热点聚焦 1.中国社会科学院金融研究所发布2024年第三季度宏观金融分析报告《存量与增量并重：宏观经济治理 思路创新》。报告建议中提到，提升资本市场内在稳定性，发行2万亿元特别国债支持设立股市平准基 金，通过对蓝筹龙头股以及ETF的低买高卖来促进市场稳定。 2.国家发展改革委表示，截至目前，有将近一半增量政策已出台实施，其余增量政策也将加快出台。国 家发展改革委将密切跟踪形势变化，及时研究新的增量政策。 3.上海市经信委：就《上海市重点产业领域人才专项奖励实施办法（征求意见稿）》向社会公开征询意 见。其中提出，重点产业领域人才专项奖励适用于相关年度在上海市集成电路、生物医药、人工智能、 软件、高端装备、航空航天、先进材料、新能源等8个重点产业领域企业工作的人才。 4.我国首个国产移动操作系统——华为原生鸿蒙操作系统正式发布，这也是继苹果iOS和安卓系统后， 全球第三大移动操作系统。 全球指数 美股方面，截至收盘，道琼斯指数跌0.02%，报42,924.89点；标普500指数跌0.05%，报5,851.20点；纳 斯达克指数涨0.18%，报18,573.13点。 大型科技股涨跌互现，苹果跌0.26%，微软涨2. ...

[Table_Date] 2024 年 10 月 22 日 证券研究报告|港股公司深度研究报告 [Table_Title] 国内潮玩先锋，多元化全球化打开增长空间 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 泡泡玛特 (9992 HK) 港股通 潮玩 IP 龙头平台,加码出海乘风破浪 华泰研究 首次覆盖 2024 年 10 月 08 日│中国香港 消费轻工 国内潮玩 IP 商业化龙头平台，首次覆盖给予"买入"评级 公司凭借潮玩盲盒的开创性玩法，在国内掀起潮玩消费热潮，并构建了成熟 的潮玩 IP 商业化运营体系，上游 IP 孵化、中游高效供应链、下游全渠道及 会员运营体系共同构成"飞轮效应"形成竞争优势。展望 24-26 年，公司业 绩依托四方面驱动：1）中国境外市场的渠道扩张；2）门店选址、面积及动 线陈列优化驱动平均店效提升；3）潮玩品类创新及多元变现拓宽创收来源； 4）精细化运营及规模效应带动盈利能力提升。预计 24/25/26 经调整净利润 22.1/28.2/34.2 亿元，我们按照潮玩及兴趣消费品、IP 运营选取两类可比公 司，25 年 PE 中值分别为 17.8x/27.7x，考虑到公司竞争壁垒稳固、稀缺的 品牌出海能力及平台属性，给予 25 年 28x 经调整 PE，目标价 65.0 港币（港 币对人民币汇率 0.91），首次覆盖给予"买入"评级。 供需两端共同驱动潮玩行业持续高景气， ...

轻工制造 证 券 研 究 报 告 2024 年 09 月 30 日 泡泡玛特 (09992) ——中国 IP 潮玩，走向全球化（泡泡玛特深度之二） 报告原因：强调原有的投资评级 | --- | --- | |----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 27 日 | | 收盘价（港币） | 51.80 | | 恒生中国企业指数 | 7299.9 | | 52 周最高 / 最低（港币） | 53.85/16.90 | | H 股市值（亿港币） | 695.64 | | 流通 H 股（百万股） | 1,342.94 | | 汇率（人民币 / 港币） | 1.1097 | 一年内股价与基准指数对比走势： 174% HSCEI 泡泡玛特 09/2610/2611/2612/2601/2602/2603/2604/2605/2606/2607/2608/2609/26 -26% 资料来源：Bloomberg 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com ...

