Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 176.22 over the next six months [6]. Core Insights - The company achieved a revenue of CNY 13.038 billion in 2024, representing a year-on-year growth of 106.9%, and a net profit of CNY 3.125 billion, up 188.77% [1][4]. - The gross profit margin improved by 5.5 percentage points to 66.8%, driven by increased revenue from the Greater China region and overseas markets, along with optimized supply chain cost control [1]. - The company’s overseas revenue surged by 375.2% to CNY 5.066 billion, with the overseas revenue share increasing by 22 percentage points to 38.9% [3]. - The company’s IP operations are strengthening, with four major IPs generating over CNY 1 billion in revenue in 2024, indicating a successful expansion of its IP matrix [4]. Financial Summary - For 2024, the company reported total revenue of CNY 13,038 million, with projections for 2025, 2026, and 2027 at CNY 17,634 million, CNY 21,978 million, and CNY 32,950 million respectively, reflecting growth rates of 35.25%, 24.63%, and 49.92% [5]. - The net profit attributable to the parent company for 2024 was CNY 3,125 million, with forecasts of CNY 4,016 million, CNY 5,214 million, and CNY 8,224 million for the following years, indicating growth rates of 28.51%, 29.82%, and 57.73% [5]. - The company’s earnings per share (EPS) are projected to be CNY 2.99, CNY 3.88, and CNY 6.12 for 2025, 2026, and 2027 respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [48]. Core Insights - The company achieved a significant revenue growth of 106.9% in 2024, reaching 13.04 billion RMB, driven by strong IP operations and product diversification [11][19]. - The gross profit for 2024 was 8.71 billion RMB, with a gross margin of 66.8%, reflecting a 5.5 percentage point increase from the previous year [16][19]. - The company is expanding its IP matrix and product offerings, with artist IP and licensed IP revenues growing by 130.6% and 54.5% respectively, contributing to 97.6% of total revenue [7][19]. - The overseas market is rapidly expanding, with revenue reaching 5.07 billion RMB in 2024, a year-on-year increase of 375.2% [31][39]. - The company has a robust membership base of 46.08 million registered members, with a contribution of 92.7% to sales and a repurchase rate of 49.4% [41]. Financial Performance - The company's operating income for 2024 was 13.04 billion RMB, with a year-on-year growth rate of 105% projected for 2025 [2][11]. - The net profit for 2024 reached 3.31 billion RMB, marking a 203.9% increase compared to the previous year [16][19]. - The earnings per share (EPS) for 2024 is projected at 2.33 RMB, with further growth expected in subsequent years [2][45]. Market Expansion - The company has opened its first physical stores in five countries, including Vietnam and Indonesia, contributing to a significant increase in overseas revenue [31][39]. - The domestic market remains stable, with retail store revenue growing by 43.9% in 2024 [7][31]. Product Development - The company continues to innovate its product lines, with core product categories such as figurines and plush toys showing substantial growth [24][26]. - The launch of the new accessory brand "POPOP" aims to enhance the emotional connection with IP and diversify product offerings [8][24].

