POP MART soared by 10%! CEO Wang Ning: Confident to achieve revenue of 10 billion RMB this year, with overseas growth not less than 200%
Chairman and CEO Wang Ning of POP MART stated that POP MART has already achieved "recreating another POP MART overseas" several months ahead of schedule
In the first half of the year, POP MART's operating profit doubled year-on-year, with Hong Kong stocks surging by 9.7% at one point, currently falling back to 8%.
At the 2024 interim report performance briefing held today, POP MART's Chairman and CEO, Wang Ning, once again provided a significant performance guidance: Confident to achieve a revenue of 10 billion RMB for the full year, with an expected annual growth of not less than 60%, and overseas growth of not less than 200%.
Wang Ning stated that POP MART has already achieved "creating another POP MART overseas" several months ahead of schedule.
Overseas business has been the core business of POP MART in recent years. Last year, we stated at the performance briefing that we hoped to create another POP MART overseas, and we have achieved this goal several months ahead of schedule.
At the 2023 interim report performance briefing, Wang Ning had predicted that the revenue from overseas business in 2024 would exceed the group's total revenue in 2019, essentially creating another POP MART overseas.
Yesterday evening, POP MART released its financial report for the first half of 2024. During the reporting period, the company achieved a revenue of 4.56 billion RMB in the first half of the year, a year-on-year increase of 62.0%, with an adjusted net profit of 1.02 billion RMB, a year-on-year increase of 90.1%.
Since 2018, with the layout of overseas markets and the gradual promotion of globalization strategies, the proportion of POP MART's performance from Hong Kong, Macao, Taiwan, and overseas businesses has continued to increase. With the rapid advancement of the DTC (Direct To Customer) strategy, POP MART has also entered a period of harvest. In the first half of 2024, the exploration of overseas markets and localized operations drove revenue to reach 1.35 billion RMB, a year-on-year increase of 259.6%, accounting for nearly 30% of the total revenue. During the reporting period, POP MART had 92 stores in Hong Kong, Macao, Taiwan, and overseas (including joint ventures), and 162 robot stores (including joint ventures and franchises). In the first half of the year, POP MART continuously opened stores in well-known landmarks, including Ba Na Hills Park in Vietnam and Oxford Street in the UK