Revenue Growth - Revenue increased by 62.0% to RMB 4,557,831,000 in the first half of 2024 compared to the same period in 2023[19] - Revenue reached RMB4,557.8 million, a year-on-year increase of 62.0%[23][24] - The company's revenue increased by 62.0% year-on-year, from RMB2,813.8 million in the first half of 2023 to RMB4,557.8 million in the first half of 2024[52][53] - Total revenue increased by 62.0% from RMB2,813.8 million in H1 2023 to RMB4,557.8 million in H1 2024[83] - Revenue increased to RMB 4,557,831,000, up 62% from RMB 2,813,812,000 in the same period last year[172] Profitability - Gross profit rose by 71.9% to RMB 2,919,105,000, with a gross profit margin of 64.0%[19] - Operating profit surged by 109.5% to RMB 1,126,417,000[19] - Profit for the period doubled to RMB 964,142,000, a 102.0% increase[19] - Non-IFRS adjusted net profit grew by 90.1% to RMB 1,017,625,000[19] - The company's gross profit margin increased from 60.4% in the first half of 2023 to 64.0% in the first half of 2024[56] - Gross profit grew by 71.9% from RMB1,698.4 million in H1 2023 to RMB2,919.1 million in H1 2024, with gross profit margin rising from 60.4% to 64.0%[84] - Operating profit surged by 109.5% from RMB537.8 million in H1 2023 to RMB1,126.4 million in H1 2024[86] - Profit for the period increased by 102.0% from RMB477.2 million in H1 2023 to RMB964.1 million in H1 2024[86] - Non-IFRS adjusted net profit grew to RMB1,017.6 million in H1 2024, up from RMB535.4 million in H1 2023[87] - Non-IFRS adjusted net profit margin improved from 19.0% in H1 2023 to 22.3% in H1 2024[87] - Gross profit rose to RMB 2,919,105,000, a 72% increase from RMB 1,698,360,000 in the previous year[172] - Operating profit surged to RMB 1,126,417,000, more than double the RMB 537,762,000 recorded in the prior year[172] - Net profit attributable to owners of the company grew to RMB 921,333,000, up 93% from RMB 476,575,000[172] - Basic earnings per share increased to RMB 69.49 cents, up 96% from RMB 35.46 cents[174] Regional Revenue - Mainland China revenue was RMB3,206.4 million, up 31.5% year-on-year[23][24] - Hong Kong, Macao, Taiwan, and overseas revenue surged to RMB1,351.5 million, a 259.6% year-on-year increase, accounting for 29.7% of total revenue[23][24] - Revenue from offline channels in Mainland China increased by 23.1%, from RMB1,450.6 million in the first half of 2023 to RMB1,786.3 million in the first half of 2024[58][59] - Revenue from offline channels in Hong Kong, Macao, Taiwan, and overseas increased significantly, from RMB190.4 million in the first half of 2023 to RMB946.7 million in the first half of 2024[56] - Offline channel revenue in Hong Kong, Macao, Taiwan, and overseas skyrocketed by 397.3% YoY from RMB190.4 million in H1 2023 to RMB946.7 million in H1 2024[68][69] - Revenue from Hong Kong, Macao, Taiwan and overseas increased by 259.6% year-on-year from RMB375.8 million in H1 2023 to RMB1,351.5 million in H1 2024, with Southeast Asia contributing 41.1% of the total revenue[75][76] - Revenue from North America increased by 377.7% year-on-year from RMB37.3 million in H1 2023 to RMB178.0 million in H1 2024, contributing 13.2% of total revenue[76] IP and Product Performance - MOLLY revenue increased by 90.1% year-on-year to RMB782.2 million[26][27] - THE MONSTERS revenue grew 292.2% year-on-year to RMB626.8 million[26][27] - SKULLPANDA revenue rose 9.2% year-on-year to RMB574.6 million[26][27] - Hirono IP revenue increased by 124.3% year-on-year[29][32] - Zsiga IP revenue grew 169.5% year-on-year[29][32] - MEGA COLLECTION revenue was RMB586.1 million, accounting for 12.9% of total revenue[31][32] - Plush products revenue reached RMB446.1 