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]

Core Viewpoint - The article highlights the recent complaints regarding delayed shipments from Pop Mart, indicating a significant issue with their order fulfillment process and customer service response [1][4][5]. Group 1: Customer Complaints - Consumers have reported that products purchased from Pop Mart's official channels have not been shipped by the promised deadlines, leading to over 1,000 complaints related to "delayed shipment," "non-shipment," and "false shipment" on the Black Cat Complaints APP [1][4]. - Specific complaints include promises of 72-hour and 48-hour shipping that extended to 6 and 7 days without fulfillment, with many customers expressing dissatisfaction with the customer service's inability to resolve these issues [1][4]. Group 2: Company Response - Pop Mart has publicly apologized for the delays, attributing the issue to a surge in order volume and stating that they are working to expedite shipments, with an expectation to fulfill orders within approximately 7 days [4][5]. - The company has acknowledged that the delays affect multiple product lines, including popular series like THE MONSTERS and SKULLPANDA [4]. Group 3: Operational Challenges - The article raises questions about whether the delays are due to increased promotional orders or production capacity issues, with no official response from Pop Mart on this matter [5]. - Reports indicate that the company has been under pressure to increase production capacity since the beginning of the year, but demand has outpaced the supply chain's ability to respond effectively [5].