Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2][3]. Core Insights - The report highlights that LEGO Group achieved a revenue growth of 12%, reaching 34.6 billion Danish Krone (approximately 38.6 billion RMB), marking a historical high. Operating profit increased by 10% to 9 billion Danish Krone (approximately 10 billion RMB), and net profit also grew by 10% to 6.5 billion Danish Krone (approximately 7.3 billion RMB) [4][6]. - The continuous double-digit growth in LEGO's performance is attributed to product innovation, global expansion, and strategic collaborations with leading IPs [5][11]. Summary by Relevant Sections Product Innovation - In the first half of 2025, LEGO launched a record 314 new product sets, catering to diverse consumer needs, including a new flower series popular during Valentine's Day and Mother's Day, and a collaboration with Formula 1 [9]. - The company initiated the "She Built That" campaign to encourage girls to express their creativity as builders, and plans to launch LEGO® Pokémon in 2026 [9]. Global Supply Chain Expansion - LEGO is expanding its global footprint with a new factory in Vietnam and ongoing expansions in Mexico and Hungary. The new regional distribution centers in Belgium and Vietnam are set to enhance supply chain flexibility [9]. - An investment of over 1.5 billion USD is planned for a new factory and an 185,000 square meter regional distribution center in Virginia, USA, expected to be operational by 2027 [9]. Retail Experience Innovation - In the first half of 2025, LEGO opened 24 new brand retail stores, bringing the total to 1,079 stores across 54 markets. The company is investing in new technologies to enhance brand experiences for children, consumers, and retail partners [10].