million, representing 9.8% of total revenue[33] - Plush products generated revenue of RMB 446.1 million in the first half of 2024, accounting for 9.8% of total revenue[34] - MOLLY IP revenue increased by 90.1% year-on-year from RMB411.4 million in H1 2023 to RMB782.2 million in H1 2024, contributing 17.2% of total revenue[79] - THE MONSTERS IP revenue surged by 292.2% year-on-year from RMB159.8 million in H1 2023 to RMB626.8 million in H1 2024, accounting for 13.7% of total revenue[79] - Revenue from artist IPs increased by 70.4% from RMB2,164.3 million in H1 2023 to RMB3,687.8 million in H1 2024, with its revenue proportion rising from 76.9% to 81.0%[80][81] - Revenue from licensed IPs grew by 64.9% from RMB421.5 million in H1 2023 to RMB694.9 million in H1 2024[81] - Figure toys revenue increased by 30.2% from RMB2,041.1 million in H1 2023 to RMB2,656.8 million in H1 2024[83][84] - MEGA revenue surged by 141.9% from RMB242.3 million in H1 2023 to RMB586.1 million in H1 2024[83][84] - Plush toys revenue skyrocketed by 993.6% from RMB40.8 million in H1 2023 to RMB446.1 million in H1 2024[83][84] - Other IP-related products and others revenue rose by 77.5% from RMB489.6 million in H1 2023 to RMB868.8 million in H1 2024[83][84] Store and Channel Performance - The company opened 20 new physical stores in Mainland China in the first half of 2024, increasing the total number of stores from 363 to 374[36][37] - Revenue from the Pop Draw Weixin mini program reached RMB 399.2 million in the first half of 2024, showing positive year-on-year growth[38][40] - DouYin platform revenue increased by 90.7% year-on-year to RMB 208.9 million in the first half of 2024[38][40] - Tmall Flagship store revenue grew by 28.1% year-on-year to RMB 198.8 million in the first half of 2024[38][40] - The company had 92 physical stores and 162 roboshops in Hong Kong, Macao, Taiwan, and overseas as of 30 June 2024[42][45] - Retail store revenue increased by 24.7% YoY from RMB1,179.5 million in H1 2023 to RMB1,471.3 million in H1 2024, with the total number of retail stores reaching 374 by June 2024[61][62] - Roboshop revenue grew by 16.2% YoY from RMB271.1 million in H1 2023 to RMB315.0 million in H1 2024, with the total number of roboshops reaching 2,189 by June 2024[62] - Online channel revenue surged by 34.0% YoY from RMB817.4 million in H1 2023 to RMB1,095.7 million in H1 2024, with DouYin platform revenue increasing by 90.7%[63][64] - Retail store revenue in Hong Kong, Macao, Taiwan, and overseas surged by 441.5% YoY from RMB165.0 million in H1 2023 to RMB893.5 million in H1 2024, with the total number of retail stores reaching 83 by June 2024[69] - Revenue from roboshop sales in Hong Kong, Macao, Taiwan and overseas increased by 109.7% year-on-year from RMB25.4 million in H1 2023 to RMB53.2 million in H1 2024, with the total number of roboshops reaching 143 as of 30 June 2024[70] - Online sales revenue increased by 335.4% year-on-year from RMB56.8 million in H1 2023 to RMB247.2 million in H1 2024, with Pop Mart official website revenue growing by 465.5% to RMB69.6 million[71][72] Financial Position - Total assets increased to RMB 11,017,479,000 as of 30 June 2024[20] - Total equity reached RMB 8,452,657,000, up from RMB 7,780,382,000 at the end of 2023[20] - Net current assets increased from RMB5,950.2 million as of 31 December 2023 to RMB6,647.0 million as of 30 June 2024[90][92] - Trade receivables decreased from RMB321.3 million as of 31 December 2023 to RMB263.7 million as of 30 June 2024, with turnover days decreasing from 15 days to 12 days[93][97] - Inventories increased from RMB904.7 million as of 31 December 2023 to RMB916.7 million as of 30 June 2024, with turnover