泡泡玛特2024利润增长188%，Labubu风靡全球，海外业务增长375%成新引 擎 | 财报见闻 凭借Labubu玩偶系列风靡全球，泡泡玛特2024年利润翻倍至34亿元人民币，股价一年内飙升350%。公司正加速全球扩张，重点布局北美和欧洲市场，打造 全球潮玩帝国。K-pop明星带动的潮玩热潮正形成新的投资机遇。 | | 6.03 万球友关注 | | --- | --- | | 交易中 03-26 13:44:38 北京时间 | | | tax, O OEO/ | | 3月26日，泡泡玛特国际集团发布2024全年财报： | 年度業績摘要 | | | | | --- | --- | --- | --- | | | | 截至12月31日止年度 | | | | 2024年 | 2023年 | 同比變動 | | | 人民幣千元 人民幣千元 | | (%) | | 收益 | 13,037,749 | 6,301,002 | 106.9% | | 毛利 | 8,707,765 | 3.864.071 | 125.4% | | 經營溢利 | 4,154,272 | 1,230,646 | 237.6% | | 除所得税前 ...

泡泡玛特2024年营收130.4亿元，首次实现4大IP收 入破10亿 新浪科技讯 3月26日午间消息，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34.0亿元，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%。 2024年，泡泡玛特旗下4大IP营收破10亿元，13大IP营收破亿元。THE MONSTERS收入首次突破30 亿元，CRYBABY成为最快进入10亿俱乐部的IP。2024年，泡泡玛特品类创新再度实现突破，毛绒成为 年度爆品，收入实现1289%的爆发式增长，手办收入占比降至53.2%，积木产品首次上市便迅速售罄。 2024年，泡泡玛特抽盒机营收11.1亿元，同比增长52.7%，突破2022年历史峰值。天猫旗舰店营收 6.3亿元，同比增长95%，业绩超过2021年历史峰值，并获得6·18天猫潮流玩具榜和总榜第一名。内容电 商团队搭建聚焦不同品类及使用场景的多个自营直播间，营收达6.0亿元，同比增长112.2% ...

Core Insights - Bubble Mart (09992) reported a significant increase in annual performance for the year ending December 31, 2024, with a net profit attributable to shareholders of 3.125 billion yuan, representing a year-on-year increase of 188.77% [1] - The company's revenue reached 13.038 billion yuan, up 106.92% year-on-year, with a gross profit of 8.708 billion yuan, reflecting a 125.4% increase [1] Revenue Growth - Revenue from mainland China channels grew to 7.972 billion yuan, a year-on-year increase of 52.3% [1] - The international market, including Hong Kong, Macau, and Taiwan, saw revenue soar to 5.066 billion yuan, marking a 375.2% increase and accounting for 38.9% of total revenue [1] Store Expansion - The company opened 38 new offline stores in mainland China, increasing the total from 363 to 401 stores by December 31, 2024 [1] - The number of robot stores in mainland China increased by 110, from 2,190 to 2,300 stores during the same period [1] Innovative Strategies - In 2024, the Bubble Mart capsule machine focused on enhancing the social purchasing experience, achieving revenue of 1.114 billion yuan, a year-on-year growth of 52.7% [2] - The content e-commerce team revamped its live streaming strategy, significantly boosting brand engagement and attracting new fans, with Douyin platform revenue reaching 601 million yuan, up 112.2% [2] Membership Growth - The total number of registered members in mainland China increased from 34.354 million to 46.083 million, with 11.729 million new registrations in 2024 [3] - Membership sales contribution reached 92.7%, with a repurchase rate of 49.4% [3] Direct-to-Consumer Strategy - The company continued to advance its Direct To Customer (DTC) strategy, with a total of 130 stores in Hong Kong, Macau, and overseas, and 192 robot stores [3]

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 13,037,749 thousand, a 106.9% increase compared to RMB 6,301,002 thousand in 2023[3] - Gross profit for the same period was RMB 8,707,765 thousand, reflecting a 125.4% growth from RMB 3,864,071 thousand in the previous year[3] - Operating profit surged to RMB 4,154,272 thousand, marking a 237.6% increase from RMB 1,230,646 thousand in 2023[3] - Profit attributable to owners of the company was RMB 3,125,473 thousand, up 188.8% from RMB 1,082,344 thousand in 2023[3] - Basic earnings per share increased to RMB 2.36, a 191.4% rise compared to RMB 0.81 in the previous year[5] - The company reported a net profit before tax of RMB 4,365,812 thousand, a 208.4% increase from RMB 1,415,755 thousand in 2023[4] - The total comprehensive income for the year was RMB 3,460,496 thousand, compared to RMB 1,163,877 thousand in 2023[5] - The net profit for the year was RMB 3,308,345 thousand, significantly higher than RMB 1,088,771 thousand in the previous year, representing an increase of approximately 203.5%[21] Assets and Equity - Total assets as of December 31, 2024, amounted to RMB 14,870,672 thousand, compared to RMB 9,968,863 thousand in 2023[6] - Total equity attributable to owners of the company was RMB 10,683,505 thousand, up from RMB 7,769,927 thousand in 2023[7] - Cash and cash equivalents increased