With the Labubu doll series sweeping the globe, POP MART's profits are expected to double to 3.4 billion RMB in 2024, with its stock price soaring 350% within a year. The company is accelerating its global expansion, focusing on the North American and European markets to build a global trendy toy empire. The K-pop star-driven trendy toy craze is creating new investment opportunities.
On March 26, POP MART International Group released its full-year financial report for 2024:
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<li>Revenue: Revenue for 2024 is expected to be 13.04 billion RMB, a year-on-year increase of 106.9%, with an estimate of 12.27 billion RMB.</li>
<li>Net Profit: Adjusted net profit is expected to be 3.4 billion RMB, a year-on-year increase of 185.9%, with an estimate of 2.83 billion RMB.</li>
<li>Operating Profit: Operating profit for 2024 is expected to be 4.15 billion RMB, with an estimate of 3.31 billion RMB.</li>
<li>Gross Profit: Gross profit for 2024 is expected to grow by 125.4% to 8.708 billion RMB.</li>
<li>Gross Margin: The company's gross margin is 66.8%, an increase of 5.5 percentage points from 61.3% in 2023, setting a new historical high.</li>
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After the financial report was released, POP MART's stock rose by more than 7%.
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<h2>Continuous Innovation in IP Operations, Labubu Series Drives Profit Surge</h2>
IP operations are POP MART's core competitiveness. In 2024, the flagship IP &#34;Labubu&#34; doll series experienced explosive growth. Sales of &#34;The Monsters&#34; series dolls skyrocketed from 368 million RMB last year to 3 billion RMB in 2024. Another rapidly growing IP, the &#34;Crybaby&#34; series, saw related revenue increase by over 1500%. The company also disclosed that 13 other IP products had sales exceeding 100 million RMB.
In terms of product categories, the company achieved balanced development across multiple categories. Revenue from figurines was 6.936 billion RMB, accounting for 53.2%; revenue from plush products was 2.832 billion RMB, accounting for 21.7%, with a staggering growth rate of 1,289.0%; MEGA revenue was 1.684 billion RMB, accounting for 12.9%, an increase of 146.1%; and revenue from derivatives and others was 1.586 billion RMB, accounting for 12.2%, an increase of 156.2%.
It is noteworthy that plush products, especially PVC plush, have become phenomenon-level bestsellers, effectively strengthening the emotional bond between fans and IP by precisely capturing the unique characteristics and spiritual core of different IPs and tailoring product lines that align with their styles. In 2024, the company also launched its first building block product, further expanding its product matrix.
Morgan Stanley analyst Dustin Wei's team stated in a report on March 9 that accessories have given trendy toys new usage scenarios, making them no longer just collectibles lying quietly in display cases
Instead, it has become an accessory for fashionistas to showcase their personalities. More importantly, this &#34;show-off&#34; attribute has strong viral 传播 potential, helping Pop Mart attract more new customers and expand its potential market (TAM).
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Analysts say that bag charms are easier to spread and can attract new customers. Through user profile analysis, 70%-75% of Pop Mart's users are female, and the popularity of bag charms is expected to make the sales proportion of plush toys equal to that of traditional figurines.
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<h2>Global Expansion Strategy: Targeting Core Markets in North America and Europe</h2>
In 2024, Pop Mart's performance in Hong Kong, Macau, Taiwan, and overseas markets was particularly impressive, with revenue reaching 5.066 billion yuan, a year-on-year increase of 375.2%, accounting for 38.9% of the company's total revenue, becoming a true growth engine.
Regionally, the Southeast Asian market contributed the most, with revenue reaching 2.403 billion yuan, a year-on-year increase of 619.1%; East Asia and Hong Kong, Macau, and Taiwan regions had revenue of 1.386 billion yuan, an increase of 184.6%; North American market revenue was 723 million yuan, an increase of 556.9%; revenue from Europe, Australia, and other markets was 554 million yuan, an increase of 310.7%.
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Pop Mart stated that it will continue to expand its global business footprint, focusing on the North American and European markets. &#34;By opening physical stores in iconic locations around the world, we aim to enhance brand experience and awareness,&#34; the company stated in documents submitted to the exchange.
E-commerce channels also achieved explosive growth. Revenue from Pop Mart's official website grew by 1,246.2% to 531 million yuan, revenue from the TikTok platform grew by 5,779.8% to 262 million yuan, and revenue from the Shopee platform grew by 656.0% to 324 million yuan.
<h2>Channel Synergy and Continuous Improvement of Digital Operation Capabilities</h2>
In 2024, Pop Mart added 38 offline stores in mainland China, reaching a total of 401; it added 110 robot stores, reaching a total of 2,300. Online channels also performed impressively, with revenue from blind box machines reaching 1.114 billion yuan, a year-on-year increase of 52.7%; revenue from the Tmall flagship store was 628 million yuan, an increase of 95.0%; revenue from the Douyin platform was 601 million yuan, an increase of 112.2%.
In terms of membership operations, by the end of 2024, the total number of registered members in mainland China reached 46.083 million, with an increase of 11.729 million. Membership contributed to 92.7% of sales, and the member repurchase rate was 49.4%, indicating strong user stickiness

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With the Labubu doll series gaining popularity worldwide, POP MART's profit doubled to 3.4 billion RMB in 2024, and its stock price soared 350% within a year. The company is accelerating its global expansion, focusing on the North American and European markets, to build a global trendy toy empire. The trendy toy craze driven by K-pop stars is creating new investment opportunities

- Pop Mart's 2024 revenue reached 13.04 billion RMB, a 106.9% increase, with net profit doubling to 3.4 billion RMB.  
- The company is expanding globally, focusing on North America and Europe, with significant growth in overseas markets, particularly in Southeast Asia.  
- The popularity of K-pop and innovative product lines, such as the Labubu series, are driving new investment opportunities and enhancing customer engagement.

POP MART's 2024 profit growth of 188%, Labubu's global popularity, overseas business growth of 375% becomes a new engine | Financial Report Insights