days decreasing from 133 days to 101 days[94][98] - Cash and cash equivalents increased from RMB2,077.9 million as of 31 December 2023 to RMB3,608.7 million as of 30 June 2024[95][99] - Trade payables increased from RMB444.9 million as of 31 December 2023 to RMB555.1 million as of 30 June 2024, with turnover days increasing from 53 days to 56 days[96][100] - The gearing ratio increased from 22.0% as of 31 December 2023 to 23.3% as of 30 June 2024[103][105] - Total assets expanded to RMB 11,017,479,000, a 10.5% increase from RMB 9,968,863,000 at the end of 2023[176] - Cash and cash equivalents rose to RMB 3,608,674,000, a 73.7% increase from RMB 2,077,927,000[176] - Total equity increased to RMB 8,452,657,000, up 8.6% from RMB 7,780,382,000[176] - Non-current assets grew to RMB 2,302,138,000, a 0.7% increase from RMB 2,285,394,000[176] - Current liabilities increased to RMB 2,068,343,000, up 19.3% from RMB 1,733,301,000[177] - The company's retained earnings as of 30 June 2024 stood at RMB 4,239,103 thousand[179] - Total equity attributable to owners of the company as of 30 June 2024 was RMB 8,399,036 thousand[179] - Non-controlling interests as of 30 June 2024 were RMB 53,621 thousand[179] - The company's total equity as of 30 June 2024 was RMB 8,452,657 thousand[179] - The Group has cash and cash equivalents, restricted cash, and term deposits totaling RMB 7,029,903,000 as of June 30, 2024[195] - Trade payables increased to RMB 555,137,000 as of June 30, 2024, compared to RMB 444,944,000 at the end of 2023[196] - License fees payables rose to RMB 288,510,000 as of June 30, 2024, up from RMB 197,114,000 at the end of 2023[196] - Lease liabilities totaled RMB 905,051,000 as of June 30, 2024, compared to RMB 880,155,000 at the end of 2023[196] - The Group's total financial liabilities amounted to RMB 2,081,901,000 as of June 30, 2024, up from RMB 1,846,682,000 at the end of 2023[196] Cash Flow - Net cash generated from operating activities increased to RMB 1,905,271 thousand in 2024, up from RMB 1,092,337 thousand in 2023[182] - Interest received surged to RMB 191,283 thousand in 2024, compared to RMB 76,715 thousand in 2023[182] - Income tax paid rose to RMB 194,041 thousand in 2024, up from RMB 97,857 thousand in 2023[182] - Net cash generated from investing activities reached RMB 333,591 thousand in 2024, significantly higher than RMB 82,034 thousand in 2023[182] - Dividends paid increased to RMB 373,025 thousand in 2024, compared to RMB 118,995 thousand in 2023[183] - Net increase in cash and cash equivalents was RMB 1,522,888 thousand in 2024, up from RMB 616,084 thousand in 2023[183] - Cash and cash equivalents at the end of the period stood at RMB 3,608,674 thousand in 2024, compared to RMB 1,473,382 thousand in 2023[183] Expenses - Costs of sales increased by 46.9% from RMB1,115.5 million in H1 2023 to RMB1,638.7 million in H1 2024, driven by higher goods costs and design/licensing expenses[84] - Distribution and selling expenses increased by 54.1% from RMB878.3 million in H1 2023 to RMB1,353.2 million in H1 2024[85] - Employee benefit expenses rose by 31.7% from RMB281.4 million in H1 2023 to RMB370.5 million in H1 2024, driven by an increase in sales personnel from 3,189 to 4,232[85] - Lease-related expenses increased by 58.7% from RMB210.2 million in H1 2023 to RMB333.6 million in H1 2024, due to the addition of 79 offline retail outlets[85] - General and administrative expenses grew by 31.1% from RMB331.3 million in H1 2023 to RMB434.4 million in H1 2024, with administrative and design personnel increasing from 959 to 1,238[85] - Share-based compensation expenses in 2024 were RMB 53,483 thousand[179] Strategic Initiatives - The company launched several new IPs and product series that gained popularity among consumers[22] - The company launched its first building block product in mid-June 2024, enhancing IP representation and fan interaction through innovations in craftsmanship, materials, and gameplay[34][35] - The company opened themed and flagship stores in multiple overseas landmarks, including Bangkok, Los Angeles, Vietnam, and Oxford Street, enhancing global brand awareness[43][45] - The overseas e-commerce team applied differentiated strategies on platforms like Shopee, Lazada, and TikTok, focusing on localized services and high-quality content to drive sales and brand exposure[44][45] - POP LAND successfully established must-visit attractions, must-try dining experiences, and must-buy products, attracting a broad spectrum of fans and families from China and internationally[47] - The "2024 PTS Beijing International Pop Toy Festival" hosted 26 autograph sessions and nearly a hundred entertainment events, transforming from a traditional "Pop Toy Convention" to a comprehensive "Pop Toy Festival"[48] - LABUBU debuted as the "Magical Thailand Experience Ambassador" in Thailand, enhancing the brand's visibility and influence in the country[50] - The company launched its first self-designed mobile game, Dream Home, on 27 June 2024, combining business simulation and party gameplay for a lighter and more casual gaming experience[51] - The company plans to enrich IP types, expand the IP base, and introduce more products under the top series, while continuously incubating and operating IPs to strengthen their essence and deepen fan connections[114] - The company aims to increase the types of pop toys, explore the value of box products like MEGA, plush toys, and toy bricks, and improve relevant technologies and production and sales procedures[114] - The company will deploy its supply chain globally, seeking more suitable and efficient partners, including manufacturers and suppliers, to meet market demand and ensure efficient production supply[114] - The company will focus on sustainable development and environmental protection by launching more products and packaging made of environmentally friendly materials[114] - The company plans to expand its global business footprint, particularly in Southeast Asia and Europe, by establishing offline channels in major global landmarks and enhancing consumer experiences[115][117] - The company will strengthen partnerships with third-party platforms, invest in content-driven e-commerce platforms, and collaborate with more brands and artists to enrich product lines and boost brand awareness[

憶证券 轻工制造/文娱用品 公 司 研 究 产品场景化布局助力 IP 集团化推进，成长空间可期 泡泡玛特（09992.HK） 2024 年 09 月 18 日 ——港股公司深度报告 投资评级：买入（维持） | --- | --- | --- | |---------------------------|---------------------------|---------------------------| | | | | | 吕明（分析师） | 周嘉乐（分析师） | 骆扬（联系人） | | lvming@kysec.cn | zhoujiale@kysec.cn | luoyang@kysec.cn | | 证书编号： S0790520030002 | 证书编号： S0790522030002 | 证书编号： S0790122120029 | | --- | --- | |-------------------------|---------------| | 日期 | 2024/9/17 | | 当前股价 ( 港元 ) | 49.250 | | 一年最高最低 ( 港元 ) | 49.500/16.9 ...

证 券 研 究 报 告 泡泡玛特（09992.HK）2024 年中报业绩点评 推荐（维持） 业绩超预期，出海、品类扩张持续加速 目标价：56.2 港元 当前价：49.05 港元 事项： ❖ 公司发布 2024 年半年报。上半年公司实现收入 45.6 亿元，同比增长 62.0%； 净利润 9.6 亿元，同比增长 102.0%，均超出此前业绩预告。 评论： 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 未经许可，禁止转载 公司研究 ❖ 国内：全渠道稳健增长，零售渠道店效提升。上半年，公司国内市场实现营收 32.1 亿元，同比+31.5%；其中线下/线上/批发及其他渠道分别实现营收 17.9/11.0/3.2 亿元，同比+23.1%/+34.0%/+90.8%。分渠道看，1）线下渠道：24H1 公司零售店/机器人店营收分别同比+24.7%/+16.2%，较 23 年末分别净开店+11 家/-1 家。店效方面，零售店上半年单店（+13%）/同店（+14%）均实现双位 数增长，其中一线/新一线/二线及其他城市零售店店效分别+19%/+14%/+10%； 机器人店上半年单机月均销售额同比+1 ...

