8月19日，泡泡玛特国际集团有限公司（以下简称"泡泡玛特"）发布2025年上半年业绩报告，截至2025 年6月30日止6个月，公司营收138.8亿元，同比增长204.4%。经调整净利润47.1亿元，同比增长 362.8%。此外，据记者了解，公司上半年的营收和经调整净利润金额均超2024年全年。 本报记者 李豪悦 据了解，这是泡泡玛特全球组织架构调整后的首份财报，首次披露了中国、亚太（指中国以外的其他亚 洲及大洋洲国家和地区）、美洲和欧洲及其他地区四大区域业绩：中国营收82.8亿元，同比增长 135.2%；亚太营收28.5亿元，同比增长257.8%；美洲营收22.6亿元，同比增长1142.3%；欧洲及其他地 区营收4.8亿元，同比增长729.2%。四大区域业绩均实现超三位数增长，美洲增速超十倍，国际化战略 迎来首轮爆发。 广州艾媒数聚信息咨询股份有限公司CEO张毅向《证券日报》记者表示，泡泡玛特上半年业绩的增长离 不开公司全球化战略的成功，也验证了中国品牌、中国经验和中国产品在全球具备向上发展的机会。最 后，泡泡玛特最近一年多在成本控制和科学管理上也有所提升。 上海夏至良时咨询管理有限公司高级研究员、大消费行业 ...

消息面上，泡泡玛特将于明日发布中期业绩。公司此前发布公告，预期集团今年上半年收入同比增长不 低于200%；预计溢利同比增长不低于350%。大摩此前指，泡泡玛特的平台价值可能被低估，指公司目 前有四个区域销售产品，但其自有IP主要来源于大中华区，例外是来自泰国的Crybaby和美国的Peach Riot。泡泡玛特有很大潜力挖掘美国、欧洲、日本和东南亚的丰富艺术资源。因此，该行预计未来3-5 年，泡泡玛特的IP和产品组合将更具文化多样性。 泡泡玛特(09992)涨近5%，截至发稿，涨4.72%，报284.2港元，成交额14.89亿港元。 ...

消息面上，泡泡玛特将于明日发布中期业绩。公司此前发布公告，预期集团今年上半年收入同比增长不 低于200%；预计溢利同比增长不低于350%。大摩此前指，泡泡玛特的平台价值可能被低估，指公司目 前有四个区域销售产品，但其自有IP主要来源于大中华区，例外是来自泰国的Crybaby和美国的Peach Riot。泡泡玛特有很大潜力挖掘美国、欧洲、日本和东南亚的丰富艺术资源。因此，该行预计未来3-5 年，泡泡玛特的IP和产品组合将更具文化多样性。 智通财经APP获悉，泡泡玛特(09992)涨近5%，截至发稿，涨4.72%，报284.2港元，成交额14.89亿港 元。 （原标题：港股异动 | 泡泡玛特(09992)涨近5% 明日将发中期业绩 此前预计上半年溢利同比增超3.5倍） ...

Group 1 - The core viewpoint of the article highlights that Pop Mart (9992.HK) has seen a significant increase in its stock price, reaching a historical high of 293.4 HKD, with a market capitalization approaching 400 billion HKD [1] - Morgan Stanley's recent report suggests that Pop Mart's platform value may be underestimated, noting that the company currently sells products in four regions, primarily sourcing its own IP from Greater China, with exceptions from Thailand and the USA [3] - The report indicates that Pop Mart has substantial potential to explore rich artistic resources in the USA, Europe, Japan, and Southeast Asia, predicting that its IP and product portfolio will become more culturally diverse over the next 3-5 years [3] Group 2 - Morgan Stanley believes that the intrinsic value of Pop Mart far exceeds its current IP holdings, a point that the market has overlooked, maintaining an "overweight" rating and a target price of 365 HKD, which corresponds to a projected P/E ratio of 46 times for this year [3]

Core Viewpoint - Morgan Stanley's report highlights the potential growth and undervalued platform value of Pop Mart, particularly following their participation in the recent international toy exhibition in Beijing [1] Group 1: Product Performance - The Twinkle Twinkle product booth attracted significant crowds, with items such as figurines, artwork, bags, and accessories selling out quickly, indicating that Twinkle Twinkle could start contributing significantly to sales from 2024 onwards [1] - The Crybaby product line, including T-shirts, baseball caps, cushions, and slippers, was also well-received, with an average selling price exceeding 250 yuan [1] Group 2: Market Potential - Morgan Stanley believes that Pop Mart's platform value may be underestimated, noting that the company currently sells products in four regions, with its primary IP sources being Greater China, along with Crybaby from Thailand and Peach Riot from the United States [1] - There is significant potential for Pop Mart to tap into rich artistic resources in the United States, Europe, Japan, and Southeast Asia, suggesting that the company's IP and product portfolio will become more culturally diverse over the next 3-5 years [1] Group 3: Valuation and Rating - The intrinsic value of Pop Mart is considered to far exceed its current IP holdings, a point that the market has overlooked, leading Morgan Stanley to maintain an "overweight" rating with a target price of 365 HKD, which corresponds to a projected price-to-earnings ratio of 46 times for this year [1]

