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泡泡玛特被顶流带飞
Di Yi Cai Jing· 2025-05-14 00:47
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% [2][26]. 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, marking a 185.7% increase [26]. - The company's revenue growth trajectory has been impressive, with a significant recovery from a stagnation period in 2022 when revenue grew only 2.8% [3][26]. Market Position and Stock Performance - After a challenging period, Pop Mart's stock price rebounded to its initial public offering price in June 2024 and continued to rise, 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 [4][3]. - The stock price had previously dropped significantly, hitting a low of 10.2 HKD per share in October 2022, reflecting market skepticism about the company's business model [3]. IP Strategy and Revenue Contribution - The success of the LABUBU IP, part of the "THE MONSTERS" series, significantly contributed to revenue, generating 3.041 billion yuan in 2024, a staggering 726% increase year-on-year, and accounting for 23.3% of total revenue [21][22]. - Other IPs like MOLLY, SKULLPANDA, and CRYBABY also performed well, with each generating over 1 billion yuan in revenue [21]. International Expansion - Pop Mart's overseas revenue reached 5.066 billion yuan in 2024, a 375.2% increase, accounting for 38.9% of total revenue, with Southeast Asia being the fastest-growing region [34][33]. - The company has successfully opened multiple stores in Thailand, with the first store achieving ten times the average sales of other stores on its opening day [39]. Product Diversification - In 2024, Pop Mart began to diversify its product offerings beyond blind boxes, with plush products contributing 21.7% of total revenue, and the introduction of building block products aimed at attracting male consumers [58][56]. - The company has also emphasized the importance of creating unique IPs and has increased its design and licensing expenses significantly to support this strategy [55][56]. Future Outlook - Pop Mart aims to continue its growth trajectory by expanding its international presence and enhancing its IP portfolio, with a focus on maintaining the appeal of its products to consumers [61][62]. - The company is also exploring new business avenues such as theme parks and digital entertainment, which are expected to contribute to future revenue streams [61].
泡泡玛特2024年营收130.4亿元,首次实现4大IP收入破10亿
Xin Lang Ke Ji· 2025-03-26 05:01
Core Insights - In 2024, Pop Mart achieved a revenue of 13.04 billion yuan, marking a year-on-year growth of 106.9%, with an adjusted net profit of 3.4 billion yuan, up 185.9% [1] - The company reported that four major IPs generated over 1 billion yuan each, with 13 IPs surpassing 100 million yuan in revenue [1] - The company’s gross margin reached a historical high of 66.8%, an increase of 5.5 percentage points from 61.3% in 2023 [2] Domestic Business Performance - In mainland China, Pop Mart's revenue was 7.97 billion yuan, reflecting a year-on-year increase of 52.3% [2] - The company added 38 offline stores, bringing the total to 401, while the number of robot stores increased to 2,300 [2] - Revenue from offline stores was 3.83 billion yuan, up 43.9%, and robot store revenue was 700 million yuan, growing by 26.4% [2] International Market Growth - Pop Mart's overseas and Hong Kong, Macau, and Taiwan business generated 5.07 billion yuan, a staggering growth of 375.2%, accounting for 38.9% of total revenue [3] - The Southeast Asia market led the growth with a revenue of 2.4 billion yuan, a year-on-year increase of 619.1% [3] - Online sales in overseas markets reached 1.46 billion yuan, up 834%, with the highest revenue from the overseas official website at 530 million yuan, growing by 1246.2% [3] Product Innovation and Sales Channels - The plush toy category saw explosive growth with a revenue increase of 1289%, while the proportion of sales from figurines dropped to 53.2% [1] - The company’s抽盒机 (blind box machine) generated 1.11 billion yuan, a 52.7% increase, surpassing the historical peak of 2022 [2] - The Tmall flagship store achieved 630 million yuan in revenue, a 95% increase, and the content e-commerce team generated 600 million yuan, up 112.2% [2]