POP MART(09992) 金融界·2025-03-28 02:12Core Insights - In 2024, Pop Mart achieved a record annual revenue of 13.038 billion yuan, representing a year-on-year growth of 106.9% [1] - The second half of the year saw revenue reach 8.480 billion yuan, with a year-on-year increase of 143.2%, and profit growth soaring by 283.3% [1] - Key highlights include a significant rise in overseas market revenue, which accounted for 38.9% of total revenue, driven by IP operations and product structure optimization [1] Group 1: Overseas Market Growth - The revenue from Hong Kong, Macau, Taiwan, and overseas markets reached 5.066 billion yuan, with a year-on-year increase of 375.2%, making up 38.9% of total revenue [2] - Southeast Asia was the standout region, generating 2.403 billion yuan (up 619.1%), accounting for 18.4% of total revenue; North America also saw a significant growth of 556.9%, with revenue of 723 million yuan [2] - The company accelerated its offline channel expansion, adding 50 retail stores to reach a total of 130, and increasing the number of robot stores by 73 to 192, with new locations in Vietnam and Italy [2] Group 2: IP Operations and Product Strategy - In 2024, 13 IPs generated over 1 billion yuan in revenue, with THEMONSTERS leading at 3.041 billion yuan (up 726.6%), followed by MOLLY at 2.093 billion yuan (up 105.2%) and CRYBABY at 1.165 billion yuan (up 1537.2%) [3] - The diversified product strategy and penetration into overseas markets have strengthened the core IPs, with LABUBU's plush products driving a 1289% increase in plush category revenue to 2.832 billion yuan [3] Group 3: Profitability and Cost Management - The overall gross margin improved by 5.46 percentage points to 66.79%, with the second half gross margin reaching 68.26% [5] - Continuous improvement in expenses led to a decrease in sales expense ratio by 3.82 percentage points to 28.00% and a reduction in management expense ratio by 3.96 percentage points to 7.26% [5] - The net profit margin increased to 26.10%, driven by scale effects and enhanced supply chain efficiency [5] Group 4: Product Diversification and Membership Engagement - The revenue from figurines accounted for 53.2% (6.936 billion yuan) of total revenue, remaining the core category; plush products increased their revenue share to 21.7% [6] - The MEGA series and derivative products saw significant growth, with revenues of 1.684 billion yuan (up 146.1%) and 1.586 billion yuan (up 156.2%), respectively [6] - The total registered members in mainland China reached 46.083 million, with 11.729 million new members, contributing 92.7% of sales and a repurchase rate of 49.4% [7] Conclusion - Pop Mart's IP-centric strategy has fully materialized in 2024, with overseas expansion and product innovation serving as dual engines for growth [8] - The enhancement of supply chain capabilities, deepening global channels, and expanding the IP ecosystem have clarified the company's "brand upward" path [8]