BEIJING, China – On March 26, POP MART International Group (HKG:9992, “POP MART” or “the Company”) unveils its financial results for the full year of 2024.
The report reveals that POP MART achieved a revenue of 13.04 billion RMB, showing a year-on-year increase of 106.9 per cent, and an adjusted net profit of 3.4 billion RMB, up 185.9 per cent from the previous year.
Revenue from Mainland China amounted to 7.97 billion RMB, reflecting a year-on-year growth of 52.3 per cent, while revenue from markets outside mainland China, including Hong Kong, Macao, and Taiwan, reached 5.07 billion RMB, up 375.2 per cent year-on-year.
The Group’s operational metrics significantly surpassed expectations, setting new performance records.
In 2024, the implementation of both international and group strategies significantly expanded POP MART’s global footprint.
In 2024, POP MART’s intellectual property (IP) operation system reached new levels of maturity, notably with four key properties, THE MONSTERS, MOLLY, SKULLPANDA, and CRYBABY.
These characters collectively generated revenue exceeding 1 billion RMB.
Additionally, combined revenue from 13 other IPs, including popular figures such as DIMOO WORLD, HIRONO, Zsiga, and HACIPUPU surpassed 3 billion RMB, with remarkable growth below.
In 2024, IPs from POP MART’s original studio Pop Design Center (PDC), most notably HIRONO, Zsiga, Nyota, and inosoul, all delivered exceptional performance.
HIRONO alone achieved revenue of 730 million RMB, reflecting year-on-year growth of 106.9 per cent.
Meanwhile, Peach Riot, an IP by North American artist Libby, continued to make a significant impact in international markets.
The newly signed IP, Twinkle Twinkle, despite being launched for less than a year, indicates strong market acceptance and growth.
In 2024, POP MART increased its new brick-and-mortar stores in Mainland China by 38, bringing the total number of stores to 401.
In addition, 110 new ROBOSHOPs were added, raising the total to 2,300.
Revenue from the stores showed a year-on-year increase of 43.9 per cent to 3.83 billion RMB, while revenue from ROBOSHOPs also rose 26.4 per cent to 700 million RMB.
The company achieved substantial organic growth in its brick-and-mortar business without significantly increasing the number of stores, while the online segment also experienced remarkable expansion.
In 2024, POP MART’s revenue from blind box vending machines reached 1.11 billion RMB, up 52.7 per cent year-on-year, while direct-to-consumer operations entered a period of maturity.
The Tmall flagship store defied market trends, realizing revenue of 630 million RMB, with a year-on-year uplift of 95 per cent.
The content-driven e-commerce team revamped its live streaming strategy by opening several proprietary live broadcasting studios, each tailored to specific product categories and usage scenarios, with revenue hitting 600 million RMB, an increase of 112.2 per cent year-on-year.
As of December 31 2024, POP MART had amassed a total of 46.08 million registered members in Mainland China, with 11.73 million new members added during the year.
In 2024, POP MART sustained its growth momentum in international markets by steadily expanding its flagship stores, further enhancing the brand’s global recognition and influence.
Revenue from markets outside Mainland China, including Hong Kong, Macao, Taiwan, and other international regions, increased by 375.2 per cent year-on-year to 5.07 billion RMB, with the share of total revenue rising to 38.9 per cent.
The number of brick-and-mortar stores grew to 130 (including joint ventures), while the number of ROBOSHOPs climbed to 192 (including joint ventures and franchises).
In 2024, POP MART opened its first brick-and-mortar outlets in Vietnam, Indonesia, the Philippines, Italy, and Spain, while establishing a presence in several iconic locations worldwide, including inside the Louvre in Paris, France, on Oxford Street in London, UK, and at Sun World Ba Na Hills in Da Nang, Vietnam.
These initiatives further strengthened the brand’s international stature.
Since rolling out its globalisation roadmap in 2018, POP MART’s business footprint has expanded to encompass nearly 100 countries and regions worldwide.
In 2024, POP MART reorganised its product lineup into four distinct categories for the first time.
According to the financial report, the annual revenue from figures reached 6.94 billion RMB, showing a year-on-year increase of 44.7 per cent, though their share of total revenue declined to 53.2 per cent.
Plush toys experienced explosive growth, with revenue amounting to 2.83 billion RMB, up 1,289 per cent year-on-year and accounting for 21.7 per cent of the total revenue.
The MEGA COLLECTION brand entered a mature operational stage, generating revenue of 1.68 billion RMB, an increase of 146.1 per cent year-on-year.
Revenue from derivatives and other products also saw a significant rise to 1.59 billion RMB year-on-year to 156.2 per cent.
POP MART has effectively identified optimal development strategies for its various IPs, focusing on implementing customized growth initiatives.
In 2024, the robust expansion of new categories such as plush toys and building blocks demonstrated POP MART’s strong capabilities in extending its IPs, further pushing the boundaries of IP commercialization.
In tandem with its broad business expansion, POP MART achieved consistent improvements in key operational metrics, including gross profit margin, net profit margin, and inventory turnover, underscoring its strong operational efficiency and profitability.
In 2024, the company’s gross profit margin hit a record 66.8 per cent, up by 5.5 percentage points from 61.3 per cent in 2023.
Inventory turnover days decreased from 133 days in 2023 to 102 days in 2024, further showcasing the company’s enhanced operational capabilities.
