Core Viewpoint - In 2024, Pop Mart achieved record revenue and profit growth, driven by its "IP matrix incubation" and "overseas re-creation" strategies, with total revenue exceeding 13 billion RMB and net profit reaching 3.4 billion RMB, marking significant year-on-year increases [2][3]. Financial Performance - Total revenue for 2024 reached 13,037.7 million RMB, a 106.9% increase from 2023 [3]. - Net profit increased by 185.9% to 3,403.2 million RMB, with basic earnings per share rising to 2.36 RMB, up 191.4% [3]. - The gross profit margin reached a historical high of 66.8% due to the explosive growth of high-margin overseas business [2]. Overseas Business Growth - Revenue from overseas and Hong Kong, Macau, and Taiwan reached 50.7 million RMB, a staggering 375.2% increase, accounting for 38.9% of total revenue [2][8]. - The Southeast Asian market showed the highest growth, with revenue of 24.03 million RMB, up 619.1% [8]. - The company plans to expand its presence in North America and Europe, aiming for overseas revenue to exceed 50% of total sales by 2025 [9]. IP and Product Strategy - The company has shifted its focus from being a toy manufacturer to an IP-centric business, emphasizing IP incubation, operation, and retail [5]. - The flagship IP Labubu series saw explosive growth, with revenue reaching 30.41 million RMB, a 726.6% increase [5]. - The product mix has evolved, with plush toys experiencing significant growth, increasing their revenue share from less than 10% to 30% in the second half of 2024 [6]. Market Trends and Future Outlook - Morgan Stanley noted that Pop Mart's plush toys are leading a new trend, potentially opening a larger market beyond collectibles [7]. - The company is enhancing its brand recognition through localized product designs tailored to regional consumer preferences [9]. - The management is optimistic about achieving over 50% sales growth in 2025, with a target of reaching 200 million RMB in total sales and over 100 million RMB in overseas sales [3][9].

Core Viewpoint - The company is confident in achieving a 50% sales growth in 2025, with annual revenue expected to exceed 20 billion yuan, driven by international expansion and improved store quality [1][2][3] International Expansion Strategy - The core strategy for 2024 is internationalization, with plans to open 100 overseas stores, focusing on larger and better-located outlets [3][4] - Southeast Asia has shown significant growth, with a 619% increase, while North America has also experienced over fivefold growth [1][2] - The company aims for overseas revenue to account for over 50% of total income by 2025 [6][11] Financial Performance and Projections - The company anticipates an increase in gross margin due to a shift in revenue structure and improved supply chain cost control [6][7] - Net profit margin is expected to remain stable or slightly increase, supported by economies of scale and strict expense management [7][8] Product and SKU Management - The company maintains a conservative approach to SKU management, aiming to reduce the number of SKUs while focusing on quality [15][17] - New product categories such as plush toys and building blocks are being gradually introduced, with plans for further innovation [17][18] Marketing and Customer Engagement - The company has successfully launched a membership system with over 1.7 million members, enhancing customer loyalty [7][13] - Marketing strategies include leveraging social media platforms like TikTok, with online sales expected to grow significantly [11][12] New Business Ventures - The company is exploring new business models for its amusement parks, with plans for expansion into other cities after gaining deeper insights from current operations [12][18] - There are ongoing efforts to enhance the quality of stores in North America, with a focus on building a local team for better market penetration [10][20]

泡泡玛特去年"赚麻了"：净利润34亿元，大增185.9%！董事长：预期今年销 售额还要增长50%以上！公司股价大涨10% 每经编辑 张锦河 3月26日，泡泡玛特（HK09992，股价140.7港元，市值1889.5亿港元）发布2024全年财报。 财报显示，2024年泡泡玛特实现营收130.4亿元，同比增长106.9%，经调整净利润34.0亿元，同比增长185.9%。中国内地营收79.7亿元，同比增长52.3%；海 外及港澳台业务营收50.7亿元，同比增长375.2%，收入占比达38.9%。集团各项经营数据指标远超预期，业绩再创新高。 与此同时，泡泡玛特线上渠道同样实现了高增长。2024年，泡泡玛特抽盒机营收11.1亿元，同比增长52.7%。天猫旗舰店营收6.3亿元，同比增长95%。自营 直播间营收达6亿元，同比增长112.2%。截至2024年12月31日， 泡泡玛特中国内地累计注册会员总数为4608.3万人，全年新增注册会员1172.9万人。 据证券时报，在业绩说明会上，泡泡玛特董事长兼CEO王宁表示，2024年，公司业绩增长超出预期，主要得益于国际化战略的成功实施，其已成为公司第二 曲线。展望未来，公司将继 ...

