Core Insights - The core viewpoint of the article highlights the impressive financial performance of Pop Mart in the first half of 2025, showcasing significant revenue growth and profitability, driven by strong sales in plush products and international expansion [1][2]. Financial Performance - Pop Mart reported a revenue of 138.8 billion RMB for the first half of 2025, representing a year-on-year increase of 204.4% [1]. - The gross profit margin reached 70.3%, an increase of 6.3 percentage points compared to the previous year, marking a historical high [1]. - Adjusted net profit for the period was 47.1 billion RMB, up 362.8% year-on-year, surpassing the total net profit for the entire year of 2024 [1]. - The company aims for a full-year revenue target of 200 billion RMB, with a potential to reach 300 billion RMB [1]. Revenue Breakdown - The plush product category's revenue exceeded that of figurines for the first time, generating 61.4 billion RMB in the first half of 2025 [2]. - The LABUBU series contributed 48.1 billion RMB, accounting for 34.7% of total revenue [3]. - Other notable IPs included MOLLY with 13.6 billion RMB (up 73.5%), SKULLPANDA with 12.2 billion RMB (up 112.4%), and CRYBABY with 12.2 billion RMB (up 248.7%) [3]. International Expansion - Revenue from the Chinese market reached 82.8 billion RMB, a growth of 135.2%, while the Asia-Pacific region saw a 257.8% increase to 28.5 billion RMB [7]. - The Americas experienced a remarkable growth of 1142.3%, with revenue reaching 22.6 billion RMB, and Europe and other regions grew by 729.2% to 4.8 billion RMB [7]. - As of June 30, 2025, Pop Mart operated 571 stores across 18 countries, with a net increase of 40 stores since the beginning of the year [7]. Market Sentiment - Despite the positive performance, some institutions express concerns about the sustainability of growth and short-term valuation risks [8]. - Goldman Sachs noted that while net profit growth exceeded expectations, it only "roughly met" the elevated expectations of buyers [8]. - Following the earnings report, Pop Mart's stock price rose by 12.54% to 316 HKD per share, with a year-to-date increase of over 249% [8].

以下文章来源于晚点LatePost ，作者晚点团队 晚点LatePost . 晚一点，好一点 LABUBU 们去年赶了几百场活动，赚了30亿。 文丨朱丽琨 编辑丨钱杨 来源 | 晚点LatePost （ID：postlate） 女明星 LABUBU 在过去一年里，全球飞，赶了数百场通告。她和她的 "精灵天团" THE MONSTERS，一年给泡泡玛特赚到的钱，几乎是王一博巅峰期给乐华一年挣到的 钱的 5 倍多。 LABUBU 在泰国被旅游部长接机，亮相伦敦哈罗德百货，手办几秒售罄。她高频出现、 闪亮登场在全球各地——呲着 9 颗牙坏笑。 "我们确实看到 LABUBU 有变成一个全球化超级 IP 的机会。" 今年 3 月，泡泡玛特首 席运营官司德对《晚点 La t ePost》说，"它不像过去我们在一个小市场里看到一个小机 会。现在是真的看到大机会了。我们在想怎样尽量接住这个机会。顺着机会把 LABUBU 推成未来的米老鼠、皮卡丘。" LABUBU 不仅席卷中国、东南亚，去年在北美市场也登顶公司销量榜。"LABUBU 突 然在全球爆火，坦白讲，我们压力很大"。司德说，"供应链的爬坡是一个很平缓的曲 线，才能保证 ...

LABUBU 们去年赶了几百场活动，赚了 30 亿。 编辑 丨 钱杨 女明星 LABUBU 在过去一年里，全球飞，赶了数百场通告。她和她的 "精灵天团" THE MONSTERS， 一年给泡泡玛特赚到的钱，几乎是王一博巅峰期给乐华一年挣到的钱的 5 倍多。 LABUBU 在泰国被旅游部长接机，亮相伦敦哈罗德百货，手办几秒售罄。她高频出现、闪亮登场在全球 各地——呲着 9 颗牙坏笑。 "我们确实看到 LABUBU 有变成一个全球化超级 IP 的机会。" 今年 3 月，泡泡玛特首席运营官司德对 《晚点 LatePost》说，"它不像过去我们在一个小市场里看到一个小机会。现在是真的看到大机会了。我 们在想怎样尽量接住这个机会。顺着机会把 LABUBU 推成未来的米老鼠、皮卡丘。" LABUBU 不仅席卷中国、东南亚，去年在北美市场也登顶公司销量榜。"LABUBU 突然在全球爆火，坦 白讲，我们压力很大"。司德说，"供应链的爬坡是一个很平缓的曲线，才能保证质量保证产能。没人想 到会有一个爆发性的增长，（产能）跳着往上爬的时候，确实经历了一个很痛苦的阶段。没办法，就是 硬顶上去。" 过去一年，他花大量精力在和各个工厂谈 ...