泡泡玛特背后的‘印钞机’，藏不住了！

Core Viewpoint - Pop Mart has demonstrated remarkable financial performance in 2024, achieving a revenue of 13.038 billion yuan, more than doubling its revenue from 2023, and an adjusted net profit of 3.403 billion yuan, reflecting a year-on-year growth of 185.9% [3][23]. Financial Performance - In 2024, Pop Mart's revenue reached 13.038 billion yuan, a 106.9% increase compared to 2023, while the adjusted net profit was 3.403 billion yuan, up 185.7% year-on-year [23]. - The company's revenue growth was particularly notable compared to global toy giant Mattel, which reported a revenue of approximately 39.27 billion yuan and a net profit of only 3.96 billion yuan in the same year [3]. Market Dynamics - Pop Mart's stock price rebounded significantly, reaching a historical high of 177.2 HKD per share by April 23, 2024, with a total market capitalization of approximately 237.283 billion HKD [5]. - The company faced skepticism regarding its business model and the collectible toy market, especially after a period of stagnation in 2022 when revenue growth was only 2.8% [4]. Key IP Contributions - The success of the LABUBU character from the "THE MONSTERS" series significantly contributed to Pop Mart's revenue, generating 3.041 billion yuan in 2024, a staggering 726% increase year-on-year, and accounting for 23.3% of total revenue [17][19]. - Other IPs like MOLLY, SKULLPANDA, and CRYBABY also performed well, with each surpassing 1 billion yuan in revenue [17]. International Expansion - Pop Mart's overseas revenue reached 5.066 billion yuan in 2024, marking a 375.2% increase and accounting for 38.9% of total revenue, with Southeast Asia being the fastest-growing market [31]. - The company has strategically opened stores in key international markets, including Thailand, where the first store achieved sales ten times the average of all stores [34]. Product Diversification - In 2024, Pop Mart's revenue from plush products exceeded 10 times that of the previous year, contributing 21.7% to total revenue, while the contribution from collectible figures dropped to just over half [56]. - The company is actively pursuing a diversification strategy beyond blind box products, including collaborations with well-known IPs like Disney and Harry Potter, and expanding into new product categories such as building blocks [54][55]. Operational Strategy - Pop Mart has adopted a Direct to Customer (DTC) strategy, reducing reliance on third-party distributors and focusing on direct retail, which has led to a more controlled expansion and higher profit margins [42][53]. - The company has also implemented a new product development structure that allows for more creativity and responsiveness to market demands, resulting in successful new product lines like LABUBU plush toys [56].