Core Insights - The financial performance of Pop Mart in 2024 shows remarkable growth, with revenue surpassing 10 billion yuan for the first time, indicating a strong upward trend in both online and offline sales, as well as explosive growth in overseas markets [1][2] - The company's stock price surged following the earnings report, reaching a historical high with a market capitalization exceeding 200 billion HKD [1] Revenue Performance - In 2024, Pop Mart achieved a revenue of 13.04 billion yuan, representing a year-on-year growth of 106.9%, with adjusted net profit increasing by 185.9% to 3.4 billion yuan [1] - Revenue from mainland China was 7.97 billion yuan, up 52.3%, while overseas and Hong Kong, Macau, and Taiwan revenue reached 5.07 billion yuan, marking a staggering growth of 375.2% [1] Overseas Market Expansion - The Southeast Asian market showed the best performance with revenue of 2.4 billion yuan, growing by 619.1%, accounting for 47.4% of overseas revenue [2] - The company opened 50 new overseas stores in 2024, bringing the total to 130, with a focus on core business districts and iconic landmarks [2] Online Sales Growth - Online sales channels, particularly through platforms like Shopee and TikTok, significantly boosted revenue, with Shopee's revenue increasing by 656% to 320 million yuan and TikTok's revenue skyrocketing by 5779.8% to 260 million yuan [3] - Overall, overseas online revenue increased nearly tenfold [3] Future Outlook - The CEO anticipates over 50% growth in 2025 compared to 2024, with overseas and Hong Kong, Macau, and Taiwan business expected to see over 100% growth [4] - In mainland China, the company plans to continue expanding its offline presence, with 38 new stores added in 2024, bringing the total to 401 [4] IP and Product Innovation - In 2024, 13 IPs generated over 100 million yuan in revenue, with THE MONSTERS surpassing 3 billion yuan [5][6] - The revenue share from blind box products decreased to 53.2%, while plush products saw a remarkable growth of 1289%, accounting for 21.7% of total revenue [6] - The company plans to introduce more plush products and collaborate with artists for new offerings in 2025 [6]

新浪科技讯 3月27日下午消息，昨日，泡泡玛特国际集团发布2024全年财报。财报显示，2024年泡泡玛 特实现营收130.4亿元，同比增长106.9%，经调整净利润34.0亿元，同比增长185.9%。中国内地营收79.7 亿元，同比增长52.3%；海外及港澳台业务营收50.7亿元，同比增长375.2%，收入占比达38.9%。 在媒体沟通会上，泡泡玛特董事长兼CEO王宁谈及过去一年海外业务取得了爆发式的增长，"我们预计 今年海外还会有比较快速的增长，（占比）大概率会超过50%。"并提到，"泡泡玛特在欧洲市场增长也 很快，前段时间我们在西班牙巴塞罗纳开了一个店，很多人要排六个小时才进到门店，而且全是当地人 在排队，他们会一起唱《LABUBU之歌》，现在LABUBU在很多国家都有非常强的粉丝的基础，我觉 得LABUBU会成为真正意义上从国内走出来的世界级IP。" 对于LABUBU等产品售罄补货的问题，泡泡玛特首席运营官司德表示，"我们认为产品售罄补货一方面 代表市场需求足够大，但另一方面也意味着超额的需求量远超供应链的提升速度，我们会尽快调整供应 链，加大产能，把整个生产流程调整到最舒服的状态，过去一年的时间，整个 ...

而就在前一天，3月26日，泡泡玛特创始人王宁在财报会后的媒体沟通环节，回应股价表现，"很少有公 司，上来就是千亿市值。而跌下来，又能再涨回去的更少。任何企业都要经历周期，也都要经历冬 天。"他表示，之前很多质疑说公司是不是泡沫，甚至90%媒体都说，泡泡玛特泡泡破了，各种不理解 的、负面的、质疑的、甚至鄙视的，说是一阵风的。但公司用业绩，用不断的成长，去证明自己。 同日，泡泡玛特国际集团发布2024全年财报。财报显示，2024年泡泡玛特实现营收130.4亿元（人民 币，下同），同比增长106.9%，经调整净利润34亿元，同比增长185.9%。中国内地营收79.7亿元，同比 增长52.3%；海外及港澳台业务营收50.7亿元，同比增长375.2%，收入占比达38.9%。 值得一提的是，2024年泡泡玛特首次拆分四大品类。财报显示，全年手办营收69.4亿元，同比增长 44.7%，占比降至53.2%；毛绒实现爆发式增长，营收28.3亿元，同比增长1289%，收入占比21.7%； MEGA营收16.8亿元，同比增长146.1%；衍生品及其他营收15.9亿元，同比增长156.2%。 "很多人老觉得我们是一家新的公司，但实际 ...

