Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's performance in 2023H2 exceeded expectations, with total revenue reaching 6.344 billion RMB, a year-on-year increase of 36.4%, and net profit attributable to shareholders of 1.082 billion RMB, a year-on-year increase of 127.55% [2][6] - The company is expected to achieve significant overseas growth in 2024, with a projected revenue increase of no less than 100% [2][6] Financial Performance Summary - Total revenue for 2023 was 6.344 billion RMB, with a year-on-year growth of 36.4% [2] - Net profit attributable to shareholders for 2023 was 1.082 billion RMB, reflecting a year-on-year increase of 127.55% [2] - Non-GAAP net profit for 2023 was 1.191 billion RMB, with a year-on-year growth of 107.57% [2] - The company achieved a gross margin of 62% in 2023H2, an increase of 5.2 percentage points year-on-year [2] - The company’s EPS for 2024 is projected to be 1.06 RMB, with a corresponding P/E ratio of approximately 24.79 [2][6] Revenue Growth Drivers - The company’s top IPs, including Skullpanda, Molly, and The Monsters, showed strong revenue growth of 20.3%, 27.2%, and 39.9% respectively [2] - The company’s offline channels in mainland China demonstrated robust recovery, with revenue from offline retail stores and robot stores increasing by 63% and 59% year-on-year respectively [2] - Overseas revenue grew by 132% in 2023H2, reaching 6.9 billion RMB [2] Future Projections - The report revises the EPS forecast for 2024 and 2025 upwards to 1.06 RMB and 1.38 RMB respectively, with a new forecast for 2026 at 1.63 RMB [2][6] - The company anticipates that the expansion of its offline channels and the introduction of high-quality IPs will drive future growth [2]

泡泡玛特（9992.HK）2023年年报点评 国内线下场景全面复苏，全球化拓展超预期 2024年03月22日 [T able_Author] 分析师：徐皓亮 执业证号：S0100522110001 邮箱：xuhaoliang@mszq.com ➢ 事件。泡泡玛特发布2023年度业绩报告：公司2023年实现营业收入/归母 推荐 维持评级 净 利 润 / 经 调 整 净 利 润 63.01/10.82/11.91 亿 元 ， 同 比 增 长 当前价格： 28.65港元 36.5%/127.5%/107.6%。其中2023H2实现营业收入/归母净利润/经调整净利 润34.87/6.06/6.55亿元，同比增长54.4%/324.1%/232.1% 相关研究 ➢ 热门IP持续为公司营收增长提供强劲动能。2023年艺术家IP收入为48.22 1.泡泡玛特（9992.HK）2023 半年报点评： 亿元，同增32.49%，占总收入达76.5%，同减2.4pct；头部IP保持强劲增长， 国内线下渠道消费复苏，全球化拓展打开想象 SKULLPANDA/MOLLY/DIMOO实现收入10.25/10.20/7.38亿元，同比分别 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company achieved impressive performance in 2023, with revenue reaching 6.301 billion yuan, a year-on-year increase of 36.5%. The adjusted net profit rose by 107.6% to 1.191 billion yuan, reflecting strong consumer demand driven by enhanced product offerings and a recovery in offline economic activities [1][2]. - The company is expanding its overseas business rapidly, with international revenue growing by 134.9% to 1.066 billion yuan, accounting for 16.9% of total revenue. This expansion includes localizing operations in international markets and opening new stores in regions like Southeast Asia and Europe [1][2]. - The company's IP matrix continues to expand, with ten major IPs generating over 100 million yuan in sales in 2023. Notable IPs include SKULLPANDA and MOLLY, which saw significant revenue growth [1][2]. Financial Overview - In 2023, the company reported a gross margin of 61.3%, an increase of 3.8 percentage points from the previous year. The adjusted net profit margin improved to 18.9%, up by 6.5 percentage points year-on-year [1][2]. - The company expects revenue to grow to 7.810 billion yuan in 2024, with adjusted net profit projected at 1.488 billion yuan, indicating a continued upward trend in financial performance [2][6]. - The membership base has grown significantly, with registered members increasing from 26.004 million at the end of 2022 to 34.354 million by the end of 2023, contributing to 92.1% of sales [1][2]. Channel Performance - The company has seen a strong recovery in offline retail, with revenue from retail stores in mainland China reaching 2.479 billion yuan, a year-on-year increase of 46.6%. Online sales through platforms like Douyin have surged by 431.2% [1][2]. - The number of retail and robot stores in mainland China increased to 363 and 2,190, respectively, with average revenue per store also showing significant growth [1][2]. Future Projections - The company is expected to solidify its leading position in the toy industry through its overseas and innovative business strategies, with revenue projections of 9.380 billion yuan in 2025 and 10.200 billion yuan in 2026 [1][2][6].