泡泡玛特营收首破百亿大关，4大IP年收入超10亿

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]