8月19日，泡泡玛特披露2025年中期业绩。财报显示，上半年泡泡玛特营收为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%。上半年公司毛利率为70.3%，同比提升了6.3个百 分点，多项数据创下历史新高。 在具体的产品上，"LABUBU"所在的"THE MONSTERS"系列是泡泡玛特上半年的"吸金王"，该系列上 半年营收48.1亿元，占比34.7%。"MOLLY""SKULLPANDA""CRYBABY"等系列的营收突破10亿元。另 外，今年上半年，泡泡玛特的毛绒品类营收61.4亿元，收入占比首次超过手办品类。 这是泡泡玛特全球组织架构调整后的首份业绩公告，也首次详细披露了中国、亚太(指中国以外的亚洲 和大洋洲国家与地区，也不包括美洲国家)、美洲和欧洲及其他地区四大区域业绩。具体来说，来自中 国的营收为82.8亿元，同比增长135.2%；来自亚太地区的营收为28.5亿元，同比增长257.8%；来自美洲 地区的营收为22.6亿元，同比增长1142.3%；来自欧洲及其他地区的营收为4.8亿元，同比增长729.2%。 ...

Core Viewpoint - The article discusses the rising popularity of the toy brand Pop Mart, particularly its Labubu character, among younger consumers, contrasting it with older generations' preferences for traditional luxury items like liquor and real estate. The brand's success is attributed to its effective use of social media and celebrity endorsements, leading to significant revenue growth and market presence in both domestic and international markets [1][2][10]. Group 1: Revenue Growth and Market Performance - In 2024, Pop Mart's revenue in mainland China is projected to reach 7.97 billion yuan, a year-on-year increase of 52.3%, while its overseas and Hong Kong, Macau, and Taiwan business revenue is expected to hit 5.07 billion yuan, showing a staggering growth of 375.2% [1]. - By June 4, 2025, Pop Mart's market capitalization reached 330.364 billion HKD, making it the top company in Asia's character economy [2]. - The Labubu series alone saw sales soar from 368 million yuan in 2023 to 3 billion yuan in 2024, marking a remarkable year-on-year growth of 726.6% [4]. Group 2: Social Media and Celebrity Influence - Labubu has become a "social currency" in the Western trend circles, with celebrities like Lisa and Rihanna showcasing the character on social media, leading to viral marketing success [2][7]. - The brand's strategy includes leveraging platforms like TikTok, where a live stream event sold 20,000 Labubu units, achieving a gross merchandise value of 1.5 million USD [6]. - The TikTok-related topics for Labubu have garnered over 5 billion views, indicating a strong engagement and interest from the audience [7]. Group 3: Brand Strategy and Market Positioning - Pop Mart's approach to IP development focuses on creating a "super IP" through collaborations with global artists, which has allowed it to build a diverse portfolio of characters [10][17]. - The company has successfully positioned Labubu as a luxury yet accessible product, pricing it 2-3 times higher in developed markets while maintaining a moderate premium in Southeast Asia [11]. - The brand's marketing strategy emphasizes emotional connection and consumer engagement, redefining the experience of purchasing collectible toys [20]. Group 4: Cultural and Market Insights - The success of Labubu reflects a shift in consumer behavior, where younger generations prefer unique, non-standardized products over traditional luxury items, driven by social media trends [11][13]. - Pop Mart's ability to resonate with global youth culture is seen as a significant factor in its international expansion, with the brand avoiding overtly emphasizing its Chinese origins [18]. - The article draws parallels between Pop Mart's rise and historical examples of successful cultural exports, suggesting that the brand's growth is indicative of China's evolving role in the global market [14][15].