POP MART(09992) 虎嗅·2025-04-14 06:00Core Viewpoint - Pop Mart has announced its largest organizational restructuring in five years, aimed at enhancing internal efficiency and adapting to its expanding global operations [1][8]. Organizational Structure Changes - The new structure introduces regional divisions: Greater China, Americas, Asia-Pacific, and Europe, with General Managers (GMs) overseeing core markets under these regions [3][5]. - The company has strengthened its middle office by consolidating ten departments to better align with business needs, allowing for dual reporting to the regional heads [3][5]. Management and Leadership - CEO Wang Ning will personally manage the two key executives, COO Si De and International President Wen De Yi, along with five core departments [4][5]. - The restructuring maintains the GM responsibility system, where each core market is led by a GM who has the authority to build their own team [5][6]. Financial Performance - In 2024, Pop Mart's overseas revenue reached 5.07 billion yuan, accounting for 38.9% of total revenue, marking the highest proportion in the company's history [6]. - The overseas revenue growth rate for 2024 was 375.2%, the highest since the company's inception [6]. Strategic Focus - The restructuring is intended to address deep-rooted issues within the company and improve collaboration efficiency as the business scales [7][8]. - The company aims to enhance its global presence and attract local talent for its overseas operations, with plans for localized recruitment in 2025 [7][8]. Future Outlook - The restructuring is seen as a pivotal moment for Pop Mart, coinciding with record revenue and profit levels, as well as a significant increase in stock price [8]. - Key growth areas include the expansion of offline amusement parks and international markets, although challenges remain in these sectors [8].