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]

责任编辑：李昂 8月20日，泡泡玛特2025年中期业绩发布会在香港举行。 泡泡玛特副总裁袁俊杰表示，泡泡玛特将一直坚持这几个"新"：新材料、新工艺、新标准、新制造。 关于新制造，袁俊杰指出，"以前，潮玩公仔行业的自动化水平一般在20%左右。到今天，经过我们的 自动化改造，泡泡玛特典型的工厂已经能够达到50%左右。" ...

8月20日，泡泡玛特召开2025中期业绩发布会，创始人王宁在会上表示，集团取得了有史以来最好的业 绩，预计全年营收不低于300亿元，相比数据自己更关注集团增长的健康度，更关注大数据增长背后的 小数字。8月19日，泡泡玛特发布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%。 王宁称，今年LABUBU新品相对比较克制，没有过度消耗这个IP，现有需求很大，未来会有很大的价 值。王宁还表示，本周将发布迷你版LABUBU，相信会成为超级爆款。 责任编辑：杨赐 ...

Core Viewpoint - The company aims for significant revenue growth, with expectations of reaching 200 billion yuan this year, potentially even 300 billion yuan, while emphasizing the importance of overall company health alongside revenue growth [3]. Group 1: Production Capacity - The production capacity for plush toys has increased to over ten times that of the same period last year, currently reaching around 30 million units per month, achieved through automation in production [3]. Group 2: Revenue Contribution from IPs - The revenue contribution from different IPs is diverse, with LABUBU from THE MONSTERS generating 4.81 billion yuan, accounting for 34.7% of total revenue in the first half of the year. Other IPs like MOLLY, SKULLPANDA, CRYBABY, and DIMOO each surpassed 1 billion yuan in revenue [3].

未来泡泡玛特将聚焦中东、南亚、中南美及俄罗斯等国家和地区。 8月20日，泡泡玛特召开2025中期业绩发布会，联席首席运营官文德一表示，未来泡泡玛特将聚焦中 东、南亚、中南美及俄罗斯等国家和地区。同时，将继续在法国巴黎、澳大利亚悉尼、意大利米兰、美 国纽约等核心城市推进旗舰店及旅游零售门店的布局。目前，泡泡玛特海外门店共有140家，预计年底 海外会超过200家门店。2025上半年，泡泡玛特亚太营收28.5亿元，同比增长257.8%；美洲营收22.6亿 元，同比增长1142.3%；欧洲及其他地区营收4.8亿元，同比增长729.2%。 ...

泡泡玛特还能找到下一个LABUBU吗？ 文｜《财经》特约撰稿人 胡苗 编辑 | 余乐 8月19日下午，泡泡玛特发布了2025年上半年财报，交出了一份亮眼的成绩单。 其上半年营收达138.8亿元，同比激增204.4%；经调整净利润47.1 亿元，同比增长362.8%。毛利率攀升至70.9%，海外市场毛利率更是高达75.5%。 在泡泡玛特的高速增长中，LABUBU功不可没。其所在的THE MONSTERS系列，在上半年实现了48.1亿元营收，占泡泡玛特总营收的34.7%。而在2023 年、2024全年，该系列的营收只达到了3.68亿元、30.4亿元。 | 年份 | | 营收（亿元） 同比增长率 营收比例 | | | --- | --- | --- | --- | | 2023 年 | 3.68 | | 5.84% | | 2024 年 | 30. 4 | 726. 6% | 23.3% | | 2025 年上半年 | 48.1 | 668. 0% | 34. 7% | LABUBU的爆火，也刺激了泡泡玛特在国际市场上的成长。上半年，泡泡玛特在美洲、欧洲市场分别实现了1142.3%、729.2%的显著增长。 但不能 ...

Core Viewpoint - The company emphasizes the significance of LABUBU becoming a world-class IP, indicating that the value extraction of this IP is just beginning [1] Group 1: Company Performance - In the first half of 2025, the revenue from THE MONSTERS, including LABUBU, reached 4.81 billion yuan, representing a year-on-year growth of 668.0% [1] Group 2: Product Development - The CEO mentioned that while there are many categories and development directions to explore for LABUBU as a symbolic IP, product development will remain relatively restrained [1] - A mini version of LABUBU is set to be released this week, with potential applications in more diverse scenarios in the future [1]