机构：国盛证券 研究员：徐程颖/陈思琪 事件：公司发布2025 年半年报。公司2025H1 实现营业总收入13.38 亿元，同比增长27.89%；实现归母 净利润2.97 亿元，同比大幅扭亏；经调整期间净利润3.2 亿元，同比增加9.6%。 中国市场增长稳健，加速海外扩张。分区域：中国、亚洲（除中国）、北美、其他收入分别同比增长 19%、652%、2136%、595%，公司加快国际市场拓展；分品类：拼搭玩具占比99.1%，积木玩具占比 0.9%。 扩充客群及性价比产品，IP持I续P拓情展况。：截至 25H1，公司共有 19个 IP，925 个 sku；上半年13 新个签署IP，新推出 273 个 sku。前四大IP 各自收入占比超10%，合计占比83.1%，去年同期前三大IP 占比92.3%。客群：16 岁以上年龄段产品收入占比14.8%，同比增长4.4pct；6-16 岁年龄段产品仍为主要 收入来源，占总收入的82.6%。价格：9.9 元产品收入215.5 百万元（去年同期无此类产品），销量48.6 百万盒。 盈利能力波动较大。毛利率：2025H1 公司毛利率同比-5pct 至48%。主要系1）产品结构变化 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 25 年 月 日 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | 限拓展可期》 2025-06-19 | | --- | --- | --- | --- | --- | --- | --- | | 营业收入(百万人民币) | 877 | 2,241 | 2,801 | 4,202 | 5,462 | | | 增长率 yoy（%） | 169.3 | 155.6 | 25.0 | 50.0 | 30.0 | | | 归母净利润(百万人民币) | -206 | -401 | 700 | 1,109 | 1,519 | | | 增长率 yoy（%） | 50.9 | -94.6 | 274.5 | 58.4 | 37.0 | | | EPS 最新摊薄（元/股） | -0.83 | -1.61 | 2.81 | 4.45 | 6.09 | | | 净资产收益率（%） | 12.8 | 25.1 | -77.9 | 523.5 | 87.7 | | | P/E（倍） | -142.1 | -73.0 ...

Core Viewpoint - The article discusses Bubble Mart's expansion into new industries beyond trendy toys, particularly focusing on the launch of its independent jewelry brand POPOP and its foray into the home appliance sector, highlighting the strategic choices and challenges involved in these ventures [3][39]. Group 1: Jewelry Expansion - Bubble Mart is diversifying into the jewelry sector with its brand POPOP, which features a range of fashion jewelry priced between 319 yuan and 26,990 yuan, with the most expensive item being an 18k gold necklace weighing 8.65 grams [6][28]. - The design approach for POPOP jewelry is currently seen as a mix of fashion and light luxury, using materials like S925 silver and zircon, but there are mixed opinions on the pricing and design originality among consumers [8][22]. - The company aims to leverage its existing IP value and cultural recognition to create a unique narrative in the fashion jewelry market, which is distinct from traditional fine jewelry brands [14][31]. Group 2: Challenges and Market Reception - Initial market reception for POPOP jewelry has been lukewarm, with reports of low foot traffic and consumer interest compared to the more popular toy lines, indicating a need for stronger brand engagement and marketing strategies [18][19]. - There are concerns regarding the clarity of IP representation in jewelry design, as some designs may not effectively translate the brand's identity into wearable art, which could hinder consumer appeal [10][12]. - The company faces the challenge of establishing a strong design identity and originality to differentiate itself from established jewelry brands like Pandora and Van Cleef & Arpels [23][24]. Group 3: Home Appliance Sector - Bubble Mart is also exploring the home appliance market, actively recruiting experts in this field, which suggests a strategic move to diversify its product offerings and tap into a growing industry [39][42]. - The home appliance industry in China is projected to reach a total revenue of 1.95 trillion yuan in 2024, with a year-on-year growth of 5.6%, indicating a robust market opportunity for new entrants [42]. - The company aims to inject emotional value into home appliances, similar to its approach in the toy and jewelry sectors, by leveraging its brand identity and consumer engagement strategies [44][48].

Core Viewpoint - Pop Mart is expanding its reach beyond trendy toys into various industries, including jewelry and potentially home appliances, indicating a strategic diversification of its business model [1][20]. Group 1: Jewelry Expansion - Pop Mart has launched an independent jewelry brand, POPOP, focusing on fashion jewelry with a price range from 319 yuan to 26,990 yuan, with the most expensive item being an 18k gold necklace weighing 8.65g [1][16]. - The jewelry line aims to leverage existing IPs like Labubu and Molly, but faces challenges in design and material quality, with mixed consumer feedback regarding pricing and aesthetics [3][11]. - The company is exploring the integration of its IPs into jewelry, but the execution has been criticized for lacking originality and clarity in design, which is crucial for success in the fashion jewelry market [14][19]. Group 2: Market Reception and Challenges - Initial market reception for POPOP has been lukewarm, with reports of low foot traffic and consumer interest compared to the more popular toy lines [10][27]. - Consumers have expressed concerns about the pricing of jewelry, with some feeling it is too high, while others who are fans of Pop Mart's products find it acceptable if the quality is sufficient [3][10]. - The design complexity of jewelry items has led to some products being oversized or lacking detail, which detracts from their appeal [5][7]. Group 3: Future Directions and Industry Context - Pop Mart is also venturing into the home appliance sector, hiring experts in the field, which reflects a broader strategy to diversify its product offerings and tap into established manufacturing capabilities in China [20][24]. - The company aims to create a lifestyle brand similar to luxury brands that have successfully expanded into various product categories, leveraging its existing IPs to enhance consumer engagement [18][27]. - The potential for Pop Mart to become a significant player in the jewelry and home appliance markets is supported by the growing consumer interest in unique, story-driven products, which aligns with the company's brand identity [8][28].

Core Insights - Popop, a jewelry brand under Pop Mart, has opened its second global store in Beijing, showcasing a strong demand for its products despite some stock shortages [2][4][14] - The price range of Popop products varies from 319 to 26,99 yuan, with some items exceeding 10,000 yuan, indicating a premium pricing strategy [6][11] - The store has a high female customer base, with over 80% of shoppers being women, and a notable acceptance of the brand's pricing despite higher costs compared to similar materials [2][11] Product Availability - Initial stock levels at the Beijing store are sufficient, but popular series like LABUBU, Hirono, and MOLLY are already facing shortages, particularly the LABUBU bracelet [4][12] - The most expensive item in the store is a pure gold necklace priced at 19,800 yuan, highlighting the brand's luxury offerings [6][9] Customer Experience - The store features various popular IPs and employs a follow-up recommendation approach by staff to enhance customer engagement [3][4] - Despite the positive reception, the store's physical setup is still being refined, which may affect the shopping experience [7] Market Positioning - Popop's products are priced significantly higher than similar items found on platforms like Taobao, indicating a strong brand premium [11] - The brand's focus on design over material quality resonates with consumers, who prioritize aesthetics in their purchasing decisions [11][12] Future Outlook - The founder of Pop Mart expressed intentions to explore various product categories, suggesting a potential for further expansion in the jewelry sector [14]