泡泡玛特(09992) - 2024 - 中期业绩

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%