Hong Kong-listed Chinese toy company Pop Mart has reported significant growth in annual sales and profit.
The company’s revenue jumped 106.9 per cent to RMB13.04 billion (US$1.7 billion) and profit soared 185.9 per cent to RMB3.4 billion ($452 million) last year.
Revenue from Mainland China amounted to RMB7.97 billion, reflecting a 52.3 per cent growth. Revenue from markets outside Mainland China was up 375.2 per cent to RMB5.07 billion.
Gross profit margin hit a record 66.8 per cent, up by 5.5 percentage points compared to 2023. Inventory turnover days decreased from 133 days to 102 days, reflecting the company’s enhanced operational capabilities.
In international markets, the number of brick-and-mortar stores grew to 130 (including joint ventures), while the number of Roboshops climbed to 192 (including joint ventures and franchises).
The company opened its first brick-and-mortar outlets in Vietnam, Indonesia, the Philippines, Italy, and Spain during the year.
Since rolling out its globalisation roadmap in 2018, Pop Mart has expanded to nearly 100 countries and regions worldwide.