After the market closed on October 22, Beijing-based trendy toy company Pop Mart (HKEX: 9992) released its unaudited Q3 2024 business update, reporting a 120%-125% year-on-year revenue surge. Revenue from the Chinese Mainland increased by 55%-60%, while the Hong Kong, Macau, Taiwan, and overseas markets skyrocketed 440%-445% year-on-year.
For various channels within the Chinese Mainland:
- Retail stores grew by 30%-35% year-on-year.
- Robot stores rose by 20%-25%.
- Pop Mart’s vending machines increased by 55%-60%.
- E-commerce and online platforms surged by 135%-140% (including a 115%-120% increase on Douyin and 155%-160% on Tmall).
- Wholesale and other channels expanded by 45%-50%.
At this year’s mid-year earnings briefing, Pop Mart’s Chairman and CEO, Wang Ning, highlighted that overseas business has been a core focus in recent years. Last year, the company projected that 2024 overseas revenue would exceed the entire group’s 2019 revenue, essentially creating a second Pop Mart abroad— a target that has already been met ahead of schedule.
In July, Pop Mart opened its first stores in Milan, Italy, and Amsterdam, the Netherlands, further expanding its European footprint.
Boosted by the strong performance, Pop Mart’s stock surged 18.52% to HKD 75.2 per share, bringing its total market cap to HKD 101 billion.
| Source: Financial report
| Image Credit: Pop Mart official website, Instagram
| Editor: LeZhi