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook for future growth and performance [1]. Core Insights - The company achieved a revenue of 6.301 billion yuan in 2023, representing a year-on-year increase of 36.5%, with an adjusted net profit of 1.19 billion yuan, up 107.6% [1]. - The company expects to continue strong growth in 2024, targeting a revenue growth rate of no less than 30%, particularly in the Hong Kong, Macau, and overseas markets, which are projected to maintain over 100% growth [2]. - The company has diversified its operations into four main business segments: IP incubation and operation, trendy toys and retail, theme parks and experiences, and digital entertainment [2]. Revenue Breakdown - In 2023, revenue from Hong Kong, Macau, and overseas markets reached 1.066 billion yuan, a 135% increase, accounting for 16.9% of total revenue [1]. - Domestic revenue was 5.235 billion yuan, a 26% increase, with offline channels contributing 48.1% and online channels 27.1% [1]. - The company opened 34 new retail stores in 2023, with offline retail store revenue increasing by 46.6% [1]. Product Performance - The company's self-produced products generated 5.858 billion yuan in revenue, a 39.8% increase, accounting for 93% of total revenue [1]. - The company had 10 IPs with sales exceeding 100 million yuan in 2023, indicating strengthened IP operational capabilities [1]. - The top two IPs, SKULL PANDA and Molly, each generated over 1 billion yuan in revenue, contributing approximately 16% each to total sales [1]. Profitability Metrics - The gross profit margin for 2023 was 61.3%, an increase of 3.8 percentage points year-on-year [1]. - The company’s net profit margin improved to 18.9%, up 6.5 percentage points from the previous year [1]. - The projected EPS for 2024 is 1.08 yuan, with corresponding P/E ratios of 24, 18, and 14 for the years 2024, 2025, and 2026 respectively [2][3].

轻工制造/文娱用品 公 司 研 泡泡玛特（09992.HK） 全流程高效 IP 赋能阿尔法彰显，渠道复苏潮玩龙头 究 2024年02月22日 再起航 投资评级：买入（维持） ——港股公司深度报告 日期 2024/2/21 吕明（分析师） 周嘉乐（分析师） 骆扬（联系人） 当前股价(港元) 19.160 lvming@kysec.cn zhoujiale@kysec.cn luoyang@kysec.cn 港 一年最高最低(港元) 26.900/16.100 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790122120029 股  国内潮玩龙头海外拓展加速，未来空间广阔，维持“买入”评级 公 总市值(亿港元) 258.32 泡泡玛特是国内潮玩行业龙头公司，2023年摆脱公共卫生事件影响，收入业绩重 司 流通市值(亿港元) 258.32 回较高增速，2023H1 收入 28.1 亿元，同比+19.3%，归母净利润 4.77 亿元，同 深 比+43.2%。展望公司未来发展，全流程高效的商业模式赋能 IP，实现稳定、持 总股本(亿股) 13.48 度 续的IP兑 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved revenue of 6.301 billion yuan in 2023, representing a year-on-year increase of 36.5%, and a net profit of 1.089 billion yuan, up 128.9% year-on-year. The growth in revenue and profit is attributed to the recovery of domestic offline traffic and accelerated overseas expansion. The forecast for net profit from 2024 to 2026 is set at 1.45 billion, 1.86 billion, and 2.35 billion yuan respectively, with corresponding EPS of 1.08, 1.38, and 1.75 yuan. The current stock price corresponds to PE ratios of 19.4, 15.1, and 11.9 times for the respective years [4][20]. Summary by Sections 1. Revenue Performance - The company reported a revenue of 6.301 billion yuan in 2023, a 36.5% increase year-on-year, with a net profit of 1.089 billion yuan, reflecting a 128.9% increase. The revenue growth was significantly higher than profit growth, driven by the recovery of domestic offline store traffic and accelerated overseas expansion [11][4]. 2. Profitability - The gross profit margin for 2023 was 61.3%, an increase of 3.8 percentage points year-on-year. This improvement was mainly due to supplier optimization, which reduced procurement costs and increased product sales prices. The net profit margin reached 17.3%, up 7.0 percentage points year-on-year [5][14]. 3. IP Analysis - In 2023, the company had 10 IPs generating over 100 million yuan in revenue, with MOLLY and SKULLPANDA each exceeding 1 billion yuan. The classic IPs generated 3.15 billion yuan, accounting for 49.7% of total revenue, while emerging IPs like 小野 Hirono saw a revenue increase of 149.5% year-on-year [6][16]. 4. Channel Analysis - Domestic offline revenue reached 3.03 billion yuan, a 45.6% increase, while online revenue was 1.71 billion yuan, down 6.5%. The company saw significant growth in overseas revenue, which reached 640 million yuan, a 325% increase, with the number of retail stores doubling to 80 [19][4]. 5. Earnings Forecast and Investment Advice - The company is expected to maintain a revenue growth rate of over 30% in 2024, with a clear path for its second growth curve through overseas expansion. The forecast for net profit from 2024 to 2026 has been revised upwards, and the company maintains a "Buy" rating [20][4].

