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]