泡泡玛特：2025年中期报告

2Corporate Information5Financial Summary6Management Discussion and Analysis37Other Information53Interim Condensed ConsolidatedStatement of Profit or Loss andOther Comprehensive Income55Interim Condensed Consolidated Balance Sheet57Interim Condensed ConsolidatedStatements of Changes in Equity59Interim Condensed ConsolidatedStatements of Cash Flows61Notes to the Interim CondensedConsolidated Financial Information115Definition CONTENTS目錄 CORPORATE INFORMATION公司資料 董事會 BOARD OF DIRECTORS Executive Directors Mr. Wang Ning(Chairman of the Board)Ms. Liu RanMr. Si DeMr. Moon Duk Il Non-Executive Directors Mr. Tu ZhengMr. He Yu Independent Non-Executive Directors Mr. Zhang JianjunMr. Wu LianshengMr. Ngan King Leung Gary 薪酬委員會 REMUNERATION COMMITTEE Mr. Zhang Jianjun(Chairperson)Mr. Wu LianshengMr. Wang Ning 提名委員會 NOMINATION COMMITTEE Mr. Wang Ning(Chairperson)Mr. Zhang JianjunMr. Wu Liansheng 審核委員會 AUDIT COMMITTEE Mr. Wu Liansheng(Chairperson)Mr. Tu ZhengMr. Ngan King Leung Gary 聯席公司秘書 JOINT COMPANY SECRETARIES Mr. Li HongxuanMs. Li Ching Yi 授權代表 AUTHORISED REPRESENTATIVES Mr. Wang NingMs. Li Ching Yi 總部及中國主要營業地點 HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN THE PRC Floor 36 & 37, Block A, Puxiang CenterHongtai East StreetDawangjing Technology Business ParkChaoyang District, BeijingPRC A3637 香港主要營業地點 PRINCIPAL PLACE OF BUSINESS IN HONG KONG 18819 19/F, Golden Centre188 Des Voeux Road CentralHong Kong 股份過戶登記總處 PRINCIPAL SHARE REGISTRAR Maples Fund Services (Cayman) LimitedPO Box 1093Boundary HallCricket SquareGrand Cayman KY1-1102Cayman Islands Maples Fund Services (Cayman) LimitedPO Box 1093Boundary HallCricket SquareGrand Cayman KY1-1102Cayman Islands 香港股份過戶登記處 HONG KONG SHARE REGISTRAR 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-171617th Floor Hopewell Centre183 Queen’s Road EastWanchaiHong Kong 主要往來銀行 PRINCIPAL BANKS 15 Industrial and Commercial Bank of China Limited(Zhu Shi Kou Branch)No. 15, East Street, ZhushikouDongcheng District, Beijing, PRC 9 Bank of Communications Co., Ltd.(Wang Jing Branch)Wangjing International Commerce CenterNo. 9, Wangjing Street, Chaoyang District, Beijing, PRC 122B China Minsheng Banking Corp., Ltd.(Wang Jing Branch)Botai International, Block B, Building 122District 1, Nanhu East Part, Guangshun North StreetChaoyang District, Beijing, PRC CORPORATE INFORMATION公司資料 公司網站www.popmart.com COMPANY WEBSITE www.popmart.com 法律顧問 LEGAL ADVISERS 有關香港法律A As to Hong Kong laws Davis Polk & Wardwell10/F, The Hong Kong Club Building3A Chater RoadCentralHong Kong 有關中國法律101045200031 As to PRC laws Jingtian & Gongcheng45/F, K. Wah Centre1010 Huaihai Road (M)Xuhui DistrictShanghai 200031PRC 有關開曼群島法律 As to Cayman Islands laws 1826 Maples and Calder (Hong Kong) LLP26th Floor, Central Plaza18 Harbour RoadWanchai, Hong Kong 核數師 AUDITOR 22 PricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor22/F, Prince’s BuildingCentral, Hong Kong 股份代號 STOCK CODE 9992 9992 管理層討論與分析 業務回顧 BUSINESS REVIEW IPIPIP2025100 Aspiring to become the world’s Pop Mart, we are committed to buildinga new generation of world-class consumer brands, advancing ourcorporatization and internationalization strategy unwaveringly. Benefitingfrom the close cooperation among various departments of the Company andleveraging our outstanding IP operation capabilities and product researchand development capabilities, we have launched a number of new IPs andnew product series that gained popularity among consumers while providingquality services to consumers, which further enhanced the global recognitionof Pop Mart’s brand and its IP, and achieved excellent sales performance.Notably, we were selected into the “100 Most Influential Companies 2025”published by the Time magazine for the first time. 2 0 2 513,876.3204.4%IP8,282.8135.2%2,850.9257.8%2,264.91,142.3%4 7 7 . 7729.2% In the first half of 2025, the Company recorded a revenue of RMB13,876.3million, representing a year-on-year increase of 204.4%. We drove salesgrowth across various channels in the PRC by catering to the customer’sneeds of diversified categories and IPs, refining our operational efficiency,and recorded a revenue of RMB8,282.8 million, representing a year-on-yearincrease of 135.2%. By deeply promoting the localized operation, our businessin Asia Pacific recorded a revenue of RMB2,850.9 million, representing a year-on-year increase of 257.8%. By stepping up the expansion of the internationalmarket and differentiating our channel positioning, our business in Americasrecorded a revenue of RMB2,264.9 million, representing a year-on-yearincrease of 1,142.3%. With unique product design and enhanced shoppingexperience, our business in Europe and other regions recorded a revenue ofRMB477.7 million, representing a year-on-year increase of 729.2%. IP IP Incubation and Operation IPIPIPIP IP operation and creative design constitute key drivers f