Revenue and Profit Growth - Revenue for the year ended December 31, 2023, reached RMB 6,301,002 thousand, a significant increase compared to the previous year[2] - Total revenue for 2023 reached RMB 6,876.664 million, with mainland China contributing RMB 5,810.563 million and Hong Kong, Macau, Taiwan, and overseas markets contributing RMB 1,066.101 million[17] - Total revenue for 2023 reached RMB 6,301,002 thousand, a significant increase from RMB 4,617,324 thousand in 2022[19] - Total revenue reached RMB 6,301.0 million, a year-on-year increase of 36.5%[43] - Total revenue increased by 36.5% YoY from RMB 4,617.3 million in 2022 to RMB 6,301.0 million in 2023[51] - Gross profit for 2023 was RMB 3,864,071 thousand, representing a 36.5% increase from 2022[2] - Gross profit for 2023 was RMB 3,864.071 million, with mainland China contributing RMB 3,171.997 million and Hong Kong, Macau, Taiwan, and overseas markets contributing RMB 692.074 million[17] - Gross profit increased by 45.6% from RMB 2,654.5 million in 2022 to RMB 3,864.1 million in 2023, with gross margin improving from 57.5% to 61.3%[67] - Operating profit surged by 111.0% to RMB 1,230,646 thousand in 2023[2] - Operating profit more than doubled, increasing by 111.0% from RMB 583.4 million in 2022 to RMB 1,230.6 million in 2023[71] - Net profit attributable to the company's owners increased by 127.5% to RMB 1,082,344 thousand[2] - Net profit for 2023 was RMB 1,088.771 million, a significant increase from RMB 475.801 million in 2022[17] - The company's profit attributable to owners increased to RMB 1,082,344 thousand in 2023, up from RMB 475,660 thousand in 2022, representing a significant growth[32] - Net profit for the year soared from RMB 475.8 million in 2022 to RMB 1,088.8 million in 2023[73] - Non-IFRS adjusted net profit margin improved to 18.9% in 2023, up from 12.4% in 2022, reflecting better operational performance[74] Regional and Market Performance - The company's Hong Kong, Macau, Taiwan, and overseas businesses maintained rapid growth in 2023, contributing 15.5% of total revenue[15][17] - Revenue from Mainland China business grew to RMB 5,234,901 thousand in 2023, up from RMB 4,163,386 thousand in 2022[19] - Revenue from Hong Kong, Macau, Taiwan, and overseas business surged to RMB 1,066,101 thousand in 2023, compared to RMB 453,938 thousand in 2022[19] - Overseas revenue reached RMB 1,066.1 million, a year-on-year increase of 134.9%, accounting for 16.9% of total revenue[43] - Overseas revenue (including Hong Kong, Macau, Taiwan) increased significantly, with offline channel revenue growing from RMB 150.8 million in 2022 to RMB 640.3 million in 2023[52] - Offline channel revenue in Hong Kong, Macau, Taiwan, and overseas surged by 324.7% from RMB 150.8 million in 2022 to RMB 640.3 million in 2023, with retail store revenue growing by 330.0% and robot store revenue by 277.3%[58][59] - Online channel revenue in Hong Kong, Macau, Taiwan, and overseas increased by 72.7% from RMB 90.2 million in 2022 to RMB 155.8 million in 2023, with Shopee revenue growing by 70.3% and POP MART official website revenue by 45.9%[59][60] - Wholesale and other revenue in Hong Kong, Macau, Taiwan, and overseas grew by 26.8% from RMB 212.9 million in 2022 to RMB 270.0 million in 2023, driven by business expansion and increased brand awareness[61] Product and IP Performance - 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[44] - MEGA COLLECTION series achieved revenue of RMB 681.5 million in 2023[45] - Self-developed products revenue increased by 39.8% from RMB 4,190.0 million in 2022 to RMB 5,858.0 million in 2023, accounting for 93.0% of total revenue[62] - Artist IP revenue grew by 32.5% from RMB 3,639.7 million in 2022 to RMB 4,822.2 million in 2023, with SKULLPANDA, MOLLY, and DIMOO being the top contributors[63] - Licensed IP revenue surged by 88.2% from RMB 550.3 