Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching RMB 13.876 billion, a year-on-year increase of 204.4%, and net profit attributable to shareholders amounting to RMB 4.574 billion, up 396.5% [1] Revenue Breakdown - Revenue from various regions showed substantial growth: - Domestic sales in China reached RMB 8.283 billion, a year-on-year growth of 135.2% [1] - Revenue from the Asia-Pacific region was RMB 2.851 billion, growing by 257.8% [1] - Sales in the Americas surged to RMB 2.265 billion, an increase of 1142.3% [1] - Revenue from Europe and other regions amounted to RMB 478 million, up 729.2% [1] IP Performance - The company adopted a differentiated operational strategy to enhance the commercial viability of its IPs, resulting in strong sales performance [2] - Thirteen artist IPs generated over RMB 100 million in revenue, with notable contributions from: - THE MONSTERS: RMB 4.814 billion - MOLLY: RMB 1.357 billion - SKULLPANDA: RMB 1.221 billion - CRYBABY: RMB 1.218 billion - DIMOO: RMB 1.105 billion [2] IP Development - THE MONSTERS family, particularly the LABUBU character, has gained global popularity, marking its tenth anniversary with successful product launches [2] - The LABUBU third-generation plush series "Front High Energy" has created a significant buzz globally, showcasing the character's unique style and appeal [2] - The company plans to continue enhancing IP value through innovative product designs and sustained operations, aiming to establish LABUBU as a top-tier global IP with a long lifecycle [2]

智通财经获悉，8月19日，泡泡玛特国际集团发布2025年半年报，财报显示，上半年泡泡玛特(09992)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%。LABUBU所在的THE MONSTERS营收48.1亿元，占比34.7%；MOLLY、SKULLPANDA、CRYBABY和DIMOO营收均突破10 亿元，13大艺术家IP实现收入破亿。 ...

责任编辑：何俊熹 新浪科技讯 8月19日下午消息，泡泡玛特国际集团发布2025年半年报，财报显示，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%。半年营收突破百亿，净利润 超2024全年。 ...

智通财经获悉，8月19日，泡泡玛特国际集团发布2025年半年报，财报显示，上半年泡泡玛特(09992)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%。LABUBU所在的THE MONSTERS营收48.1亿元，占比34.7%；MOLLY、SKULLPANDA、CRYBABY和DIMOO营收均突破10 亿元，13大艺术家IP实现收入破亿。 ...

来源：滚动播报 泡泡玛特上半年营收138.8亿元人民币，预估137.6亿元人民币。同比增长204.4%。 ...

人民财讯8月19日电，泡泡玛特在港交所公告，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%。 ...

每经AI快讯，8月19日，泡泡玛特公告，2025年上半年收益138.76亿元，同比增长204.4%。上半年本公 司拥有人应占溢利45.74亿元，同比增长396.5%。 ...

泡泡玛特上半年净利润45.7亿元人民币，预估38.3亿元人民币。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Core Insights - The new card battle and IP cultural brand "ShanHun" has completed its first round of financing amounting to several hundred million yuan, led by Hillhouse Capital, with participation from Gao Rong Capital and Kaihui Fund, marking the largest financing in the潮玩IP and二次元谷子 market this year [1] - ShanHun's business model is similar to the booming "card games" strategy, focusing on collectible, social, and competitive attributes of trading card games (TCG) [1] - The company has partnered with well-known IPs such as "Identity V," "Genshin Impact," and "League of Legends," collaborating with leading domestic game companies like Tencent and NetEase [1] Company Development - ShanHun was co-founded by Sheng Chuan, a former executive in the card game market, and Yao Shuo Bin, chairman of Yaoji Technology, who recognized their shared vision for the Chinese card industry [2] - The company was established in early 2023, with initial funding from Yaoji Technology's advertising subsidiary, which also provided supply chain support [2] - The first product, "The British Library - Collection Series - Fantasy Dream Collection Card," was launched at the end of 2023, followed by a successful collaboration with NetEase's "Identity V" in early 2024 [3] Market Potential - The global TCG industry is projected to exceed 100 billion yuan by 2024, with China becoming the largest TCG market, surpassing Japan and the United States [5] - ShanHun aims to leverage its financing to establish deeper, long-term strategic partnerships with top global IPs and expand its presence in key markets such as North America, Europe, and Southeast Asia [4][5] Challenges and Opportunities - The TCG market in China is currently dominated by card games like "Ultraman" and "My Little Pony," which creates a competitive landscape that may hinder new entrants [6] - ShanHun's collaboration with "Genshin Impact" has shown promising sales, but the complexity of gameplay may limit its appeal to a broader audience [6][7] - The company plans to release an English version of its card series in late 2025, aiming to penetrate the more mature TCG markets in Europe and North America [7]

Core Viewpoint - The report from Credit Lyonnais highlights Pop Mart's efforts to create a compatible IP platform showcased at the Beijing Pop Toy Show in August, indicating strong demand for both established and emerging IPs [1] Group 1: Sales Drivers - Key sales drivers for Pop Mart include the strong demand for its iconic IP products such as The Monsters, Skullpanda, and Molly, as well as the monetization of emerging IPs like Twinkle Twinkle and Crybaby [1] - The company is also benefiting from ongoing overseas expansion and category diversification, which is expected to further penetrate customer life cycles [1] Group 2: Financial Forecasts - Credit Lyonnais has raised its sales and adjusted net profit forecasts for Pop Mart for the years 2025 to 2027 by 17% to 22% and 31% to 36%, respectively [1] - The adjusted net profit is projected to reach 10.1 billion yuan in 2025 [1] Group 3: Target Price and Rating - The target price for Pop Mart has been increased from 300 HKD to 318 HKD, based on the company's mid-term potential in building a sustainable IP incubation and monetization platform [1] - The rating is maintained at "Outperform" [1]