In the third quarter, POP MART's e-commerce platform revenue increased by 135%-140% year-on-year, offline retail store revenue increased by 30%-35% year-on-year, and robot store revenue increased by 20%-25% year-on-year. POP MART previously stated that it has already achieved "creating another POP MART overseas"
POP MART's successful overseas expansion, with overseas business revenue in the third quarter increasing more than four times year-on-year, driving a doubling of the company's overall revenue.
On Tuesday, October 22, POP MART released its third-quarter financial report:
In the third quarter, revenue increased by 120%-125% year-on-year, with revenue from Mainland China increasing by 55%-60% year-on-year, and revenue from Hong Kong, Macau, Taiwan, and overseas increasing by 440%-445% year-on-year.
Looking at the profit channels, in the third quarter:
POP MART's retail store revenue increased by 30%-35% year-on-year; robot store revenue increased by 20%-25% year-on-year; POP MART's blind box machines revenue increased by 55%-60% year-on-year;
E-commerce platforms and other online platforms revenue increased by 135%-140% year-on-year, with revenue from Douyin platform increasing by 115%-120% year-on-year, and revenue from Tmall flagship store increasing by 155%-160% year-on-year;
Wholesale and other channels revenue increased by 45%-50% year-on-year.
POP MART closed down 0.24% today at HKD 63.45 per share. Over the past year, POP MART has risen by nearly 175%.
Successful Overseas Expansion of POP MART
This year, POP MART's overseas business has been very impressive, with revenue from Hong Kong, Macau, Taiwan, and overseas increasing by 259.6% in the first half of the year, and by 440%-445% in the third quarter. At the 2024 interim report performance briefing, POP MART revised its full-year performance guidance, expecting full-year revenue to increase by over 60%, and overseas revenue to increase by over 200% - if this target is achieved, POP MART's full-year revenue will exceed RMB 10 billion.
During the performance briefing at the end of August, POP MART's Wang Ning stated that POP MART has already achieved "recreating another POP MART overseas":
Overseas business has been the core business of POP MART in recent years. Last year, we stated at the performance briefing that we hoped to recreate another POP MART overseas, and we have achieved this goal several months ahead of schedule.
According to Dolphin Research's analysis, overseas markets have higher pricing and even higher gross profit margins, with overseas business gross profit margins nearly 10 percentage points higher than domestic ones. Additionally, because it involves the overseas expansion of Chinese culture and design, within the first group of overseas audiences (Eastern cultural circle + Chinese cultural circle), there is less need for a completely new and fully localized IP, so the IP design development expenses can be reused for the overseas market without incurring significant additional costs