泡泡玛特(09992) - 2023 - 中期财报

Financial Performance - Revenue for the first half of 2023 reached RMB2,813.8 million, a year-on-year increase of 19.3%[14] - Gross profit increased by 23.9% to RMB1,698.4 million, with a gross profit margin of 60.4%[14] - Operating profit rose by 20.6% to RMB537.8 million[14] - Profit before income tax surged by 35.1% to RMB618.5 million[14] - Net profit attributable to owners of the company increased by 43.2% to RMB476.6 million[14] - Non-IFRS adjusted net profit grew by 42.3% to RMB535.4 million, with a margin of 19.0%[14] - Revenue increased to RMB 2,813,812,000, up 19.3% from RMB 2,358,818,000 in the same period last year[176] - Gross profit rose to RMB 1,698,360,000, a 23.9% increase compared to RMB 1,370,407,000 in the previous year[176] - Operating profit grew to RMB 537,762,000, up 20.6% from RMB 446,057,000 in the same period last year[176] - Profit for the period attributable to owners of the company reached RMB 476,575,000, a 43.2% increase from RMB 332,820,000 in the previous year[176] - Basic earnings per share increased to RMB 35.46 cents, up from RMB 24.18 cents in the same period last year[177] - Total comprehensive income for the period attributable to owners of the company reached RMB 646,192,000, up 12.3% from RMB 575,590,000 in the same period last year[177] - Profit for the period was RMB 476,575,000, contributing to a total comprehensive income of RMB 646,723,000[183] - Total comprehensive income for the period was RMB 575,590 thousand, with profit for the period contributing RMB 332,820 thousand[184] International Market Expansion - International market revenue accounted for 13.4% of total revenue, showing a year-on-year increase of 139.8%[16] - H1 2023 total revenue reached RMB2,813.8 million, a year-on-year increase of 19.3%, with international market revenue accounting for 13.4% and growing 139.8% year-on-year[19] - Overseas business expanded with 55 stores and 143 roboshops in Hong Kong, Macao, Taiwan, and overseas cities, and 28 e-commerce platforms as of June 30, 2023[31] - Revenue from offline sales in Hong Kong, Macao, Taiwan, and overseas increased by 392.4% from RMB38.7 million in H1 2022 to RMB190.4 million in H1 2023, with retail stores contributing 86.7% and roboshops contributing 13.3%[57] - Retail store revenue grew by 374.2% year-on-year to RMB165.0 million in H1 2023, driven by the expansion of retail stores to 38, up by 27 from H1 2022[58] - Roboshop revenue surged by 556.5% year-on-year to RMB25.4 million in H1 2023, with the number of roboshops increasing to 106, up by 81 from H1 2022[59] - Online sales revenue increased by 63.1% from RMB34.8 million in H1 2022 to RMB56.8 million in H1 2023, with Shopee revenue growing by 145.8% and Pop Mart official website revenue declining by 23.3%[60][61] - Wholesales and others revenue in Hong Kong, Macao, Taiwan, and overseas regions rose by 54.6% from RMB83.2 million in H1 2022 to RMB128.6 million in H1 2023[63] - International business will maintain rapid growth through the overseas DTC strategy, physical stores, and e-commerce platforms[104][107] Product and IP Performance - The company launched several new product series that gained popularity and achieved excellent sales performance[16] - Revenue from SKULLPANDA, MOLLY, and DIMOO in H1 2023 reached RMB526.4 million, RMB411.4 million, and RMB362.0 million, with year-on-year growth of 14.0%, 1.8%, and 21.3% respectively[18][21] - Revenue from Hirono, launched by PDC, surged 191.3% year-on-year to RMB109.4 million in H1 2023[18][21] - MEGA COLLECTION achieved total revenue of RMB242.3 million in H1 2023, with the Grand series' ceramic material pop garage kits gaining widespread consumer attention[23][26] - Artist IPs contributed 76.9% of total revenue in H1 2023, with SKULLPANDA, MOLLY, and DIMOO being the top-performing IPs[66] - Licensed IPs revenue grew to RMB421.5 million in H1 2023, representing 15.0% of total revenue, up from 12.7% in H1 2022[66] - Artist IP revenue increased by 16.7% from RMB1,855.0 million in H1 2022 to RMB2,164.3 million in H1 2023, with its revenue share decreasing from 78.7% to 76.9%[68] - Licensed IP revenue grew by 40.2% from RMB300.6 million in H1 2022 to RMB421.5 million in H1 2023, driven by diversified collaborations and new product launches[68] - Proprietary products revenue increased by 20.0% from RMB2,155.7 million in H1 2022 to RMB2,585.8 million in H1 2023, accounting for 91.9% of total revenue[65] - Pop Mart proprietary products' gross profit grew by 25.2% from RMB1,303.4 million in H1 2022 to RMB1,631.7 million in H1 2023, with gross