Core Insights - Pop Mart International Group has emerged as a significant winner in the "Guzi Economy" trend, reporting a revenue of 13.04 billion yuan for 2024, a year-on-year increase of 106.9%, and an adjusted net profit of 3.4 billion yuan, up 185.9% [1] - The company's internationalization strategy has been a key driver of its growth, with overseas revenue reaching 5.07 billion yuan, a staggering increase of 375.2% [1][2] - The company plans to open 100 new stores overseas in 2024, focusing on key urban locations and transportation hubs [2] Financial Performance - The revenue breakdown shows that domestic revenue was 7.97 billion yuan, growing by 52.3%, while overseas and Hong Kong, Macau, and Taiwan revenue accounted for nearly 40% of total revenue [1] - The revenue from the company's IPs, including THE MONSTERS, MOLLY, SKULLPANDA, and CRYBABY, exceeded 1 billion yuan each, contributing to a total of 7.6 billion yuan from these IPs [2] IP Development - THE MONSTERS IP achieved a remarkable revenue of over 3 billion yuan, marking a year-on-year growth of 726.6%, becoming a phenomenon in the market [3] - MOLLY IP generated 2.09 billion yuan, with a growth of 105.2%, and the company continues to innovate with new character designs [3] Product Categories - The revenue from figurines was 6.94 billion yuan, up 44.7%, while plush toys saw explosive growth with 2.83 billion yuan, a staggering increase of 1289% [4] - The company has split its product categories for better management and focus, particularly emphasizing the plush toy segment [4] Market Reaction - Following the release of the financial results, Pop Mart's stock price surged from 126.9 HKD to 140.7 HKD, reflecting a rise of over 10% [4] - The stock continued to perform well, reaching a peak of 160 HKD, resulting in a total market capitalization increase of 35.9 billion HKD to 206.419 billion HKD [4]

Company Dynamics - SHEIN is projected to be the fastest-growing fashion retailer in 2024, with a market share increase of 0.24 percentage points to 1.53%, making it the third-largest globally [2] - The sales volume of cross-border POP merchants on AliExpress surged during the March anniversary promotion, with several blue ocean categories seeing daily sales growth exceeding 300% [2] - Cainiao has improved local delivery times in Mexico, offering a three-day delivery service nationwide and achieving a two-day delivery in key areas [3] - Mixue Ice Cream reported a revenue of 24.83 billion yuan in 2024, a 22.3% year-on-year increase, with a net profit of 4.45 billion yuan, up 39.8% [3] - BABA's PikoShow app has launched in Japan, featuring various short dramas [3] - Bubble Mart anticipates over 50% growth in 2025, with overseas sales expected to exceed 10 billion yuan [4] - Bawang Tea's GMV is projected to reach 29.5 billion yuan in 2024, with a net profit margin of 20.3% [4] - BYD aims for a global sales target of 5.5 million vehicles in 2025, with over 800,000 expected from overseas markets [5] - Neta Auto plans to sell 10,000 vehicles in Thailand by 2025 [5] - Chery plans to establish nearly 30 sales outlets in the Czech Republic by 2025 [6] - Geely has entered the Vietnamese market, planning to launch nine models over the next three years [6] - Xinxuan has launched its Korean market initiative, aiming to connect Chinese consumers with Korean brands [7] - WeRide has obtained a self-driving license in France, becoming the first company to hold such licenses in five countries [8] Investment and Financing - OpenAI is nearing a $40 billion financing round led by SoftBank, which would value the company at $300 billion [19] - Hong Cheng Innovation has initiated a C round of financing and is preparing for an IPO [19] - ELU.AI has completed a Pre-A round financing of several hundred million yuan [19] - Zhi Yuan Robotics has completed a new financing round led by Tencent, with a valuation of 15 billion yuan [20] - Cheng Tian Technology has secured nearly 100 million yuan in B round financing [20] Macro Policies & Industry Data - The State Council of China is promoting the construction of cross-border e-commerce comprehensive pilot zones to enhance foreign trade [15] - The Ministry of Commerce is working to establish a list of key foreign trade enterprises to boost domestic consumption [15] - The China-ASEAN Free Trade Area 3.0 version is being upgraded to enhance cooperation in emerging fields [15] - The China-Brazil Economic and Trade Forum resulted in cooperation agreements exceeding $2 billion [15] - The Thai automotive industry has seen a 13.62% decline in production year-on-year due to weak domestic sales and exports [18]