与此同时，泡泡玛特带动产业链合作伙伴布鲁可（00325.HK）同步走强。截至午盘，该股大涨超 14%。 受此影响，A股文创玩具、IP经济（谷子经济）概念震荡走高，高乐股份、华立科技涨超7%，创源股 份、金运激光、德艺文创、实丰文化等跟涨。 消息面上，3月26日午间，泡泡玛特公布最新财报，相关数据远超市场预期。 大涨超10%，市值超2000亿！泡泡玛特涨"疯"，带 火A股文创玩具概念股 继昨日收涨近11%后，3月27日，港股泡泡玛特早盘再度拉升，股价续创历史新高。 截至午盘，泡泡玛特涨超10%，总市值突破2000亿港元，成交额为33.73亿港元。Wind数据显示，自 2022年10月低点9.808港元/股以来，泡泡玛特累计涨幅超1400%。 当日，泡泡玛特董事长、CEO王宁在2024年财报业绩交流会上表示，预期2025年同比2024年有50%以上 增长，海外及港澳台地区业务可以有100%以上的增长。预期泡泡玛特集团在2025年实现超过200亿元的 销售额，海外及港澳台地区销售额突破100亿元。 同时，王宁表示，预计2025年北美市场可以达到集团2020年时的销售额。过往财报显示，泡泡玛特2020 年的营收是25 ...

分品类看，传统手办收入为69.4亿元，同比增长44.7%，占总营收的比重降至53.2%；毛绒玩具成为泡泡 玛特的年度爆品，收入暴增1289%至28.3亿元，占总营收比重为21.7%；MEGA营收16.8亿元，同比增长 146.1%；衍生品及其他营收15.9亿元，同比增长156.2%。 当日下午的业绩会上，王宁还透露了2025年的业绩预测：泡泡玛特有信心在2025年实现营收200亿元， 同比增长50%；海外业务突破100亿元，实现超100%的同比增长；未来希望逐步实现集团从百亿营收到 千亿营收迈进。 同时，泡泡玛特2024年的毛利也创新高。毛利由2023年的38.64亿元升至2024年的87.07亿元，同比增长 125.4%；毛利率升至66.8%，2023年的毛利率为61.3%。 泡泡玛特业绩表现如此强劲的背后离不开海外业务的爆发。2024年泡泡玛特在中国内地市场营收为79.7 亿元，同比增长52.3%。而在港澳台及海外市场营收达50.7亿元，同比增长375.2%，占总营收比重已接 近四成。 其中，东南亚市场表现最为突出，营收达到24亿元，同比增长619.1%；北美市场营收7.2亿元，占海外 营收的14.3%， ...

证券研究报告 泡泡玛特 (9992 HK) 港股通 新品类及全球化势能强劲，上调盈利预测 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 27 日│中国香港 | 消费轻工 | 公司 24 年收入 130.4 亿元，同增 106.9%；经调整净利润 34.0 亿元，同增 185.9%，高于我们预期（30.1 亿元），主因搪胶毛绒加速放量，经营杠杆释 放超预期。H2 营收同增 143.2%，经调整净利同增 264.1%。25 年指引积 极，公司凭借成熟的 IP 运营平台，推动品牌形象在全球成为时尚潮流代名 词，25 年新品类、海外扩张驱动强劲，中长期新业务持续落地，多元变现 潜力广阔。看好公司成长为全球级潮玩龙头，维持"买入"评级。 搪胶毛绒等品类创新及全球拓展势能强劲，继续成为业绩的核心驱动力 1）分品类看，H2 手办、毛绒、MEGA、衍生品增速分别达 55.5%/1362.9%/ 148.4%/454.3%，毛绒加速放量，营收占比环增 18.4pct 至 28.1%。搪胶毛 绒成为时尚单品，"包挂"风潮加速粉丝破圈，助力全年会员同增 ...

