Header image source: Pop Mart.
Pop Mart ended 2024 with recordbreaking results, as its push into international markets and emphasis on IP development drove revenue to RMB 13.04 billion (USD 1.8 billion), reflecting a 106.9% increase year-on-year (YoY). Adjusted net profit climbed 185.9% to RMB 3.4 billion (USD 476 million), underscoring the company’s ability to balance growth with operational efficiency.
The company’s revenue from markets outside mainland China—including Hong Kong, Macau, Taiwan, and other international regions—rose 375.2% YoY to RMB 5.07 billion (USD 709.8 million), accounting for 38.9% of total revenue. Southeast Asia was the fastest-growing market, contributing RMB 2.4 billion (USD 336 million), or 47.4% of overseas revenue, reflecting a 619.1% surge. Revenue from East Asia (including Hong Kong, Macau, and Taiwan) grew 184.6% to RMB 1.39 billion (USD 194.6 million), while North America generated RMB 720 million (USD 100.8 million), marking a 556.9% jump. Europe, Australia, and other regions added RMB 550 million (USD 77 million), up 310.7% YoY.
Pop Mart’s IP portfolio, the foundation of its business, delivered strong results. Its four core properties—namely The Monsters, Molly, Skullpanda, and Crybaby—collectively generated over RMB 1 billion (USD 140 million).
Another 13 IPs, including Dimoo World, Hirono, Zsiga, and Hacipupu, contributed over RMB 3 billion (USD 420 million). Hirono stood out, bringing in RMB 730 million (USD 102.2 million), reflecting 106.9% YoY growth.
Pop Mart also highlighted promising performances from its newer IPs. Twinkle Twinkle, a recently signed property that debuted less than a year ago, gained strong market acceptance. Meanwhile, Peach Riot, created by North American artist Libby, gained traction in international markets. Specific revenue figures for these two IPs were not disclosed.
The results reflect Pop Mart’s strategy of nurturing homegrown IPs through its Pop Design Center (PDC) while collaborating with global artists to broaden its portfolio.
A category reshuffle in 2024 saw plush toys emerge as a key revenue driver, with sales soaring 1,289% to RMB 2.83 billion (USD 396.2 million), accounting for 21.7% of total revenue. Despite figures contributing the largest share at RMB 6.94 billion (USD 971.6 million), their proportion of total sales fell to 53.2%. The “Mega Collection” series, entering a more mature phase, generated RMB 1.68 billion (USD 235.2 million), up 146.1% YoY. Revenue from derivatives and other products grew 156.2% to RMB 1.59 billion (USD 222.6 million), reflecting Pop Mart’s efforts to diversify its product mix.
The company’s physical and automated retail channels expanded significantly in 2024. The number of overseas stores reached 130 by year-end, including joint ventures, while the number of “roboshop” units increased to 192, encompassing joint ventures and franchises.
New brick-and-mortar stores were launched in Vietnam, Indonesia, the Philippines, Italy, and Spain, with flagship locations established in iconic sites such as the Louvre in Paris, Oxford Street in London, and Sun World Ba Na Hills in Da Nang, Vietnam. Since initiating its globalization roadmap in 2018, Pop Mart has extended its presence to nearly 100 countries and regions.
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Membership growth was another highlight. Pop Mart’s collaboration with Ne Zha 2 drove an influx of new customers, reportedly increasing membership in mainland China to over 46 million. Members accounted for 92.7% of total sales, with a repurchase rate of 49.4%, highlighting the effectiveness of co-branded IPs in driving customer loyalty, per Economic View.
Operational efficiency improved notably in 2024. Gross profit margin rose 5.5 percentage points to 66.8%, a record high, while inventory turnover days decreased from 133 in 2023 to 102, reflecting streamlined supply chain management and improved processes.
Pop Mart expects another year of strong growth in 2025, with overseas revenue projected to surpass RMB 10 billion (USD 1.4 billion), supported by continued momentum from key IPs and expanding product categories.