Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][8][11] Core Views - The company's revenue grew by 62% year-on-year to 4.56 billion yuan in the first half of the year, with net profit increasing by 93% to 920 million yuan, driven by improved supply chain management and the scale effect of overseas business [4][8] - The company has successfully expanded its product categories, with the proportion of figurines decreasing to below 60%, enhancing fan engagement with its IPs [7][8] - Significant growth was observed in Southeast Asia and North America, with plans to open 30-40 new overseas stores in the second half of the year [8] Financial Performance - Revenue and net profit forecasts for 2024-2026 have been revised upwards, with expected net profits of 2.11 billion, 2.56 billion, and 2.93 billion yuan respectively, reflecting growth rates of 94.7%, 21.6%, and 14.3% [8][9] - The company's gross margin for the first half of the year was 66.9%, an increase of 6.6 percentage points year-on-year, while the expense ratios for sales, management, and finance have improved [5][6][8] IP Performance - Established IPs such as MOLLY, THE MONSTERS, and SKULLPANDA saw significant revenue growth, with THE MONSTERS performing particularly well in Thailand [6][8] - New IPs under PDC also showed strong performance, with revenues for Hirono, Zsiga, and HACIPUPU increasing by 124.3%, 169.5%, and 37.3% respectively [6][8] Market Expansion - The company reported remarkable revenue growth in various regions, with Southeast Asia seeing a 478.3% increase, and plans to continue expanding its direct-to-consumer (DTC) strategy [8][9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported better-than-expected performance in the first half of 2024, with total revenue reaching 4.558 billion yuan, a year-on-year increase of 62%, and adjusted net profit of 1.018 billion yuan, up 90.1% year-on-year [3][4] - The growth in classic IP revenue is attributed to the strong commercialization potential of IP and the company's deeper understanding of IP operations. Classic IP Molly and The Monsters saw revenue growth of 90% and 292% respectively, contributing significantly to overall revenue [3] - The company has demonstrated strong growth in mainland China, with revenue of 3.2 billion yuan, a 32% increase year-on-year, and a notable increase in average revenue per user (ARPU) [4] Summary by Sections Financial Performance - Total revenue for 2024 is projected to reach 10.213 billion yuan, with a year-on-year growth of 60.96% [2] - Adjusted net profit for 2024 is expected to be 2.302 billion yuan, reflecting a growth of 93.40% year-on-year [2] - The company's gross margin improved to 64% in the first half of 2024, benefiting from supply chain optimization and increased overseas sales [8] Market Expansion - The company has seen significant overseas growth, with revenue increasing by 260% to 1.35 billion yuan in the first half of 2024, and expects over 200% growth for the full year [4][8] - The company plans to open 30-40 new stores in high-potential regions such as North America and Southeast Asia in the second half of 2024 [8] IP Development - The company has successfully diversified its IP portfolio, with seven IPs generating over 100 million yuan in sales, compared to five in the same period last year [3] - Non-figurine categories have shown remarkable growth, with plush toy sales increasing by 994% to 446 million yuan, marking a shift in product focus [3]

浦银国际研究 公司研究 | 消费行业 浦银国际 公司研究 泡泡玛特（9992.HK） 泡泡玛特（9992.HK）：优秀的 IP 运营能力再 次得到验证，海外扩张将驱动持续高速增长 泡泡玛特 1H24 净利润同比增长 102%，收入同比增长 62%，都高于公 司盈喜公布的预期。中国大陆收入同比大幅增长 32%，充分体现了泡泡 玛特的潮玩产品具有的强逆周期特性。海外收入同比增长 260%，归功 于公司成熟的出海模型和公司潮玩 IP 巨大的出海潜力。基于公司不断 提升的 IP 运营能力以及海外扩张能力，我们坚信泡泡玛特未来的增长 具有很强的确定性与可持续性。维持"买入"评级，泡泡玛特目前是我 们在可选消费行业的首选。 管理层 2H24 指引较为乐观：管理层表示公司有信心 2024 全年收入增 长不低于 60%，海外收入增速不低于 200%。管理层乐观的指引也说明 了公司 1H24 强劲增长的态势在 2H24 仍旧维持。利润率方面，管理层 表示 2H24 毛利率同比将继续扩张，并预计 2024 全年毛利率同比扩张 3.0ppt。尽管管理层表示未来毛利率将稳定在 2024 年的水平，但我们 判断海外业务收入占比的持续增 ...

