Core Viewpoint - Pop Mart International Group reported a record high performance in the first half of 2025, with revenue reaching 13.88 billion RMB, a year-on-year increase of 204.4%, and adjusted net profit of 4.71 billion RMB, up 362.8% [1] Financial Performance - Revenue for the first half of 2025 was 138.8 billion RMB, with a net profit exceeding the entire year of 2024 [1] - The company achieved significant growth across all regions: - China: 8.28 billion RMB, up 135.2% - Asia-Pacific: 2.85 billion RMB, up 257.8% - Americas: 2.26 billion RMB, up 1142.3% - Europe and others: 480 million RMB, up 729.2% [1] IP and Product Performance - The core driver of growth remains IP incubation and operation, with LABUBU's THE MONSTERS generating 4.81 billion RMB, accounting for 34.7% of total revenue [2] - Five major IPs surpassed 1 billion RMB in revenue, with the plush category revenue reaching 6.14 billion RMB, surpassing figures for figurines for the first time [12][9] Global Expansion - Pop Mart opened its first stores in landmark locations such as Cambridge, UK, and Bali, Indonesia, with a total of 571 stores across 18 countries by June 30, 2025 [4] - The Americas saw a significant increase in offline stores, with 19 new openings, totaling 41, and revenue of 840 million RMB, up 744.3% [5] Online and Membership Growth - The company's online channels saw substantial growth, with total online revenue reaching 1.33 billion RMB in the Americas, up 1977.4% [7] - Membership numbers increased significantly, with total registered members in mainland China rising from 46.08 million to 59.12 million, contributing to 91.2% of sales [7] Operational Efficiency - The company reported a gross margin of 70.3%, an increase of 6.3 percentage points year-on-year, indicating improved operational and profitability metrics [7]

Core Insights - The company remains confident in the overall extension of its IP despite existing challenges [1] - The Beijing Bubble Mart theme park is undergoing significant upgrades, with 50% of its area being iterated and upgraded [1] - The theme park has seen increased popularity, with visitor numbers surpassing the total from the previous year, even with half of its area closed [1] - The second phase of the theme park will double the area compared to the first phase [1]

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%。 ...

Group 1 - The core viewpoint is that the company is strategically managing its LABUBU IP to avoid overexploitation while recognizing significant existing demand and future value [1][2] - The company plans to launch a mini version of LABUBU, which is expected to become a major hit [1] - The stock price of the company has increased by nearly 6%, approaching 300 HKD, with a market capitalization nearing 400 billion HKD, marking a historical high [1] Group 2 - In the 2025 mid-year financial call, the CEO stated that the revenue contribution from a single IP is not considered unhealthy, emphasizing the importance of developing more original IPs for a healthier platform [2][3] - The revenue from LABUBU's segment, THE MONSTERS, reached 4.81 billion RMB, accounting for 34.7% of the company's total revenue [2] - The CEO expressed confidence in achieving a revenue target of 30 billion RMB for the year, indicating a focus on the health of the company's performance rather than just growth [4]

8月20日，泡泡玛特业绩发布会上，泡泡玛特供应链中心总裁袁俊杰表示，以毛绒玩具为例，现在一个 月的产能是去年同期的十倍以上，现在是3000万只左右。经济生产自动化是实现的办法。（第一财经记 者 揭书宜） (本文来自第一财经) ...

2025-08-20 10:46 南方财经8月20日电，港股泡泡玛特快速拉升涨5%，股价创历史新高。消息面上，泡泡玛特上半年收益 138.76亿元，同比增长204.4%；公司拥有人应占溢利45.74亿元，同比增长396.5%。 港股泡泡玛特涨5% 股价创历史新高 相关快讯 相关文章 南方财经8月20日电，港股泡泡玛特快速拉升涨5%，股价创历史新高。消息面上，泡泡玛特上半年收益 138.76亿元，同比增长204.4%；公司拥有人应占溢利45.74亿元，同比增长396.5%。 ...

Core Viewpoint - The company is focusing on expanding its international presence, particularly in the Middle East, South Asia, Latin America, and Russia, while also enhancing its flagship stores in major cities worldwide [1] Group 1: International Expansion - The company plans to open its first store in the Middle East at Doha Airport, aiming to establish a significant presence in the region [1] - Currently, the company operates 140 overseas stores, with expectations to exceed 200 by the end of the year [1] Group 2: Revenue Growth - In the first half of 2025, the company's revenue in China reached 8.28 billion yuan, representing a year-on-year increase of 135.2% [1] - Revenue from the Asia-Pacific region was 2.85 billion yuan, showing a remarkable growth of 257.8% [1] - The Americas generated revenue of 2.26 billion yuan, with an extraordinary growth rate of 1142.3% [1] - Revenue from Europe and other regions amounted to 480 million yuan, reflecting a growth of 729.2% [1] - All four regions achieved over three-digit growth, with the Americas experiencing a tenfold increase, marking a significant success in the company's internationalization strategy [1]

2025.08.20 王宁还表示："从IP贡献营收的占比来讲，首先我个人不认为如果有一个IP占比特别大，就不健康。我 觉得这个比例其实对于我们来讲也不是那么重要。我们相信其实每个IP都各具特色。"财报显示，从IP 分类，今年上半年，LABUBU所在的THE MONSTERS营收48.1亿元，占比34.7%。除此之外， MOLLY、SKULLPANDA、CRYBABY和DIMOO营收均突破10亿元。 本文字数：430，阅读时长大约1分钟 微信编辑| 七三 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 作者 |第一财经 揭书宜 8月20日，泡泡玛特业绩发布会上，泡泡玛特供应链中心总裁袁俊杰表示，以毛绒玩具为例，现在一个 月的产能是去年同期的十倍以上，现在是3000万只左右。经济生产自动化是实现的办法。 泡泡玛特创始人王宁表示，今年是希望营收能够做到200亿，但是感觉今年应该300亿也很轻松。虽然业 绩的增长是非常重要，但是对于整个公司来讲，健康度也很重要。 ...

US Treasury Market - The 2-year US Treasury yield decreased by 1.69 basis points to 3.738%[2] - The 5-year US Treasury yield fell by 2.27 basis points to 3.819%[4] - The 10-year US Treasury yield dropped by 2.54 basis points to 4.306%[4] Economic Data - In July, the total number of building permits in the US was 1.354 million, below expectations[3] - China's tax revenue from January to July decreased by 0.3% year-on-year, while non-tax revenue increased by 2%[3] - The stamp duty on securities transactions in China for January to July was 93.6 billion yuan, a year-on-year increase of 62.5%[3] Market Indices - The Nasdaq index closed at 21,314.95, down 1.46%[5] - The Dow Jones Industrial Average closed at 44,922.27, up 0.02%[5] - The S&P 500 index closed at 6,411.37, down 0.59%[5] - The Hang Seng Index closed at 25,122.90, down 0.21%[5]

Group 1 - The core viewpoint of the article highlights the strategic approach of the company in managing its IP, particularly LABUBU, indicating a focus on sustainable demand and future value [1][4] - The company plans to launch a mini version of LABUBU, which is anticipated to become a significant hit in the market [1] - The stock performance of the company has been strong, with shares rising nearly 6%, approaching 300 HKD, and a market capitalization nearing 400 billion HKD, marking a historical high [2] Group 2 - The CEO, Wang Ning, expressed that the revenue contribution from a single IP is not viewed as unhealthy, emphasizing the importance of developing more original IPs to establish a healthier platform [4] - The revenue from LABUBU's segment, THE MONSTERS, reached 4.81 billion CNY, accounting for 34.7% of the company's total revenue [4]