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#PopMartEarningsWatch Pop Mart reported first-half revenue of RMB17.17 billion, representing 23.8% year-on-year growth, while attributable net profit increased 10.1% to roughly RMB5.04 billion. The geographic picture was mixed: Greater China revenue expanded 47.3%, but Asia-Pacific and the Americas declined 9.7% and 16.5%. Its intellectual-property portfolio is also changing. THE MONSTERS, which includes LABUBU, lost momentum, while Twinkle Twinkle grew nearly sixfold and became the company’s second-largest IP. The results show that Pop Mart still has strong consumer demand, but the quality of its growth deserves attention. Slower profit growth relative to revenue may indicate rising costs, weaker product mix or heavier expansion spending. The company’s ability to develop several successful characters is encouraging because dependence on a single collectible trend can be risky. However, overseas weakness and slower inventory turnover could become larger problems if consumer enthusiasm cools. Investors should focus on margins, repeat purchases and overseas store productivity rather than treating every new character launch as another LABUBU-level success.