泡泡玛特：2024H1业绩高增，海外业务全面扩张

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved significant revenue growth in H1 2024, with total revenue reaching 4.558 billion yuan, a year-on-year increase of 62.0%. The adjusted net profit for the same period was 1.018 billion yuan, reflecting a 90.1% increase year-on-year [1][2]. - The company's overseas business is expanding rapidly, with revenue from regions including Hong Kong, Macau, and overseas markets growing by 259.6% to 1.351 billion yuan, accounting for 29.7% of total revenue [2]. - The report forecasts continued growth, projecting revenues of 10.25 billion yuan, 11.58 billion yuan, and 12.9 billion yuan for 2024, 2025, and 2026 respectively, with adjusted net profits of 1.988 billion yuan, 2.306 billion yuan, and 2.583 billion yuan for the same years [2][3]. Summary by Sections Financial Overview - In H1 2024, the company reported a gross margin of 64.0%, an increase of 3.6 percentage points year-on-year. The adjusted net profit margin was 22.3%, up 3.3 percentage points year-on-year [1]. - The company’s inventory ratio was 10.5%, a slight decrease of 0.2 percentage points year-on-year [1]. Domestic Channels - Revenue from online channels, retail stores, robots, and wholesale in mainland China reached 1.096 billion yuan, 1.471 billion yuan, 315 million yuan, and 324 million yuan respectively, with year-on-year growth rates of 34.0%, 24.7%, 16.2%, and 90.8% [1]. - The average revenue per retail store and robot store increased by 13.4% and 16.0% to 393.39 thousand yuan and 14.39 thousand yuan respectively [1]. International Channels - The company’s international revenue from online and offline channels saw substantial growth, with online sales increasing by 465.5% and retail store revenue by 441.5% [2]. - The company opened new stores in various international locations, including Bangkok, Los Angeles, and Oxford Street, increasing the number of overseas retail and robot stores to 92 and 162 respectively [2]. Product Performance - Key IPs such as MOLLY, THE MONSTERS, and SKULLPANDA generated revenues of 782 million yuan, 627 million yuan, and 575 million yuan respectively, with year-on-year growth rates of 90.1%, 292.2%, and 9.2% [2]. - The high-end product category MEGA achieved revenue of 586 million yuan, while new IP Zsiga and Hirono saw revenue increases of 169.5% and 124.3% respectively [2].