1） THE MONSTERS 系列IP 经过这一轮传播，知名度显著提升，实现扩圈传播，公司即将推出迷你版 LABUBU，有望在下半年掀起新一轮热潮。 从整个IP 来看，目前公司在运营和产品打造方面相对谨慎，并未透支IP 生命力，依托研发和运营投 入，未来家族IP 仍有一定深挖潜力。 研究员：顾向君 公司公告2025H1 实现营收138.8 亿，同比增204%，录得归母净利润45.7亿，同比增396.5%。收入基本 与此前预告保持一致。 点评与建议： Labubu 成为世界级IP，驱动25H1 公司收入大幅增长。区域来看，上半年中国区（含港澳台）实现收入 82.8 亿，同比增135.2%，亚太实现收入28.5 亿，同比增257.8%，美洲实现收入22.6 亿，同比增 1142.3%，欧洲及其他区域实现收入4.8 亿，同比增729.2%。 受益Labubu 走红的溢出效应影响，多个系列曝光度提升，上半年共有13个艺术家IP 收入过亿。其中， THE MONSTERS 实现收入48 亿，MOLLY 实现收入13.6 亿，SKULLPANDA 实现收入12.2 亿， CRYBABY 实现收入12.2亿，DIMOO ...

Group 1: Overview - The report indicates a weak recovery in domestic demand for the home furnishing sector, while the pan-entertainment toy industry is experiencing upward momentum driven by emotional consumption [15][39]. Group 2: Home Furnishing Industry - Domestic demand for home furnishings is under pressure, with a projected decline of 3.9% in building materials and home sales for 2024, but a gradual improvement is expected in Q4 2024 due to government subsidies [4][16]. - The introduction of a doubling of the old-for-new subsidy to 300 billion yuan in 2025 is anticipated to stimulate demand and help leading companies increase market share [4][28]. - Key companies in the home furnishing sector, such as Gujia Home and Sophia, are expected to show resilience in performance due to high dividend yields and strong brand advantages, with PE ratios generally below 15 [4][30][32]. - Export performance for home furnishing companies has been improving since November 2023, driven by overseas retailers replenishing inventory, although uncertainties remain due to changing tariff policies [4][33]. Group 3: Pan-Entertainment Toy Industry - The pan-entertainment toy industry in China is rapidly expanding, with GMV projected to grow from 48.8 billion yuan in 2019 to 101.8 billion yuan in 2024, reflecting a compound annual growth rate of 15.8% [5][51]. - The industry is categorized into card games and IP toys, with card games holding a 70% market share, while the IP toy market is more fragmented [5][54]. - Key players such as Pop Mart and Blokus are experiencing significant growth, with Pop Mart's revenue expected to increase substantially due to its diverse IP matrix and strong online and offline channels [5][61][64]. - The report highlights the importance of emotional consumption and the rise of local designers as key drivers for the future development of the pan-entertainment toy industry [5][51].