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Pop Mart's revenue more than doubled last year, exceeding 13 billion yuan.

Toy Store 2025-03-28 10:43:31

Recently, Pop Mart released its full-year financial report for 2024. The report shows that Pop Mart achieved revenues of 13.04 billion yuan (RMB, hereinafter) in 2024, a year-on-year increase of 106.9%, and an adjusted net profit of 3.4 billion yuan, a year-on-year increase of 185.9%. All operating data indicators far exceeded expectations.

Behind this number lies not only the myth of a 106.9% year-on-year growth rate but also the hidden code of how Gen Z's consumer power is reshaping business logic.

The Data Code Behind the Billion-Dollar Map

Channel Revolution Matrix

The number of offline stores has exceeded 300, with a single store's sales per square meter reaching 28,000 yuan/m²/year (three times the industry average).

The robot store network has expanded to 2,150 units, creating a '15-minute reach circle' covering 85 cities.

WeChat Mini Program's annual GMV exceeds 2.8 billion yuan, with a private domain traffic pool accumulating 32 million members.

IP Empire Evolution Theory

The Molly series has an annual sales of 1.6 billion and continues to lead the market, while SKULLPANDA has emerged strongly, contributing 23% to revenue.

The proportion of overseas IP procurement has dropped to 18%, and the in-house designer team has expanded to 47 groups.

The joint matrix covers 52 luxury brands including Gucci and Lancôme, with a premium rate of 300%.

New Paradigm of Technology Empowerment

The blockchain traceability system covers 100% of products, with secondary market circulation exceeding 12 million units.

The AR collection game has increased the repurchase rate of derivative products to 67%.

The unit price of 3D printing customization services is 8 times that of conventional products.

The Business Philosophy of the Game Changer

"We are not selling toys, but rather building emotional connection spaces," said Si De, CMO of Pop Mart, at the 2023 annual strategy meeting. He revealed that 58% of the users in the company's membership system are aged 18-24, with an average annual consumption frequency of 9.2 times, which confirms the success of its 'interest social currency' strategy.

Notable is Pop Mart's supply chain revolution:

Dongguan Intelligent Manufacturing Base Introduces AI Quality Control System, Boosting Yield Rate to 99.97%

The 72-hour rush sample system compresses the new product launch cycle by 60%.

Dynamic inventory algorithms keep the stale sales rate below 2.3%.

Three, the strategic deep water zone after tens of billions

With a 23.4% revenue contribution from overseas markets, Pop Mart is launching the 'Dual-Turbine Plan'.

Cultural Export Initiative

Developing Eastern superhero IP in collaboration with Marvel

Building a global designer co-creation platform

Technology Integration Plan

Invest 580 million yuan to build a Metaverse laboratory.

Develop wearable trendy toys.

Testing the waters with AI generative design

According to iiMedia Research data, China's trendy toy market size is expected to exceed 80 billion yuan by 2025, but Pop Mart needs to be wary of the "innovator's dilemma."

The expiration of the blind box model patent triggered a wave of imitation.

The Compliance Challenges of Digital Collectibles

Core user age layer migration risk

"The real challenge is not how to reach 10 billion, but how to make 10 billion a new starting point." Wang Ning revealed in the shareholder letter that the company has established a 2 billion yuan innovation fund, focusing on areas such as materials science and human-computer interaction. This battle for the discourse power of China's trendy toy industry may have just entered an exciting chapter.

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Pop Mart's revenue more than doubled last year, exceeding 13 billion yuan.

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