研究报告 Research Report 21 Aug 2024 泡泡玛特 Pop Mart International (9992 HK) 点评报告：收入利润超预期，国内海外双开花 Review Report: Surpassing Profit and Revenue, Milestones Globally and Domestically [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | |-----------------------------------------------|---------------------| | [Table_Info] 维持优于大市 Maintain OUTPERFORM | | | 评级 | 优于大市 OUTPERFORM | | 现价 | HK$41.85 | | 目标价 | HK$48.90 | | HTI ESG | 2.0-3.0-4.0 | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | --- | --- | |----- ...

[Table_Author] [Table_OtherReport] 证券研究报告 公司研究 [Table_ReportType] 深度报告 [Table_StockAndRank] 泡泡玛特(9992.HK) 投资评级 上次评级 | --- | --- | |------------|----------------------| | 执业编号： | S1500523060001 | | 联系电话： | 13921189535 | | 邮 箱： | caixinyu@cindasc.com | [Table_ReportDate] 2024 年 8 月 21 日 [Table_S 事件：公司发布 ummary] 24H1 业绩，实现收入 45.58 亿元，同增 62%，经调整净 利润 10.18 亿元，同增 90.1%，经调整后净利率 22.3%，同比提升 3.3PCT。 头部 IP 矩阵再扩容，丰富品类组合&爆品打造彰显 IP 深度延展能力。24H1 共有7个IP实现收入超亿元，经典IP再创佳绩，MOLLY、THE MONSTERS、 SKULLPANDA 于 24H1 分别实现收入 7.82/6.27/ ...

Investment Rating - Maintains an **OUTPERFORM** rating with a target price of **HK$48.90** [2][4] Core Views - **Revenue and Profit Exceed Expectations**: Pop Mart reported 1H24 revenue of **RMB 4.56 billion**, up **62% YoY**, with adjusted net profit of **RMB 1.02 billion**, up **90% YoY** [2][4] - **Domestic and Overseas Growth**: Domestic revenue grew **32% YoY** to **RMB 3.21 billion**, while overseas revenue surged **260% YoY** to **RMB 1.35 billion**, accounting for **30%** of total revenue [2][4][8] - **Gross Margin Expansion**: Gross margin improved by **3.6pct YoY** to **64%**, driven by higher sales prices, increased overseas business contribution, and improved production efficiency [4][8] Domestic Business - **Retail Store Performance**: Retail store revenue grew **25% YoY** to **RMB 1.47 billion**, with same-store sales up **14% YoY** [2][4] - **Online Channels**: Online revenue increased **34% YoY**, with strong growth in platforms like Tmall and Douyin [2][4] - **Store Expansion**: Net addition of **11 retail stores**, bringing the total to **374**, with further expansion planned [2][4] Overseas Business - **Rapid Growth**: Overseas revenue reached **RMB 1.35 billion**, up **260% YoY**, with **12 new retail stores** added [2][8] - **DTC Strategy**: Direct-to-consumer (DTC) strategy focused on Europe and Southeast Asia, with offline sales contributing **70%** of overseas revenue [2][8] - **Market Penetration**: Expansion into new markets like Vietnam, Netherlands, Italy, and Indonesia, with plans to open **50-60 stores** annually [2][8] Profit Structure - **Gross Margin Drivers**: Gross margin improved due to higher sales prices (**+2.7pct**), increased overseas business contribution (**+2.2pct**), and cost efficiencies (**+1.3pct**) [4] - **Expense Control**: Sales expense ratio decreased by **1.5pct YoY** to **29.7%**, while management expense ratio dropped by **2.2pct YoY** to **9.5%** [4] - **Adjusted Net Profit Margin**: Adjusted net profit margin rose **3.3pct YoY** to **22.3%** [4] IP and Product Development - **IP Revenue Growth**: Molly revenue grew **90% YoY** to **RMB 780 million**, while The Monsters revenue surged **3.5x YoY** to **RMB 630 million** [4][8] - **New IPs**: Successful launch of new IPs like Crybaby and Hirono, contributing to a more balanced revenue structure [4][8] - **MEGA and Plush Toys**: MEGA revenue grew **1.4x YoY** to **RMB 590 million**, while plush toy revenue surged **10x YoY** to **RMB 450 million** [4][8] Future Outlook - **Revenue Guidance**: Pop Mart expects **2024 revenue growth of at least 60%**, with overseas revenue growth exceeding **200%** [2][4] - **Profit Forecast**: Adjusted net profit for 2024-26 is projected to grow **97%**, **31%**, and **24%**, respectively, with adjusted net profit margins of **22.7%**, **23.2%**, and **23.7%** [4][8] - **Valuation**: The company is valued at **25x FY24 PE**, with a target market cap of **HK$64.8 billion** [4]