来源：消费巴士 出品|消费巴士 三月初，我们的一位朋友去了北京的泡泡玛特乐园。她并不是泡泡玛特粉丝，去那儿纯粹出于好奇，刚进乐园时，她甚至都不知道咧着大嘴、带 九颗尖牙的小怪兽就是LABUBU。 之后两小时内，奇怪的事发生了。在逛完所有设施、看了LABUBU表演后，她决定从乐园的商店买几件LABUBU带走。那天之后，她偶尔会分享 一些关于LABUBU的小红书笔记。 这段"路转粉"的经历，让我们对泡泡玛特刚发布的"史上最强"财报并没太多意外。2024年，它营收同比增长107%到130.4亿元，净利润增204%到 33.1亿元，港澳及海外业务更是翻了3.75倍到50.7亿元。24年上半年，它营收和净利润分别为45.6亿和9.6亿，海外业务还只有13.5亿元，也就是说 各个指标都在下半年加速了。3月27日，泡泡玛特市值首次突破2000亿港币，股价相比2024年翻了6倍多。 真正让我们感到不同寻常的是，泡泡玛特的高速增长，并不是建立在疯狂开店的情况下。整个2024年，它在国内和海外分别只净增了38家和50家 门店，总门店增幅 不到20%，其中，国内购买力最强的一线城市，新增门店只有5家。 这意味着它的增长靠的并不是开 ...

本报记者 黎竹 孙吉正 北京报道 在现场，泡泡玛特国际业务总裁文德一告诉《中国经营报》记者，法国卢浮宫单店店销情况不错，今年 计划在欧洲市场发力。他提到："我们之前在英国、意大利和西班牙等国家开拓市场，看到了很大的潜 力，因此在德国、丹麦、比利时等国家也有一些开店计划。欧洲地区拓展不仅仅是出于规模上的考虑， 与当地的消费品品牌都会有很多联名合作的机会，符合公司'品牌向上'的策略。" 海外市场丰收 泡泡玛特近两年喊出的"在海外再造一个泡泡玛特"或成为现实。 2024年，泡泡玛特首次将海外业务划分为四大区域，最新财报也展示了海外业务的高增长态势。其中， 东南亚市场营收24亿元，占海外近一半的营收，同比增长619.1%，是四大区域中收入占比最高以及业 务增速最快的区域。 王宁在媒体沟通会上提到，2024年11月份、12月份的业务占比超过50%，今年海外也将是比较快速的增 长，"大概率今年海外应该会超过50%"。 著名顶层设计专家、清华大学爆点战略营销顾问孙巍认为，由于地缘政治和经济周期的影响，品牌出海 会给企业带来第二增长曲线。泡泡玛特成功抓住这一机遇，并取得了显著的成效，为未来插上了高增长 的翅膀。 广科咨询首席 ...

猪猪侠、三丽鸥、高达、黄油小熊……各类IP满满当当塞满了三层楼，更有小笼包娃娃、蝴蝶酥娃娃吸 引了大量年轻用户排队。 21世纪经济报道记者 陶力 实习生林耀康 上海报道 老牌的上海南京路步行街，在上周末迎来了新的玩家。TOP TOY的这家全球旗舰店一共700平方米，门 口的巨型招财猫迎接着南来北往的年轻人。整个店铺的设计，看上去像一个巨大的游戏机，楼上还有互 动区和咖啡区。 潮玩IP挺进南京路，并不是新鲜事。走在这条路上，随处可见拎着潮玩手袋的人。早先，泡泡玛特已经 开出近500平方米的全球旗舰店，MINISOLAND也开出了全球壹号店。 逻辑并不难理解。多年以来，南京路步行街都是全国各地商圈中当之无愧的"流量王"。据统计，每年有 2亿人次消费者到访南京路。但南京路步行街的客单价不高，品牌相对老化也是事实，且客群以外来游 客为主。 潮玩IP无疑是一个很好的情感寄托，也给到了更多消费的冲动。"我们是更年轻的品牌，更代表未来。 安踏、波司登可能会做一个很豪华的店，但我们带来了最好的创意以及最年轻的消费者！"近日，TOP TOY创始人兼CEO孙元文在接受21世纪经济报道记者采访时透露，这家门店年租金高达1300万元 ...