significantly to RMB 6,109,017 thousand from RMB 2,077,927 thousand in the previous year[6] Revenue Breakdown - Revenue from Mainland China business amounted to RMB 7,972,074 thousand, up from RMB 5,234,901 thousand in the previous year, reflecting a growth of about 52.5%[22] - Revenue from Hong Kong, Macau, Taiwan, and overseas business was RMB 5,065,675 thousand, compared to RMB 1,066,101 thousand in 2023, indicating a remarkable increase of approximately 376.5%[22] - Retail store sales revenue in Mainland China reached RMB 3,827,861 thousand, up from RMB 2,661,009 thousand in 2023, reflecting a growth of approximately 43.8%[22] - Online sales revenue in Mainland China increased to RMB 2,697,619 thousand from RMB 1,524,578 thousand, representing a growth of about 77.0%[22] Costs and Expenses - The total cost of sales for the year ended December 31, 2024, was RMB 3,474,213,000, an increase of 70.5% compared to RMB 2,042,672,000 in 2023[23] - Employee benefits expenses rose to RMB 1,462,406,000 in 2024, up 39.5% from RMB 1,048,487,000 in 2023[23] - The income tax expense for 2024 was RMB 1,057,467,000, significantly higher than RMB 326,984,000 in 2023, indicating a rise of 223.5%[25] - General and administrative expenses increased from RMB 707.3 million in 2023 to RMB 947.1 million in 2024, a rise of 33.9%[83] Shareholder Information - The total dividend proposed for 2024 is RMB 373,025,000, which is a substantial increase from RMB 117,317,000 in 2023, representing a growth of 217.5%[33] - The proposed final dividend is RMB 0.8146 per share, amounting to a total of RMB 1,093.9 million based on the current issued share capital of 1,342,943,150 shares[111] - The company repurchased 4,700,000 shares in 2024 at a total cost of approximately RMB 78,031,000, compared to 19,947,000 shares repurchased in 2023 for about RMB 333,709,000[41] Market Expansion and Strategy - The company plans to allocate approximately HKD 1,734.5 million (30.0% of net proceeds) for consumer outreach and overseas market expansion[109] - Future business expansion will focus on North America, Southeast Asia, and Europe, enhancing brand experience through new physical stores[107] - The company aims to deepen collaborations with artists and cross-industry brands to enrich its product matrix and promote cultural integration[107] Operational Highlights - The number of offline stores in mainland China increased by 38, from 363 as of December 31, 2023, to 401 by December 31, 2024[56] - The company opened its first offline stores in five countries, including Vietnam and Indonesia, enhancing international market presence[60] - The city theme park launched in September 2023 has optimized service experiences and created immersive environments for fans[62] IP and Product Development - The IP "THE MONSTERS" generated revenue of RMB 3,040.7 million, with a year-on-year growth of 726.6%[48][49] - The IP "MOLLY" achieved a revenue increase of 105.2% year-on-year, showcasing its enduring popularity[50] - The IP "CRYBABY" experienced a remarkable revenue growth of 1,537.2% year-on-year[51] - The company successfully launched multiple new IPs and product lines, enhancing brand recognition and market competitiveness[47][48] Compliance and Governance - The company has adopted the corporate governance code and has complied with all applicable provisions during the reporting period, except for a deviation regarding the separation of roles between the Chairman and CEO[114] - The Chairman and CEO positions are held by the same individual, Wang Ning, which the board believes does not undermine the balance of power and authority within the company[115]

