证券研究报告·海外公司点评·家庭电器及用品(HS) 泡泡玛特（09992.HK） 公司 IP 价值持续释放，全年利润有望超预期 2024 年 06月 19日 买入（维持） 证券分析师 张良卫 [Table_EPS] 执业证书：S0600516070001 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 021-60199793 营业总收入（百万元） 4651 6344 8782 11347 13543 zhanglw@dwzq.com.cn 同比(%) 2.67 36.40 38.42 29.22 19.35 证券分析师 周良玖 归母净利润（百万元） 475.66 1,082.34 1,628.75 2,154.36 2,641.13 执业证书：S0600517110002 同比(%) (44.32) 127.55 50.48 32.27 22.59 021-60199793 zhoulj@dwzq.com.cn Non-IFRS净利润（百万元） 573.54 1,190.52 1,708.59 2,214.14 2,680.87 研究助理 郭若娜 同比(%) (42.74) 10 ...

2024 年 06 月 12 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 品类扩张逻辑持续验证，海外加速破圈 证券分析师： 姚蕾 S0350521080006 yaol02@ghzq.com.cn 证券分析师： 方博云 S0350521120002 ——泡泡玛特（ ）公司动态研究 9992.HK fangby@ghzq.com.cn 最近一年走势 投资要点：  积木等新品类上线，IP持续破圈。 （1）新品Labubu森林秘密基地系列拼搭积木预计于6月13日晚上8 点于线上平台首发，该系列含5个场景，单独售价在199-399元区 间，整套售价为1335元。截至6月11日，天猫官方旗舰店超1万 人加购。近期新品泡泡玛特POPCARD收藏卡天猫销量超5000件， 公司预计2024年将推出三大新产品线，我们预计非盲盒产品占比将 持续提升，有望提升国内市场增速、提升国内门店同店收入。 相对恒生指数表现 2024/06/11 （2）公司通过潮玩展、线下门店、商场展览、联名合作、头部明星及 表现 1M 3M 12M KOL带货等多种方式进行IP及潮玩文化推广，进一步加速IP破圈。 泡泡玛特 ...

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官邻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,我是国海传媒分析师方默云,然后今天给大家分享的是,简短分享一下泡马特的一个更新,也是主要对整个出海的这条线做一个重新的梳理跟展开。首先就是整个出海的情况,其实公司, 确实已经过了0到1的这个阶段现在是从1到100的这个阶段其实最早的海外业务最早从有海外收入是从17年但正式的海外业务开始于18年而在18年到21年这个阶段公司主要是采用B2P和B2B2C ...

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官邻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,我是国海传媒分析师方默云,然后今天给大家分享的是,简短分享一下泡马特的一个更新,也是主要对整个出海的这条线做一个重新的梳理跟展开。首先就是整个出海的情况,其实公司, 确实已经过了0到1的这个阶段现在是从1到100的这个阶段其实最早的海外业务最早从有海外收入是从17年但正式的海外业务开始于18年而在18年到21年这个阶段公司主要是采用B2P和B2B2C ...

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官邻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,我是国海传媒分析师方默云,然后今天给大家分享的是,简短分享一下泡马特的一个更新,也是主要对整个出海的这条线做一个重新的梳理跟展开。首先就是整个出海的情况,其实公司, 确实已经过了0到1的这个阶段现在是从1到100的这个阶段其实最早的海外业务最早从有海外收入是从17年但正式的海外业务开始于18年而在18年到21年这个阶段公司主要是采用B2P和B2B2C ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 互联网 | 公司研究 泡泡玛特：IP 扩品类破圈，海外布局加速扩 2024年6月4日 张 买入 泡泡玛特 (09992.HK) 维持 泡泡玛特通过 IP孵化、品类扩展和渠道铺新等方式维持稳健增长，IP平台逻辑持续验证；海外加 速新店扩张，并直接复制IP扩品类成功经验。泡泡玛特公告2024年第一季度业绩预告。实现整体 市场数据：2024年6月4日 收入同比增长40-45%，其中中国内地收入同比增长20-25%，中国港澳台地区及海外收入同比增 收盘价（港币） 38.700 长245-250%。1）1Q24中国内地线上渠道抖音增速亮眼（同比增长95-100%），预计公司将继 恒生中国企业指数 6554.32 续梳理线上各平台的定位，通过新品类、直播等方式强化内容买点，抖音渠道有望在 24年全年继 52周最高/最低价 (港币) 40.35/16.12 续保持强劲增长。2）出海能力验证，1Q24 中国港澳台地区及海外营收同比增长 245-250%，全 H股市值（亿港币） 520 年海外预 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 M Idea May 29, 2024 08:00 AM GMT Pop Mart | Asia Pacific Morgan Stanley Asia Limited+ Dustin Wei Equity Analyst IP – Power of Large Archive Dustin.Wei@morganstanley.com +852 2239-7823 Carol Xia Equity Analyst What’s Changed Carol.Xia@morganstanley.com +852 3963-4705 Vivi Huang Pop Mart International Group (9992.HK) From To Research Associate Price Target HK$38.00 HK$45.00 Vivi.Huang@morganstanley.com +852 2848-7394 Lillian Lou We raise Pop Mart's target P/E in view of stronger e ...

