On 20 August, Beijing-based blind box toymaker POP MART released its financial reports for the first 6 months of 2024. Its revenue grew 62% to 4.56 billion RMB (638.73 million USD). Furthermore, the group’s net profit surged 93.3% to as high as 921 million RMB (129.05 million USD) and its profit margin grew from 64% last year to 60.4%.
Interestingly, the report also showed that the “going overseas” strategy has worked well for POP MART as internationally (including Hong Kong, Macau and Taiwan) they grew by a whopping 259.6% to 1.35 billion RMB (189.45 million USD). The global business contributed 29.7% of the group revenue in H1 2024, up from 13.4% in H1 2023. Income in Mainland China also grew 31.5% to 3.21 billion RMB (449.76 million USD).
Wang Ning, founder and CEO of POP MART forecasted on 21 August that the whole year’s revenue will grow no less than 60% compared to last year with overseas revenue growth no less than 200%. “We are confident in reaching 10 billion RMB (1.40 billion USD) in revenue this year”, announced Wang. Wang also concluded that the company has achieved its goal of “building another POP MART abroad” ahead of time.
Classic IPs MOLLY, THE MONSTERS and SKULLPANDA remain strong and earned 782 million RMB (109.57 million USD), 672 million RMB (94.15 million USD) and 575 RMB (80.56 million USD) respectively, growing 90.1%, 292.2% and 9.2%. LABUBU of THE MONSTER had its surge in popularity partly because of the endorsement from Lisa of BLACKPINK. The global expansion seems to have brought a resurgence of interest in POP MART’s classic IPs, sweeping away the fatigue they felt last year.
Southeast Asia is POP MART’s fastest-growing market, up 478.3% from last year, while North America grew 377.7% in H1 2024. Interestingly, non-figurine items are also picking up steam as plush toys grew nearly 10 times in sales. With a successful expansion over multiple markets and the viral popularity of more than one category, POP MART has been enjoying growth in both revenue and profit. It is also worth watching how the group will adapt as they complete their expansion in major overseas markets.
