广博集团股份有限公司 证券代码：002103 证券简称：广博股份 答：在 IP 运营层面，公司深化市场洞察与 IP 矩阵搭建，既攻坚头部 IP 资源，又深耕小众 IP 蓝海。小众 IP 凭借其独特的圈层文化属性，能精 准触达细分消费群体，而头部 IP 则具备强大的流量聚合能力，两者结 合可形成互补，为公司产品注入差异化价值，以 IP 运营作为引擎，持 续为国内市场发展提供新动能。同时，公司通过积极参加各类行业展会、 粉丝互动，全力构建从内容热度到消费转化的全链路营销体系，持续强 化公司 IP 商业化运营。 4、公司下半年重点发展的 IP，主要品类有哪些？ 答：公司目前授权 IP 包括"诡秘之主"、"诛仙"、"名侦探柯南"、 "面包超人"、"JOJO"、"HUNTER×HUNTER（猎人）"、"银魂"、 "三丽鸥"、"猫福珊迪 （鲨鱼猫）"、"Brunch Brother（吐司兄 弟）"、"魔道祖师"、"天官赐福"、"初音未来"、"盗墓笔记"、 "龙族"、 "咒术回战"等多个国内外热门 IP，后续公司将配合不同 IP 的宣传周期、市场热点等因素，有节奏地向市场推广公司 IP 联名产 品，主要品类包括徽章（吧唧） ...

以下文章来源于20社 ，作者罗立璇 贾阳 来源丨20社（ quancaijing_20she ） 作者丨 罗立璇 贾阳 近日，泡泡玛特公布了上半年财报，业绩增长特别猛，比市场预期更猛，比我们的猜测更猛。 王宁说的一句"300亿很轻松"。里面那种自信、乐观的感觉，资本市场有一段时间没有见到了。 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%。 关注年轻人的钱包、工作和生活。 20社 . 泡泡玛特业绩增长的幕后功臣，当然首推Labubu，财报发布会上，这也是分析师们关注的焦点。 除了Labubu，这个成绩背后还有另一个主角，就是毛绒。 根据泡泡玛特本次财报披露的IP和品类收入占比，毛绒一整个类别的增速惊人，甚至超过了人气鼎盛 的Labubu整个IP。 第二增长曲线 先来看一下数据。 IP方面，今年上半年Labubu所在的THE MONSTERS营收48.1亿元，占比34.7%； 品类方面，毛绒收入占比首次超过手办。毛绒实现营收61.4亿元，同比增长1276.2%，占比 44.2%，超过手办的37.3%。 仅从数据来说，毛绒对泡泡玛特的收入贡献，超 ...

Core Insights - The company reported a revenue of 13.88 billion yuan for 1H25, representing a year-on-year increase of 204%, and a net profit of 4.68 billion yuan, up 386%, exceeding previous forecasts [1] - The company's global brand recognition and IP value have rapidly increased, leading to significant growth in both revenue and profitability [1] Revenue Growth - Revenue by region: China 8.28 billion yuan (up 135%), Asia-Pacific 2.85 billion yuan (up 258%), Americas 2.26 billion yuan (up 1142%), Europe and others 480 million yuan (up 729%) [1] - Store count increased to 443 in China, 69 in Asia-Pacific, 41 in the Americas, and 18 in Europe, with significant expansions in the U.S. and Europe [1] IP and Product Development - Five major IPs generated over 1 billion yuan each, with THE MONSTERS achieving a revenue increase of 668% to 4.81 billion yuan, accounting for 34.7% of total revenue [2] - Revenue from plush toys increased by 1276%, with the company launching nearly 20 new products across various styles and materials [2] Profitability Improvement - Gross margin reached 70.3%, up 6.3 percentage points, driven by improved overseas sales and supply chain negotiation capabilities [2] - Adjusted net profit margin improved to 33.9%, reflecting operational leverage and cost management [2] Future Outlook - The company is optimistic about the potential for creating multiple successful IPs and expanding into new business areas such as toys, accessories, and content ecosystems [2] - Adjusted net profit forecasts for 2025 and 2026 have been raised by 13% and 15%, respectively, indicating strong growth potential [3]

