Chinese collectibles giant POP MART has reported record-breaking financial results for 2024, with revenue soaring by 106.9% year-on-year to 13.04 billion RMB (£1.45 billion). The company’s adjusted net profit also surged by 185.9% to 3.4 billion RMB (£380 million), marking a period of exceptional growth both domestically and internationally.
According to the company’s latest financial report, revenue from Mainland China reached 7.97 billion RMB (£890 million), an increase of 52.3%. Meanwhile, revenue from international markets, including Hong Kong, Macao, and Taiwan, climbed 375.2% to 5.07 billion RMB (£560 million), reflecting the brand’s successful global expansion.
Strong growth across key IPs
The company’s intellectual property (IP) portfolio continues to be a major driver of its success. Four of its most recognisable characters—THE MONSTERS, MOLLY, SKULLPANDA, and CRYBABY—each generated over 1 billion RMB (£110 million) in revenue. Thirteen other popular IPs, including DIMOO WORLD, HIRONO, and Zsiga, collectively contributed over 3 billion RMB (£330 million).
POP MART’s in-house design studio, Pop Design Center (PDC), also delivered strong results. HIRONO alone brought in 730 million RMB (£81 million), doubling its revenue from the previous year. Meanwhile, Peach Riot, a character by North American artist Libby, gained traction in international markets, and Twinkle Twinkle, a newly signed IP, showed strong early success.
Expansion into new global markets
POP MART’s rapid expansion into overseas markets played a key role in its record-breaking year. In 2024, it opened its first physical stores in Vietnam, Indonesia, the Philippines, Italy, and Spain. The company also secured prime retail locations, including inside the Louvre in Paris, on Oxford Street in London, and at Sun World Ba Na Hills in Vietnam.
Since launching its globalisation strategy in 2018, POP MART has established a presence in nearly 100 countries and regions. By the end of 2024, the company operated 130 brick-and-mortar stores and 192 ROBOSHOP vending machines worldwide, including through joint ventures and franchises.
Diversifying product categories
In 2024, POP MART restructured its product lineup into four distinct categories, each showing robust growth.
- Figures remained the company’s largest category, with revenue rising 44.7% to 6.94 billion RMB (£770 million), though their overall share of total revenue dropped to 53.2%.
- Plush toys experienced explosive growth, generating 2.83 billion RMB (£310 million), a staggering 1,289% increase from the previous year.
- The MEGA COLLECTION brand saw revenue jump 146.1% to 1.68 billion RMB (£190 million), reaching a mature operational stage.
- Derivatives and other products also performed well, contributing 1.59 billion RMB (£177 million), a year-on-year increase of 156.2%.
Improved operational efficiency
POP MART also strengthened its profitability and efficiency. Its gross profit margin reached a record 66.8%, up 5.5 percentage points from 2023, while inventory turnover days dropped from 133 days to 102 days, reflecting improved stock management.
With continued international expansion and strong performance across its product lines, POP MART looks set to sustain its rapid growth into 2025 and beyond.