2025 年 03 月 26 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(元) | 160 | 公司基本资讯 | 产业别 | 轻工制造 | | --- | --- | | H 股价(2025/03/25) | 126.90 | | 恒生指数(2025/03/25) | 23,344.3 | | 股价 12 个月高/低 | 136.3/22.8 | | 总发行股数(百万) | 1,342.94 | | H 股数(百万) | 1,342.94 | | H 市值(亿元) | 631.85 | | 主要股东 | 王宁(50.34%) | | 每股净值(元) | 7.96 | | 股价/账面净值 | 15.95 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 16.32% 33.93% 443.65 | 近期评等 | | | | 产品组合 | | | --- | --- | | 手办 | 53.2% | | 毛绒 | 21.7% | | MEGA | 12.9% | | 衍生品及其他 | 12.2% | 股价相对大盘走势 C o m p a n ...

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [5][10]. Core Insights - The company achieved a revenue of RMB 13.04 billion for the year, representing a year-on-year increase of 107%, and recorded a net profit of RMB 3.13 billion, which is a 189% increase year-on-year, exceeding expectations [5]. - The company has seen strong growth in both domestic and international markets, with domestic revenue reaching RMB 7.97 billion (up 52.3% year-on-year) and international revenue at RMB 5.07 billion (up 375.2% year-on-year) [7]. - The company has demonstrated exceptional IP operational capabilities, with four major IPs generating over RMB 1 billion in revenue each [7]. - The gross profit margin increased by 5.47 percentage points to 66.79%, benefiting from a higher proportion of overseas revenue and effective supply chain cost control [7]. - The company is expected to continue focusing on IP development and product launches, enhancing consumer recognition and emotional ties with fans, which will drive further growth in both domestic and international markets [7]. Summary by Sections Financial Performance - The company reported a net profit of RMB 3.13 billion for 2024, with projections of RMB 4.57 billion, RMB 5.77 billion, and RMB 6.95 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 46.4%, 26.1%, and 20.4% [9]. - The earnings per share (EPS) are projected to be RMB 3.41, RMB 4.30, and RMB 5.17 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 34x, 27x, and 23x [9]. Revenue Breakdown - The revenue composition includes 53.2% from figurines, 21.7% from plush toys, 12.9% from MEGA products, and 12.2% from derivatives and others [3]. Dividend Policy - The company plans to distribute a dividend of RMB 0.8146 per share [5].

泡泡玛特2024利润增长188%，Labubu风靡全球，海外业务增长375%成新引 擎 | 财报见闻 凭借Labubu玩偶系列风靡全球，泡泡玛特2024年利润翻倍至34亿元人民币，股价一年内飙升350%。公司正加速全球扩张，重点布局北美和欧洲市场，打造 全球潮玩帝国。K-pop明星带动的潮玩热潮正形成新的投资机遇。 | | 6.03 万球友关注 | | --- | --- | | 交易中 03-26 13:44:38 北京时间 | | | tax, O OEO/ | | 3月26日，泡泡玛特国际集团发布2024全年财报： | 年度業績摘要 | | | | | --- | --- | --- | --- | | | | 截至12月31日止年度 | | | | 2024年 | 2023年 | 同比變動 | | | 人民幣千元 人民幣千元 | | (%) | | 收益 | 13,037,749 | 6,301,002 | 106.9% | | 毛利 | 8,707,765 | 3.864.071 | 125.4% | | 經營溢利 | 4,154,272 | 1,230,646 | 237.6% | | 除所得税前 ...

泡泡玛特2024年营收130.4亿元，首次实现4大IP收 入破10亿 新浪科技讯 3月26日午间消息，泡泡玛特国际集团发布2024全年财报。财报显示，2024年泡泡玛特 实现营收130.4亿元（人民币，下同），同比增长106.9%，经调整净利润34.0亿元，同比增长185.9%。 中国内地营收79.7亿元，同比增长52.3%；海外及港澳台业务营收50.7亿元，同比增长375.2%，收入占 比达38.9%。 2024年，泡泡玛特旗下4大IP营收破10亿元，13大IP营收破亿元。THE MONSTERS收入首次突破30 亿元，CRYBABY成为最快进入10亿俱乐部的IP。2024年，泡泡玛特品类创新再度实现突破，毛绒成为 年度爆品，收入实现1289%的爆发式增长，手办收入占比降至53.2%，积木产品首次上市便迅速售罄。 2024年，泡泡玛特抽盒机营收11.1亿元，同比增长52.7%，突破2022年历史峰值。天猫旗舰店营收 6.3亿元，同比增长95%，业绩超过2021年历史峰值，并获得6·18天猫潮流玩具榜和总榜第一名。内容电 商团队搭建聚焦不同品类及使用场景的多个自营直播间，营收达6.0亿元，同比增长112.2% ...