margin increasing from 60.5% to 63.1%[69] Channel and Sales Performance - Company opened 19 new physical stores and 118 roboshops in Mainland China in H1 2023, increasing total stores to 340 and roboshops to 2,185[24][27] - Revenue from DouYin platform surged 569.0% year-on-year to RMB109.5 million in H1 2023, driven by high-quality live content[29][32] - Registered members in Mainland China increased to 30.388 million as of June 30, 2023, with members contributing 92.2% of total sales and a repeat purchase rate of 44.5%[30][33] - The company's offline channels in Mainland China generated revenue of RMB1,450,567 thousand, accounting for 51.5% of total revenue, with a gross profit margin of 63.0%[39] - Online channels in Mainland China contributed RMB817,418 thousand, representing 29.1% of total revenue, with a gross profit margin of 59.8%[39] - Wholesale and other channels in Mainland China generated RMB170,047 thousand, accounting for 6.0% of total revenue, with a gross profit margin of 35.6%[39] - The company's offline channels in Hong Kong, Macao, Taiwan, and overseas generated revenue of RMB190,359 thousand, accounting for 6.8% of total revenue, with a gross profit margin of 75.9%[39] - Online channels in Hong Kong, Macao, Taiwan, and overseas contributed RMB56,791 thousand, representing 2.0% of total revenue, with a gross profit margin of 75.3%[39] - Wholesale and other channels in Hong Kong, Macao, Taiwan, and overseas generated RMB128,630 thousand, accounting for 4.6% of total revenue, with a gross profit margin of 38.3%[39] - The company's total revenue from Hong Kong, Macao, Taiwan, and overseas was RMB375,780 thousand, representing 13.4% of total revenue, with a gross profit margin of 62.9%[39] - Revenue from offline sales in Mainland China increased by 32.4% from RMB1,095.7 million in H1 2022 to RMB1,450.6 million in H1 2023[43] - Retail store revenue grew by 32.3% year-on-year, reaching RMB1,179.5 million in H1 2023, driven by an increase in store count to 340 and improved store locations[44][45] - Roboshop revenue increased by 32.9% year-on-year to RMB271.1 million in H1 2023, with the number of roboshops rising to 2,185[52] - Online channel revenue decreased by 16.4% from RMB977.9 million in H1 2022 to RMB817.4 million in H1 2023, with Pop Draw revenue dropping by 31.4% and Tmall flagship store revenue declining by 36.6%[54][55] - DouYin platform revenue surged by 569.0% from RMB16.4 million in H1 2022 to RMB109.5 million in H1 2023[55] - Wholesales and others revenue in Mainland China increased by 32.3% to RMB170.1 million in H1 2023, driven by distributor Nanjing Pop Mart's store sales growth[55] - The company will expand its channel network to reach more users and improve user shopping experience[105][108] Expenses and Costs - Distribution and selling expenses increased by 26.7% from RMB693.2 million in H1 2022 to RMB878.3 million in H1 2023, driven by employee benefits and right-of-use asset depreciation[69] - Employee benefit expenses for sales personnel increased by 43.6% from RMB196.0 million in H1 2022 to RMB281.4 million in H1 2023, with headcount rising from 2,940 to 3,189[69] - Depreciation of right-of-use assets increased by 36.3% from RMB107.8 million in H1 2022 to RMB146.9 million in H1 2023, due to 59 additional offline retail outlets[69] - General and administrative expenses increased by 2.7% from RMB322.7 million in H1 2022 to RMB331.3 million in H1 2023, with employee benefit expenses accounting for a significant portion[70] - Employee benefit expenses for administrative and design personnel increased by 4.3% from RMB206.2 million in H1 2022 to RMB215.1 million in H1 2023, with headcount rising from 940 to 959[71] - Other income increased by 53.8% from RMB24.3 million in H1 2022 to RMB37.4 million in H1 2023, driven by a significant rise in government grants from RMB4.8 million to RMB21.2 million, while IP license fee and other services income decreased from RMB18.9 million to RMB15.5 million[72][76] - Other gains, net, decreased significantly from RMB67.1 million in H1 2022 to RMB11.6 million in H1 2023, primarily due to fair value changes of equity and fund investments in 2022[73][77] - General and administrative expenses increased by 2.7% from RMB322.7 million in H1 2022 to RMB331.3 million in H1 2023, with employee benefits rising by 4.3% to RMB215.1 million due to increased headcount and salary adjustments[75] - Finance income, net, surged from RMB7.0 million in H1 2022 to RMB63.4 million in H1 2023, mainly due to higher interest income[79] - Income tax expense increased from RMB125.0 million in H1 