泡泡玛特盘子越做越大。8月20日，在泡泡玛特2025年中期业绩发布会上，泡泡玛特董事长兼CEO王宁 给了资本市场一个更高目标："今年300亿也很轻松。"除了总额外，市场更为关注IP持续性、海外扩张 策略以及产能能否接得住需求。泡泡玛特相关高管直言，追产能是现阶段重点，当前一个月的毛绒品类 产量等同于过去一年的产量，但还是担心下半年产能会面临更大的挑战。 供应链需要更灵活 财报显示，毛绒品类上半年营收61.4亿元，同比增长1276.2%。不仅在增速上领先，该品类在营收规模 和占比上也首次超越手办产品。具体来看，上半年毛绒营收达61.4亿元，手办则为51.8亿元，两者占总 营收的比例分别为44.2%和37.3%。 今年上半年，作为泡泡玛特旗下顶流IP的LABUBU实现爆发增长。半年报显示，LABUBU所属的THE MONSTERS营收48.1亿元，占总营收的34.7%，同比增长高达约668.4%。泡泡玛特联席首席运营官司德 坦言，LABUBU在今年上半年如此火爆，但其营收占比仅为34%—35%，证明上半年产能确实面临比较 大的挑战。 "当前一个月的毛绒品类产量等同于过去一年的产量"，泡泡玛特供应链中心总裁袁俊杰透 ...

Core Insights - The company aims for a revenue target of 30 billion RMB for the year, indicating confidence in its growth trajectory [2] - Key focus areas include IP sustainability, overseas expansion strategies, and capacity management to meet demand [2][3] Revenue and Growth - The IP LABUBU segment saw explosive growth, with revenue reaching 4.81 billion RMB, a 668.4% increase year-over-year [3] - The plush toy category generated 6.14 billion RMB in revenue, a 1276.2% increase, surpassing the sales of figurines for the first time [3] - Total revenue for the first half of 2025 was 13.88 billion RMB, a 204% increase from 4.56 billion RMB in the same period last year [11] Capacity and Supply Chain - The company is currently focused on increasing production capacity, with plush toy output in August reaching approximately 30 million units, a tenfold increase compared to the previous year [3][4] - Despite significant capacity increases, there are concerns about meeting the high demand in the second half of the year [3][4] R&D and Automation - The company is increasing R&D investments but prioritizing capacity expansion to meet current market demands [4] - Automation levels in production have improved to around 50%, significantly reducing labor needs and enhancing efficiency [4] Market Strategy - The company is pursuing a multi-channel strategy, with total revenue from China reaching 8.28 billion RMB, a 135.2% increase [5][6] - Online sales grew significantly, with revenue from online channels increasing by 212.2% to 2.94 billion RMB [5][6] International Expansion - The company is expanding internationally, with over 40 stores in the U.S. and plans to reach 60 by the end of the year [11][12] - Revenue from the Americas grew by 1142.3% to 2.26 billion RMB, while the Asia-Pacific region saw a 257.8% increase [12][13] Profitability - Gross profit for the first half of 2025 was 9.76 billion RMB, a 234.4% increase from 2.92 billion RMB the previous year, with gross margin rising to 70.3% [10][11]

在业绩发布会上，泡泡玛特的产能如何承接上半年爆发的市场 需求、IP可持续性成为投资者关注的焦点。 作者：罗文利 封图：现场供图 8月20日，泡泡玛特（09992.HK）召开2025年中期业绩发布会。发布会上，泡泡玛特董事长兼 CEO王宁对今年全年的业绩指引提出了比年初预测的200亿元更高的数字："300亿也没问题。" 8月19日晚，泡泡玛特发布了一份"全面开花"的半年成绩：营收为138.8亿元，同比增长204.4%； 经调整净利润为47.1亿元，同比增长362.8%。 在业绩发布会上，泡泡玛特的产能如何承接上半年爆发的市场需求、IP可持续性成为投资者关注的 焦点。 今年上半年，LABUBU作为泡泡玛特旗下IP在全球市场迎来爆发增长。半年报显示，LABUBU所 属的THE MONSTERS营收为48.1亿元，占营收比重为34.7%，该IP去年同期营收为6.26亿元，同 比增长约668.4%。泡泡玛特联席首席运营官司德称，毛绒（品类）的需求量过大，目前公司仍在 追产能的阶段，"坦白地说，我们下半年产能确实会面临比较大的挑战"。 泡泡玛特供应链中心总裁袁俊杰在业绩发布会上透露，泡泡玛特当前一个月的毛绒品类产量等同于 ...