Summary of the Conference Call for Pop Mart Company Overview - **Company**: Pop Mart - **Industry**: Toy and IP Management Key Points Market Expansion and Performance - **Overseas Market Revenue**: Single-store revenue in overseas markets significantly exceeds domestic levels, with the US market expected to reach 6,000 to 7,000 million RMB, which is seven to eight times higher than domestic single-store revenue [2][4] - **Store Expansion**: By the end of 2024, Pop Mart plans to have 130 overseas stores, with a net increase of 50 stores, including 30 in Southeast Asia and 20 in the US [4] - **Southeast Asia Contribution**: Southeast Asia contributes approximately one-third of overseas revenue, with single-store revenue reaching 90 million RMB, ten times that of domestic stores [4][8] Strategic Approaches - **Differentiated Strategies**: In North America, Pop Mart utilizes Disney IP to attract young customers, while in Europe, it opens flagship stores in trendsetting cities to enhance brand recognition [2][5] - **Cultural Localization**: The company has successfully localized its IP offerings, with various IPs like Crybaby and Panda leading sales in different countries, reducing reliance on a single IP [2][6] Product Development and IP Diversification - **IP Diversification**: Pop Mart has diversified its IP portfolio, with multiple IPs achieving top sales in various countries, enhancing stability as an IP management platform [2][6] - **Popular Product Lines**: The rubber plush series has become the most popular category, with several products sold out throughout the year, indicating strong demand [2][11] Future Growth Potential - **Revenue Projections**: The market anticipates a revenue growth of 50% to 60% for 2025, with net profits expected to reach 4.5 to 5 billion RMB [3][15] - **Long-term Market Potential**: The company sees significant growth potential in developed markets like the US and Europe, where consumers seek emotional resonance through collectible toys [7][8] New Product Categories and Collaborations - **New Product Lines**: Pop Mart is actively expanding into new categories, including jewelry pop-up stores and lifestyle shops, which are expected to enhance brand influence [2][14] - **Collaborations**: The company is collaborating with trendy brands to further expand its market impact and brand effect [14] Market Sentiment and Valuation - **Investor Sentiment**: The current price-to-earnings ratio is below 30, with a PEG ratio indicating growth potential, making the company an attractive investment opportunity [3][15] Conclusion - **Overall Outlook**: The company is optimistic about its future growth, with plans to accelerate expansion in North America, Southeast Asia, and Europe, supported by a strong IP portfolio and innovative product strategies [10][15]

Summary of the Conference Call for Pop Mart Company Overview - Pop Mart has undergone three development stages: opening offline stores, establishing product models with the launch of the first IP "Cat Zodiac Blind Box," and exploring diversified product forms while accelerating overseas expansion. In 2023, revenue grew by 36% and profit increased by 128%, indicating a strong recovery momentum [2][5][21]. Core Business Insights - Artist IP is the main revenue source for Pop Mart, accounting for approximately 77% of total revenue, with a compound annual growth rate (CAGR) of about 72% over the past five years [2][6]. - The sales channels are diversified, with retail stores and online channels contributing 48% and 30% of revenue in 2023, respectively, while robot stores accounted for about 10% [2][6]. - The company has over 40 million registered members, maintaining a repurchase rate of 40% to 50% [4][17]. Financial Performance - From 2017 to 2021, Pop Mart experienced rapid growth in revenue and net profit, with CAGRs of over 100% and 350%, respectively. However, in 2022, the pandemic impacted growth, leading to a slowdown. In 2023, the company returned to strong growth with a revenue increase of 36% and profit growth of 128% [5][21]. - Future net profit forecasts for the next three years are projected to reach 2.6 billion, 3.9 billion, and 5 billion yuan, respectively [4][23]. Market Position and Competition - The Chinese trendy toy market is fragmented, with Pop Mart holding a leading market share of 12%, up from 9% in 2019. The second-ranked company has an 8% market share, while others range from 1% to 2% [2][10]. - The global trendy toy market was nearly $20 billion in 2019, with China's retail scale reaching 35.2 billion yuan in 2022, growing at a CAGR of about 28% over the past seven years [9]. IP Creation and Operation - Pop Mart has strong IP creation and operation