million in 2022 to RMB 1,035.7 million in 2023, due to deeper collaborations with copyright holders[65] Channel and Store Performance - The company opened 55 new offline stores in mainland China, bringing the total to 363 by the end of 2023[46] - Offline channel revenue in Mainland China grew by 46.3% YoY from RMB 2,069.9 million in 2022 to RMB 3,027.8 million in 2023[53] - Retail store revenue in Mainland China increased by 46.6% YoY from RMB 1,691.1 million in 2022 to RMB 2,479.2 million in 2023, with 363 retail stores as of December 31, 2023[54] - Robot store revenue in Mainland China rose by 44.8% YoY from RMB 378.8 million in 2022 to RMB 548.6 million in 2023, with 2,190 robot stores as of December 31, 2023[55] - Online channel revenue in Mainland China decreased by 6.5% YoY from RMB 1,829.8 million in 2022 to RMB 1,710.5 million in 2023[56] - Revenue from the Pop Mart blind box machine dropped by 23.6% YoY from RMB 954.7 million in 2022 to RMB 729.3 million in 2023[56] - Tmall flagship store revenue declined by 30.4% YoY from RMB 462.4 million in 2022 to RMB 322.0 million in 2023[56] - Douyin platform revenue surged by 431.2% YoY from RMB 53.3 million in 2022 to RMB 283.3 million in 2023[56] - Bubble Mart's online抽盒机 generated revenue of RMB 729.3 million in 2023[47] - Tmall flagship store revenue reached RMB 322.0 million in 2023[47] - Douyin platform revenue increased by 431.2% year-on-year to RMB 283.3 million in 2023[47] - The company opened its first offline stores in France, Malaysia, Thailand, and the Netherlands in 2023, and launched its third global flagship store in Taiwan[49] Financial Position and Cash Flow - Total assets as of December 31, 2023, amounted to RMB 9,968,863 thousand, up from RMB 8,580,062 thousand in 2022[6] - Cash and cash equivalents increased significantly to RMB 2,077,927 thousand from RMB 685,314 thousand in 2022[6] - Total equity attributable to the company's owners grew to RMB 7,769,927 thousand from RMB 6,963,288 thousand[7] - Total liabilities increased to RMB 2,188,481 thousand from RMB 1,614,737 thousand in 2022[7] - Non-current assets rose to RMB 2,285,394 thousand from RMB 1,964,527 thousand in 2022[6] - Cash and cash equivalents surged from RMB 685.3 million in 2022 to RMB 2,077.9 million in 2023, driven by increased cash flow from operations and reduced fixed deposits[78] - Trade receivables increased from RMB 194.4 million in 2022 to RMB 321.3 million in 2023, mainly due to business expansion in Hong Kong, Macau, Taiwan, and overseas[76] - Capital expenditures totaled RMB 392.5 million in 2023, up from RMB 347.6 million in 2022, with significant spending on property, plant, and equipment[84] Expenses and Costs - Sales costs for 2023 totaled RMB 2,436.931 million, with mainland China accounting for RMB 2,062.904 million and Hong Kong, Macau, Taiwan, and overseas markets accounting for RMB 374.027 million[17] - Total expenses for 2023 amounted to RMB 5,148,937 thousand, up from RMB 4,119,814 thousand in 2022[21] - Distribution and sales expenses rose by 36.3% from RMB 1,470.8 million in 2022 to RMB 2,004.7 million in 2023, with employee benefits expenses increasing by 51.9% due to workforce expansion[68] - Right-of-use asset depreciation increased by 13.2% from RMB 269.3 million in 2022 to RMB 304.9 million in 2023, driven by the addition of 76 new offline retail stores to support business expansion in mainland China, Hong Kong, Macau, Taiwan, and overseas[69] - General and administrative expenses rose by 3.1% from RMB 686.3 million in 2022 to RMB 707.3 million in 2023, with employee benefits being the largest component, as the number of administrative and R&D staff increased from 1,007 to 1,110[70] - Other income surged by 64.4% from RMB 45.6 million in 2022 to RMB 74.9 million in 2023, primarily due to an increase in government subsidies from RMB 11.6 million to RMB 