POP MART(09992)2025-03-27 12:28Investment Rating - The report maintains an "OUTPERFORM" rating for Pop Mart International [2][9][17] Core Views - The company achieved record revenue and profit, with revenue expected to approach RMB 100 billion [1][3] - The company projects revenue growth of over 50% for 2025, with overseas revenue expected to exceed RMB 10 billion, reflecting a growth rate of over 100% [3][4] - The gross profit margin is anticipated to improve due to increased overseas revenue and effective supply chain cost control [3][4] Summary by Sections Financial Performance - In 2024, Pop Mart's revenue reached RMB 13 billion, a 107% year-on-year increase, with a gross profit margin of 66.8%, up 5.5 percentage points [3][16] - Adjusted net profit was RMB 3.4 billion, representing a 186% increase year-on-year, with an adjusted net profit margin of 26.1%, up 7.2 percentage points [3][16] - The company expects revenue for 2025 to be RMB 22.1 billion, with adjusted net profit projected at RMB 6.3 billion [9][17] Domestic Business - Domestic revenue was RMB 7.97 billion, a 52% year-on-year increase, with retail store revenue contributing RMB 3.83 billion, up 44% [4][16] - Online sales recovered with a 77% year-on-year increase, driven by new customer acquisition [4][16] - The total number of retail stores reached 401, with a net increase of 38 stores [4][16] International Business - International revenue surged to RMB 5.07 billion, a 375% year-on-year increase, with overseas revenue accounting for 39% of total revenue [5][16] - The company expanded its retail presence internationally, adding 50 new stores and entering five new markets [5][16] - The gross profit margin for international operations was 71.3%, exceeding domestic levels [5][16] IP Development and Innovation - The company reported that revenue from its major IPs accounted for 97.6% of total IP revenue, with significant growth in several key IPs [7][16] - Plush products emerged as a major revenue driver, with sales increasing over 12 times year-on-year [7][16] - Membership growth reached a historical high, with 46.08 million registered members contributing 92.7% of sales [7][16] Future Outlook - The company plans to open over 100 new stores in 2025 and enhance its brand strategy through flagship and themed stores [5][16] - Revenue projections for 2025-2027 are RMB 22.1 billion, RMB 33.7 billion, and RMB 46.2 billion, respectively, with adjusted net profits expected to grow correspondingly [9][17]