20240521泡泡玛特股东大会纪要 Q1:公司的业务是不是比较更偏向于线下，线下门店有没有加密的计划？公司有没有考虑 过及时（即时）零售（用美团快送到家）？ A1:第二个问题，其实我们送到家的配送速度还可以，半天左右也是能收到，只是我们没选 美团作为服务商。 然后第一个问题关于线上线下，我们自己其实没有定义线上重要还是线下重要？我们自己 都在努力。去年开始，天猫方面销售环境不是特别好，然后天猫京东往下走，但其实抖音 在往上走，现在包括我们今年到现在看起来整个线上，所以这渠道其实还是有一个不错的 增长趋势的。 当然各有各不同的特点。线下它能给我们的销售带来一个更充分的体验能体验包括品牌装 修，设计，门店的氛围，我们的服务，以及他现场并拿到产品现场拆开的感觉，所以这是 为什么我们跟大多数品牌的不一样，我们那么看重门店的原因。但是，线上我们现在有十 多个直播间提供差异化的服务。小程序我们开发了很多，不管是泡马特别小程序、还是抽 盒机之类的程序，开发了很多定制化的玩法。 然后从开店的角度，我们现在在数量上面虽然还是有增，但增长速度不会那么快，但我们 其实在门店的质量上面是我们这两年在比较关注的东西，可能数量出来没有 ...

股 票 研 究 [Table_industryInfo] 传播文化业 [ Table_Main[泡I Tnaf 泡bol]e 玛_Ti特tle]（ 9992） [评Tab级le_：Inv est] 增持 当前价格（港元）： 33.80 一季度经营业绩超预期，海外市场加速扩张 2024.04.30 海 ——泡泡玛特公司更新报告 [ 交Ta易bl数e_M据a rket] 外 陈筱(分析师) 陈俊希(分析师) 李芓漪(分析师) 52周内股价区间（港元） 16.50-34.55 当前股本（百万股） 1,343 公 021-38675863 021-38032025 021-38038428 当前市值（百万港元） 45,391 司 chenxiao@gtjas.com chenjunxi@gtjas.com liziyi@gtjas.com 证书编号 S0880515040003 S0880520120009 S0880523080004 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司2024Q1各项收入指标快速增长，中国内地全渠道表现良好，港澳台及海外地区 泡泡玛特 恒生指数 ...