Core Insights - Bubble Mart (09992) reported a significant increase in annual performance for the year ending December 31, 2024, with a net profit attributable to shareholders of 3.125 billion yuan, representing a year-on-year increase of 188.77% [1] - The company's revenue reached 13.038 billion yuan, up 106.92% year-on-year, with a gross profit of 8.708 billion yuan, reflecting a 125.4% increase [1] Revenue Growth - Revenue from mainland China channels grew to 7.972 billion yuan, a year-on-year increase of 52.3% [1] - The international market, including Hong Kong, Macau, and Taiwan, saw revenue soar to 5.066 billion yuan, marking a 375.2% increase and accounting for 38.9% of total revenue [1] Store Expansion - The company opened 38 new offline stores in mainland China, increasing the total from 363 to 401 stores by December 31, 2024 [1] - The number of robot stores in mainland China increased by 110, from 2,190 to 2,300 stores during the same period [1] Innovative Strategies - In 2024, the Bubble Mart capsule machine focused on enhancing the social purchasing experience, achieving revenue of 1.114 billion yuan, a year-on-year growth of 52.7% [2] - The content e-commerce team revamped its live streaming strategy, significantly boosting brand engagement and attracting new fans, with Douyin platform revenue reaching 601 million yuan, up 112.2% [2] Membership Growth - The total number of registered members in mainland China increased from 34.354 million to 46.083 million, with 11.729 million new registrations in 2024 [3] - Membership sales contribution reached 92.7%, with a repurchase rate of 49.4% [3] Direct-to-Consumer Strategy - The company continued to advance its Direct To Customer (DTC) strategy, with a total of 130 stores in Hong Kong, Macau, and overseas, and 192 robot stores [3]

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 13,037,749 thousand, a 106.9% increase compared to RMB 6,301,002 thousand in 2023[3] - Gross profit for the same period was RMB 8,707,765 thousand, reflecting a 125.4% growth from RMB 3,864,071 thousand in the previous year[3] - Operating profit surged to RMB 4,154,272 thousand, marking a 237.6% increase from RMB 1,230,646 thousand in 2023[3] - Profit attributable to owners of the company was RMB 3,125,473 thousand, up 188.8% from RMB 1,082,344 thousand in 2023[3] - Basic earnings per share increased to RMB 2.36, a 191.4% rise compared to RMB 0.81 in the previous year[5] - The company reported a net profit before tax of RMB 4,365,812 thousand, a 208.4% increase from RMB 1,415,755 thousand in 2023[4] - The total comprehensive income for the year was RMB 3,460,496 thousand, compared to RMB 1,163,877 thousand in 2023[5] - The net profit for the year was RMB 3,308,345 thousand, significantly higher than RMB 1,088,771 thousand in the previous year, representing an increase of approximately 203.5%[21] Assets and Equity - Total assets as of December 31, 2024, amounted to RMB 14,870,672 thousand, compared to RMB 9,968,863 thousand in 2023[6] - Total equity attributable to owners of the company was RMB 10,683,505 thousand, up from RMB 7,769,927 thousand in 2023[7] - Cash and cash equivalents increased significantly to RMB 6,109,017 thousand from RMB 2,077,927 thousand in the previous year[6] Revenue Breakdown - Revenue from Mainland China business amounted to RMB 7,972,074 thousand, up from RMB 5,234,901 thousand in the previous year, reflecting a growth of about 52.5%[22] - Revenue from Hong Kong, Macau, Taiwan, and overseas business was RMB 5,065,675 thousand, compared to RMB 1,066,101 thousand in 2023, indicating a remarkable increase of approximately 376.5%[22] - Retail store sales revenue in Mainland China reached RMB 3,827,861 thousand, up from RMB 2,661,009 thousand in 2023, reflecting a growth of approximately 43.8%[22] - Online sales revenue in Mainland China increased to RMB 2,697,619 thousand from RMB 1,524,578 thousand, representing a growth of about 77.0%[22] Costs and Expenses - The total cost of sales for the year ended December 31, 2024, was RMB 3,474,213,000, an increase of 70.5% compared to RMB 2,042,672,000 in 2023[23] - Employee benefits expenses rose to RMB 1,462,406,000 in 2024, up 39.5% from RMB 1,048,487,000 in 2023[23] - The income tax expense for 2024 was RMB 1,057,467,000, significantly higher than RMB 326,984,000 in 2023, indicating a rise of 223.5%[25] - General and administrative expenses increased from RMB 707.3 million in 2023 to RMB 947.1 million in 2024, a rise of 33.9%[83] Shareholder Information - The total dividend proposed for 2024 is RMB 373,025,000, which is a substantial increase from RMB 117,317,000 in 2023, representing a growth of 217.5%[33] - The proposed final dividend is RMB 0.8146 per share, amounting to a total of RMB 1,093.9 million based on the current issued share capital of 1,342,943,150 shares[111] - The company repurchased 4,700,000 shares in 2024 at a total cost of approximately RMB 78,031,000, compared to 19,947,000 shares repurchased in 2023 for about RMB 333,709,000[41] Market Expansion and Strategy - The company plans to allocate approximately HKD 1,734.5 million (30.0% of net proceeds) for consumer outreach and overseas market expansion[109] - Future business expansion will focus on North America, Southeast Asia, and Europe, enhancing brand experience through new physical stores[107] - The company aims to deepen collaborations with artists and cross-industry brands to enrich its product matrix and promote cultural integration[107] Operational Highlights - The number of offline stores in mainland China increased by 38, from 363 as of December 31, 2023, to 401 by December 31, 2024[56] - The company opened its first offline stores in five countries, including Vietnam and Indonesia, enhancing international market presence[60] - The city theme park launched in September 2023 has optimized service experiences and created immersive environments for fans[62] IP and Product Development - The IP "THE MONSTERS" generated revenue of RMB 3,040.7 million, with a year-on-year growth of 726.6%[48][49] - The IP "MOLLY" achieved a revenue increase of 105.2% year-on-year, showcasing its enduring popularity[50] - The IP "CRYBABY" experienced a remarkable revenue growth of 1,537.2% year-on-year[51] - The company successfully launched multiple new IPs and product lines, enhancing brand recognition and market competitiveness[47][48] Compliance and Governance - The company has adopted the corporate governance code and has complied with all applicable provisions during the reporting period, except for a deviation regarding the separation of roles between the Chairman and CEO[114] - The Chairman and CEO positions are held by the same individual, Wang Ning, which the board believes does not undermine the balance of power and authority within the company[115]

