Core Viewpoint - The article highlights the successful launch of the mini version of LABUBU by Pop Mart, showcasing significant revenue growth and the potential for the new product to become a popular item in the market [5][6]. Group 1: Product Launch - Pop Mart launched its first mini version of LABUBU, named THE MONSTERS Heart Code series, featuring a height of 10.5CM, which is smaller than previous versions [5]. - The mini LABUBU blind box series includes 28 regular items and 2 hidden items, with a selling price of 79 yuan per box and 1106 yuan for a complete set [5]. Group 2: Financial Performance - In the first half of the year, Pop Mart reported a revenue of 13.88 billion yuan, representing a year-on-year growth of 204.4% [6]. - The adjusted net profit for the same period was 4.71 billion yuan, showing a remarkable increase of 362.8%, surpassing the total profit of the previous year [6]. - The gross profit margin reached 70.3%, indicating strong profitability driven by popular IPs like LABUBU [6]. Group 3: Market Impact - The revenue contribution from the THE MONSTERS series, led by LABUBU, rose significantly from 13.7% in the previous year to 34.7% in the first half of this year [6]. - The CEO of Pop Mart expressed confidence that the mini LABUBU would become a highly popular item, expanding its usage scenarios beyond just being a bag accessory [6].

Group 1 - The mini Labubu has sold out in countries like Australia, New Zealand, and Japan, indicating a rising popularity in overseas markets [1] - Labubu has become a global hot IP, with the recent release of the "High Energy Ahead" series generating significant public interest [3] - The mini Labubu, part of the THE MONSTERS series, was launched online on August 28 and sold out instantly, attracting widespread attention [4] Group 2 - The THE MONSTERS series includes 14 regular items and 1 hidden item per blind box, with a regular item probability of 1:14 and a hidden item probability of 1:168 [4] - Each blind box is priced at 79 yuan, while a complete set costs 1,106 yuan [4] - Bubble Mart's stock price has surged over 600% this year, reaching 323.8 HKD per share as of August 29 [4] - The company's revenue for the first half of the year reached 13.88 billion yuan, a year-on-year increase of 204.4%, with adjusted net profit of 4.71 billion yuan, up 362.8% year-on-year [4]

Investment Rating - The report indicates a positive investment outlook for the industry, highlighting strong performance metrics and growth potential [2][3]. Core Insights - The company reported a revenue of 13.876 billion and an adjusted net profit of 4.710 billion for H1 2025, representing year-on-year increases of 204.4% and 362.8%, respectively, both exceeding initial forecasts of 200% and 350% [3][6]. - Gross margin and adjusted net profit margin stood at 70.3% and 33.9%, reflecting increases of 6.3 and 11.6 percentage points year-on-year, driven by higher overseas sales, optimized product design, cost control, and reduced reliance on external sourcing [3][6]. - The launch of the new blind box series "THE MONSTERS" is expected to further enhance sales, with online and offline release dates set for August 28 and 29, respectively [6]. Summary by Sections IP Incubation and Operation - The top five IPs generated over 1 billion in revenue, with the leading IP "THE MONSTERS" achieving 4.8 billion in revenue, a 668% increase year-on-year, accounting for 34.7% of total revenue [8]. - The company has registered 59.12 million members, with a repurchase rate exceeding 50% [8]. IP Grouping - Plush toy revenue surged by 1276% year-on-year, making up 44.2% of total revenue, while figure sales increased by 95% [8]. - The company launched nearly 20 plush products across 10 IPs in H1 2025, with significant growth in various product categories [8]. IP Globalization - The company operates 571 retail stores and 2597 robotic stores across 18 countries, with significant revenue growth in China, Asia-Pacific, the Americas, and Europe [8]. - Revenue from the Americas reached 2.27 billion, a staggering 1142% increase year-on-year, with online sales contributing significantly [8].