Investment Rating - The report maintains a "Recommend" rating for Pop Mart (9992 HK) [2][3] Core Views - Pop Mart's 2024H1 performance exceeded expectations with revenue of RMB 4 558 billion and net profit of RMB 921 million representing year-over-year growth of 62% and 93 3% respectively [2] - Overseas business revenue surged by 260% indicating a harvest period for global expansion [2] - The company's gross margin and adjusted net margin improved to 64 0% and 22 3% respectively driven by product design optimization cost control and increased high-margin overseas sales [2] - Pop Mart's IP recognition continues to grow with artist IP revenue reaching RMB 3 69 billion accounting for 81 0% of total revenue [2] Financial Performance Revenue Breakdown - Domestic revenue in 2024H1 was RMB 3 206 billion up 31 5% year-over-year with significant growth in TikTok sales up 91% [2] - Overseas revenue reached RMB 1 351 billion up 259 6% year-over-year with Southeast Asia North America and Australia showing particularly strong growth [2] - Revenue from offline online and wholesale channels in China was RMB 1 79 billion RMB 1 10 billion and RMB 320 million respectively [2] Product Categories - Revenue from hand figures MEGA plush toys and derivatives was RMB 2 66 billion RMB 590 million RMB 450 million and RMB 870 million respectively [2] - Plush toys saw the most significant growth with a 993 6% year-over-year increase [2] Profitability - Gross margin increased by 3 7 percentage points to 64 0% while adjusted net margin rose by 3 3 percentage points to 22 3% [2] - Sales and administrative expense ratios decreased by 1 5 and 2 2 percentage points respectively [2] Future Outlook - Pop Mart plans to expand its presence in Southeast Asia and Europe with a focus on opening flagship stores in global landmarks and enhancing online platforms [2] - The company aims to enrich its product lines through collaborations with well-known brands and artists to boost global influence [2] Financial Projections - Revenue is projected to grow to RMB 9 954 billion in 2024 RMB 12 462 billion in 2025 and RMB 15 394 billion in 2026 [3] - Net profit is expected to reach RMB 2 009 billion in 2024 RMB 2 508 billion in 2025 and RMB 3 175 billion in 2026 [3] - The company's P/E ratio is forecasted to be 28X in 2024 23X in 2025 and 18X in 2026 [3] Operational Efficiency - Inventory turnover days decreased from 133 days in 2023 to 101 days in 2024H1 reflecting improved inventory management [2] - The company's total asset turnover is expected to increase from 0 68 in 2023 to 0 91 in 2026 [8] Valuation Metrics - The EV/EBITDA ratio is projected to decline from 27 70X in 2023 to 11 65X in 2026 indicating improving valuation attractiveness [8] - ROE is expected to rise from 13 93% in 2023 to 21 03% in 2026 [8]

Investment Rating - The report maintains an "Accumulate" rating for the company [5][13]. Core Insights - The company's revenue and profit for the first half of 2024 exceeded expectations, driven by a successful global and multi-category strategy. The IP matrix has formed a strong competitive landscape, contributing to the underlying growth of performance. New categories such as plush toys have seen explosive growth [4][5]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 4.56 billion yuan, a year-on-year increase of 62%. The net profit attributable to shareholders was 920 million yuan, up 93.3% year-on-year. Adjusted net profit reached 1.02 billion yuan, growing by 90.1% year-on-year. The gross margin was 64%, an increase of 3.6 percentage points year-on-year, while the adjusted net profit margin was 22.3%, up 3.3 percentage points year-on-year [5][8]. Global Expansion - The company's global layout is entering a harvest period, with revenue from Hong Kong, Macau, Taiwan, and overseas regions reaching 1.35 billion yuan, a year-on-year increase of 259.6%, accounting for 29.7% of total revenue, up 16.3 percentage points year-on-year. The revenue distribution from overseas markets includes Southeast Asia (41.1%), East Asia and Hong Kong, Macau, Taiwan (35.4%), North America (13.2%), and Europe, Australia, and others (10.3%) [5][4]. IP Matrix and Product Categories - The company’s top three IPs, MOLLY, THE MONSTERS, and SKULLPANDA, generated revenues of 780 million, 630 million, and 570 million yuan respectively, with year-on-year growth rates of 90.1%, 292.2%, and 9.2%. Additionally, other IPs such as DIMOO, Hirono, Zsiga, and CRYBABY also achieved over 100 million yuan in revenue during the same period. The company successfully expanded beyond traditional blind box figures, with revenue from figures/derivatives and other categories accounting for 58.3%, 19%, 12.9%, and 9.8% respectively. Notably, plush toys generated 446 million yuan in revenue, nearly a 1000% increase year-on-year, significantly boosting sales for THE MONSTERS and CRYBABY [5][4].

