POP MART(09992) 智通财经网·2025-04-01 01:52Core Viewpoint - Pop Mart's financial performance for 2024 exceeded expectations, with significant revenue growth and improved profit margins [1][2] Financial Performance - Pop Mart reported a revenue increase of 106.9% year-on-year, with a gross margin of 66.8% and a net profit margin of 25.4% [1] - The company maintained a dividend payout ratio of 35%, consistent with 2023 [1] Market Performance - Revenue from the mainland China market grew by 52.3%, with offline channel revenue increasing by 41% and online channel revenue rising by 77% [1] - The overseas market saw a substantial increase of 375.2%, with Southeast Asia and North America experiencing growth rates of 600% and 500%, respectively [1] Regional Breakdown - According to Dongxing Securities, revenue from different regions showed significant growth: Southeast Asia (24.0 million), East Asia (13.9 million), Hong Kong, Macau, and Taiwan (7.2 million), and North America (5.5 million), with year-on-year increases of 619%, 185%, 557%, and 311% respectively [2] - The company has established a strong revenue base in Asia and is making initial inroads into the European and American markets, indicating substantial growth potential [2] Strategic Focus - The company is expected to focus on expanding its presence in the North American market, leveraging store openings and localizing IP to enhance local influence [2] - The overseas business has begun to show economies of scale, with gross margins increasing by 8.3 percentage points to 71.3% [2]