POP MART(09992) 证券时报网·2025-03-26 13:13Core Viewpoint - The company reported a significant increase in revenue and profit for 2024, driven by successful international expansion and a focus on IP-based strategies, with a revenue target of 20 billion yuan for 2025 [1][2][5] Financial Performance - In 2024, the company achieved a revenue of 13.04 billion yuan, a year-on-year increase of 106.9%, and an adjusted net profit of 3.4 billion yuan, up 185.9% [1] - The gross margin improved to 66.8%, up from 61.3% in 2023, marking a historical high [2] - Inventory turnover days decreased from 133 days in 2023 to 102 days in 2024 [2] Market Segmentation - Revenue from mainland China reached 7.97 billion yuan, a 52.3% increase, while overseas and Hong Kong/Macau/Taiwan revenue was 5.07 billion yuan, up 375.2%, accounting for 38.9% of total revenue [1][3] - The company opened 38 new offline stores in mainland China, increasing the total to 401, and added 110 new robot stores, bringing the total to 2,300 [2] Membership and Customer Engagement - As of December 31, 2024, the company had 46.083 million registered members, with 11.729 million new registrations in the year [3] - Membership contributed to 92.7% of total sales, with a repurchase rate of 49.4% [3] International Expansion - The company plans to open 100 new stores overseas in 2025, with larger and better-located stores expected to perform better than previous years [5] - The Southeast Asia market showed the highest growth, with revenue of 2.4 billion yuan, a 619.1% increase [3] IP Strategy and Product Performance - The company’s IP matrix expanded, with four major IPs generating over 1 billion yuan each, and several others exceeding 100 million yuan [5] - Revenue from figurines was 6.94 billion yuan, up 44.7%, while plush toys saw explosive growth with 2.83 billion yuan, a 1289% increase [5]