哦哦 本次电话会议仅供符合国海证券投资者适当性管理要求的客户以及受邀客户使用国海证券不会因接收人收到本次会议相关通知或参加本次会议而释其为客户本次会议内容不构成任何投资建议据此作出的任何投资决策与国海证券国海证券员工或者关联机构无关本次会议只是转发国海证券已发布研究报告的部分观点仅反映国海证券研究人员于发布完整报告当日的判断 相关内容请以研究所已公开发布报告为准会议严禁录音或转发 任何人不得对本次会议的任何内容进行发布复制编辑改编转载播放展示或以其他任何方式非法使用本次会议的部分或者全部内容否则将承担相应的法律责任国海证券就此保留一切法律权利在任何情况下国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间接损失概不负责市场有风险投资需谨慎 各位投资人大家晚上好我是国海传媒方如云然后今天来继续进行我们的泡玛特五节课的第二节课就是从渠道角度来穿透的来看泡玛特那今天正好就是在刚才呢泡泡也发布了今年上半年的整体的一个正式的预告那我可能先花一些时间来给大家大概分享一下今年上半年的业绩还有它整个上半年的一些亮点 首先是确实从业绩的角度它无论从收入还是利润都是同比非常高的增长并且是超过前段时间的预告的也是超大家的预 ...

Revenue Growth - Revenue increased by 62.0% to RMB 4,557,831 thousand compared to the same period last year[2] - Total revenue for the first half of 2024 was RMB 4,557,831 thousand, a 62% increase compared to RMB 2,813,812 thousand in the same period of 2023[14] - Revenue for the six months ended June 30, 2024, reached RMB 4,557,831 thousand, a significant increase from RMB 2,813,812 thousand in the same period in 2023[18] - Revenue for the first half of 2024 reached RMB 4,557.8 million, a 62.0% year-on-year increase, driven by strong performance in both domestic and international markets[38] - The company's revenue increased by 62.0% year-over-year, from RMB 2,813.8 million in the first half of 2023 to RMB 4,557.8 million in the first half of 2024[47] Profitability - Gross profit rose by 71.9% to RMB 2,919,105 thousand year-over-year[2] - Operating profit surged by 109.5% to RMB 1,126,417 thousand[2] - Net profit attributable to the company's owners grew by 93.3% to RMB 921,333 thousand[2] - Net profit for the first half of 2024 was RMB 964,142 thousand, a 102% increase compared to RMB 477,242 thousand in the same period of 2023[14] - Gross profit rose by 71.9% to RMB 2,919.1 million, with gross margin improving to 64.0% in H1 2024[66] - Operating profit more than doubled, increasing by 109.5% to RMB 1,126.4 million in H1 2024[70] - Net profit increased by 102.0% from RMB 477.2 million in the first half of 2023 to RMB 964.1 million in the reporting period[72] - Non-IFRS adjusted net profit increased to RMB 1,017.6 million, with a non-IFRS adjusted net profit margin of 22.3%, up from 19.0% in the same period last year[73] Earnings Per Share - Basic earnings per share increased by 96.0% to RMB 69.49 cents[2] - Basic earnings per share for the six months ended June 30, 2024, were RMB 69.49 cents, up from RMB 35.46 cents in 2023[26] - Diluted earnings per share for the six months ended June 30, 2024, were RMB 69.22 cents, compared to RMB 35.42 cents in 2023[27] Asset and Liability Changes - Total assets increased to RMB 11,017,479 thousand as of June 30, 2024, up from RMB 9,968,863 thousand at the end of 2023[5] - Cash and cash equivalents rose significantly to RMB 3,608,674 thousand from RMB 2,077,927 thousand at the end of 2023[5] - Total equity attributable to the company's owners increased to RMB 8,399,036 thousand from RMB 7,769,927 thousand[6] - Total liabilities increased to RMB 2,564,822 thousand from RMB 2,188,481 thousand[6] - Non-current assets slightly increased to RMB 2,302,138 thousand from RMB 2,285,394 thousand[5] - Trade receivables decreased to RMB 263,722 thousand as of June 30, 2024, from RMB 321,337 thousand as of December 31, 2023, with a significant reduction in receivables from related parties[28] - Trade payables increased to RMB 555,137 thousand as of June 30, 2024, from RMB 444,944 thousand as of December 31, 2023, with 57.5% of payables within 30 days[34][35] - Payable licensing fees increased to RMB 287,214 thousand as of June 30, 2024, from RMB 194,200 thousand as of December 31, 2023, with the current portion rising to RMB 273,026 thousand[36][37] - Inventory increased slightly from RMB 904.7 million as of December 31, 