Core Insights - The core viewpoint of the article highlights the impressive financial performance of Pop Mart International Group in the first half of 2025, with significant revenue and profit growth, and a focus on maintaining a healthy business model despite rapid expansion [2][4][5]. 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% [2]. - The revenue and net profit for the first half of 2025 surpassed the total figures for the entire year of 2024 [2]. - As of August 20, 2025, Pop Mart's stock price reached 316 HKD per share, marking a 12.54% increase and achieving a total market capitalization of 424.3 billion HKD [2]. Future Outlook - The founder of Pop Mart, Wang Ning, expressed optimism about achieving a revenue target of 20 billion RMB for the year, suggesting that 30 billion RMB is also feasible [4]. - The management anticipates an increase in net profit margin, projecting it to be around 35% for the year [4]. Product Strategy and IP Development - Pop Mart's strategy focuses on increasing production capacity to meet market demand while investing in R&D for materials and automation technology [5]. - The LABUBU IP remains a significant topic, with its sales accounting for less than 35% of total revenue, indicating a diversified IP portfolio [5][6]. - New IPs like HIRONO and Star People have shown strong revenue contributions, with HIRONO generating 730 million RMB and Star People contributing 390 million RMB in the first half of 2025 [6]. Supply Chain and Production Capacity - The plush product category achieved revenue of 6.14 billion RMB, a year-on-year increase of 1276.2%, and for the first time, its revenue share exceeded that of figurines [8]. - Monthly production capacity for plush products has reached approximately 30 million units, over ten times the capacity from the previous year [7][8]. - Pop Mart is planning to establish six global production bases to enhance production capacity alignment [8]. Organizational Structure and Management - The company has initiated a significant organizational restructuring to support its global strategy, aiming for a flatter management structure to improve efficiency [9]. - Wang Ning emphasized the importance of maintaining a healthy organizational environment and being responsive to challenges as the company grows [9].

（原标题：4000亿的泡泡玛特，为何主动"克制"?） 受业绩利好因素影响，泡泡玛特股价继续攀升。截至8月20日收盘，泡泡玛特报316港元/股，涨幅为 12.54%，创10个月来最大单日涨幅，总市值达到4243亿港元。 "这半年我们取得了有史以来最好的业绩。"8月20日，在泡泡玛特2025年中期业绩发布会上，泡泡玛特 创始人王宁感慨道。 （泡泡玛特2025中期业绩发布会现场 图片来源：泡泡玛特） "今年希望营收能够做到200亿元，但是感觉今年应该300亿元也很轻松。"王宁展望未来表示。另外，泡 泡玛特管理层还预计，下半年公司净利润率将继续提升，今年净利润率将在35%左右。 面对市场热烈的反馈和一路高歌的业绩，王宁的脸上难掩笑意。但在交流中，他却屡屡回归到一个关键 词——"健康"。他强调："增长速度是一个结果，我们希望大家更加关注大数之外的一个一个小数，整 体公司的健康度。" "我们的核心策略是要把产能追到足够高的地方，基本满足市场需求。"泡泡玛特联席首席运营官司德进 一步表示，公司的意愿是非常希望增加更多研发的投入，不管是材料还是自动化技术，但确实此时此刻 毛绒的市场需求太大了，当前还是在快速追产能的阶段。 关 ...

Group 1 - The core viewpoint of the news is that Pop Mart's stock price surged, reaching a new high, driven by strong financial performance in the first half of 2025, with significant year-on-year growth in revenue and net profit [1] - Pop Mart reported a revenue of 13.88 billion yuan in the first half of 2025, representing a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% year-on-year [1] - The company's market capitalization reached 420.9 billion HKD following the stock price increase [1] Group 2 - Pop Mart's CEO Wang Ning introduced a Mini version of LABUBU, emphasizing the importance of not over-exploiting the IP and highlighting its potential for further development [2] - Wang Ning compared the value of a world-class IP to a gold mine, suggesting that its true commercial value begins to emerge after initial hype [2] - The revenue from THE MONSTERS, which includes LABUBU, was 4.81 billion yuan in the first half of 2025, showing a remarkable growth of 668.0% and accounting for 34.7% of total revenue [2] Group 3 - Despite the popularity of LABUBU, the company has been cautious in expanding its physical stores, with a projected net increase of no more than ten stores in China for the year [3] - The company is focused on the significance of LABUBU becoming a world-class IP rather than just the sales data [3] Group 4 - Pop Mart plans to launch several new products, including collaborations with singer Zhou Shen, starting from August 21 [4] - The resale market has seen significant price increases for Pop Mart products, with a Zhou Shen collaboration item originally priced at 129 yuan being resold for 1,688 yuan [9] - A new product, the star-shaped figure, originally priced at 79 yuan, has also been resold for over 100 yuan [10] Group 5 - In the first half of 2025, Pop Mart opened its first HIRONO brand store in Shanghai, contributing to a revenue of 730 million yuan, which is a year-on-year increase of 197.0% [12] - The star-shaped figure has emerged as one of the fastest-growing new IPs, generating a revenue of 390 million yuan [12] - Wang Ning stated that having a diverse range of IPs is essential for a healthy platform company, similar to how Mickey Mouse represents Disney [12]