2022 to RMB141.3 million in H1 2023, while the effective tax rate decreased from 27.3% to 22.8%[79] - Share-based compensation expenses amounted to RMB 58,123,000[183] - Share-based compensation expenses were recorded at RMB 47,874 thousand[184] Assets and Liabilities - Total assets increased by 5.7% to RMB9,065.3 million, with current assets growing by 7.0%[15] - Current liabilities rose by 19.0% to RMB1,345.7 million[15] - Total assets grew to RMB 9,065,337,000, a 5.7% increase from RMB 8,580,062,000 at the end of 2022[179] - Cash and cash equivalents surged to RMB 1,473,382,000, more than double the RMB 685,314,000 at the end of 2022[179] - Trade receivables increased to RMB 208,911,000, up 7.5% from RMB 194,369,000 at the end of 2022[179] - Inventories decreased to RMB 758,774,000, down 12.5% from RMB 866,985,000 at the end of 2022[179] - Total equity increased to RMB 7,305,978,000 as of 30 June 2023, up from RMB 6,965,325,000 at the end of 2022[180] - Retained earnings rose to RMB 2,745,926,000, compared to RMB 2,269,351,000 at the end of 2022[180] - Total liabilities increased to RMB 1,759,359,000 from RMB 1,614,737,000 at the end of 2022[180] - Lease liabilities decreased to RMB 385,774,000 for non-current liabilities and RMB 292,116,000 for current liabilities[180] - Trade payables increased to RMB 349,477,000 from RMB 259,006,000 at the end of 2022[180] - Net current assets grew from RMB5,484.8 million as of December 31, 2022, to RMB5,733.4 million as of June 30, 2023, reflecting stable financial management[83][85] - Trade receivables increased from RMB194.4 million as of 31 December 2022 to RMB208.9 million as of 30 June 2023, with turnover days increasing from 12 days to 13 days[86] - Inventories decreased from RMB867.0 million as of 31 December 2022 to RMB758.8 million as of 30 June 2023, with turnover days decreasing from 156 days to 132 days[86] - Cash and cash equivalents increased from RMB685.3 million as of 31 December 2022 to RMB1,473.4 million as of 30 June 2023, primarily due to increased cash from operating activities and redemption of a RMB290.0 million fixed-term deposit[86] - Trade payables increased from RMB259.0 million as of 31 December 2022 to RMB349.5 million as of 30 June 2023, with turnover days remaining at 49 days[86] - The gearing ratio increased from 18.8% as of 31 December 2022 to 19.4% as of 30 June 2023[87] - Capital expenditures for the first half of 2023 totaled RMB214.079 million, compared to RMB162.113 million in the first half of 2022[90] - The Group's cash and cash equivalents, restricted cash, and term deposits with an initial term over three months and within one year amounted to RMB 4,066,222,000 as of 30 June 2023[193] - Trade payables due within 12 months increased to RMB 349,477,000 as of 30 June 2023, compared to RMB 259,006,000 as of 31 December 2022[194] - License fees payables due within 12 months increased to RMB 162,238,000 as of 30 June 2023, compared to RMB 133,517,000 as of 31 December 2022[194] - Total financial liabilities due within 12 months increased to RMB 1,039,752,000 as of 30 June 2023, compared to RMB 926,997,000 as of 31 December 2022[194] - Financial assets at fair value through profit or loss totaled RMB 472,738,000 as of 30 June 2023, with Level 3 assets accounting for RMB 462,037,000[199] - Investment in associates measured at fair value through profit or loss increased to RMB 235,497,000 as of 30 June 2023, compared to RMB 231,808,000 as of 31 December 2022[199][200] - Private equity fund investments decreased to RMB 179,948,000 as of 30 June 2023, compared to RMB 181,871,000 as of 31 December 2022[199][200] - Other unlisted investments increased to RMB 46,592,000 as of 30 June 2023, compared to RMB 45,355,000 as of 31 December 2022[199][200] - Listed equity securities-stock decreased to RMB 10,701,000 as of 30 June 2023, compared to RMB 12,829,000 as of 31 December 2022[199][200] Cash Flow and Financing - Net cash generated from operating activities increased to RMB 1,092,337 thousand in 2023, compared to RMB 373,578 thousand in 2022[187] - Cash generated from operations rose significantly to RMB 1,113,479 thousand in 2023 from RMB 523,391 thousand in 2022[187] - Net cash used in investing activities improved to RMB 82,034 thousand in 2023, compared to a net cash used of RMB 4,209,902 thousand in 2022[187] - Net cash used in financing activities increased to RMB 558,287 thousand in 2023 from RMB 480,561 thousand in 2022[188] - Cash and cash equivalents at the end of the period stood at RMB 1,473,382 thousand in 2023, up from RMB 1,075,380 thousand in 2022[188]