| 日期 | 2025/3/27 | | --- | --- | | 当前股价(港元) | 153.70 | | 一年最高最低(港元) | 160.00/28.100 | | 总市值(亿港元) | 2,064.10 | | 流通市值(亿港元) | 2,064.10 | | 总股本(亿股) | 13.43 | | 流通港股(亿股) | 13.43 | | 近 3 个月换手率(%) | 37.25 | 轻工制造/文娱用品 泡泡玛特（09992.HK） 2025 年 03 月 28 日 投资评级：买入（维持） 股价走势图 数据来源：聚源 -120% 0% 120% 240% 360% 480% 2024-03 2024-07 2024-11 泡泡玛特 恒生指数 相关研究报告 《2024Q3 收入增长超预期，国内线上 业务增速靓眼—港股公司信息更新报 告》-2024.10.23 《产品场景化布局助力 IP 集团化推 进，成长空间可期—港股公司深度报 告》-2024.9.18 《2024H1 业绩超预期，看好海外拓展 稳步推进—港股公司信息更新报告》 -2024.8.24 国际化战略成效显著，2024 收入业绩高增 — ...

作为一手打造出这个"IP宇宙"的创始人，王宁此番豪言，是建立在泡泡玛特刚刚发布的极佳业绩基数上的——泡泡玛特3月26日发布的2024年业绩报告显 示，2024年泡泡玛特营收首次突破百亿元大关，为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%。 这份营收、利润双双超预期增长的亮眼成绩单中，最为核心的贡献是海外市场。2024年，泡泡玛特海外及港澳台业务营收达50.7亿元，占总收入38.9%，其 中东南亚市场以24亿元营收、619%增速贡献近半壁江山，成为四大区域中收入占比最高以及业务增速最快的区域。值得关注的是，其北美单店坪效已达国 内1.5倍，TikTok渠道收入同比激增5779.8%。 "海外市场我们希望能再勇敢一点，争取拿更好的门店，开更多地区的旗舰店，能把整个品牌往上走。如果非要说OKR（目标与关键成果），那就是希望有 一天（公司）成为世界的泡泡玛特。"王宁表示。 新华财经上海3月28日电（谈瑞、周子涵）本周三泡泡玛特（09992.HK）的2024年度业绩发布会，如同一场粉丝见面会般洋溢着轻松欢快的氛围。在摩根士 丹利的分析师抛出第一个关键问题之后，泡泡玛特的股价便应 ...

访问36氪出海网站letschuhai.com，获取更多全球商业相关资讯。 今日好文 想和泡泡玛特掰手腕，TOP TOY 仍在跌跌撞撞中狂奔 品牌出海思路依然是「做国内的复制」。随着市场玩家集中下场，海外市场竞争轨迹最终会靠近国内竞争格局，店与店、品牌与品牌的贴脸杀。 一年成交72亿，不爱做饭的95"留子"做出一只英国独角兽 文化的反向输出，需要的不是生硬复制，而是对每个市场毛细血管般的洞察与敬畏。 热点快讯 奇瑞在捷克发布新车，预计年内在该国设近30家销售网点 出海需求叠加港股回暖，新能源企业接二连三赴港上市 新能源企业正掀起一轮赴港上市热潮。据不完全统计，去年以来，已有20多家新能源企业宣布赴港上市计划，其中既有已在 A 股上市的龙头公司，也有拟 在港股市场冲刺首发上市的公司。新能源企业掀起赴港上市潮是多方面因素叠加促成的结果。从行业内因看，中国新能源产业进入国际化的关键时期，企业 走向境外资本市场系寻求为海外发展服务；从市场外因看，港股回暖、政策支持等都激励企业赴港上市。（上证报） OpenAI 创始人：GPU 超负荷，将暂时对 ChatGPT 生成图片功能增加速率限制 OpenAI 创始人 Sam A ...