泡泡玛特(09992) - 2024 - 年度财报

Financial Performance - POP MART achieved a revenue of RMB 13.04 billion for the year ended December 31, 2024, representing a year-on-year increase of 106.9%[12]. - The adjusted net profit for the same period was RMB 3.4 billion, reflecting a growth of 185.9% year-on-year[15]. - Gross profit margin improved to 66.8% in 2024, up from 61.3% in 2023[12]. - Net profit margin increased to 25.4% in 2024, compared to 17.3% in 2023[12]. - Operating profit for the year was RMB 4.15 billion, significantly higher than RMB 1.23 billion in 2023[12]. - Profit before income tax was RMB 4.37 billion in 2024, compared to RMB 1.42 billion in 2023[12]. - Profit for the year increased significantly to RMB 3,308,345, up from RMB 1,088,771 in the previous year, representing a growth of approximately 204%[131]. - Non-IFRS adjusted net profit rose to RMB 3,403,162, compared to RMB 1,190,519, with a non-IFRS adjusted net profit margin of 26.1%, up from 18.9%[131]. Revenue Breakdown - Revenue from the four major IPs, THE MONSTERS, MOLLY, SKULLPANDA, and CRYBABY, surpassed RMB 1 billion for the first time, with total revenues of RMB 3,040.7 million, RMB 2,093.2 million, RMB 1,308.3 million, and RMB 1,164.9 million respectively[29]. - Revenue from international markets reached RMB 5,065.7 million, marking a year-on-year increase of 375.2% and accounting for 38.9% of total revenue[27]. - The plush product category saw a remarkable year-on-year revenue increase of 1,289%, contributing 21.7% to the overall revenue[20]. - Revenue from proprietary products rose by 117.2% from RMB 5,858.0 million in 2023 to RMB 12,721.5 million in 2024, accounting for 97.6% of total revenue[98]. - Revenue from artist IPs increased by 130.6% from RMB 4,822.2 million in 2023 to RMB 11,120.8 million in 2024, with THE MONSTERS products seeing a 726.6% increase[104]. - Revenue from plush products surged by 1,289.0% from RMB 203.9 million in 2023 to RMB 2,832.1 million in 2024[105]. Asset and Liability Management - Total current assets rose to RMB 12.24 billion in 2024, a significant increase from RMB 7.68 billion in 2023[14]. - Total assets reached RMB 14.87 billion as of December 31, 2024, up from RMB 9.97 billion in 2023[14]. - Total equity attributable to owners of the Company increased to RMB 10.68 billion in 2024, compared to RMB 7.77 billion in 2023[14]. - The Company reported a total liability of RMB 3.99 billion in 2024, up from RMB 2.19 billion in 2023[14]. - Cash and cash equivalents rose significantly from RMB 2,077.9 million to RMB 6,109.0 million, primarily due to increased cash flows from operating activities[136]. Market Expansion and Strategy - The company opened its first offline stores in five countries, enhancing global brand recognition[17]. - The company aims to reach a revenue target of RMB 100 billion in the future, emphasizing its growth strategy[22]. - The company plans to enrich its IP types and expand its IP base, maintaining high-quality standards in design and innovation[164][166]. - The company aims to expand its global business footprint, particularly in North America, Southeast Asia, and Europe, by opening physical stores in iconic locations[165][167]. - The company will cultivate new brands such as MEGA and POPBLOCKS while expanding into emerging businesses like amusement parks and accessories[170][172]. Customer Engagement and Sales Channels - The total number of registered members in Mainland China increased from 34.4 million to 46.1 million, with 11.7 million new members in 2024[55]. - The repeat purchase rate of members was 49.4%, contributing 92.7% of total sales[55]. - Revenue from online channels reached RMB 2,697.6 million in 2024, a 76.9% increase from RMB 1,524.6 million in 2023[82]. - Revenue from offline sales rose by 40.8%, from RMB 3,213.7 million in 2023 to RMB 4,526.3 million in 2024[79]. - The company expanded its DTC strategy, reaching 130 stores in Hong Kong, Macau, Taiwan, and overseas, and 192 robot stores as of December 31, 2024[59]. Operational Efficiency - Costs of sales rose by 77.7% from RMB 2,436.9 million in 2023 to RMB 4,330.0 million in 2024, primarily due to increased sales and higher design and licensing costs[106]. - Distribution and selling expenses increased by 82.1% from RMB 2,004.7 million in 2023 to RMB 3,650.5 million in 2024[108]. - Employee benefit expenses increased by 46.2% from RMB 598.5 million in 2023 to RMB 874.9 million in 2024[119]. - General and administrative expenses grew by 33.9% from RMB 707.3 million in 2023 to RMB 947.1 million in 2024[113]. Risks and Challenges - The company faces key risks including the inability to develop popular products and potential damage to brand reputation, which could adversely affect business performance[162]. - The core driving force of the company's business is its IP, with a focus on innovative products and enhancing brand value through quality service and diverse entertainment forms[163][166]. Management and Governance - Mr. Moon Duk Il joined the company in August 2018 and oversees the Hong Kong, Macao, Taiwan, and overseas business departments[184]. - Mr. Tu Zheng has been a non-executive Director since May 2019, providing professional advice to the Board[188]. - Mr. Zhang Jianjun has been an independent non-executive Director since the company's listing date on December 11, 2020, focusing on corporate governance[198].