2023, to RMB 916.7 million as of June 30, 2024, with inventory turnover days reduced from 133 days to 101 days[76] - Cash and cash equivalents increased significantly from RMB 2,077.9 million as of December 31, 2023, to RMB 3,608.7 million as of June 30, 2024, driven by increased cash flow from operations and reduced fixed deposits[77] - Trade payables increased from RMB 444.9 million as of December 31, 2023, to RMB 555.1 million as of June 30, 2024, with turnover days increasing from 53 days to 56 days[78] - The company had no bank borrowings as of June 30, 2024, and the asset-liability ratio increased slightly from 22.0% as of December 31, 2023, to 23.3% as of June 30, 2024[79] Regional Revenue Breakdown - Revenue from Mainland China business reached RMB 3,206,354 thousand, accounting for 70.3% of total revenue, while revenue from Hong Kong, Macau, Taiwan, and overseas business reached RMB 1,351,477 thousand, accounting for 29.7% of total revenue[14] - Segment profit from Mainland China business was RMB 886,788 thousand, and segment profit from Hong Kong, Macau, Taiwan, and overseas business was RMB 400,191 thousand, totaling RMB 1,286,979 thousand[14] - Revenue from retail store sales in Mainland China was RMB 1,471,276 thousand, and revenue from online sales was RMB 1,095,669 thousand[17] - Revenue from retail store sales in Hong Kong, Macau, Taiwan, and overseas was RMB 893,505 thousand, and revenue from online sales was RMB 247,244 thousand[15] - Domestic revenue in mainland China grew by 31.5% year-on-year to RMB 3,206.4 million, while overseas revenue surged by 259.6% to RMB 1,351.5 million, accounting for 29.7% of total revenue[38] - Revenue from offline channels in Mainland China grew by 23.1%, from RMB 1,450.6 million in the first half of 2023 to RMB 1,786.3 million in the first half of 2024[49] - Revenue from retail stores in Mainland China increased by 24.7%, contributing 82.4% of total offline revenue in the first half of 2024[50] - Revenue from robot stores in Mainland China grew by 16.2%, accounting for 17.6% of total offline revenue in the first half of 2024[50] - Overseas revenue surged significantly, with offline channels in Hong Kong, Macau, Taiwan, and overseas markets generating RMB 946.7 million in the first half of 2024, up from RMB 190.4 million in the same period of 2023[48] - Online revenue in Hong Kong, Macau, Taiwan, and overseas markets reached RMB 247.2 million in the first half of 2024, a substantial increase from RMB 56.8 million in the first half of 2023[48] - Offline revenue in Hong Kong, Macau, Taiwan, and overseas markets skyrocketed by 397.3% YoY, from RMB 190.4 million in H1 2023 to RMB 946.7 million in H1 2024, with retail store revenue growing by 441.5% and robot store revenue increasing by 109.7%[55][56][57] - Online revenue in Hong Kong, Macau, Taiwan, and overseas markets surged by 335.4% YoY, from RMB 56.8 million in H1 2023 to RMB 247.2 million in H1 2024, with Pop Mart official website revenue growing by 465.5% and Lazada revenue increasing by 387.9%[58] - Wholesale and other revenue in Hong Kong, Macau, Taiwan, and overseas markets increased by 22.5% YoY, from RMB 128.6 million in H1 2023 to RMB 157.5 million in H1 2024, driven by business expansion and increased brand recognition[59] - Revenue in Hong Kong, Macau, Taiwan, and overseas markets grew by 259.6% YoY, from RMB 375.8 million in H1 2023 to RMB 1,351.5 million in H1 2024, with Southeast Asia revenue increasing by 478.3% and North America revenue growing by 377.7%[60] Product and IP Performance - MOLLY achieved revenue of RMB 782.2 million in the first half of 2024, with a year-on-year growth of 90.1%[39] - THE MONSTERS achieved revenue of RMB 626.8 million in the first half