泡泡玛特王宁：90%的媒体都说泡沫破了，但我们用业绩证明了自己

Core Insights - The stock price of Pop Mart surged over 8% on March 27, reaching a historical high with a market capitalization exceeding HKD 200 billion [2] - Founder Wang Ning addressed concerns about the company's valuation and market perception, emphasizing that Pop Mart has proven its worth through performance and growth despite skepticism [2] - For the fiscal year 2024, Pop Mart reported a revenue of RMB 13.04 billion, a year-on-year increase of 106.9%, and an adjusted net profit of RMB 3.4 billion, up 185.9% [2] Revenue Breakdown - In 2024, Pop Mart segmented its revenue into four major categories, with figures showing significant growth across all segments [3] - The figure for figurines reached RMB 6.94 billion, a 44.7% increase, accounting for 53.2% of total revenue [3] - Plush toys experienced explosive growth with revenue of RMB 2.83 billion, up 1289%, representing 21.7% of total revenue [3] - MEGA products generated RMB 1.68 billion, a 146.1% increase, while derivative products and others brought in RMB 1.59 billion, up 156.2% [3] Future Outlook - Wang Ning expressed confidence in achieving a 50% year-on-year growth for the group in 2025, despite the increasing revenue base [3] - The company anticipates maintaining over 100% growth in overseas markets, which are expected to become a core driver of the group's business [3] - Pop Mart aims to reach sales of RMB 20 billion across the entire group [3]