In the first half of 2020, the toy star that sold 'Teenage Mutant Ninja Turtles' lost 53 million in advance

by:Ennas      2022-01-20
Affected by the new crown epidemic, most of the world's economic development has been severely impacted and losses have occurred. Recently, Playmates Toys (00869-HK) announced that based on the review of the group’s preliminary unaudited financial results, the group’s revenue for the six months ended June 30, 2020 was approximately 84 million yuan, which is relative to the same period in 2019. Revenue is 157 million yuan. The group is expected to record a net loss of approximately 53 million yuan, compared to a net loss of 20 million yuan in the same period in 2019. The increase in losses was mainly due to the unsatisfactory performance of existing and new brands, and the 2019 novel coronavirus pandemic severely hit global economic activities. Notwithstanding the above, the company will continue to prudently manage its financial and cash position to overcome the difficult operating environment in the short term. As of July 31, 2020, the group holds approximately 1 billion yuan in cash, and the board of directors believes that the overall financial status of the group remains sound and stable. Established in 1966, Playmates Toys is an established local Hong Kong company with a history of more than 50 years. Its parent company is Playmates Group (0635.HK), also listed in Hong Kong, which holds 50.18% of the shares of Playmates Toys. Playmate Toys started as an OEM doll and went public in 1984, becoming the first listed toy company in Hong Kong. At present, the company's main income is still toy design and distribution. It can be said that 1987 was a turning point for Playmates Toys. The company obtained the exclusive agency rights to design and sell Teenage Mutant Ninja Turtles toys that year, and then began a cycle of life following the performance of Teenage Mutant Ninja Turtles. It is reported that the main shareholders of Playmates Group are TGC Assets Limited (holding 49.68%, and the actual controller is Chen Junhao) and Chen Junhao (personal holding 12.42%). At present, the business of Playmates Group is mainly divided into two parts, one is Playmate Toys, and the other is property investment and related businesses. Regarding the distribution of Playmate’s toy business, the company is mainly related to 'Ninja Turtles'Frozen 2' animation, artist Billie Eilish, 'Pikwik Pack' and other collaborations to launch related toys. Affected by the bankruptcy of Toys R Us and the Sino-US trade war, in 2019, the US toy market environment has become more severe. According to NPD Group data, the US toy market has shrunk by 4.3%, and the US market is again the base camp of Playmate's toy revenue. .
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