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泡泡玛特(09992.HK):25H1收入&利润均超24全年 创历史新高
Ge Long Hui· 2025-08-23 11:56
Core Viewpoint - The company reported significant growth in its 2025 H1 financial results, with revenue reaching 13.88 billion yuan, a year-on-year increase of 204%, and adjusted net profit soaring by 363% to 4.71 billion yuan [1][2] Financial Performance - Revenue for 2025 H1 was 13.88 billion yuan, up 204% year-on-year - Gross margin stood at 70.3%, an increase of 6.3 percentage points year-on-year - Adjusted net profit reached 4.71 billion yuan, reflecting a 363% increase year-on-year [1] Regional Growth - Domestic sales reached approximately 8.3 billion yuan, a 135% increase year-on-year - Asia-Pacific revenue was nearly 2.9 billion yuan, up 258% year-on-year - Americas revenue was about 2.3 billion yuan, showing a staggering 1142% increase year-on-year - Europe and other regions generated 480 million yuan, a 729% increase year-on-year [1] IP Performance - In 2025 H1, 13 artist IPs generated over 100 million yuan in revenue, with 5 exceeding 1 billion yuan - Notable IP revenues included THEMONSTERS at 4.8 billion yuan (+668%), MOLLY at 1.4 billion yuan (+74%), and others showing significant growth [1] Product Performance - Plush products became a phenomenon, generating 6.1 billion yuan in revenue, a 1276% increase, accounting for 44% of total revenue - Figures for other product categories included figurines at 5.2 billion yuan (+95%), MEGA at 1 billion yuan (+72%), and derivatives at 1.6 billion yuan (+79%) [2] Profitability Drivers - The increase in gross margin to 70.3% was attributed to a higher proportion of overseas sales, optimized product design, and improved cost control - The company expects continued growth in adjusted net profit, forecasting 11.2 billion yuan for 2025, 16.4 billion yuan for 2026, and 20.7 billion yuan for 2027 [2]
泡泡玛特:2024H2业绩表现亮眼,盈利大幅提升
Tianfeng Securities· 2025-03-27 12:41
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]