Core Viewpoint - The financial report of Pop Mart International Group for the first half of 2025 shows significant growth in revenue and profit, indicating strong performance and successful global expansion strategies [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 revenue and net profit for the first half of 2025 exceeded the total figures for the entire year of 2024 [1]. Regional Performance - Revenue breakdown by region shows: - China: 8.28 billion RMB, up 135.2% year-on-year [1]. - Asia-Pacific (excluding China): 2.85 billion RMB, up 257.8% [1]. - Americas: 2.26 billion RMB, up 1142.3% [1]. - Europe and other regions: 480 million RMB, up 729.2% [1]. Store Expansion - As of June 30, 2025, Pop Mart has opened a total of 571 stores across 18 countries, with 40 new physical stores and 105 new robot stores added in the first half of the year [1]. - In China, the number of offline stores increased by 12 to reach 443, generating offline revenue of 5.08 billion RMB, a year-on-year growth of 117.1% [2]. Online Sales - Online revenue reached 2.94 billion RMB, reflecting a year-on-year increase of 212.2%, with Douyin contributing 560 million RMB, up 168.6% [2]. IP Performance - The IP "THE MONSTERS," featuring LABUBU, generated 4.81 billion RMB, a growth of 668.0%, accounting for 34.7% of total revenue [4]. - Other IPs like MOLLY, SKULLPANDA, CRYBABY, and DIMOO each surpassed 1 billion RMB in revenue [4]. New IP Development - The opening of the HIRONO brand store in Shanghai contributed 730 million RMB in revenue, a growth of 197.0% [7]. - The new IP "Starry People" emerged as one of the fastest-growing, achieving 390 million RMB in revenue [7].

以下文章来源于晚点LatePost ，作者晚点团队 晚点LatePost . 晚一点，好一点 LABUBU 们去年赶了几百场活动，赚了30亿。 文丨朱丽琨 编辑丨钱杨 来源 | 晚点LatePost （ID：postlate） 女明星 LABUBU 在过去一年里，全球飞，赶了数百场通告。她和她的 "精灵天团" THE MONSTERS，一年给泡泡玛特赚到的钱，几乎是王一博巅峰期给乐华一年挣到的 钱的 5 倍多。 LABUBU 在泰国被旅游部长接机，亮相伦敦哈罗德百货，手办几秒售罄。她高频出现、 闪亮登场在全球各地——呲着 9 颗牙坏笑。 "我们确实看到 LABUBU 有变成一个全球化超级 IP 的机会。" 今年 3 月，泡泡玛特首 席运营官司德对《晚点 La t ePost》说，"它不像过去我们在一个小市场里看到一个小机 会。现在是真的看到大机会了。我们在想怎样尽量接住这个机会。顺着机会把 LABUBU 推成未来的米老鼠、皮卡丘。" LABUBU 不仅席卷中国、东南亚，去年在北美市场也登顶公司销量榜。"LABUBU 突 然在全球爆火，坦白讲，我们压力很大"。司德说，"供应链的爬坡是一个很平缓的曲 线，才能保证 ...

LABUBU 们去年赶了几百场活动，赚了 30 亿。 编辑 丨 钱杨 女明星 LABUBU 在过去一年里，全球飞，赶了数百场通告。她和她的 "精灵天团" THE MONSTERS， 一年给泡泡玛特赚到的钱，几乎是王一博巅峰期给乐华一年挣到的钱的 5 倍多。 LABUBU 在泰国被旅游部长接机，亮相伦敦哈罗德百货，手办几秒售罄。她高频出现、闪亮登场在全球 各地——呲着 9 颗牙坏笑。 "我们确实看到 LABUBU 有变成一个全球化超级 IP 的机会。" 今年 3 月，泡泡玛特首席运营官司德对 《晚点 LatePost》说，"它不像过去我们在一个小市场里看到一个小机会。现在是真的看到大机会了。我 们在想怎样尽量接住这个机会。顺着机会把 LABUBU 推成未来的米老鼠、皮卡丘。" LABUBU 不仅席卷中国、东南亚，去年在北美市场也登顶公司销量榜。"LABUBU 突然在全球爆火，坦 白讲，我们压力很大"。司德说，"供应链的爬坡是一个很平缓的曲线，才能保证质量保证产能。没人想 到会有一个爆发性的增长，（产能）跳着往上爬的时候，确实经历了一个很痛苦的阶段。没办法，就是 硬顶上去。" 过去一年，他花大量精力在和各个工厂谈 ...