POP MART(09992) 36氪·2025-05-08 12:36Core Insights - A significant event occurred as BeeQiao Capital liquidated its entire stake in Pop Mart, cashing out approximately HKD 2.2 billion [2] - The founder of BeeQiao Capital, Tu Zheng, was one of the earliest investors to recognize the potential of Pop Mart [2][4] - Pop Mart's stock has seen a dramatic increase since its IPO, with a maximum rise of over 10 times, and its current market capitalization stands at HKD 240 billion [4] Company Performance - Pop Mart reported a revenue of CNY 13.04 billion for 2024, marking a year-on-year growth of 106.9%, with a net profit of CNY 3.4 billion, up 185.9% [5] - The revenue from mainland China reached CNY 7.97 billion, a 52.3% increase, while overseas and Hong Kong/Macau revenue surged to CNY 5.07 billion, growing by 375.2% [5] - In Q1 2025, Pop Mart's revenue is projected to grow by 165%-170%, with mainland revenue increasing by 95%-100% and overseas revenue by 475%-480% [5] Investment Background - Tu Zheng's initial investment in Pop Mart was made at an estimated valuation of CNY 80 million, where he invested CNY 6 million [4] - After the establishment of BeeQiao Capital in 2018, it collaborated with other investors to inject CNY 40 million into Pop Mart [4] - The decision to liquidate the stake coincided with Pop Mart's peak performance since its inception [4]