POP MART's revenue soared by 134.9% in 2023, achieving a remarkable surge in overseas markets.
On March 20th, POP MART publicly disclosed its annual financial report for 2023, drawing attention from the industry. According to the data, POP MART's annual revenue reached 6.3 billion RMB, a year-on-year increase of 36.5%; adjusted net profit was 1.19 billion RMB, surging by 107.6% year-on-year. Both revenue and net profit hit record highs. The overseas market has made significant strides, with revenue exceeding 1 billion RMB, bringing the company closer to its goal of global business expansion. With the steady advancement of its two major strategies, globalization and corporatization, the term "toy retailer" alone is no longer sufficient to define POP MART.
In 2023, POP MART's domestic business achieved substantial growth, with annual revenue reaching 5.235 billion RMB, an increase of 25.7% year-on-year. However, what is even more remarkable is its outstanding performance in international expansion. In 2023, POP MART achieved revenue of 1.066 billion RMB in Hong Kong, Macau, and Taiwan, accounting for 16.9% of total revenue. In the same year, POP MART opened its first offline stores in France, Malaysia, Thailand, and the Netherlands, with the daily sales record of global stores being repeatedly refreshed. By the end of 2023, POP MART had 80 stores in Hong Kong, Macau, Taiwan, and overseas, with 159 robot stores. POP MART's Chairman and CEO, Wang Ning, expressed great satisfaction with the company's overseas performance, stating, "The growth of the overseas market has given us great confidence. We expect that our overseas business will continue to maintain triple-digit growth in the future."
Behind the astonishing revenue figures lies the rapid expansion of the company's IP business. Deepening its direct-to-consumer (DTC) strategy and promoting the recognition of POP MART's brand and its IP globally have been the core ideas of POP MART's globalization business in recent years. In 2023, POP MART's IP with sales exceeding 100 million RMB reached 10. In addition to classic IPs such as SKULLPANDA, MOLLY, and DIMOO, emerging IPs such as Xiaotian Dou, HACIPUPU, PINO JELLY, and Zsiga also receive huge popularity in the market.
It can be said that the performance of 2023 highlights the strategic effectiveness of POP MART's corporatization and globalization. By marketing IPs, organizing large-scale toy exhibitions, artist signing events, and other activities, POP MART not only enhances its localization operations but continuously expands into new markets, driving the comprehensive development of its brand. With its rapid growth, POP MART is poised to become a globally influential entertainment group in the realm of trend culture.