Core Viewpoint - The rise of the blind box economy has led to an increase in counterfeit products being sold through live streaming, resulting in significant consumer complaints and legal actions against the perpetrators [1][3]. Group 1: Industry Overview - The blind box economy is thriving, with emotional value attached to intellectual property capturing consumer interest [1]. - Counterfeit products, often sold as "scatter goods," are being marketed by online influencers, misleading consumers about their quality [2]. Group 2: Legal Actions - The Beijing Chaoyang District People's Court has been involved in several cases related to copyright infringement and the sale of counterfeit products [1][3]. - The court found that the defendants, including manufacturers and sellers, knowingly produced and sold counterfeit Bubble Mart products, leading to significant financial losses for the company and damage to brand trust [3][7]. Group 3: Criminal Proceedings - The court proceedings revealed a structured operation where counterfeit toys were produced and sold at significantly lower prices than genuine products, with profits being shared among the involved parties [4][6]. - Sentences were handed down to multiple defendants, with penalties including prison time and fines for their roles in the counterfeit operation [7][8].

Core Insights - The core viewpoint of the article highlights the significant growth in Pop Mart's mid-year performance for 2025, showcasing record revenue and profit figures, along with a successful organizational restructuring [1] Financial Performance - In the first half of the year, Pop Mart reported revenue of 13.88 billion yuan, representing a year-on-year increase of 204.4% [1] - The adjusted net profit for the same period was 4.71 billion yuan, reflecting a year-on-year growth of 362.8% [1] - The gross profit margin reached 70.3%, an increase of 6.3 percentage points compared to the previous year, marking a historical high [1] Regional Performance - Revenue from China amounted to 8.28 billion yuan, up 135.2% year-on-year [1] - Revenue from the Asia-Pacific region (excluding the Americas) was 2.85 billion yuan, showing a growth of 257.8% [1] - Revenue from the Americas reached 2.26 billion yuan, with an impressive year-on-year increase of 1142.3% [1] - Revenue from Europe and other regions was 480 million yuan, reflecting a growth of 729.2% [1] Product Performance - The "LABUBU" series within "THE MONSTERS" was the top revenue generator, contributing 4.81 billion yuan, which accounts for 34.7% of total revenue [1] - Other series such as "MOLLY," "SKULLPANDA," and "CRYBABY" each surpassed 1 billion yuan in revenue [1] - For the first half of the year, revenue from plush products reached 6.14 billion yuan, marking the first time it exceeded the revenue from figurines [1]