30.9 million[71] - Net finance income grew significantly from RMB 29.1 million in 2022 to RMB 151.9 million in 2023, mainly due to higher interest income[72] - Income tax expense for 2023 was RMB 326,984 thousand, compared to RMB 163,728 thousand in 2022[25] Shareholder Returns and Share Repurchases - Basic earnings per share rose by 131.4% to RMB 0.81[2] - Basic earnings per share (EPS) rose to RMB 0.81 in 2023 compared to RMB 0.35 in 2022, reflecting improved profitability[32] - Total dividends paid in 2023 were RMB 117,317 thousand, down from RMB 209,490 thousand in 2022[30] - The company proposed a final dividend of RMB 28.21 cents per share for 2023, totaling approximately RMB 378,840,000[30] - The company repurchased 19,947,000 shares in 2023, spending approximately HKD 370,688 thousand (RMB 333,709 thousand), as part of its share buyback program[38] - The company canceled 32,297,000 repurchased shares in 2023, resulting in a reduction of share capital and share premium[39] - The company repurchased 19,947,000 shares on the Hong Kong Stock Exchange during the reporting period, with a total cost of approximately HKD 370.69 million[99] - The highest price paid per share during the repurchase was HKD 21.70 in October, and the lowest was HKD 16.40 in June[100] Accounting and Financial Reporting - The company adopted new and revised accounting standards effective from January 1, 2023, including amendments to IAS 8, IAS 1, and IAS 12, which are not expected to have a significant impact on current or future periods[12] - The company's non-current assets, excluding financial assets at fair value and deferred tax assets, are geographically distributed, with no single customer accounting for 10% or more of total revenue[18] - The company's operating segments are divided into mainland China and Hong Kong, Macau, Taiwan, and overseas markets, with performance evaluated based on revenue, gross profit, and segment performance[16] - The audit committee and board of directors have reviewed the accounting standards and practices adopted by the company, as well as the annual results for the year ended December 31, 2023[101] - The consolidated income statement, consolidated balance sheet, and related notes for the year ended December 31, 2023, have been agreed upon by the company's auditor, PricewaterhouseCoopers, and are consistent with the audited consolidated financial statements[102] - The annual results announcement and 2023 annual report have been published on the Hong Kong Stock Exchange website (www.hkexnews.hk) and the company's website (www.popmart.com)[102] - The 2023 annual report, containing all information required by the listing rules, will be sent to shareholders and published on the Hong Kong Stock Exchange and the company's website at the appropriate time[102] Future Plans and Strategies - The company plans to enrich IP types, expand the IP library, and maintain high-quality design innovation to strengthen IP operations and deepen emotional connections with fans[88] - International business is expected to grow rapidly through the DTC strategy, offline stores, robot stores, and cross-border e-commerce platforms to enhance brand penetration and market share globally[88] - The company aims to expand its channel network, improve operational capabilities, and enhance user experience through innovative retail digital operations[88] - The company will continue to promote pop toy culture, increase fan engagement, and strengthen cultural identity and brand recognition[88] - The company will further develop new brands such as MEGA, Resonance, and Inner Flow, and explore new business areas like theme parks and games to enhance IP interaction and emotional connections[88] - The net proceeds from the IPO amounted to approximately HKD 5,781.7 million, with planned uses including new retail stores, robot stores, overseas market