Group 1 - The core viewpoint of the articles highlights the impressive growth of Pop Mart, with a projected revenue increase of no less than 200% and an adjusted profit growth of no less than 350% for the first half of 2025, compared to the previous year [1] - The overseas market has become a key driver for Pop Mart's growth, with expectations that overseas revenue will surpass domestic revenue for the first time in 2025 [2] - The company has expanded its global footprint significantly, with over 180 stores in China, Hong Kong, Macau, Taiwan, and overseas regions by June 2025, marking a net increase of nearly 50 stores since the end of 2024 [2] Group 2 - The launch of the Labubu IP has driven significant engagement, leading to Pop Mart's app reaching the top of the shopping charts in the US App Store and the company being included in TIME's list of the 100 most influential companies [3] - Online sales have surged, with a record-breaking single-day GMV of over $5 million during a mid-year promotion on TikTok Shop in the US [3] - Despite the impressive performance, challenges such as product quality issues and the potential bubble in blind box economics pose risks to the company's growth trajectory [4] Group 3 - The company is expected to achieve net profits of 9.4 billion, 14.9 billion, and 20.5 billion yuan from 2025 to 2027, indicating strong future profitability [5] - The establishment of Pop Mart's film studio and the upcoming project "LABUBU and Friends" aim to expand the brand into the content industry, enhancing its IP value [5] - Seasonal events and the company's 15th-anniversary celebrations are anticipated to further boost growth in the latter half of the year, reflecting a shift towards emotional consumption [5]

Core Insights - LABUBU has emerged as a global super IP, representing a new benchmark for Chinese toy IPs going international and reflecting the globalization progress of Pop Mart [2][3] - In Q1 of this year, Pop Mart's revenue in the Americas and Europe surged by 895%-900% and 600%-605% respectively, indicating strong market acceptance [2] Group 1: LABUBU's Success Factors - The commercial value and vitality of an IP depend on the company's investment and sustainable operations, as demonstrated by LABUBU's growth since its signing with Pop Mart in 2018 [3] - LABUBU initially gained traction in niche markets, but the introduction of new product categories, such as plush toys, significantly amplified its appeal and led to a buying frenzy [3] - Interactive marketing strategies, including performances and social media engagement, have helped LABUBU connect with fans and enhance its visibility [3] Group 2: Financial Performance - In 2024, LABUBU's IP THE MONSTES is projected to generate revenue of 3.04 billion yuan, marking a year-on-year increase of 726.6%, making it the top revenue-generating IP for Pop Mart [4] - The plush toy category has seen explosive growth, exceeding 1200% due to successful product launches like the LABUBU heart macaron series [4] Group 3: Market Entry Strategies - Pop Mart's entry into the North American market began with vending machine tests in 2021, leading to the opening of its first physical store in New Jersey in September 2023 [5] - In Europe, Pop Mart prioritized markets based on cultural acceptance of emerging trends, starting with France and the UK before expanding to other countries [6] Group 4: Globalization Challenges - The primary challenges faced by Pop Mart in its globalization efforts have shifted from market entry to management, particularly in building a cohesive local team [7] - The company has established a localized management approach, with over 1,000 foreign employees, particularly in North America [7] Group 5: Future Globalization Plans - Pop Mart aims to enhance its global presence by signing local artists and creating products tailored to regional preferences, such as Thai clothing for LABUBU in Thailand [8] - Collaborations with well-known IP companies like Disney and Sanrio are part of Pop Mart's strategy to increase brand exposure in unfamiliar markets [8] Group 6: Organizational Changes - In April 2025, Pop Mart will initiate its largest organizational restructuring in five years to standardize operations and improve efficiency, aiming for a unified management system [9]

Core Insights - POP MART International Group reported a revenue of 13.04 billion RMB for the full year of 2024, marking a year-on-year increase of 106.9%, and an adjusted net profit of 3.4 billion RMB, up 185.9% from the previous year [1] Revenue Breakdown - Revenue from Mainland China was 7.97 billion RMB, reflecting a year-on-year growth of 52.3% [2] - Revenue from markets outside Mainland China, including Hong Kong, Macao, and Taiwan, reached 5.07 billion RMB, up 375.2% year-on-year [2][6] Intellectual Property Performance - The IP operation system achieved maturity with four key properties generating over 1 billion RMB in revenue [3] - Revenue from 13 other IPs surpassed 3 billion RMB, showcasing significant growth [3] - HIRONO alone achieved revenue of 730 million RMB, reflecting year-on-year growth of 106.9% [4] Business Expansion - The company opened its first brick-and-mortar outlets in Vietnam, Indonesia, the Philippines, Italy, and Spain, expanding its global footprint [7] - The number of brick-and-mortar stores grew to 130, while ROBOSHOPs increased to 192 [6] Product Lineup and Revenue Categories - Annual revenue from figures reached 6.94 billion RMB, up 44.7%, while plush toys saw explosive growth with revenue of 2.83 billion RMB, up 1289% year-on-year [8] - The MEGA COLLECTION brand generated revenue of 1.68 billion RMB, an increase of 146.1% year-on-year [8] Operational Efficiency - The gross profit margin hit a record 66.8%, up by 5.5 percentage points from 61.3% in 2023 [9] - Inventory turnover days decreased from 133 days in 2023 to 102 days in 2024, indicating enhanced operational capabilities [9]