港股新经济领域表现亮眼，泡泡玛特"出海封神" ， 港股消费ETF（513230）持续上攻 国盛证券表示，随着人工智能、虚拟现实、大数据等技术在消费领域的深化应用，新的消费场景和 模式不断涌现，例如在线教育、远程办公、智能零售等，这些新兴业态不仅提升了消费者体验，也为消 费板块带来了新的增长点。特别是在短视频领域，用户规模和使用时长的持续增长，表明数字内容消费 已成为日常生活中不可或缺的一部分，为相关企业提供了广阔的市场空间。 港股消费板块中电商、餐饮、旅游、文娱传媒、国潮服装等新型消费比例更高，或更能充分反映本 轮大力提振消费政策驱动下的消费景气复苏，港股消费ETF（513230）一键网罗港股互联网消费龙头。 （文章来源：每日经济新闻） 3月27日早盘，港股市场小幅高开。恒指升0.26%，国企指数高开0.24%，恒生科技指数高开 0.28%。热门ETF中，港股消费ETF（513230）现涨超1%，成交额逼近1500万元，开盘后交投持续活 跃。 港股消费ETF（513230）持仓股泡泡玛特昨日公布2024年全年财报，财报显示，2024年泡泡玛特实 现营收130.4亿元人民币，同比增长106.9%；经调整净利润3 ...

Core Viewpoint - CICC maintains an "outperform" rating for Pop Mart (09992) and raises the target price to HKD 170, reflecting increased market enthusiasm and better-than-expected profit margins in both domestic and North American markets [1] Financial Performance - The company's 2024 revenue is projected at RMB 13.04 billion, a 107% year-on-year increase, with adjusted net profit expected to reach RMB 3.4 billion, up 186%, driven by rapid growth in new product categories and strong overseas market performance [2] - For the first half of 2024, revenue is expected to grow by 62%, while the second half is projected to see a 143% increase, indicating a significant acceleration in growth [2] Development Trends - The company's IP expansion is accelerating, with domestic and overseas revenue expected to grow by 52% and 107% respectively in 2024, increasing the overseas revenue share by 22 percentage points to 39% [3] - Retail store revenue in mainland China, online sales, and robot store revenue are expected to grow by 44%, 77%, and 26% respectively, with strong same-store growth exceeding expectations [3] - The company added 88 retail stores (38 in mainland China and 50 overseas) and 183 robot stores (110 in mainland China and 73 overseas), bringing the total to 521 retail stores and 2,472 robot stores [3] Product and IP Matrix Expansion - Revenue from key product categories such as figures, plush toys, MEGA, and derivatives is expected to grow by 45%, 1289%, 146%, and 156% respectively, with plush toys and MEGA showing significant revenue contributions [4] - The company’s proprietary IPs, including The Monsters, Molly, SkullPanda, and CryBaby, have seen substantial revenue growth, with increases of 727%, 105%, 28%, and 1537% respectively [4] - The total number of members is projected to increase by 11.73 million to 46.08 million, marking a significant acceleration in customer acquisition and repeat purchases [4] Profitability and Global Strategy - The company's gross margin is expected to reach 66.8% in 2024, up 5.5 percentage points year-on-year, with operational profit margin (OPM) achieving 31.9%, a 12.3 percentage point increase [5] - The company aims to achieve over RMB 10 billion in overseas revenue by 2025, supported by a diversified product strategy centered around IP [5] - The company plans to launch new IP animation shorts in the summer of 2025, which is expected to further enrich its IP portfolio and drive growth [5]

