Pop Mart International Group (9992) H2 2024 earnings summary

Executive summary

• Revenue surged 106.9% year-over-year to RMB13,037.7 million, with profit attributable to owners up 188.8% to RMB3,125.5 million.

• International expansion drove 375.2% growth in overseas revenue, now 38.9% of total sales.

• Proprietary products contributed 97.6% of revenue, with artist IPs like THE MONSTERS and MOLLY showing exceptional growth.

• Gross margin improved to 66.8% from 61.3% year-over-year, reflecting product mix and cost control.

• Net cash position strengthened, with cash and equivalents rising to RMB6,109.0 million.

Financial highlights

• Gross profit increased 125.4% to RMB8,707.8 million; operating profit up 237.6% to RMB4,154.3 million.

• Non-IFRS adjusted net profit rose 185.9% to RMB3,403.2 million; adjusted net margin at 26.1%.

• Basic EPS grew 191.4% to RMB2.36; diluted EPS at RMB2.35.

• Inventory turnover days improved to 102 from 133; trade receivables turnover days to 11 from 15.

• Gearing ratio increased to 26.8% from 22.0% year-over-year.

Outlook and guidance

• Focus on enriching IP portfolio, expanding product categories (plush, MEGA, toy bricks), and deepening fan engagement.

• Plans to accelerate global expansion, especially in North America, Southeast Asia, and Europe.

• Continued investment in digitalization, content e-commerce, and official website to enhance brand influence.

• Ongoing development of new brands and amusement park business to strengthen the IP ecosystem.