Summary of Key Performance
PUBGMAO's performance in the first half of 2026 was impressive: revenue reached 17.17 billion yuan (a year-on-year increase of 23.8%), non-recurring net profit was 5.16 billion yuan (with a profit margin of 30%), and the gross profit margin was nearly 70%. The company's stock price also increased by 2%. Additionally, the diversification of its IP portfolio has been highly effective, with six IPs generating revenue exceeding 1 billion yuan each, with "Xingxingren" (Star Child) becoming a star performer in terms of growth. The number of members exceeded 100 million, and the repurchase rate was over 50%. Global store expansion continued, with the Chinese market experiencing the fastest growth. The company also addressed investors' concerns about reliance on a single IP by providing data showing that the risks are manageable.
Detailed Analysis
1. Financial Performance: Strong Profitability and Stable Growth
PUBGMAO's revenue for the first half of the year was 17.17 billion yuan, an increase of approximately 3.2 billion yuan compared to the same period last year, representing a growth of 23.8%. The net profit after deducting special expenses was 5.16 billion yuan, indicating a profit margin of 30%—meaning that for every 100 yuan in sales, 30 yuan was pure profit. The gross profit margin was nearly 70%, which means that for every 100 yuan in blind box sales, the cost was about 30 yuan, leaving 70 yuan as gross profit, indicating high efficiency in generating profits. The stock price increased by 2% on the same day, reflecting market approval of these results.
2. IP Portfolio: Established IPs Remain Strong, New IPs Show Great Potential
- LABUBU: Still the top-performing IP, with revenue of 4.45 billion yuan (accounting for 26% of total revenue).
- Xingxingren: A new star, with revenue of 2.65 billion yuan and a growth rate of 580.6% (equivalent to 6.8 times the same period last year), making it the fastest-growing IP. The "Animal Farm" collectible series, which will be sold tonight, is already in high demand before its release, with some hidden items selling for up to ten times their original price, demonstrating fan enthusiasm.
- Diversified Portfolio: In addition to LABUBU and Xingxingren, other IPs such as CRYBABY (1.63 billion yuan, growth of 34%), DIMOO (1.62 billion yuan, growth of 46.5%), SKULLPANDA (1.55 billion yuan, growth of 27.1%), and Hirono (1.01 billion yuan, growth of 38.5%) also generated revenue exceeding 1 billion yuan each. This diversification indicates a stronger IP portfolio.
3. Membership: Members Drive 90% of Sales, with High Repurchase Rate
PUBGMAO has over 100 million members globally, with the number in mainland China increasing from 72.58 million at the end of last year to 82.44 million (an increase of nearly 10 million in half a year). More importantly:
- Members contributed 92.9% of total sales, indicating that most of the company's revenue comes from its member base.
- The repurchase rate among members is 51.6%, meaning that more than half of the members make additional purchases, showing strong customer loyalty.
4. Global Expansion: China Leads, Overseas Expansion Accelerates
- Chinese Market: An additional 10 stores were opened (bringing the total to 455), with revenue of 12.2 billion yuan and a growth rate of 47.3%, the fastest among all regions due to the strong domestic fan base.
- Overseas Markets:
- Asia-Pacific (excluding China): 90 stores (5 new openings), with revenue of 2.58 billion yuan.
- Americas: 86 stores (22 new openings), with revenue of 1.89 billion yuan.
- Europe and Other Regions: 45 stores (9 new openings), with revenue of 510 million yuan.
The company is focusing on opening landmark stores overseas to enhance brand awareness, particularly in key cities to attract more international customers.
5. Risk Management: Mitigating Dependence on a Single IP
Previously, investors were concerned that relying solely on LABUBU could be risky if it became less popular. PUBGMAO provided data showing that six IPs generate revenue exceeding 1 billion yuan each, with LABUBU accounting for only 26% of total sales, indicating no single IP dominating the company's performance. The rapid growth of new IPs like Xingxingren further demonstrates the potential of its diversified portfolio and reduces overall risk.
In Summary
PUBGMAO not only achieved significant profits and stable growth in the first half of 2026 but also mitigated the risk of relying on a single IP through its diverse IP portfolio, high member loyalty, and global expansion. Its future prospects are very promising.