机构：方正证券 研究员：李珍妮/马萤 事件：公司发布中报，2025H1 实现营收138.8 亿元，同比+204%；毛利率70.3%，同比+6.3pct；经调整 净利润47.1 亿元，同比+363%。 国内及海外各区域市场均保持快速增长。分区域看，通过品类多元拓展、深度挖掘IP、精细化运营，中 国各渠道销售均实现增长，收入达到约83 亿元，同比+135%；通过深度推进本土化运营，亚太收入接 近29 亿元，同比+258%；加大市场开拓力度、进行差异化渠道定位，美洲收入约23 亿元，同比 +1142%；凭借独特的产品设计，提升购物体验，欧洲及其他地区实现收入4.8 亿元，同比+729%。 基于各IP 的独特表达与设计，差异化运营，持续提升IP 热度。分IP 看，2025H1，共有13 个艺术家IP 收入超过1 亿元，其中5 个超过10 亿元，THEMONSTERS、MOLLY、SP、CRYBABY、DIMOO 收入 分别为48 亿元、14 亿元、12亿元、12 亿元、11 亿元，同比分别+668%、+74%、+112%、+249%、 +192%。 产品层面不断推陈出新，丰富产品品类，提升产品设计的能力。得益于出色的 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Insights - The company reported a significant increase in revenue and profit for 2024, with total revenue reaching 13.038 billion yuan, a year-on-year increase of 106.9%, and net profit of 3.308 billion yuan, a year-on-year increase of 203.9% [1] - In the second half of 2024, revenue was 8.480 billion yuan, up 143.2% year-on-year, and net profit was 2.344 billion yuan, up 283.3% year-on-year [1] - The adjusted net profit margin improved to 26.10%, an increase of 7.21 percentage points year-on-year [1] Revenue Breakdown - Domestic revenue reached 7.972 billion yuan, a year-on-year increase of 52.3%, accounting for 61.1% of total revenue; overseas revenue was 5.066 billion yuan, a year-on-year increase of 375.2%, accounting for 38.9% [2] - Southeast Asia contributed 2.403 billion yuan, a year-on-year increase of 619.1%, while North America saw revenue of 0.723 billion yuan, up 556.9% [2] - Self-owned IP products generated 12.722 billion yuan, a year-on-year increase of 117.2%, with artist IP contributing 11.121 billion yuan, up 130.6% [2] Profitability and Cost Management - The gross margin for 2024 was 66.79%, an increase of 5.46 percentage points year-on-year, while the gross margin for the second half of 2024 was 68.26%, up 6.16 percentage points [3] - Sales expense ratio decreased to 28.00%, down 3.82 percentage points year-on-year, and management expense ratio fell to 7.26%, down 3.96 percentage points [3] IP and Market Expansion - The company successfully operated 13 IPs with revenue exceeding 1 billion yuan, with THEMONSTERS generating 3.041 billion yuan, a year-on-year increase of 726.6% [4] - The number of offline retail stores in mainland China increased by 38, and robot stores increased by 110, while online sales on platforms like Tmall and Douyin showed significant growth [4] - The company opened its first offline stores in multiple countries, enhancing its global brand influence [4] Membership and Customer Engagement - The total number of registered members reached 46.083 million, with a contribution to sales of 92.7% and a repurchase rate of 49.4% [5]