capabilities, utilizing three cooperation models: proprietary IP, exclusive IP, and non-exclusive IP. The company has over 50 artist IPs, significantly outpacing competitors [11][14]. - Popular IPs like "Jasmine" have maintained annual sales exceeding 100 million yuan for over seven years, showcasing the company's ability to extend IP lifecycles [13]. Product Diversification and Innovation - In addition to traditional blind boxes, Pop Mart is exploring new product forms, with Mega Collections and plush toys contributing 13% and 10% of revenue, respectively, in the first half of 2024 [15][16]. - The company has maintained innovation in blind boxes, enhancing playability and product quality, and has introduced high-end toys in collaboration with international brands [16]. Sales Channels and Performance - Pop Mart's sales channels include offline retail stores, robot stores, and online platforms. In 2023, retail stores, online channels, and robot stores contributed approximately 47%, 33%, and 10% of revenue, respectively [18][19]. - The online platform, particularly Douyin, has seen significant growth, with sales exceeding 200 million yuan in the first half of 2024 [20]. Overseas Expansion - Since 2018, Pop Mart has been expanding its overseas business, achieving revenue of 1.066 billion yuan in 2023, accounting for 23% of total revenue. This is expected to rise to 30% in the first half of 2024 [4][21]. - The company has established 92 retail stores and 162 robot stores in Hong Kong, Macau, and overseas regions by the end of 2024 [22]. Future Outlook - The company's valuation is currently high, but considering future growth, the target price is set at around 125 yuan based on a 40x valuation for 2025 [23].

Summary of the Conference Call for Pop Mart Company Overview - **Company**: Pop Mart - **Industry**: Toy and IP (Intellectual Property) Development Key Points and Arguments Business Performance and IP Development - Pop Mart has made significant progress in its IP categories and globalization efforts, with self-designed products increasing from 29% in 2017 to 96% in the first half of 2024, while outsourced products dropped from 71% to 4% [3][4] - Revenue from licensed IP grew by 124.4% from 2018 to 2023, while artist IP revenue increased by 117.3% during the same period, indicating rapid growth in both categories [3][4] - The Molly IP saw revenue rise from 40 million in 2017 to over 1 billion in 2023, with a 90% year-on-year increase to 780 million in the first half of 2024, showcasing successful IP management [3][9] - The Labubu IP experienced a nearly 300% increase in revenue in the first half of 2024, surpassing the total revenue for 2023, aided by social media promotion from BLACKPINK member Lisa [3][13] Product Innovation and Market Expansion - Pop Mart continuously innovates product lines, including Mega collectibles and Inner Flow art lines, and is exploring apparel and home goods to meet diverse consumer needs [3][15] - The global flagship store for the Xiaono brand in Bangkok generated 5 million in revenue on its first day, with overseas revenue reaching 350 million in the first half of 2024, accounting for 30% of total revenue, particularly strong growth in Southeast Asia at nearly 500% [3][17][18] Strategic Partnerships and Supply Chain - Pop Mart leverages its strong supply chain capabilities to collaborate with international brands like Disney and Mattel, enhancing its global market presence [6][22] - The company focuses on platform development and operations, continuously introducing new artist IP to attract diverse audiences [5][7] Future Directions - The company plans to enhance platform development and operations, strengthen partnerships with international brands, and improve its design and supply chain management to optimize product structure and market competitiveness [7][31] Unique Aspects of IP Incubation and Operations - Pop Mart's internal design center (PDC) is responsible for incubating proprietary IP, which has become a significant revenue source [8] - The company maintains a balanced structure of top and mid-tier IPs, reducing reliance on a few key IPs and promoting healthy growth [12] Sales