Pop Mart International Group (9992) H1 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 rose 62.0% year-over-year to RMB4,557.8 million, driven by strong growth in both Mainland China and international markets.

• Net profit increased 102.0% year-over-year to RMB964.1 million, with non-IFRS adjusted net profit up 90.1% to RMB1,017.6 million.

• Gross profit margin improved to 64.0% from 60.4% in the prior year period, driven by product mix optimization and higher overseas sales.

• International revenue surged 259.6% year-over-year, now accounting for 29.7% of total revenue.

• Proprietary products contributed 96.2% of total revenue, with artist IPs making up 81.0%.

Financial highlights

• Operating profit doubled to RMB1,126.4 million, up 109.5% year-over-year.

• Basic earnings per share rose to RMB69.49 cents, with diluted EPS at RMB69.22 cents.

• Cash and cash equivalents increased to RMB3,608.7 million as of June 30, 2024.

• Gearing ratio increased slightly to 23.3% from 22.0% at end-2023.

• No bank borrowings or pledged assets as of June 30, 2024.

Outlook and guidance

• Plans to further expand global footprint, especially in Southeast Asia and Europe, with new offline channels and enhanced digital platforms.

• Focus on enriching IP portfolio, product innovation, and sustainable development.

• Continued investment in technology, digitalization, and member operations to drive operational efficiency.