POP MART(HK:09992) Di Yi Cai Jing·2025-03-27 07:40Core Insights - Pop Mart's revenue for 2024 reached 13.04 billion RMB, a year-on-year increase of 106.9%, with adjusted net profit of 3.4 billion RMB, up 185.9% [1] - The rapid expansion in overseas markets is a significant highlight of Pop Mart's performance, with overseas and Hong Kong, Macau, and Taiwan revenue growing by 375.2% to 5.07 billion RMB, accounting for 38.9% of total revenue [1] - Southeast Asia emerged as the fastest-growing region, with revenue of 2.4 billion RMB, a staggering year-on-year increase of 619.1% [1] Revenue Breakdown - Domestic revenue in mainland China was 7.97 billion RMB, reflecting a year-on-year growth of 52.3% [1] - The overseas market, particularly Southeast Asia, is becoming increasingly important, with its revenue share rising significantly [1] Production Strategy - The COO stated that there are currently no plans to acquire factories, focusing instead on better factory management, with 10% of production currently in Vietnam [2] - The company aims to gradually increase the proportion of overseas production, not limited to Vietnam but also exploring other Southeast Asian countries [2] Market Expansion - Pop Mart is still in the early stages of its international business, with potential markets in the U.S., Europe, the Middle East, North America, Central America, and South America [2] - The company has only a few stores in Europe, indicating significant room for growth in that region [2] IP Strategy - Pop Mart's business model is heavily reliant on intellectual property (IP), with a diverse range of IPs contributing to revenue, reducing reliance on the original flagship IP, "Molly" [2] - The sales of "The Monsters" series surged from 368 million RMB to 3 billion RMB in 2024, while "CRYBABY" revenue increased 16-fold compared to the previous year [2]