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With a net profit of 376 million yuan in the first half of the year, "MOLLY" is no longer the company's most profitable IP

via:新浪科技     time:2022/8/27 6:01:53     readed:158

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Despite a slight drop in net profit in the first half due to the repeated impact of the pandemic on the consumer sector, Bubble Mart's (09992.HK) revenue bucked the trend.

On August 25, 2022, Bubble Mart released its financial results for the first half of the year. During the reporting period, the company's revenue was 2.359 billion yuan (RMB, the same below), with a year-on-year growth of 33.1%; Net profit was 333 million yuan, down 7 percent year on year.

In a conference call after the earnings release, the relevant personnel of Bubble Mart introduced the company's situation affected by the pandemic this year. In the first half of 2022, repeated epidemics in several cities and regions in China had a large impact on offline sales. There were 133 offline retail stores and 324 machine stores closed for one week to three months due to the epidemic, among which 36 retail stores and 188 robot stores were closed for two months to three months. Because robots are distributed not only in shopping malls, but also in airports, subway stations and parks with a large number of people, the epidemic has reduced the flow of passengers, which has a greater impact on sales.

Pop-mart is a company that makes money on "IP." When it went public, Popmart stressed in its prospectus that "IP is the core of our business." MOLLY, an Internet celebrity with green eyes and blonde hair, is her signature IP. Now, with the birth of more IP, Pop-Mart's income is more diversified and no longer depends on "MOLLY". The proportion of revenue it brings to Pop-Mart is decreasing year by year. In the first half of 2022, the revenue generated by MOLLY to Pop-Mart fell to the second place for the first time.

The proprietary IP MOLLY accounted for 89.4% of all IP revenue in 2017 and 62.9% in 2018. Since then, Molly's revenue contribution to Bubble Mat dropped to 27.1% in 2019 as more ips emerged. Molly generated 14.2% and 15.7% of all IP revenue in 2020 and 2021, respectively.

In 2021, some "dark horse" ips emerged. "DIMOO" and "SKULLPANDA" achieved revenue of 567 million yuan and 595 million yuan respectively in 2021, up 79.8% and 1,423.8% year-on-year, respectively.

Entering 2022, new IP continues to emerge, and MOLLY is no longer the company's most profitable IP. For the first time, another IP has taken the top spot. Among them, "SKULLPANDA", "MOLLY" and "DIMOO" achieved revenue of 462 million yuan, 404 million yuan and 298 million yuan respectively in the first half of 2022, with a year-on-year growth of 152.3%, 98.3% and 45.6% respectively; The fifth series of "SKULLPANDA" Night City, launched in January 2022, had a single series revenue of 179 million yuan by June 30, 2022.

In the past two years, the gross margin of bubble Mat has declined.

According to the financial results, the company's gross profit margin decreased from 63% in the first half of 2021 to 58.1% in the first half of 2022, and the gross profit margin of Bubble Mart autonomous products also decreased from 66.9% in the first half of 2021 to 60.5% in the first half of 2022. The company explained in the earnings call that the OEM factory's processing cost per process has increased mainly due to the rise in raw materials. With the increasing complexity of the product process, the production unit procurement cost has increased. In addition, the slow turn of the inventory week is also a factor. But the company is still trying to keep its gross margin above 58%.

Bubbly Matt's voyage is still underway. In the first half of 2022, Popmart's overseas market revenue was 157 million yuan, up 161.7% year on year, and its revenue share rose to 6.6% from 3.4% in the first half of 2021. Offline revenue grew more than 10-fold thanks to the addition of first stores in the UK, New Zealand and the US in the first half. At present, Popmart has opened offline retail stores in the United States, the United Kingdom, Canada, New Zealand, Japan, South Korea, Singapore, Australia and other countries. Since 2018, Popomat began to layout the overseas market, through the layout of offline retail stores, robot stores, cross-border e-commerce platform, Popomat has entered 23 countries and regions in the world, and the trend toys through cross-border e-commerce platform to more than 80 countries and regions.

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