showing a remarkable year-on-year growth of 362.8% [3] Group 2 - The company achieved a revenue exceeding 10 billion yuan and a net profit surpassing the total for the entire year of 2024, marking a new high in its performance [3] - The CEO emphasized the success of the company's global expansion and the further development of its IP platform, indicating a strategic focus on international growth [3] - The LABUBU brand has expanded its reach, positioning itself as a world-class intellectual property [3]

Core Insights - Perfect World was awarded the "2025 Annual Digital Ecological Leading Enterprise Case" at the "Breaking Waves · Coexistence - 2025 China Digital Industry Ecological Conference" for its significant contributions to building a healthy and sustainable digital ecosystem [1] - The company has established a global strategy of "global production, global distribution, and global partnerships," exemplified by the creation of the global IP "Very Hero" through collaboration between its Chinese and French teams [1] - Perfect World's multi-platform open-world game "Tower of Fantasy" launched in 2022 topped the iOS game charts in over 40 countries and regions, indicating strong overseas user acceptance [1] - The company is developing an original supernatural urban open-world RPG game "Yihuan," which has completed its second domestic test and first overseas test, receiving positive feedback from players [1] - Perfect World aims to provide a seamless gaming experience across PC, mobile, and console platforms for global players [1] Industry Insights - The recent global success of Chinese IP products like Labubu and "Black Myth: Wukong" can be attributed to three key factors: hard power, confidence, and empathy [2] - The Chinese cultural industry has developed the necessary capabilities for top-tier IP creation, including content development, technical production, and brand output [2] - Cultural confidence among new-generation creators allows for effective storytelling and revitalization of traditional culture [2] - The rise of Generation Z has shifted the focus towards emotional engagement as a fundamental logic for IP success, making it crucial for companies to resonate deeply with global users [2] - Cultural products face unique challenges in international markets, including ideological, legal, and infrastructural barriers [2] - Legal compliance is essential for companies venturing abroad, with respect for diversity being a prerequisite for acceptance [2] - Perfect World plans to enhance its global capabilities and integrate into the global industry chain to promote Chinese culture internationally [2]

Core Viewpoint - Toho Co., Ltd. has announced a strategic partnership with Shanghai New Creative Cultural Development Co., Ltd. (SCLA) to promote the licensing and brand development of the "Godzilla" IP in mainland China [1][6]. Group 1: Partnership Details - SCLA will serve as the exclusive copyright agent for the "Godzilla" IP in mainland China, responsible for various licensing cooperation including merchandising, publishing, gaming, digital value-added services, offline events, and overall brand management [6]. - The collaboration aims to leverage SCLA's extensive experience and resources in the Chinese anime IP licensing sector to unlock the commercial potential of the "Godzilla" brand for Chinese consumers [6][8]. Group 2: Strategic Importance - This partnership is a significant implementation of Toho's mid-term management strategy "TOHO VISION 2032," which focuses on "planning and IP," "overseas expansion," and "animation" as core pillars to enhance the long-term value of Toho's IP [7]. - Toho Entertainment Asia Pte. Ltd. (TEA) has been established in Singapore to explore market dynamics and demands across Asia, reinforcing localized operational capabilities in the region [6][7]. Group 3: Market Potential - The "Godzilla" brand, which has been a cultural icon since its inception in 1954, is set to celebrate its 70th anniversary in 2024, highlighting its enduring popularity and potential for further commercial expansion in China [6][9]. - The CEO of Toho Global Inc. expressed confidence in the significant commercial expansion potential of the "Godzilla" IP in the Chinese market, especially given the success of Hollywood adaptations [7][8]. Group 4: Cultural Significance - SCLA's CEO emphasized the historical impact of the "Godzilla" series on Japanese cinema and its influence on global film creation, marking this partnership as a symbol of cultural exchange between China and Japan [8].