Channels and Consumer Insights - Pop Mart actively expands online sales channels, including live-streaming e-commerce, and has successfully launched new product lines to sustain growth [11][14] - The company recognizes diverse consumer preferences, tailoring products to different demographics, from children to young adults [28] Market Potential and Trends - The global toy market is valued at approximately 100 billion USD, with the US market alone accounting for 40 billion USD, indicating significant growth potential for Pop Mart in North America [19][24] - The importance of IP in the toy industry has increased, with many companies now relying heavily on IP for sales, reflecting a shift from channel-driven to content-driven strategies [23] Financial Outlook - Expectations for Pop Mart's performance in the second half of 2024 and into 2025 are optimistic, with anticipated high growth rates driven by new IP projects and improved supply chain capabilities [35] Additional Insights - The global licensing market for goods and services is substantial, with significant growth potential in China, which is still in the early stages of developing its licensing market [27] - The toy industry is witnessing a trend towards IP-driven products, with companies increasingly focusing on unique IP to differentiate themselves in a competitive market [23][24]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 124.57 HKD based on a 2025 PE valuation of 40 times, reflecting a 30% premium over comparable companies [2][5]. Core Insights - The company has established itself as a leading brand in the Chinese trendy toy market, transitioning from an exploratory phase to a diversified development stage since its founding in 2010 [7][14]. - The trendy toy industry in China is experiencing robust growth, with a market size reaching 352 billion CNY in 2022 and a compound annual growth rate (CAGR) of 28% from 2015 to 2022 [30][32]. - The company's revenue and net profit have shown significant growth, with a projected net profit of 25.68 billion CNY in 2024, 38.58 billion CNY in 2025, and 50.37 billion CNY in 2026 [2][4]. Financial Forecast and Investment Recommendations - The company is expected to achieve a net profit of 25.68 billion CNY in 2024, 38.58 billion CNY in 2025, and 50.37 billion CNY in 2026, with corresponding earnings per share (EPS) of 1.91 CNY, 2.87 CNY, and 3.75 CNY respectively [2][4]. - The company's revenue is projected to grow from 6,301 million CNY in 2023 to 21,050 million CNY in 2026, reflecting a CAGR of 36.5% from 2023 to 2026 [4][20]. Company Overview - The company has a strong competitive edge in IP (intellectual property) development, with its artist IP products accounting for 77% of total revenue in 2023, and a CAGR of 72% from 2018 to 2023 [20][41]. - The company has diversified its sales channels, with offline retail stores and online channels contributing 48% and 30% of revenue respectively in 2023 [22][24]. - The company has successfully expanded its international presence, with overseas revenue accounting for 30% of total income as of 2024 [12][20]. Market Position - The trendy toy market in China is relatively fragmented, with the top five companies holding only 24% of the market share, while the company itself has increased its market share to 12% in 2022, up from 9% in 2019 [35][36]. - The global trendy toy market is projected to grow from nearly 20 billion USD in 2019 to 41.8 billion USD by 2024, indicating a CAGR of 16% [30][32]. Operational Efficiency - The company has improved its profitability metrics, with gross margin and net profit margin increasing by 3.8 percentage points and 6.9 percentage points respectively in 2023 [25][26]. - The company has maintained a low store closure rate, indicating strong operational stability [12].