Understanding the Market | POP MART rises over 4% again, last year's financial performance exceeded expectations, and overseas online sales show explosive growth

Zhitong
2025.04.01 01:50
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POP MART's stock price rose over 4% again, up 4.15% as of the time of writing, priced at HKD 163, with a transaction volume of HKD 328 million. The company's 2024 performance exceeded expectations, with a year-on-year revenue increase of 106.9%, a gross profit margin of 66.8%, and a net profit margin of 25.4%. Among them, domestic market revenue increased by 52.3%, while overseas market revenue increased by 375.2%. The Southeast Asian and North American markets performed strongly, growing sixfold and fivefold, respectively. The company is expected to focus on expanding the North American market to drive continuous growth in overseas business

According to Zhitong Finance APP, POP MART (09992) has risen over 4% again, with a current increase of 4.15%, priced at HKD 163, and a transaction volume of HKD 328 million.

In terms of news, recently, POP MART disclosed its 2024 performance. CMB International believes that POP MART's financial performance last year exceeded expectations, with a year-on-year revenue increase of 106.9%, a gross profit margin rising to 66.8%, and a net profit margin of 25.4%. The dividend payout ratio remains at 35%, consistent with 2023. The firm pointed out that POP MART's revenue in the mainland China market increased by 52.3% year-on-year. Among them, offline channel revenue grew by 41%, with retail stores and robot stores continuing to experience rapid growth, increasing by 44% and 26% year-on-year, respectively; online channels saw a year-on-year increase of 77%. The overseas market surged by 375.2% year-on-year, with particularly strong performances in Southeast Asia and North America, showing growth rates of 6 times and 5 times, respectively.

Dongxing Securities released a research report stating that with the expansion of influence and the combined effect of repurchase demand on the TikTok platform, POP MART's overseas online explosive growth has led to an increase in the online proportion, achieving an initial comprehensive layout of online and offline. By market, revenue from Southeast Asia/East Asia and Hong Kong, Macau, Taiwan/North America/Europe and Australia regions was RMB 2.4 billion / RMB 1.39 billion / RMB 720 million / RMB 550 million, with year-on-year increases of +619% / +185% / +557% / +311%. The company has achieved high revenue in Asia and continues to advance; the European and American markets have made initial inroads, with significant room for development still available. The firm speculates that this year the company will focus on the North American market, with store openings and IP localization expected to rapidly expand local influence. Considering the stronger consumer power in Europe and America, the expansion in the European, American, and Australian markets is expected to support the company's continued rapid growth in overseas business. Additionally, the company's overseas business has already shown scale effects, with the gross profit margin significantly increasing by 8.3 percentage points year-on-year to 71.3%

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