POP MART Achieves Record Revenue in 2024 with Robust Growth
POP MART's Financial Breakthrough in 2024
In an impressive showcase of growth, POP MART International Group (HKG:9992) has released its financial results for 2024, indicating transformative changes in its operational performance. The Company recorded staggering revenues of 13.04 billion RMB, which marks an astonishing increase of 106.9% compared to the previous year. Additionally, POP MART's net profit skyrocketed to 3.4 billion RMB, reflecting a remarkable growth of 185.9% year-over-year.
Revenue Streams and Performance
The report highlights the Company's success in various markets, particularly showing that revenue from Mainland China achieved 7.97 billion RMB, indicating a strong growth of 52.3%. In contrast, revenues from markets outside Mainland China, which include regions like Hong Kong, Macao, and Taiwan, reached 5.07 billion RMB, showing a dramatic increase of 375.2% year-on-year. Such figures reveal that POP MART has set new operational records, far exceeding market expectations.
Intellectual Property (IP) Developments
In 2024, POP MART enhanced its intellectual property (IP) strategy, showcasing the maturity of its operating system with four flagship properties: THE MONSTERS, MOLLY, SKULLPANDA, and CRYBABY. These brands alone contributed to over 1 billion RMB in revenue. Furthermore, combined contributions from 13 additional IPs, such as DIMOO WORLD and HIRONO, exceeded a remarkable 3 billion RMB, underlining the broad appeal of its character lineup.
Effective Market Growth
Noteworthy organic growth in the brick-and-mortar business was achieved without a proportional increase in store numbers, while the online segment expanded significantly. In 2024, POP MART maintained its international momentum, amplifying its flagship stores' presence worldwide and bolstering brand recognition. Notably, total revenue from international markets, including Hong Kong, Macao, and Taiwan, rose by 375.2% year-on-year.
New Store Openings and Global Expansion
The Company opened its first brick-and-mortar outlets in countries such as Vietnam, Indonesia, and Italy. Landmark locations added to its global presence include stores situated in historic sites like the Louvre in Paris and iconic streets in London. This expansion attests to the effectiveness of POP MART's globalization roadmap initiated in recent years, now encompassing nearly 100 countries and regions worldwide.
Product Line Growth and Operational Efficiency
In a strategic move, POP MART reorganized its product lineup into four distinct categories, resulting in an annual revenue of 6.94 billion RMB from figures, despite a slight shift in overall revenue share. The performance of plush toys soared with a revenue of 2.83 billion RMB, marking a remarkable 1289% increase. Meanwhile, the MEGA COLLECTION brand solidified its market presence, achieving 1.68 billion RMB in revenue.
Furthermore, significant increases were noted across various revenue streams, with derivatives and other products contributing 1.59 billion RMB. POP MART's ability to implement targeted development strategies for its IPs has proven effective, allowing the Company to carve out a distinct niche in the market.
Operational Metrics and Profitability
Alongside these growth metrics, POP MART showed consistent improvements in key operational indicators, including gross profit margin and inventory turnover, which remained strong amidst expansion efforts. In 2024, the gross profit margin reached a remarkable 66.8%—an increase of 5.5 percentage points from the previous year. Additionally, inventory turnover days improved significantly from 133 in 2023 to just 102 in 2024, showcasing their enhanced operational capabilities.
About POP MART
POP MART has emerged as a global leader in the pop culture sector, focusing on inspiring creativity through designer toys and memorable experiences. With over 500 stores spanning 30 countries and more than 2,300 ROBOSHOPs, the Company achieves vast reach through cross-border e-commerce, engaging consumers across 80 countries. Managing an impressive roster of beloved characters like MOLLY and SKULLPANDA, POP MART continues to push boundaries in the entertainment and retail sectors, creating innovative crossovers and delighting fans worldwide.
Frequently Asked Questions
What financial results did POP MART achieve in 2024?
POP MART achieved revenue of 13.04 billion RMB and a net profit of 3.4 billion RMB in 2024.
How did POP MART's revenue from international markets perform?
Revenue from international markets increased by 375.2%, reaching 5.07 billion RMB in 2024.
What were the key properties contributing to POP MART's revenue?
The key properties included THE MONSTERS, MOLLY, SKULLPANDA, and CRYBABY, generating significant revenue for the company.
What were the significant operational improvements in 2024?
POP MART reported a gross profit margin of 66.8% and reduced inventory turnover days from 133 to 102 days.
How is POP MART expanding its global presence?
POP MART is expanding through new stores in various countries and iconic locations worldwide, enhancing brand visibility and reach.
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