Financial Performance - Revenue for 2023 reached RMB 6,301,002 thousand, showing significant growth compared to previous years[12] - Gross profit for 2023 was RMB 3,864,071 thousand with a gross profit margin of 61.3%[12] - Operating profit for 2023 stood at RMB 1,230,646 thousand[12] - Profit before income tax for 2023 was RMB 1,415,755 thousand[12] - Profit for the year 2023 was RMB 1,088,771 thousand[12] - Profit attributable to owners of the Company for 2023 was RMB 1,082,344 thousand[12] - Non-IFRS adjusted net profit for 2023 was RMB 1,190,519 thousand with a margin of 18.9%[12] - Net profit margin for 2023 was 17.3%[12] - Gross profit margin for 2023 was 61.3%, up from 57.5% in 2022[12] - Non-IFRS adjusted net profit margin for 2023 was 18.9%, up from 12.4% in 2022[12] - Pop Mart achieved an annual revenue of RMB6.3 billion, representing a year-on-year increase of 36.5%[15] - Adjusted net profit was RMB1.19 billion, with a year-on-year increase of 107.6%[15] - Revenue from Hong Kong, Macao, Taiwan, and overseas markets reached RMB1,066.1 million, a year-on-year increase of 134.9%[22] - Company's total revenue reached RMB 6,301.0 million, a year-on-year increase of 36.5%[24] - Overseas business revenue in Hong Kong, Macau, Taiwan, and other regions reached RMB 1,066.1 million, a year-on-year increase of 134.9%, accounting for 16.9% of total revenue[24] - Revenue increased from RMB4,617.3 million in 2022 to RMB6,301.0 million in 2023, representing a year-on-year increase of 36.5%[44][46] - Offline channel revenue in Mainland China grew by 46.3% from RMB2,069.9 million in 2022 to RMB3,027.8 million in 2023[48] - Online channel revenue in Mainland China decreased by 6.5% from RMB1,829.8 million in 2022 to RMB1,710.4 million in 2023[47] - Wholesale and other channel revenue in Mainland China increased by 88.4% from RMB263.6 million in 2022 to RMB496.6 million in 2023[47] - Offline channel revenue in Hong Kong, Macao, Taiwan, and overseas surged by 324.7% from RMB150.7 million in 2022 to RMB640.2 million in 2023[47] - Online channel revenue in Hong Kong, Macao, Taiwan, and overseas grew by 72.7% from RMB90.2 million in 2022 to RMB155.8 million in 2023[47] - Wholesale and other channel revenue in Hong Kong, Macao, Taiwan, and overseas increased by 26.8% from RMB212.9 million in 2022 to RMB270.0 million in 2023[47] - Retail store revenue in Mainland China increased by 46.6% from RMB1,691.1 million in 2022 to RMB2,479.2 million in 2023[48] - Roboshop revenue in Mainland China grew by 44.8% from RMB378.8 million in 2022 to RMB548.5 million in 2023[48] - Retail store sales revenue in Mainland China increased by 46.6% year-on-year from RMB1,691.1 million in 2022 to RMB2,479.2 million in 2023, with the number of retail stores increasing by 34 to a total of 363[53] - Roboshop sales revenue in Mainland China increased by 44.8% year-on-year from RMB378.8 million in 2022 to RMB548.6 million in 2023, with the number of roboshops increasing by 123 to a total of 2,190[54] - Online sales revenue in Mainland China decreased by 6.5% from RMB1,829.8 million in 2022 to RMB1,710.5 million in 2023, with DouYin revenue increasing by 431.2% from RMB53.3 million to RMB283.3 million[55][60] - Wholesales and others revenue in Mainland China increased by 88.4% from RMB263.6 million in 2022 to RMB496.6 million in 2023, driven by increased sales to wholesalers and the opening of POP LAND in September 2023[61] - Offline sales revenue in Hong Kong, Macao, Taiwan, and Overseas increased by 324.7% from RMB150.8 million in 2022 to RMB640.3 million in 2023, with retail store revenue increasing by 330.0% and roboshop revenue increasing by 277.3%[62][67][68] - Online sales revenue in Hong Kong, Macao, Taiwan, and Overseas increased by 72.7% from RMB90.2 million in 2022 to RMB155.8 million in 2023, with Shopee revenue increasing by 70.3% and other online channels revenue increasing by 93.4%[69][71] - Shopee revenue increased by 70.3% from RMB25.2 million in 2022 to RMB42.9 million in 2023[72] - Pop Mart official website revenue increased by 45.9% from RMB27.1 million in 2022 to RMB39.5 million in 2023[72] - Wholesales and others revenue in Hong Kong, Macao, Taiwan, and overseas increased by 26.8% from RMB212.9 million in 2022 to RMB270.0 million in 2023[72] - Proprietary products revenue increased by 39.8% from RMB4,190.0 million in 2022 to RMB5,858.0 million in 2023, contributing 93.0% of total revenue[74] - Artist IPs revenue increased by 32.5% from RMB3,639.7 million in 2022 to RMB4,822.2 million in 2023[78] - Licensed IPs revenue increased by 88.2% from RMB550.3 million in 2022 to RMB1,035.7 million in 2023[79] - Costs of sales increased by 24.2% from RMB1,962.8 million in 2022 to RMB2,436.9 million in 2023[80] - Gross profit increased by 45.6% from RMB2,654.5 million in 2022 to RMB3,864.1 million in 2023, with gross profit margin rising from 57.5% to 61.3%[83] - Gross profit from Pop