POP MART Releases 2024 Financials: Revenue Surpasses 13 Billion RMB, Net Profit Reaches New Peak

Rhea-AI Summary

POP MART (HKG:9992) reported strong financial results for 2024, with revenue reaching 13.04 billion RMB (+106.9% YoY) and adjusted net profit of 3.4 billion RMB (+185.9% YoY). Mainland China revenue grew 52.3% to 7.97 billion RMB, while international markets surged 375.2% to 5.07 billion RMB.

The company's product categories showed remarkable performance: figures revenue reached 6.94 billion RMB (+44.7%), plush toys grew 1289% to 2.83 billion RMB, MEGA COLLECTION generated 1.68 billion RMB (+146.1%), and derivatives reached 1.59 billion RMB (+156.2%). Four key IPs - THE MONSTERS, MOLLY, SKULLPANDA, and CRYBABY - each generated over 1 billion RMB in revenue.

Operational metrics improved significantly, with gross profit margin increasing to 66.8% (+5.5 percentage points) and inventory turnover days reducing from 133 to 102 days. The company expanded its global presence to nearly 100 countries, operating 130 brick-and-mortar stores and 192 ROBOSHOPs internationally.

Positive

• Revenue surged 106.9% YoY to 13.04 billion RMB
• Adjusted net profit increased 185.9% to 3.4 billion RMB
• International revenue grew 375.2% YoY, now representing 38.9% of total revenue
• Gross profit margin improved by 5.5 percentage points to 66.8%
• Inventory turnover improved from 133 to 102 days
• Four IPs each generated over 1 billion RMB in revenue
• Plush toys segment showed explosive growth of 1289% YoY

Negative

• Figures segment share of total revenue declined to 53.2%

BEIJING, March 27, 2025 /PRNewswire/ -- 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%, and an adjusted net profit of 3.4 billion RMB, up 185.9% from the previous year.

Revenue from Mainland China amounted to 7.97 billion RMB, reflecting a year-on-year growth of 52.3%, while revenue from markets outside mainland China, including Hong Kong, Macao, and Taiwan, reached 5.07 billion RMB, up 375.2% year-on-year. The Group's operational metrics significantly surpassed expectations, setting new performance records.

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%. 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.

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 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% year-on-year to 5.07 billion RMB, with the share of total revenue rising to 38.9%. 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. Since rolling out its globalization roadmap in 2018, POP MART's business footprint has expanded to encompass nearly 100 countries and regions worldwide.

In 2024, POP MART reorganized 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%, though their share of total revenue declined to 53.2%. Plush toys experienced explosive growth, with revenue amounting to 2.83 billion RMB, up 1289% year-on-year and accounting for 21.7% 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% 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%. POP MART has effectively identified optimal development strategies for its various IPs, focusing on implementing customized growth initiatives.

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%, up by 5.5 percentage points from 61.3% in 2023. Inventory turnover days decreased from 133 days in 2023 to 102 days in 2024, further showcasing the company's enhanced operational capabilities.

About POP MART

POP MART is a rising global force in pop culture and entertainment. Our purpose is to celebrate daily moments and inspire through designer toys and fun experiences. Our focus is IP incubation & operations, designer toys & retail, theme parks & experiences, also digital entertainment. POP MART has over 500 stores in 30+ countries and regions, more than 2,300 ROBOSHOPs, and operates across multiple cross-border e-commerce platforms, reaching consumers in over 80 countries. We manage & represent incredible artists from all over the world. Our roster spans dozens of iconic characters, like MOLLY, DIMOO, SKULLPANDA, THE MONSTERS, HIRONO and more. With our IP characters, we create iconic cross-overs. Our mission is to light up passion & bring joy around the world. POP MART is not just a brand, it's a galaxy of creative possibilities.

View original content to download multimedia:https://www.prnewswire.com/news-releases/pop-mart-releases-2024-financials-revenue-surpasses-13-billion-rmb-net-profit-reaches-new-peak-302412989.html

SOURCE POP MART

FAQ

What was POP MART's (PMRTY) revenue growth in 2024?

POP MART's revenue grew 106.9% year-over-year to 13.04 billion RMB in 2024.

How much did POP MART's international revenue grow in 2024?

International revenue increased by 375.2% to 5.07 billion RMB, representing 38.9% of total revenue.

Which product category showed the highest growth for POP MART in 2024?

Plush toys showed the highest growth, increasing 1289% year-over-year to 2.83 billion RMB.

How did POP MART's profitability metrics improve in 2024?

Gross profit margin increased to 66.8% (up 5.5 percentage points), while adjusted net profit grew 185.9% to 3.4 billion RMB.

How many retail locations does POP MART operate globally as of 2024?

POP MART operates 130 brick-and-mortar stores and 192 ROBOSHOPs internationally across nearly 100 countries.