POPMART 2024 First Half Results Summary
In the first half of 2024, POPMART's performance was impressive, with all indicators exceeding expectations and showing strong growth momentum.
Revenue and Profit
POPMART achieved revenue of 4.558 billion yuan in the first half of 2024, a significant year-on-year increase of 62%, while revenue in the same period in 2023 was 2.814 billion yuan. Adjusted net profit reached 1.018 billion yuan, a year-on-year surge of 90.1%, a significant increase from 535 million yuan in the same period in 2023.
Gross profit margin and net profit margin
In terms of gross profit margin, POPMART reached 64% in the first half of 2024, an increase of 3.6 percentage points compared with the same period last year. The adjusted net profit margin was 22.3%, an increase of 3.3 percentage points from the same period last year.
Regional performance
The performance of each region disclosed for the first time shows that POPMART's global layout has ushered in a harvest period, with performance breaking out in many areas, with all four major regions achieving triple-digit growth:
East Asia, Hong Kong, Macao and Taiwan: 35.4%
Southeast Asia: 41.1%
North America: 13.2%
Europe, Australia and others: 10.3%
Globalization strategy
POPMART's globalization strategy has taken root, and its brand potential continues to advance. The first castle theme store opened in Ba Na Hills Paradise in Vietnam, and also entered Oxford Street in the UK. It has continued to enter well-known landmarks, boosting the rapid increase in brand recognition.
Summarize
POPMART showed excellent performance in the first half of 2024, with high growth in revenue and profits, and significant improvements in gross profit margin and net profit margin. The global layout has ushered in a harvest period, with performance in various regions exploding and brand recognition continuing to increase. These data show that POPMART's competitiveness and profitability in the market continue to increase, and its future development prospects are broad.