Mart proprietary products increased by 47.6% from RMB2,518.2 million in 2022 to RMB3,716.2 million in 2023, with gross profit margin rising from 59.7% to 63.4%[83] - Distribution and selling expenses increased by 36.3% from RMB1,470.8 million in 2022 to RMB2,004.7 million in 2023, driven by employee benefit expenses and depreciation of right-of-use assets[83] - Employee benefit expenses increased by 51.9% from RMB394.0 million in 2022 to RMB598.5 million in 2023, due to an increase in sales personnel from 3,171 to 3,735[83] - Depreciation of right-of-use assets increased by 13.2% from RMB269.3 million in 2022 to RMB304.9 million in 2023, due to the expansion of offline retail outlets by 76[84] - General and administrative expenses increased by 3.1% from RMB686.3 million in 2022 to RMB707.3 million in 2023, with administrative and design development personnel increasing from 1,007 to 1,110[84] - Other income increased by 64.4% from RMB45.6 million in 2022 to RMB74.9 million in 2023, with government grants increasing from RMB11.6 million to RMB30.9 million[84] - Operating profit increased by 111.0% from RMB583.4 million in 2022 to RMB1,230.6 million in 2023[84] - Profit for the year increased from RMB475.8 million in 2022 to RMB1,088.8 million in 2023[86] - Effective tax rate decreased from 25.6% in 2022 to 23.1% in 2023, with income tax expense increasing from RMB163.7 million to RMB327.0 million[85] - Non-IFRS adjusted net profit increased to RMB 1,190,519 thousand in 2023, up from RMB 573,540 thousand in 2022[93] - Non-IFRS adjusted net profit margin rose to 18.9% in 2023, compared to 12.4% in 2022[93] - Net current assets grew to RMB 5,950.2 million in 2023 from RMB 5,484.8 million in 2022[95] - Trade receivables increased to RMB 321.3 million in 2023 from RMB 194.4 million in 2022[95] - Inventories rose to RMB 904.7 million in 2023 from RMB 867.0 million in 2022[95] - Cash and cash equivalents surged to RMB 2,077.9 million in 2023 from RMB 685.3 million in 2022[95] - Trade payables increased to RMB 444.9 million in 2023 from RMB 259.0 million in 2022[96] - Gearing ratio increased to 22.0% in 2023 from 18.8% in 2022[99] - Bank borrowings stood at RMB 15.1 million in 2023, compared to nil in 2022[97] - Capital expenditures in 2023 totaled RMB 392,466 thousand, with RMB 324,179 thousand for property, plant, and equipment and RMB 68,287 thousand for intangible assets[109] - The Company's reserve available for distribution to shareholders amounted to approximately RMB11,964,634,000 as of 31 December 2023[183] IP and Product Performance - 10 IPs exceeded RMB100 million in sales for the first time, with top IPs SKULLPANDA and MOLLY each exceeding RMB1 billion in revenue[15] - The top five IPs accounted for around 55% of total sales, demonstrating a balanced and healthy IP portfolio[15] - SKULLPANDA, MOLLY, and DIMOO generated revenues of RMB 1,024.8 million, RMB 1,020.3 million, and RMB 737.7 million respectively in 2023[26] - SKULLPANDA's eighth series "Temperature" achieved sales of RMB 313.8 million by the end of 2023[26] - MOLLY's related revenue increased by 27.2% year-on-year through diversified commercialization operations[26] - THE MONSTERS' related revenue grew by 39.9% year-on-year due to diversified product designs and innovative presentation forms[26] - Hirono's revenue increased by 149.5% year-on-year in 2023[27] - MEGA Collection Series revenue amounted to RMB 681.5 million in 2023[31] - 10 artist IPs recorded sales of over RMB 100 million in 2023[26] Expansion and Operations - Pop Mart opened its first offline stores in France, Malaysia, Thailand, and the Netherlands in 2023[15] - The company redefined its business into four core segments: IP incubation and operation, pop toy merchandizing and retail, theme park and IP experience, and digital entertainment[16] - The company opened 55 new physical stores in Mainland China in 2023, increasing the total number from 329 to 363[37] - The company opened 123 new roboshops in Mainland China in 2023, increasing the total number from 2,067 to 2,190[37] - The company opened its first physical stores in France, Malaysia, Thailand, and the Netherlands in 2023[39] - The company opened its third flagship store in Ximending, Taiwan, setting a new global store record for first-day sales in December 2023[39] - POP LAND, the company's first immersive IP-themed park, opened in Beijing's Chaoyang Park in September 2023[42] - The company had 4,845 employees as of 31 December 2023, including 3,735 sales personnel and 1,110 administrative and development personnel[110] - Staff costs for the year ended 31 December 2023 amounted to RMB 1,048.5 million[110] - The company did not hold any significant investments as of 31 December 2023 but will continue to seek strategic investment opportunities[111] - No material acquisitions or disposals of subsidiaries, associates, or joint ventures were conducted as of 31 December 