Bubble Mart wholly-owned shares in a trading company, blind boxes support 100 billion market value

by:Ennas      2022-01-31
According to news on January 4, according to the Tianyancha App, Beijing Longteng Jiamao Trading Co., Ltd. has undergone industrial and commercial changes. The original shareholders Chang Xiaonan, Zhou Bo, Qi Lei, and Liu Jianzhong all withdrew, and Beijing Bubble Mart Cultural and Creative Co., Ltd. was added. (The operating entity of Bubble Mart, hereafter referred to as Pao Mart) is a shareholder with a 100% shareholding ratio. The original legal representative of the company, Zhou Bo, withdrew. After the change, it was added as Pao Mart co-founder Si De. Public information shows that Beijing Longteng Jiamao Trading Co., Ltd. was established in March 2002 with a registered capital of 2 million yuan. The main business scope includes: exhibition and display; computer graphic design; organization of cultural and artistic exchanges (excluding performances); Image planning; sales of plastic products, cultural goods, etc. On December 11, Pao Mart was listed on the Hong Kong stock market. Its predecessor was a trading company. In July 2016, it was changed from Beijing Pao Mart Trading Co., Ltd. to Beijing Pao Mart Cultural Creative Co., Ltd. It is reported that Bubble Mart (09992.HK) was officially listed on the main board of the Hong Kong Stock Exchange, with an opening increase of 100.26% and a market value of over 110 billion Hong Kong dollars at one time. As a former NEEQ company, Bubble Mart had a total market value of about 2 billion yuan when it was delisted from the NEEQ in April 2019. During the listing on the New OTC Market, its valuation was close to 1 billion yuan when its valuation was low. Some investors bluntly said that the blind box that was not looked at at the 1 billion valuation has doubled by 100 times in the past three years. Looking back at the development history of Bubble Mart, in October 2010, Wang Ning, who was born in 1987, went to Beijing to start his own business and founded Bubble Mart based on the model of LOFT, a well-known Japanese grocery store. Less than a year after its establishment, Bubble Mart received millions of yuan in angel investment from entrepreneurial workshop Mai Gang and others. Since then, the A round and B round of financing have been successfully completed, respectively led by Mochishan Venture Capital and Jinhuifeng Investment. Most of the current shareholders of Bubble Mart are also the early investors, such as angel investor Mai Gang, Black Ant Capital, Golden Eagle Trading, Huaqiang Capital, etc. Most of them are not well-known. It is reported that in 2015, Bubble Mart opened a brand new lifestyle concept flagship store in the famous Beijing Wangfujing, and began to give the brand cultural connotation. Subsequently, there was an urgent need for a explosive product to support the brand and attract consumers. In 2016, he won the exclusive healing system IP Molly with a strong mass base. No one thought that Bubble Mart released the first Molly Zodiac series on Tmall that year, at 708 yuan per set, and it only took 4 seconds for 200 sets to be sold out. ▋Blind box propped up the market value of 100 billion In response to the skyrocketing of Bubble Mart, the market exclaimed: How can a blind box company have a market value of 100 billion? In fact, before 2017, Bubble Mart recorded losses for three consecutive years, with a cumulative loss of 47.64 million yuan. However, starting in 2015, Bubble Mart began to switch to IP operations and introduced blind boxes. Unexpectedly, blind boxes became the key point of its transformation. In April 2016, Bubble Mart and Hong Kong Kennyswork Company Limited successfully reached a strategic cooperation on the Molly brand image, becoming an important global strategic partner of the image. Two months later, the Bubble Mart Tmall flagship store went online, which also marked the opening of its online business. After taking Molly, Bubble Mart's performance began to grow rapidly. According to the prospectus, Bubble Mart operates a total of 85 IPs, including 12 own IPs, 22 exclusive IPs and 51 non-exclusive IPs. From 2017 to 2019, the sales of products jointly developed by self-owned IP, exclusive IP and non-exclusive IP totaled 45.864 million yuan, 34.149 million yuan, and 138.429 million yuan, accounting for 29%, 66%, and 82.1 respectively. %. From 2017 to 2019, Bubble Mart sold 968,800, 6,567,300 and 24,450,300 blind boxes respectively. In the first half of 2020, 13.514 million blind boxes were sold. If calculated based on the average price of the blind box corresponding to each year, during the same period, the sales revenue contributed by the blind box was 41.658 million yuan, 289 million yuan, 1.247 billion yuan and 635 million yuan. At present, offline self-operated retail stores are the main sales channel of Bubble Mart, and the proportion of online sales is increasing. In 2019, the proportion of its online channel revenue to total revenue has risen to 32%. In the just past Double Eleven, the sales of Bubble Mart’s flagship store on Tmall reached 142 million yuan, becoming the first member of the 100 million yuan club in the big toy category. From the perspective of IP composition, Molly, an IP, contributed 456 million revenue to Bubble Mart last year. It is worth noting that the gross profit margin of Bubble Mart is showing a rapid upward trend. In 2019, its gross profit margin reached 64.8%, which is an increase of 17 percentage points over 2017. The combination of blind box + IP attracts gold so that Bubble Mart's performance has exploded. In 2019, its net profit reached 451 million yuan, a figure that was 286 times higher than in 2017. Finally, how long can you blow the bubbles of Bubble Mart? We will continue to pay attention. Source: Caijing.com, Panorama Network
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