The interim results of Pop Mart were in line with its earlier profit alert, with revenue and NP surging by 204% and 396% YoY to RMB13.9bn and RMB4.6bn, respectively, bolstered by the global craze for Labubu. Given strong growth momentum in 1H25, mgmt. raised the full-year 2025 guidance, targeting over RMB30bn revenue (previous: RMB20bn) and 35% adj. NPM. While the company's footprint in America was successful in 1H25, we believe overseas expansion remains in the early stages, with considerable potential in ...