Investment Rating - The report maintains a "Buy" rating for the company [5][9]. Core Insights - The company reported a revenue of 13.876 billion yuan for the first half of 2025, representing a year-over-year increase of 204.4%, and a net profit attributable to shareholders of 4.574 billion yuan, up 396.5% year-over-year [1][5]. - The company is expanding its global presence, with significant growth in the Americas and Asia-Pacific regions, and a strong performance in the domestic market [1][2]. - The company anticipates a full-year revenue of no less than 30 billion yuan for 2025, with plans to increase its store count in overseas markets [2][3]. Revenue and Profitability - In the first half of 2025, the company's revenue breakdown shows 8.28 billion yuan from China, 2.26 billion yuan from the Americas, 2.85 billion yuan from Asia-Pacific, and 480 million yuan from Europe and other regions [1]. - The adjusted net profit for the first half of 2025 was 4.710 billion yuan, with an adjusted net profit margin of 33.9% [1][5]. - The company expects net profits for 2025 to reach 11.128 billion yuan, with significant growth rates projected for the following years [3][8]. Market Expansion and IP Performance - The company has successfully launched multiple IPs, with five major IPs generating over 1 billion yuan in revenue in the first half of 2025 [2]. - The fastest-growing IP, "THE MONSTERS," generated 4.814 billion yuan, accounting for 34.7% of total revenue [2]. - The company plans to enter new markets in the Middle East, Central Europe, and Central South America, indicating a strong potential for future growth [2].

分区域看，中国/亚太/美洲/欧洲及其他营收分别实现82.8/28.5/22.6/4.8亿元，同增 135%/258%/1142%/729%，门店数量相比2024年末分别增加12/5/19/4家至443/69/41/18家，亚太加强精细 化运营，美国市场快速拓展覆盖范围，欧洲深化区域总部建设，提前布局剑桥等地标门店;线上方面， 抽盒机、内容电商等各渠道效能提升，34个国家上线自研APP(登顶美国APP Store购物榜)，搭建消费场 景，各区域线上均实现更快增速，占比分别为36%/38%/59%/33%。 IP矩阵"一超多强"，品类多点开花 1)IP方面，1H25五大IP营收破10亿元、13个IP营收破亿元，THE MONSTERS/MOLLY / SKULLPANDA/ CRYBABY / DIMOO分别同增668% /74% /112% /249% /193%至48.1 /13.6 /12.2/12.2/11.1亿元，THE MONSTERS跻身世界级IP行列，收入占比34.7%，星星人等新锐IP增势迅猛，2H24推出后1H25规模即 达3.9亿元，针对多元风格IP公司采取差异化运营，IP生命力进一步提升， ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 325 CNY [1][6]. Core Insights - The company has shown significant revenue growth, achieving 13.88 billion CNY in revenue for H1 2025, a year-on-year increase of 204%, and a net profit of 4.57 billion CNY, up 396.5% year-on-year [7][10]. - The success of the Labubu IP has driven substantial revenue growth across various regions, with notable increases in the Americas (1142.3% growth) and Europe (729.2% growth) [10]. - The company has improved its gross margin to 70.34%, an increase of 6.20 percentage points year-on-year, due to a higher proportion of overseas revenue and effective cost control [10]. Summary by Sections Company Overview - The company operates in the toys and leisure products industry, with a market capitalization of 170.42 billion CNY and a share price of 280.80 CNY as of August 19, 2025 [2]. Recent Performance - The company reported a significant increase in revenue and net profit for H1 2025, with major contributions from various IPs, including THE MONSTERS and MOLLY [10]. - The product mix includes 37.3% from figurines, 44.2% from plush toys, and 7.3% from MEGA products [3]. Financial Projections - The company expects to achieve net profits of 9.7 billion CNY, 14.75 billion CNY, and 20.9 billion CNY for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 210%, 52%, and 42% [12]. - The earnings per share (EPS) are projected to be 7.22 CNY, 10.98 CNY, and 15.56 CNY for the same years, with current price-to-earnings (P/E) ratios of 36, 24, and 17 [12].

