China News Service Client, Beijing, June 5th (Peng Jingru) "Bubble Mart went public in Hong Kong!" Seeing this news, many people reacted first: "What is Bubble Mart?"

  The trendy toy company Bubble Mart is famous for its "blind box". "Blind box, as the name suggests, is that you can't open the box when you buy it. You can only open it when you pay, knowing what is inside." Gameplay.

A blind box purchased by consumer Ms. Wang. Photo by Wang Shanshan

  Can this gadget support a listed company?

Bubble Mart's "blind box economy" with a revenue of 1.6 billion a year

  A small box of Bubble Mart contains dolls of different styles to be sold by series, each series has about 12 styles. Recently, Bubble Matt, who is crazy to suck powder "after 95", did rely on Pandora's blind box to go public in Hong Kong. The prospectus submitted by Bubble Matt to the Hong Kong Stock Exchange showed that from 2017 to 2019, the company's revenue And net profit showed a continuing upward trend.

  During the above reporting period, Bubble Mart achieved revenues of 158 million yuan, 514 million yuan and 1.683 billion yuan respectively, with growth rates of 225.4% and 227.2% in the next two years, with net profits of 1.56 million yuan, 99.52 million yuan and 451 million yuan respectively Yuan, the year-on-year growth rates in 2018 and 2019 were as high as 6119% and 353%.

  "The blind box is the same thing as buying doll noodles in the 80's and 90's to collect water Margin and collecting Western tourists. No one knows what the card in your snack bag is, but you have to eat and play. The blind box is even more excessive. In addition to being good-looking and fun, it does not even have snacks." Some people think that blind box is paid IQ tax.

  But some people think, "Blind Box is all about the excitement and heartbeat when you open it." "Life is like a box of chocolates. You never know what the next piece will be." There is a sentence in Forrest Gump, which best fits the feeling brought by the blind box.

Samples of blind boxes displayed in the shop. Screenshot of China New Video

  Bubble Mart's performance in the capital market has to a certain extent confirmed the attractiveness of Pandora's blind box. Tianyan check shows that since the opening of the first retail store in Beijing Oumeihui in 2010, Bubble Mart has so far received 8 rounds of financing. In April of this year, Bubble Mart just completed a Pre-IPO round of financing with an amount of more than $100 million.

  However, Bubble Matt also experienced a period of trough. In January 2017, Bubble Mart was listed on the New Third Board, but the listing was terminated in April 2019, and the listing was only for 2 years. And the data shows that as of 2016, the company had suffered losses for three consecutive years. In 2014, 2015, and January-May 2016, Bubble Mart's revenue was 17.0321 million yuan, 45.753 million yuan, 29.421 million yuan; net profit was -2.7729 million yuan, -159.804 million yuan, -248.453 million yuan.

  The key to reversing the situation is that Bubble Matt introduced a blind box gameplay. "I have bought nearly one hundred, collected the set, but also want to hide and limited edition." Some consumers said that buying a blind box can not stop.

Heavy IP Molly image carries 30% of revenue

  The most unstoppable is the Molly series independently developed by Bubble Mart.

  Molly designed the image for Hong Kong artist Wang Xinming. Previously due to manufacturing cost constraints and limited business opportunities, Molly toys sales and distribution have been maintained at a relatively small level. In 2016, Bubble Mart launched the first "Molly Zodiac" blind box series, and then, Molly became Bubble Mart's signature IP.

  In the prospectus, Bubble Mart also admitted that he received a large part of the income from Molly. As of now, the company operates 85 IPs, including 12 private IPs, 22 exclusive IPs, and 51 non-exclusive IPs. Among them, Molly is defined as a heavyweight IP, and the sales of trendy toy products independently developed based on its image are 41.019 million yuan, 214 million yuan and 456 million yuan, accounting for approximately 2017, 2018 and 2019 total revenue. 26.3%, 42.6% and 27.4%.

Screenshot of Molly's decoration product of Bubble Mart on the e-commerce platform.

  Bubble Matt stated in the prospectus that one of the future growth and profitability depends on the development or acquisition of new IP. This means that after Molly, there will be a "post wave" to carry the banner.

  The company stated in the prospectus that the company cannot ensure that Molly’s popularity can remain at its current level. If Molly is damaged or fails to maintain its current appeal to consumers, it will face the dilemma of no substitutes. . In addition, the term of the IP authorization agreement may also constitute a risk. Because some products are developed according to the authorization agreement, the authorization period is usually 1-4 years, and some of them will not be renewed automatically. At that time, they will no longer have the right to sell the product, which may result in performance. Negative Effects.

  Among the company's existing 85 IPs, its own IP includes Molly, Dimoo, BOBO&COCO, Yuki, etc. However, even from the 2019 data, the last three IP sales accounted for only 5.9%, 1.5%, and 1.4% of the total revenue. The sales of its own IP accounted for 37.2% of the company's total revenue.

  In this way, Bubble Mart has to work harder in searching for the "back wave".

Want to be Chinese Disney, but caught in plagiarism

  In order to promote IP, Bubble Mart has indeed exerted its strength. Its advertising and marketing expenditures have increased year after year, with 2.6 million yuan, 10.7 million yuan and 46.8 million yuan invested in 2017-2019.

  Not only that, Bubble Mart also uses Disney as a benchmark. Among the companies that can mature IP operations globally, Disney is a leader.

  "I think five years from now, we may be the most Disney-like company in the country, but the most like Disney does not mean that we will make movies like it, but we will also become a large group with multiple IPs. Disney It is through the artistic form of film that IP is brought into everyone's life, and we are through our own way to make IP bring goodness and happiness to everyone." Wang Yu, CEO of Bubble Mart, once said.

Screenshot of the IP image listed on the official website of Bubble Mart.

  Bubble Matt also stated in the prospectus that it will further enhance the ability of artists to discover and create and operate IP. But unfortunately, the number of IPs of Bubble Mart is difficult to match Disney, and even caught in the plagiarism storm.

  On February 8, Bubble Mart's new AYLA animal fashion series was launched. However, some consumers claim that the series of blind boxes are suspected of plagiarizing the doll products of the famous baby club "DollChatueau".

  On February 13th, Doll Castle issued a statement, hoping that it would delist similar design products and recall the sold products. On February 18, Bubble Mart issued a statement apologizing, acknowledging that there are problems in the design process of individual styles in the AYLA animal fashion show series, and promised to remove the related design products and recall the sold products.

  In addition, Bubble Mart was also questioned about product quality issues. On the Black Cat complaint platform, the number of complaints by Bubble Matt has reached thousands. In July 2019, some netizens claimed that the formaldehyde meter had detected that the formaldehyde content of the Molly dolls collected at home exceeded the standard, and even some IP dolls had more than 6 times the formaldehyde content of the safety standards.

  However, Bubble Mart said: "The product has passed the certification of an internationally recognized testing agency before leaving the factory and meets the safety and quality standards of China's national standard-model product GB/T 26701-2011."

  "Creating trends and delivering beauty." "Becoming the world's leading trend culture and entertainment company." Bubble Mart described his mission and vision in this way. At present, it is unclear whether the vision can be realized and whether Pandora’s blind box can be turned into a printing machine, but can investors resist Pandora’s temptation?

  How many blind boxes have you contributed to the listing of Bubble Mart in Hong Kong? (Finish)