泡泡玛特（09992.HK） 2024H1 业绩高增，海外业务全面扩张 | --- | |----------------------------------------------------------------------| | 业绩概览：2024H1 公司实现营收 45.58 亿元，YoY+62.0% | | 入 43.83 亿元（YoY+69.5%），占总收入比重为 96.2%（YoY+4.7pct | | 公司综合毛利率提升 3.6pct 至 64.0%，主要由于 1）公司加强成本管控，对 | | 供应商的议价能力提升；2）中国港澳台及海外销售占比提升；3 | | 比下降。2024H1 公司实现调整后净利润 10.18 亿元（YoY+90.1% | | 净利率为 22.3%（YoY+3.3pct）。2023H1 存货占比 10.5%（YoY-0.2pct | 境内渠道：抖音收入保持高增长，单店店效持续提升。2024H1 大陆地区线上 /零售店/机器人/批发渠道分别实现收入 10.96/14.71/3.15/3.24 亿元， YoY+34.0%/+24.7%/+16.2%/+90.8%，线上收入占 ...

2024 年 08 月 26 日 公司研究 评级：买入(维持) 研究所： | --- | --- | |--------------|----------------------| | 证券分析师： | 方博云S0350521120002 | | | fangby@ghzq.com.cn | | 证券分析师： | 杨仁文S0350521120001 | | | yangrw@ghzq.com.cn | [Table_Title] 业绩超预期，海外收入高增，多品类突破 ——泡泡玛特（9992.HK）2024H1 业绩点评 最近一年走势 相对恒生指数表现 2024/08/23 表现 1M 3M 12M 泡泡玛特 19.1% 38.0% 104.1% 恒生指数 0.8% -6.7% -1.3% 市场数据 2024/08/23 当前价格（港元） 47.75 52 周价格区间（港元） 16.90-48.25 总市值（百万港元） 64,125.54 流通市值（百万港元） 64,125.54 总股本（万股） 134,294.32 流通股本（万股） 134,294.32 日均成交额（百万港元） 381.16 近一月换手（%） ...

2024 年 8 月 23 日 泡泡玛特（9992.HK） 步入大潮玩时代，IP 持续出圈带动业绩增长 事件：泡泡玛特公布 24H1 业绩表现，业绩超市场预期，营收实现 62%的高速增 长，归母净利润同比增长 93.3%，同时公司调高 24 年增长指引。随着海外业务 的持续扩张和新款 IP 产品的继续推出，相信公司将实现更亮眼的业绩表现。 报告摘要 收入实现高速增长，海外业务持续扩张。2024 年上半年，泡泡玛特凭借着出色 的 IP 运营能力，持续推出了更多深受消费者喜爱的新 IP 和新品系列，使得旗 下 IP 持续出圈，在全球的认可度也进一步提升，从而取得亮眼的销量表现。目 前泡泡玛特旗下有 MOLLY、THE MONSTERS、SKULLPANDA 等知名的自有 IP，也有 授权 IP 产品。上半年公司实现营收 45.58 亿元，同比增长 62%。分地区来看， 中国内地收入同比增长 31.5%至 32.06 亿元，主要是由于差异化的渠道定位和精 细化运营管理带动了各渠道的增长；港澳台及海外收入同比增长 259.6%至 13.51 亿元，主要是由于公司加大国际市场的开拓力度、推进本土化运营，使得海外分 部业 ...