POP MART(09992) 新华财经·2025-03-26 10:37Core Viewpoint - In 2024, Pop Mart achieved record revenue and profit growth, driven by its "IP matrix incubation" and "overseas re-creation" strategies, with total revenue exceeding 13 billion RMB and net profit reaching 3.4 billion RMB, marking significant year-on-year increases [2][3]. Financial Performance - Total revenue for 2024 reached 13,037.7 million RMB, a 106.9% increase from 2023 [3]. - Net profit increased by 185.9% to 3,403.2 million RMB, with basic earnings per share rising to 2.36 RMB, up 191.4% [3]. - The gross profit margin reached a historical high of 66.8% due to the explosive growth of high-margin overseas business [2]. Overseas Business Growth - Revenue from overseas and Hong Kong, Macau, and Taiwan reached 50.7 million RMB, a staggering 375.2% increase, accounting for 38.9% of total revenue [2][8]. - The Southeast Asian market showed the highest growth, with revenue of 24.03 million RMB, up 619.1% [8]. - The company plans to expand its presence in North America and Europe, aiming for overseas revenue to exceed 50% of total sales by 2025 [9]. IP and Product Strategy - The company has shifted its focus from being a toy manufacturer to an IP-centric business, emphasizing IP incubation, operation, and retail [5]. - The flagship IP Labubu series saw explosive growth, with revenue reaching 30.41 million RMB, a 726.6% increase [5]. - The product mix has evolved, with plush toys experiencing significant growth, increasing their revenue share from less than 10% to 30% in the second half of 2024 [6]. Market Trends and Future Outlook - Morgan Stanley noted that Pop Mart's plush toys are leading a new trend, potentially opening a larger market beyond collectibles [7]. - The company is enhancing its brand recognition through localized product designs tailored to regional consumer preferences [9]. - The management is optimistic about achieving over 50% sales growth in 2025, with a target of reaching 200 million RMB in total sales and over 100 million RMB in overseas sales [3][9].