On June 9, Pop Mart (9992.HK) rose more than 3% intraday, at HK$253 per share, setting a new record high. As of the close of the day, the company was at HK$250.8 per share, with a share price rising by 2.45%, and its market value approaching HK$340 billion.
Recently, real-time data from Forbes Rich List showed that Wang Ning, founder, executive chairman and CEO of Pop Mart, has a net worth of US$20.7 billion, and Qin Yinglin, founder of Muyuan shares, has a net worth of US$16.9 billion. Wang Ning has replaced Qin Yinglin and become the new richest man in Henan.
Public information shows that Wang Ning was born in Xinxiang, Henan in 1987, graduated from Zhengzhou Xiyas College in 2009, and founded Pop Mart in 2010, among which Labubu is the most popular item under its current status. According to Pop Mart's 2024 annual report, Wang Ning's shareholding in the company accounted for 48.73%.
Recently, JPMorgan Chase said that Pop Mart leads China's rapidly growing IP commodity market. Optimistic about the company's strong IP supply; Labubu is the rising "super IP". JPMorgan Chase predicts its overseas sales to increase by 152% year-on-year in 2025, with a CAGR of 42% from 2025 to 2027, accounting for 65% of sales in 2027.
In addition, JPMorgan Chase also predicts that driven by strong IP, store opening, productivity improvement, category and profit margin expansion, the company's annual compound growth rates of sales and profits from 2024 to 2027 will reach 44% and 56% respectively.
CCB International gave Pop Mart a "better than the market" rating for the first time, with a target price of HK$256, corresponding to the forecast price-earnings ratio of about 50 times in the next 12 months. The bank predicts that the company's future profit growth prospects will be positive, with the average annual compound growth rate of revenue and profits from 2025 to 2027.
Huatai Securities published a research report pointing out that in the face of the soaring popularity of IP such as Labubu, Pop Mart clearly adheres to the strategic thinking of long-term IP operations, strictly controls the pace of new promotion, joint branding and product volume growth, and avoids the consumption of IP value. The brokerage firm believes that Pop Mart's advantages lie in the multiple innovations and linkages of IP design, category carriers and marketing activities, rather than relying on a single factor, which in turn supports the sustainable operation of classic IP.
Huatai Securities stated that it maintained the adjusted net profit of Pop Mart of RMB 6.51 billion, RMB 8.96 billion and RMB 11.67 billion from 2025 to 2027 (compound annual growth rate is 51%), and raised the target price from HK$219 to HK$300, maintaining the "buy" rating.
On March 26, Pop Mart released its 2024 full-year financial report. According to the financial report, in 2024, Pop Mart achieved revenue of 13.04 billion yuan, a year-on-year increase of 106.9%, and adjusted net profit of 3.4 billion yuan, a year-on-year increase of 185.9%. Mainland China's revenue was 7.97 billion yuan, a year-on-year increase of 52.3%.
In 2024, Pop Mart's net increase of 38 offline stores in mainland China, with the total number of stores increasing to 401, 110 new robot stores, and the total number of robot stores increasing to 2,300. Offline store revenue was 3.83 billion yuan, a year-on-year increase of 43.9%, and robot store revenue was 700 million yuan, a year-on-year increase of 26.4%.
Source: Interface News Editor: Zhai Yujie