Summary of the Conference Call for Pop Mart Company Overview - **Company**: Pop Mart - **Industry**: Trendy Toy Industry Key Financial Performance - **2024 Revenue**: 130.38 billion RMB, up 106.9% YoY [3] - **Gross Profit**: 87.08 billion RMB, up 125.4% YoY, with a gross margin increase from 60.3% to 61.8% [3] - **Net Profit**: 33.08 billion RMB, up 203.9% YoY, with a net profit margin of 25.4%, an increase of 8.1 percentage points from 2023 [3] - **Adjusted Net Profit**: 34.03 billion RMB, up 185.9% YoY, with an adjusted net profit margin of 26.1% [3] Revenue Breakdown - **Mainland China Revenue**: 79.72 billion RMB, up 52.3% YoY [4] - **Hong Kong, Macau, Taiwan, and Overseas Revenue**: 50.66 billion RMB, up 375.2% YoY, accounting for 38.9% of total revenue [4][5] - **E-commerce Retail Scale**: 14.6 billion RMB [4] Product Performance - **Self-Produced Products**: Revenue share increased to 97.6%, with artist IP products accounting for 85% [4][6] - **Inventory Management**: Inventory turnover days reduced from 133 to 102 days, indicating improved efficiency [4][7] - **Figures for Collectibles**: Collectibles category grew by 44%, while plush toys saw over 1,200% growth, making up 21% of total sales [4][11][12] Strategic Initiatives - **Dividend Plan**: 35% of net profit to be distributed as dividends, totaling 1 billion RMB, with a per-share dividend of 0.81 RMB [4][8] - **Store Expansion**: Plans to open 100 new stores overseas in 2025, focusing on enhancing brand perception [4][26] - **Market Performance**: Southeast Asia market showed strong performance, with Thailand's top stores achieving monthly sales exceeding 5 million RMB [4][26] Future Growth Projections - **2025 Revenue Target**: Over 200 billion RMB, with overall growth expected to exceed 50% YoY [4][20] - **International Market Growth**: Anticipated to continue exceeding 100% growth, becoming a core business driver [4][20] - **North America Market**: Sales expected to reach the scale of the entire group's revenue in 2020 [4][25] Operational Highlights - **Online and Offline Integration**: Significant growth in domestic retail online sales, with a focus on enhancing customer experience [4][30] - **Membership Growth**: Record high membership growth in 2024, with significant contributions from new customers [4][39] Challenges and Responses - **Supply Chain Management**: Addressing head product stockouts due to high demand, with plans to optimize production processes [4][42] - **SKU Management**: Maintaining a "less is more" philosophy, with SKU numbers expected to remain stable [4][43] New Product Development - **Emerging Categories**: Focus on jewelry and building blocks, with plans for more innovative products [4][45][49] - **Content Creation**: New short films and animations planned to enhance brand storytelling and attract new users [4][50] Logistics and Supply Chain - **International Logistics**: Plans to build regional warehouses in Europe to improve efficiency and reduce costs by approximately 50% [4][51] Conclusion - **Overall Strategy**: The company continues to focus on international expansion and IP-driven growth, with a commitment to enhancing customer experience and operational efficiency [4][24]

泡泡玛特股价大涨超过10% 公司CEO王宁称今年营 收目标为200亿元 3月26日午间，泡泡玛特发布2024年财报显示，2024年实现营收130.4亿元，同比增长106.9%，经调 整净利润34亿元，同比增长185.9%。分市场看，中国内地营收79.7亿元，同比增长52.3%；海外及港澳 台业务营收50.7亿元，同比增长375.2%，收入占比达38.9%。公司各项经营数据指标超市场预期，业绩 再创新高。 财报发布后，泡泡玛特举行了业绩发布会。公司董事长兼CEO王宁表示，2024年，公司业绩增长超 出预期，主要得益于国际化战略的成功实施，其已成为公司第二曲线。展望未来，公司将继续深耕海外 市场，并构建以IP为核心的集团化策略，以此加速推动公司业绩增长。 "2025年，公司管理层有信心在2024年高基数的基础上，实现2025年销售额同比增长50%以上，海 外销售额同比增长100%以上，目标是使公司整体销售额达到200亿元，海外销售额突破100亿元。"王宁 说。 受到业绩超预期影响，泡泡玛特午后股价直线拉升，盘中涨近16%，截至收盘报收140.7港元/股， 涨幅为10.87%。 2024年，泡泡玛特首次将海外业务划 ...