2 1 Shi Ji Jing Ji Bao Dao·2025-07-15 10:43Core Viewpoint - Pop Mart expects significant revenue and profit growth, projecting a revenue increase of no less than 200% and a profit increase of no less than 350% for the six months ending June 30, 2025 compared to the same period in 2024 [1] Financial Performance - For the first half of 2024, Pop Mart reported revenue of 4.558 billion yuan, a year-on-year increase of 62.0%, and a net profit of 921 million yuan, up 93.32% year-on-year [1] - Adjusted net profit for the same period was 1.018 billion yuan, reflecting a 90.1% increase year-on-year [1] - The company’s revenue for the first half of 2024 is projected to exceed 13.7 billion yuan, with net profit exceeding 4.1 billion yuan and adjusted net profit exceeding 4.6 billion yuan [1] Growth Drivers - The board attributes the significant performance increase to several factors: 1. Enhanced global brand recognition and diverse product categories driving revenue growth across all regional markets [2] 2. Increasing overseas revenue proportion positively impacting gross and net profit margins [2] 3. Continuous optimization of product costs and improved expense management enhancing profitability [2] Market Outlook - In Q1 2025, Pop Mart reported a revenue growth of 165%-170%, with Chinese revenue increasing by 95%-100% and overseas revenue soaring by 475%-480% [6] - The management is confident in achieving over 50% sales growth in 2025, with overseas sales expected to double, targeting overall sales of 20 billion yuan and overseas sales exceeding 10 billion yuan [6] - The stock price has seen a significant increase, reaching a peak of 283.4 HKD, with a cumulative rise of over 200% since January [6] Competitive Position - Analysts note a rising trend in the popularity of multiple IPs, with products like Molly and CRYBABY selling out and commanding premiums in the secondary market [7] - The core competitive advantage of Pop Mart lies in its IP incubation and operational mechanisms, which have been validated over the years [7] - The company continues to expand its product offerings, with new stores launching in major cities and introducing various popular IP series [7]