expansion, and potential investments or acquisitions[91][92] - HKD 954.0 million (16.5% of net proceeds) was allocated for opening new retail stores, with HKD 954.0 million already utilized[92] - HKD 346.9 million (6.0% of net proceeds) was allocated for new robot stores, with HKD 262.3 million utilized and HKD 84.6 million remaining[92] - HKD 433.6 million (7.5% of net proceeds) was allocated for overseas market expansion, with HKD 178.7 million remaining[92] - The company plans to use HKD 1,040.7 million (18.0% of net proceeds) to expand its IP library, with HKD 818.7 million remaining unused as of December 31, 2022, and HKD 722.9 million unused as of December 31, 2023[93] - HKD 260.3 million (4.5% of net proceeds) is allocated to enhance the ability to identify outstanding artists, with HKD 29.1 million remaining unused and scheduled for use by December 31, 2025[93] - HKD 693.8 million (12.0% of net proceeds) is designated for acquiring popular IPs, with the full amount remaining unused as of December 31, 2023, and scheduled for use by December 31, 2025[93] Trade Receivables and Payables - Trade receivables increased to RMB 321,337 thousand in 2023 from RMB 194,369 thousand in 2022, indicating higher sales and credit exposure[34] - Trade receivables denominated in RMB accounted for RMB 173,058 thousand in 2023, up from RMB 116,558 thousand in 2022, showing increased domestic sales[37] - The company's trade receivables aged within 30 days increased to RMB 311,485 thousand in 2023 from RMB 181,339 thousand in 2022, indicating improved collection efficiency[35] - The company's impairment provision for trade receivables slightly increased to RMB 7,319 thousand in 2023 from RMB 7,291 thousand in 2022, reflecting stable credit risk management[36] - The company's trade payables for goods increased to RMB 444,944 thousand in 2023 from RMB 259,006 thousand in 2022, reflecting higher procurement activities[40] - The company's payable licensing fees increased to RMB 194,200 thousand in 2023 from RMB 154,823 thousand in 2022, indicating higher IP-related expenses[41] Other Financial Metrics - Government subsidies increased to RMB 30,909 thousand in 2023 from RMB 11,601 thousand in 2022[22] - Net financial income rose to RMB 151,880 thousand in 2023, a substantial increase from RMB 29,103 thousand in 2022[24] - Cumulative registered members in mainland China reached 34.354 million by the end of 2023, with a member repurchase rate of 50.0%[48] - The company launched its first immersive IP theme park, Pop Mart City Park, in Beijing in September 2023, marking a new milestone in IP commercialization[50] - Wholesale and other revenue increased by 88.4% from RMB 263.6 million in 2022 to RMB 496.6 million in 2023, driven by increased sales to distributors and the opening of POP MART City Park in September 2023[57] - No significant acquisitions or disposals of subsidiaries, associates, or joint ventures were made as of December 31, 2023[87]

智通财经APP获悉，泡泡玛特(09992)盘中涨超6%，截至发稿，涨4.99%，报20.2港元，成交额9058.31万港元。 消息面上，2月9日，泡泡玛特在泰国曼谷尚泰拉抛购物中心(Central Ladprao)开出了当地第三家线下门店。新店首日销售额突破500万，再次刷新泡泡玛特全球门店单日销售额新高峰。泡泡玛特国际总裁文德一此前表示，除了目前已经进入的新加坡、马来西亚、泰国外，未来泡泡玛特将把战略版图扩大至越南、印度尼西亚、菲律宾等地，更好地布局东南亚的潜力市场。 国信证券指出，看好潮玩龙头在国内的业绩恢复和在海外的成长空间，维持“买入”评级。公司的头部IP维持亮眼表现，新品推出节奏稳定，IP打造与运营能力得到持续验证；此外，公司的海外市场维持高速增长，成为公司的新增长极。 ...

智通财经APP数据显示，泡泡玛特(09992)、天鸽互动(01980)、上海石油化工股份(00338)、太古股份公司A(00019)、中远海控(01919)、首程控股(00697)、祖龙娱乐(09990)、友邦保险(01299)、诺诚健华(09969)、歌礼制药-B(01672)、小米集团-W(01810)、微泰医疗-B(02235)、美亨实业(01897)、乐声电子(00213)、友和集团(02347)、天立国际控股(01773)、太古股份公司B(00087)、快手-W(01024)、ESR(01821)、美因基因(06667)、汇量科技(01860)、赛晶科技(00580)、方达控股(01521)、清科创业(01945)于2024年2月8日进行了回购。其中，回购金额最大的为小米集团-W(01810)，回购数量400.00 万，回购金额5041.99 万元。 股票名称 回购数 回购额 年累计回购数量(股) 年累计回购数量/总股本 小米集团-W(01810) 400.00 万 5041.99 万 2.48 亿 0.990% 快手-W(01024) 93.15 万 3999.91 万 3891.5 ...

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]