Core Viewpoint - Pop Mart achieved its best performance ever in the first half of the year, with revenue of 13.88 billion yuan, a year-on-year increase of over 200%, and adjusted net profit of 4.71 billion yuan, a year-on-year increase of 362.8%, both exceeding the full-year levels of 2024 [1][8] Group 1: Financial Performance - The company had 13 IPs generating over 100 million yuan in revenue, with 5 IPs surpassing 1 billion yuan [1] - The LABUBU series demonstrated strong revenue generation, achieving 4.81 billion yuan, a year-on-year increase of 668%, and its revenue share increased from 13.7% to 34.7% [1][2] - The plush product category saw revenue increase by over 12 times, reaching 6.1 billion yuan, surpassing the sales of figurines for the first time [3] Group 2: Market Demand and Supply Chain - Despite not fully meeting market demand, the company reported a monthly production capacity of approximately 30 million plush toys, ten times that of the previous year [2] - The number of registered members in mainland China increased by 13.04 million, reaching 59.12 million, with stable sales contribution and repurchase rates from members [2] Group 3: International Expansion - The company is leveraging LABUBU's popularity to accelerate global expansion, with all four major regions (China, Asia-Pacific, Americas, Europe) achieving triple-digit growth [5] - The number of overseas stores doubled compared to the beginning of the year, with 70 new stores opened in the first half, and plans to exceed 200 stores by year-end [5][6] Group 4: Profitability and Margins - The gross margin increased to 70.3%, with the rise in overseas sales contributing 4 percentage points to this increase [7] - Adjusted net profit margin reached 33.9%, an increase of 11.6 percentage points year-on-year [7] Group 5: Future Outlook - The company is optimistic about achieving a full-year revenue target of 30 billion yuan, significantly higher than the initial guidance of 20 billion yuan [8] - Estimated full-year net profit could exceed 10 billion yuan, more than three times that of 2024 [9]