Core Viewpoint - Pop Mart has experienced significant growth, with its revenue for the first half of 2025 exceeding the total revenue for 2024, leading to a stock price increase of over 272% since the beginning of the year [3][5]. Financial Performance - In the first half of the year, Pop Mart reported revenue of 138.8 billion, a year-on-year increase of 204.4%, and an adjusted net profit of 47.1 billion, up 362.8% [5]. - The company's gross margin reached 70.3%, an increase of 6.3 percentage points compared to the previous year [5]. - The company is optimistic about achieving a revenue target of 300 billion for the year, significantly higher than the initial goal of 200 billion [8]. Market Expansion - The overseas market has shown faster growth than expected, with long queues reported at new store openings, such as in Germany where customers waited six hours to enter [3][9]. - Pop Mart's brand presence has been strong, with limited new store openings planned domestically, focusing instead on enhancing existing stores [9]. Supply Chain and Production Capacity - The current monthly production capacity is over ten times that of the same period last year, attributed to advancements in lean production automation [8]. - The company aims to align real demand with sales forecasts and production plans to optimize supply chain efficiency [8]. Resale Market and Scalping Issues - The rise in Pop Mart's stock price has been accompanied by a surge in scalping activities, with resellers using technology to secure limited-edition products at inflated prices [4][12]. - Resellers have developed automated scripts and tools to enhance their purchasing success rates, making it difficult for regular consumers to compete [12][14]. Company Response to Scalping - Pop Mart has taken measures to combat scalping, including collaborating with Tencent Cloud to implement security measures against malicious access and reduce abnormal orders to below 0.2% [17][18]. - Industry analysts suggest that addressing the scalping issue requires a balance between maintaining product scarcity and meeting market demand [18].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文|《BUG》栏目 罗宁 泡泡玛特赚翻了！ 今日，在泡泡玛特业绩发布会上，官方表示，2025年上半年的营收已经超过2024年全年收入。泡泡玛特 股价也进一步大涨，截至当日收盘，其股价已超319港元，距离今年年初85.71港元累计上涨超过 272%。 海外市场成为泡泡玛特引发关注的重点，泡泡玛特创始人王宁表示，海外市场比想象中增长更快。他举 例说，泡泡玛特在德国开设的一家门店，顾客需要排好几条街的队，等待六个小时才能进店。"我们在 线上能收到世界各地，可能大家想象不到的一些区域的订单"，王宁表示。 泡泡玛特的大涨背后，大量黄牛可谓是"功臣"，近一年来，"谁在哄抬泡泡玛特"的质疑声此起彼伏。 不少玩家表示，每次泡泡玛特开始补货或者上新，线上瞬间就被抢购一空，但往往抢到的都是些黄牛。 有黄牛表示，下周即将发的新品mokoko，原价199，预计溢价600+。而此前大火的天使面孔的Zimomo 搪胶脸公仔，更是随便加价上千元。 《BUG》栏目进一步了解发现，闲鱼等第三方平台，泡泡玛特外挂被大量叫卖。如今在泡泡玛特股价 不断追高的背后，是黄牛产业链 ...