业绩概览：公司发布2025 年半年报，2025H1 公司实现营收4.81 亿元，同比增长4.12%；实现归母净利 润3497.96 万元，同比下滑2.84%；实现扣非归母净利润3536.83 万元，同比下滑3.14%。2025Q2 公司实 现营收2.96 亿元，同比增长19.96%，环比增长60.00%；实现归母净利润2354.99 万元，同比增长 46.94%，环比增长106.04%；实现扣非归母净利润2421.27 万元，同比增长43.58%，环比增长117.04%。 探索战略外延发展方向，推出IP 运营厂牌和音乐厂牌。2025H1，公司推出IP 运营厂 牌"WARAWARA"和音乐厂牌"WAMUSIC"。公司设立IP 综合运营厂牌"WARAWARA"，通过孵化、收 购、总代等方式整合「三国幻战」、「鹅精病GEEESE!」、「天朝小吃二三事」、「苦熊GO-YA BEAR」、「鳄梨家族」等人气原创IP 和经典街机游戏IP「三国战纪」、「西游释厄传」等资源，丰富 线下场景娱乐的多元体验感及IP 应用维度。同时，公司致力于打通从游戏运营到内容消费的价值链 路，提升用户生命周期价值，设立了音乐厂牌"WA MUSI ...

Market Overview - On April 28, the toy and animation sectors experienced a collective surge, with companies like Chuangyuan Co. rising over 15% and Zhangyue Technology hitting the daily limit [1] - Other companies such as Tianzhou Culture, Huali Technology, Shifeng Culture, Gao Le Co., Xinghui Entertainment, and Aofei Entertainment also showed strong performance [1] Company Highlights - Chuangyuan Co. (300703.SZ) engaged in IP collaboration with Zhihu and Dunhuang Museum, launching products like the "Feiniaojiji" and Dunhuang cultural series, with a stock price of 15.43, up 7.90% [2] - Perfect World (002624.SZ) focused on IP development, leveraging both original and external IPs, with a stock price of 13.07, up 6.43% [2] - Huali Technology (301011.SZ) is promoting gaming equipment and anime IP derivative products, with a stock price of 26.13, up 4.52% [2] - Gao Le Co. (002348.SZ) has major IP collaborations with brands like Disney and Hello Kitty, with a stock price of 3.26, up 4.49% [2] - Shifeng Culture (002862.SZ) is actively collaborating with high-quality IPs and developing original toys, with a stock price of 23.90, up 3.42% [2] Event Highlights - On April 28, Pop Mart's stock surged over 12%, reaching a historical high [3] - On April 25, Pop Mart topped the U.S. App Store shopping chart and ranked fourth overall [4] - The release of Pop Mart's popular IP LABUBU's third-generation plush product led to trending searches on social media [4] Industry Insights - The global toy industry is entering a historical opportunity period characterized by cross-regional IP penetration, accelerated innovation, and improved channel networks [6] - The shift in consumer preferences from traditional toys to two-dimensional IP culture among younger generations is expected to sustain high demand for collectible toys [6] - The toy market is anticipated to benefit from popular film and streaming IPs by 2025, stimulating interest among young consumers [6] - Emerging categories like trendy toys, card games, and building toys are expected to see significant growth, with companies possessing IP, product, and channel advantages being noteworthy [6] - The AI toy market is still in its early stages, with potential for Chinese toy companies to leverage their manufacturing capabilities for competitive advantage in international markets [6]