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 124.57, reflecting a 30% premium over the estimated PE ratio of 40 times for 2025 [2][5]. Core Insights - The company has established itself as a leading brand in China's trendy toy market, with significant growth potential in international markets [1][7]. - The company's revenue and net profit have shown impressive growth, with a compound annual growth rate (CAGR) of 65% and 61% respectively from 2018 to 2023 [19][20]. - The company’s artist IP products are the main revenue driver, contributing approximately 77% of total revenue in 2023 [20][21]. Financial Forecast and Investment Recommendations - The forecasted net profits for the company from 2024 to 2026 are expected to be CNY 25.68 billion, CNY 38.58 billion, and CNY 50.37 billion respectively, with corresponding EPS of CNY 1.91, CNY 2.87, and CNY 3.75 [2][4]. - The company’s revenue is projected to grow significantly, with estimates of CNY 11.77 billion, CNY 16.46 billion, and CNY 21.05 billion for 2024, 2025, and 2026 respectively, reflecting growth rates of 86.7%, 39.9%, and 27.9% [4][20]. Company Overview - The company has transitioned through three phases since its establishment in 2010: exploration, rapid growth, and diversification [14][15]. - The company has a strong market position in the trendy toy industry, with a market share of approximately 12% in 2022, up from 9% in 2019 [35][36]. Industry Analysis - The trendy toy market in China has been growing rapidly, with a retail market size of CNY 352 billion in 2022 and a CAGR of 28% from 2015 to 2022 [30][32]. - The global trendy toy market is expected to reach USD 41.8 billion by 2024, with a CAGR of 16% from 2019 to 2024 [30][32]. Sales Channels - The company’s main sales channels include offline retail stores, online platforms, and innovative sales methods such as robot stores, contributing 48%, 30%, and 10% to total revenue respectively in 2023 [22][24]. - The company has been expanding its international presence, with overseas revenue accounting for 30% of total income as of 2024 [12][20].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [11]. Core Viewpoints - Pop Mart is a leading player in the trendy toy industry, with a strong integrated layout covering the entire industry chain. The company has shown rapid growth in revenue and profit, with a significant increase in its market share [1][11]. - The trendy toy market is expected to grow significantly, with the total market value projected to reach 110.1 billion yuan by 2026, indicating a robust growth trajectory for the industry [2][42]. - Pop Mart's strong IP operation capabilities have been validated, with a diverse range of successful IPs contributing to its revenue growth. The company is continuously expanding its product categories and business models [3][11]. Summary by Sections Company Overview - Pop Mart, established in 2010, is the largest trendy toy company in China, focusing on self-owned IP sales. The company has built an integrated platform covering artist discovery, IP operation, consumer engagement, and cultural promotion [6][23]. Industry Growth - The trendy toy industry is rapidly developing, with a market value of approximately 60 billion yuan in 2023, expected to grow at a compound annual growth rate of over 20% [2][42]. - The industry is highly fragmented, with Pop Mart holding an 11.9% market share, leading the competition [2][45]. IP Operation and Business Expansion - Pop Mart has successfully developed a strong IP matrix, with over 10 IPs generating over 100 million yuan in sales in 2023. The company is expanding its product categories, including accessories and plush toys, to enhance customer engagement [3][11]. - The company has established a multi-dimensional business ecosystem around its IPs, including parks and games, which are expected to extend the lifecycle of its IPs [3][11]. Sales Channels and Market Reach - In 2023, Pop Mart's domestic revenue accounted for 87%, with overseas revenue growing rapidly, reaching 30% in 2024H1, a year-on-year increase of approximately 400% [4][11]. - The company has a robust offline and online channel strategy, with 374 retail stores and a significant online presence, leveraging membership systems to enhance customer retention [4][11]. Financial Projections - The company is projected to achieve revenues of 124 billion yuan, 172.69 billion yuan, and 213.04 billion yuan from 2024 to 2026, with corresponding net profits of 29.21 billion yuan, 41.37 billion yuan, and 51.81 billion yuan [11][12].