2023[112] - The company aims to enrich IP types, expand the IP portfolio, and introduce more top-selling series products[117] - International business growth will focus on overseas DTC strategy, physical stores, roboshops, and cross-border e-commerce platforms[118] - The company plans to expand its channel network, improve user shopping experience, and enhance member operations[119] - New brands such as MEGA, GONG, and inner flow will be further developed, along with emerging businesses like amusement parks and games[121] - The company operates in four segments: IP incubation and operation, pop toys and retail, theme park and IP experience, and digital entertainment[148] - The company is a leading pop toy company and a pioneer of pop toy culture in China[148] - The company's integrated operation platform covers the entire industry chain of pop toy IPs[148] - The company had 4,845 employees as of December 31, 2023, with the majority based in China[171] - The company recruits employees through campus job fairs, recruitment agencies, and online channels[171] - The company participates in government statutory employee benefit plans, including social insurance and housing provident funds[171] - The company maintains standard contracts with employees regarding confidentiality, intellectual property, and non-competition[171] - The company has not experienced significant labor disputes or recruitment difficulties as of December 31, 2023[171] - The Group's sales to its five largest customers accounted for less than 30% of total sales for the year ended 31 December 2023[172] - Purchases from the Group's five largest suppliers accounted for 60.6% of total purchases, with the largest supplier contributing 24.5% for the year ended 31 December 2023[172] - The Group's wholesale customers are provided credit terms ranging from 30 to 90 days, with preferential terms of up to 180 days for certain long-term customers[172] - The Group's suppliers may grant credit terms of up to 180 days[172] Digital and Online Performance - Revenue from the Pop Draw mini program on WeChat reached RMB729.3 million in 2023[37] - Revenue from Tmall Flagship stores amounted to RMB322.0 million in 2023[37] - DouYin platform revenue reached RMB283.3 million in 2023, representing a year-on-year increase of 431.2%[37] - The total number of registered members in Mainland China increased from 26.0 million to 34.4 million in 2023, with 8.4 million new registered members[37] - Member sales contributed 92.1% of total sales in 2023, with a repeat purchase rate of 50.0%[37] Dividends and Shareholder Information - The company plans to distribute annual dividends of no less than 20% of its distributable net profit[150] - The board declared a final dividend of RMB 28.21 cents per ordinary share for the year ended December 31, 2023[155] - The final dividend is subject to approval at the annual general meeting on May 21, 2024[155] - The register of members will be closed from May 27 to May 30, 2024, to determine entitlement to the final dividend[159] - The annual general meeting will be held on May 21, 2024[157] - The register of members will be closed from May 16 to May 21, 2024, to determine entitlement to attend and vote at the annual general meeting[158] - The board will review dividend policy based on operational results, cash flows, financial condition, capital requirements, and legal requirements[155] - The company will suspend share transfer registration from May 16, 2024, to May 21, 2024, for the Annual General Meeting[162] - Shareholders must submit transfer forms and related shares by May 14, 2024, to qualify for voting at the Annual General Meeting[162] - The company will suspend share transfer registration from May 27, 2024, to May 30, 2024, for the proposed final dividend[162] - Shareholders must submit transfer documents and related shares by May 24, 2024, to qualify for the final dividend[162] - The issued share capital of the Company was 1,348,243,150 shares as of 31 December 2023[176] - The Company maintained the minimum public float of 25% as required under the Listing Rules for the year ended 31 December 2023[185] Management and Board Information - Mr. Wang Ning, aged 37, is the executive Director, Chairman of the Board, and CEO of the company, responsible for overall strategic planning and management[125] - Ms. Liu Ran, aged 36, is the executive Director and vice president, in charge of the president office of the company[125] - Mr. Si De, aged 35, is the executive Director and chief operating officer, responsible for the operations of the Group and the overall business in mainland China[126] - Mr. Moon Duk Il, aged 45, is the executive Director, vice president, and president of international business, overseeing the Hong Kong, Macao, Taiwan, and overseas business department[126] - Mr. Tu Zheng, aged 46, appointed as non-executive Director in May 2019, responsible for providing professional advice