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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 …