of 2024, with a year-on-year growth of 292.2%[39] - SKULLPANDA achieved revenue of RMB 574.6 million in the first half of 2024, with a year-on-year growth of 9.2%[39] - Hirono (Xiaoye) achieved revenue growth of 124.3% year-on-year in the first half of 2024[40] - Zsiga achieved revenue growth of 169.5% year-on-year in the first half of 2024[40] - MEGA COLLECTION achieved revenue of RMB 586.1 million in the first half of 2024, accounting for 12.9% of total revenue[40] - Plush products achieved revenue of RMB 446.1 million in the first half of 2024, accounting for 9.8% of total revenue[40] - Revenue from self-developed products increased by 69.5% to RMB 4,382.7 million in H1 2024, accounting for 96.2% of total revenue[61] - Artist IP revenue grew by 70.4% to RMB 3,687.8 million, representing 81.0% of total revenue in H1 2024[63] - Licensed IP revenue increased by 64.9% to RMB 694.9 million in H1 2024[63] - MEGA product revenue surged by 141.9% to RMB 586.1 million in H1 2024[64] - Plush toy revenue skyrocketed by 993.6% to RMB 446.1 million in H1 2024[64] Expenses and Costs - Cost of goods sold for the six months ended June 30, 2024, was RMB 1,282,095 thousand, up from RMB 923,921 thousand in 2023[19] - Employee benefits expenses increased to RMB 657,748 thousand in 2024 from RMB 496,416 thousand in 2023[19] - Commission and e-commerce platform service fees surged to RMB 206,785 thousand in 2024, compared to RMB 70,262 thousand in 2023[19] - Advertising and marketing expenses rose to RMB 198,592 thousand in 2024 from RMB 141,978 thousand in 2023[19] - Distribution and sales expenses grew by 54.1% to RMB 1,353.2 million, driven by employee benefits and lease-related expenses[67] - The number of retail stores increased by 79, contributing to higher lease-related expenses of RMB 333.6 million in H1 2024[67] - Income tax expense for the six months ended June 30, 2024, was RMB 264,296 thousand, compared to RMB 141,305 thousand in 2023[23] - Capital expenditures for the first half of 2024 totaled RMB 186.4 million, a decrease from RMB 214.1 million in the same period last year[82] - The company employed 5,470 staff as of June 30, 2024, with employee costs amounting to RMB 657.7 million[83] Share Repurchase and Dividends - The company repurchased 4,700,000 ordinary shares during the six months ended June 30, 2024, at a total cost of HKD 85,827,000 (approximately RMB 78,031,000)[33] - The company repurchased a total of 4,700,000 shares on the Hong Kong Stock Exchange for a total consideration of approximately HKD 85,826,488 during the six months ended June 30, 2024[93] - The highest price per share paid for repurchases in January 2024 was HKD 19.96, while the lowest price was HKD 17.00[94] - In February 2024, the company repurchased 810,000 shares at a highest price of HKD 18.46 and a lowest price of HKD 17.62[94] - The company will not pay an interim dividend for the six months ended June 30, 2024[90] Future Plans and Strategies - The company plans to expand its IP portfolio, enhance product categories, and focus on sustainable and eco-friendly materials to strengthen its market position[84] - The company plans to expand its global business footprint, particularly in Southeast Asia and Europe, and open offline channels in major global landmarks to enhance consumer experience and brand awareness[85] - 30% of the net proceeds (HKD 1,692.5 million) will be allocated for consumer reach channels and overseas market expansion, including opening new retail stores (HKD 954.0 million) and new robot stores (HKD 346.9 million)[88] - 7.5% of the net proceeds (HKD 433.6 million) will be used for expanding business into overseas markets[88] - 18% of the net proceeds (HKD 1,040.7 million) will be allocated