Summary of the Conference Call for Pop Mart Company Overview - **Company**: Pop Mart - **Industry**: Toy and IP Management Key Points Market Expansion and Performance - **Overseas Market Revenue**: Single-store revenue in overseas markets significantly exceeds domestic levels, with the US market expected to reach 6,000 to 7,000 million RMB, which is seven to eight times higher than domestic single-store revenue [2][4] - **Store Expansion**: By the end of 2024, Pop Mart plans to have 130 overseas stores, with a net increase of 50 stores, including 30 in Southeast Asia and 20 in the US [4] - **Southeast Asia Contribution**: Southeast Asia contributes approximately one-third of overseas revenue, with single-store revenue reaching 90 million RMB, ten times that of domestic stores [4][8] Strategic Approaches - **Differentiated Strategies**: In North America, Pop Mart utilizes Disney IP to attract young customers, while in Europe, it opens flagship stores in trendsetting cities to enhance brand recognition [2][5] - **Cultural Localization**: The company has successfully localized its IP offerings, with various IPs like Crybaby and Panda leading sales in different countries, reducing reliance on a single IP [2][6] Product Development and IP Diversification - **IP Diversification**: Pop Mart has diversified its IP portfolio, with multiple IPs achieving top sales in various countries, enhancing stability as an IP management platform [2][6] - **Popular Product Lines**: The rubber plush series has become the most popular category, with several products sold out throughout the year, indicating strong demand [2][11] Future Growth Potential - **Revenue Projections**: The market anticipates a revenue growth of 50% to 60% for 2025, with net profits expected to reach 4.5 to 5 billion RMB [3][15] - **Long-term Market Potential**: The company sees significant growth potential in developed markets like the US and Europe, where consumers seek emotional resonance through collectible toys [7][8] New Product Categories and Collaborations - **New Product Lines**: Pop Mart is actively expanding into new categories, including jewelry pop-up stores and lifestyle shops, which are expected to enhance brand influence [2][14] - **Collaborations**: The company is collaborating with trendy brands to further expand its market impact and brand effect [14] Market Sentiment and Valuation - **Investor Sentiment**: The current price-to-earnings ratio is below 30, with a PEG ratio indicating growth potential, making the company an attractive investment opportunity [3][15] Conclusion - **Overall Outlook**: The company is optimistic about its future growth, with plans to accelerate expansion in North America, Southeast Asia, and Europe, supported by a strong IP portfolio and innovative product strategies [10][15]