Pop Mart shares extend rally as revenue more than doubled in 2024, driven by IP operation and globalisation strategy

Pop Mart’s annual revenue more than doubled and surpassed 13 billion yuan thanks to its IP development and globalisation strategy, according to its 2024 annual results published on Wednesday. 

Under code 9992, shares of the Beijing-based company climbed more than 9% to HK$ 153.7 today, following yesterday’s 10% gain. During yesterday’s midday announcement, the company reported a 106.9% increase in revenue and a 203.9% yoy surge in net profit to 3.3 billion yuan for the previous fiscal year. 

“Market acceptance of Pop Mart’s IPs, such as CRYBABY and THE MONSTERS, which contain a flagship product Labubu, is still very high, and unless something unexpected happens, the growth prospects for Pop Mart this year are very positive,” added Kenney Wen, head of Investment Strategy at KGI Asia.

The revenue of THE MONSTERS, one of the heated IPs of  Pop Mart, saw a revenue of 3.04 billion yuan, a 726.6% surge compared to last year, contributing 23.3% of the overall revenue.

CRYBABY, as one of their “fast-growing emerging IPs”, also reached a revenue of 1.16 billion yuan, with a year-on-year growth rate of 1,537.2%.

“Buying dolls of these IPs has become a trend-setter,” Wen said.

The group’s sales are expected to grow by more than 50% year-on-year in 2025, according to Wang Ning, chairman of the board of directors of Pop Mart, who spoke at yesterday’s Annual Results Announcement.

He expected the total sales to reach more than 20 billion yuan in 2025, with the overseas market accounting for more than 10 billion yuan of this total.

In 2024, for the market other than Mainland China, the revenue from Hong Kong, Macao, Taiwan and Overseas increased by 375.2% from 1,066.1 million yuan in 2023 to 5,065.7 million yuan. 

Wang added that the company expects the North American market alone in 2025 to match the entire company’s revenue scale in 2020. 

In 2024, the North American market grew at 556.9%, realising a total revenue of $720 million, making it the second fastest-growing market among Pop Mart’s four overseas regions.

Si De, chairman of the Board of Supervisors of Pop Mart, said that the company will introduce more online blind box drawing machines to the US market in the future, hoping to bring foreign customers more engagement.

In Mainland China, the company added 110 roboshops, and the total number of roboshops reached 2,300 in 2024, according to the annual report. 

Revenue from PopDraw, the online blind box drawing platform, reached 1.114 billion yuan, a 52.7% year-on-year increase, and the revenue from DouYin amounted to 601 million yuan, a 112.2% year-on-year increase.

“We will improve relevant technical standards and the production and sales procedures of products, to promote the comprehensive upgrading of our business,” said the company in the annual result announcement.

The company also mentioned that it will continue to expand its global business, focusing on North America, Southeast Asia, and European markets.