to expand the company's IP library, including acquiring popular IPs (HKD 693.8 million)[89] - 6% of the net proceeds (HKD 346.9 million) will be used for purchasing software and hardware to enhance digitalization and establish information systems for digital marketing, customer service, logistics, and supply chain management[88] - 10% of the net proceeds (HKD 578.2 million) will be allocated for working capital and general corporate purposes[89] Corporate Governance and Compliance - The company's external auditor, PricewaterhouseCoopers, reviewed the interim financial information for the six months ended June 30, 2024, and found no material misstatements[95] - The company's audit committee consists of two independent non-executive directors and one non-executive director, with Mr. Wu Liansheng serving as the chairman[95] - The company's board of directors includes three independent non-executive directors, providing sufficient checks and balances within the board[91] - The company's chairman and CEO, Mr. Wang Ning, also serves as the founder, ensuring consistent leadership and strategic planning[91] - The company confirmed that all directors complied with the Model Code for Securities Transactions during the six months ended June 30, 2024[92] - The company's interim results announcement and interim report for the six months ended June 30, 2024, were published on the Hong Kong Stock Exchange and the company's website[96] Financial Performance Metrics - The aging analysis of trade receivables shows that 84.8% of receivables were within 3 months as of June 30, 2024, compared to 94.8% as of December 31, 2023[29] - Impairment provisions for trade receivables increased to RMB 9,338 thousand as of June 30, 2024, from RMB 7,319 thousand as of December 31, 2023[30] - Net finance income increased to RMB 83.8 million in H1 2024, up from RMB 63.4 million in the same period last year[70] - Trade receivables decreased from RMB 321.3 million as of December 31, 2023, to RMB 263.7 million as of June 30, 2024, with turnover days reduced from 15 days to 12 days[75] Market Expansion and Store Growth - The company opened 20 new offline stores in mainland China in the first half of 2024, bringing the total number of stores to 374[42] - The company's Douyin platform revenue reached RMB 208.9 million in the first half of 2024, with a year-on-year growth of 90.7%[43] - The company's cumulative registered members in mainland China reached 38.927 million by June 30, 2024, with a member repurchase rate of 43.9%[44] - The company expanded its overseas presence with 92 stores (including joint ventures) and 162 robot stores (including joint ventures and franchises) as of June 30, 2024[45] - Retail store sales revenue in mainland China increased by 24.7% YoY, from RMB 1,179.5 million in H1 2023 to RMB 1,471.3 million in H1 2024, with the number of stores increasing by 34 to a total of 374 stores as of June 30, 2024[51] - Robot store sales revenue in mainland China grew by 16.2% YoY, from RMB 271.1 million in H1 2023 to RMB 315.0 million in H1 2024, with the number of robot stores increasing by 4 to a total of 2,189 stores as of June 30, 2024[52] - Online revenue in mainland China surged by 34.0% YoY, from RMB 817.4 million in H1 2023 to RMB 1,095.7 million in H1 2024, with significant growth in Douyin platform revenue (90.7%) and Tmall flagship store revenue (28.1%)[53] - Wholesale and other revenue in mainland China increased by 90.8% YoY, from RMB 170.1 million in H1 2023 to RMB 324.4 million in H1 2024, driven by revenue from Pop Mart City Park[54] Digital and Online Performance - The company's Douyin platform revenue reached RMB 208.9 million in the first half of 2024, with a year-on-year growth of 90.7%