Core Insights - The core viewpoint of the article highlights the impressive financial performance of Pop Mart International Group in the first half of 2025, showcasing significant revenue and profit growth driven by its strong IP portfolio [1][2]. Financial Performance - In the first half of 2025, Pop Mart reported revenue of 13.88 billion RMB, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion RMB, up 362.8% [1]. - The company's IP-driven strategy has led to substantial revenue contributions from its key IPs, with LABUBU's THE MONSTERS generating 4.81 billion RMB, accounting for 34.7% of total revenue and showing a remarkable growth of 668.0% [2]. IP Portfolio and Revenue Breakdown - The five major IPs, including THE MONSTERS, MOLLY, SKULLPANDA, CRYBABY, and DIMOO, each surpassed 1 billion RMB in revenue, with CRYBABY achieving a growth rate of 248.7% [1][2]. - The revenue breakdown by product category shows plush toys generating 6.14 billion RMB (up 1276.2%), figures for figurines at 5.18 billion RMB (up 94.8%), and MEGA products at 1.01 billion RMB (up 71.8%) [2]. Global Expansion - Pop Mart has continued its global expansion by opening flagship stores in key locations such as Cambridge, UK, and Bali, Indonesia, bringing the total number of stores worldwide to 571 across 18 countries [3]. - The online channel in the Chinese market has also seen significant growth, achieving revenue of 2.94 billion RMB, a year-on-year increase of 212.2% [3].

Core Viewpoint - Bubble Mart reported a remarkable half-year performance for 2025, with revenue exceeding 100 billion RMB and net profit surpassing last year's total [2] Revenue Performance - In the first half of 2025, Bubble Mart achieved revenue of 138.8 billion RMB, a year-on-year increase of 204.4%, and adjusted net profit of 47.1 billion RMB, up 362.8% [2] - The LABUBU IP under THE MONSTERS generated revenue of 48.1 billion RMB, marking a staggering growth of 668% [3][6] - Other IPs such as MOLLY, SKULLPANDA, CRYBABY, and DIMOO also surpassed 10 billion RMB in revenue, with respective growth rates of 73.5%, 112.4%, 248.7%, and 192.5% [6] IP Business - IP is the core business of Bubble Mart, with significant revenue growth driven by LABUBU's global popularity [5] - Five major IPs achieved revenue exceeding 10 billion RMB, while 13 other IPs surpassed 1 billion RMB [6] Product Segmentation - For the first time, plush toy revenue exceeded that of figurines, with plush revenue at 61.4 billion RMB (up 1276.2%) and figurine revenue at 51.8 billion RMB (up 94.8%) [7] Regional Performance - Revenue from the China region reached 82.8 billion RMB, a growth of 135.2%, while the Asia-Pacific region saw revenue of 28.5 billion RMB, up 257.8% [11] - The Americas and Europe also experienced explosive growth, with revenue increases of 744.3% and 569.6%, respectively [11] Global Expansion - As of June 30, 2025, Bubble Mart operated 571 stores across 18 countries, with 40 new offline stores and 105 new robot stores added [11] - The company aims to build a comprehensive and diverse commercial ecosystem centered around IP [12]

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，泡泡玛特营收138.8亿元(人民币，下同)，同比增长204.4%；经调整净利润47.1亿元， 同比增长362.8%。半年度营收突破百亿元，净利润超过2024年全年，集团业绩再创新高，各项经营指标表现优异。 这是泡泡玛特全球组织架构调整后的首份财报，首次披露了中国、亚太(指中国以外的其他亚洲及大洋洲国家和地区)、美洲和欧洲及其他地区四大区域业 绩：中国营收82.8亿元，同比增长135.2%；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%。四大区域业绩均实现三位数增长，美洲增速更是超10倍，国际化战略迎来爆发。 作为全球领先的潮流文化娱乐集团，IP孵化与运营始终是泡泡玛特发展的核心动力。上半年，泡泡玛特旗下诸多IP收获超高人气，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收入破亿元，IP矩阵愈发多元健 康。 随着全球渠道的持续 ...

8月19日，泡泡玛特国际集团发布2025年半年报，财报显示，上半年泡泡玛特营收138.8亿元（人民币，下同），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，集团业绩再创新高，各项经营指标表现优异。 作为全球领先的潮流文化娱乐集团，IP孵化与运营始终是泡泡玛特发展的核心动力。上半年泡泡玛特旗下诸多IP收获超高人气，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收入破亿，IP矩阵愈发多元健 康。上半年，毛绒品类营收61.4亿元，收入占比首次超过手办，产品创新为业绩高速增长注入强劲动能， 推动泡泡玛特成为更加开放包容的全球化IP平台。 泡泡玛特始终以IP为核心，探索IP的多元化表达并深挖IP价值。2025年上半年，毛绒实现营收61.4亿元，同比增长1276.2%，占比44.2%；手办实现营收51.8 亿元，同比增长94.8%，占比37.3%；MEGA实现营收10.1亿元，同比增长71.8%，占比7.3%；衍生品及其他营收15. ...