Listed company observation
On the 28th, the stock price of "Blind Box First Share" suddenly changed its post-listing "glorious market". The stock price fell more than 16%. As of the close, the stock price closed at 77.65 Hong Kong dollars.
Since its listing, Bubble Mart has been involved in controversies such as non-refundable defective products, excessive formaldehyde, non-delivery, and secondary sales.
By Ni Ming, All Media Reporter, Guangzhou Daily
Photo: Wang Weixuan, All Media Reporter, Guangzhou Daily
Bubble Mart was exposed to be unpacked and sold
On December 23, a Douyin netizen posted a video saying that he had bought a blind box that was unsealed at the Pao Mart’s Jinan Vientiane City store, and questioned the clerk for the second sale. There is yellow glue at the top of the box and the label inside There were even bending creases, and there were obvious signs of disassembly.
In the early morning of the 24th, the netizen said that he had received a response from Bubble Mart and confirmed that the situation was true.
The store staff confessed and said: "After looking at it, we found that the glue had been stuck because it was yellow."
In response to this, Bubble Mart has fired 5 employees involved. All employees involved have been dismissed and will never be hired. Next, they will improve the service process of stores, and carry out inspections of stores in various places to strengthen supervision.
However, once the matter was fermented, it attracted the attention and complaints of many netizens.
Many netizens from Beijing and Shanghai said that they had also encountered secondary sales.
It is understood that a set of blind boxes generally consists of 12 "normal models" and 1 "hidden models", the probability of obtaining the latter is very low.
On second-hand trading platforms such as Xianyu, the prices of "hidden items" and "hot items" are even ten times higher than the original price, which has also led to the profit-making behavior of the shop assistants.
According to previous media reports, Bubble Mart, which costs less than 10 yuan, and its two major IPs-Labubu Generation Dayin "Sanjiao Fish Pink Pearl Out of Print", has a maximum price of 7800 yuan on Xianyu, which is the price of an ordinary blind box. 100 times; Dimoo's "Deer Shadow" model sells for more than 10,000 yuan.
Do not produce toys, only operate IP, profit increased by 287 times in three years
Founded in 2010, Bubble Mart is the largest and fastest-growing trend toy company in China, with a compound revenue growth rate of over 226% in the past two years.
The prospectus shows that the total revenue of Bubble Mart for 2017~2019 was 158 million yuan, 515 million yuan and 1.683 billion yuan, respectively. The compound revenue growth rate in the past two years was as high as 226%; the net profit from 2017 to 2019 were respectively It is 1.569 million yuan, 99.521 million yuan and 451 million yuan, which means that Bubble Mart's three-year revenue has increased by 10 times, and its profit has increased by 287.4 times.
Among them, IP is its core business, covering the entire industry chain of trendy toys from IP development to toy sales through signing contracts, discovering artists, IP operations, consumer reach, and trend culture promotion.
On December 11, 2020, Bubble Mart was listed in Hong Kong.
On the day of listing, it quickly rose to 77 Hong Kong dollars per share after the market opened, a 100% increase from the subscription price of 38.5 Hong Kong dollars per share, and the company's market value exceeded 100 billion Hong Kong dollars.
Although Bubble Mart's stock price soared when the market opened on the first day, the follow-up stock price still struggled to conceal its low weakness.
Since its listing, Bubble Mart has been involved in controversies such as non-refundable defective products, excessive formaldehyde, non-delivery, and secondary sales.
As early as June of this year, a succession of consumers reported that Bubble Mart's new Manghe outer packaging was opened.
According to the Beijing News, netizens have bought such products in Bubble Mart stores in Beijing apm, Beijing Indigo and other places.
Many consumers report that there are still problems in Bubble Mart’s offline stores, such as assisting scalpers in weighing, keeping popular products private, and poor service attitudes of employees.
The hard part is how to maintain traffic for a long time
According to data from consulting agencies, from 2015 to 2019, the size of China's trendy toy retail market increased from 6.3 billion yuan to 20.7 billion yuan, with a compound annual growth rate of 34.6%; it is expected that the scale is expected to reach 76.3 billion yuan in 2024.
The amazing growth rate of the trendy play industry has attracted Internet companies such as Youku, Tencent, and Bilibili to launch trendy play products and programs.
In addition, more investment institutions are also accelerating their deployment.
How long will the blind box and other trendy games be popular?
At present, the development of the trendy play economy is facing many constraints-in terms of the core, the original IP is insufficient, the IP is single and fixed, and the content and industrial chain are not enough, resulting in the blind box and other trendy games that are easy to depreciate and age, making consumers "aesthetic fatigue"; In terms of quality, whether the workmanship of the blind box is worthy of the price has been controversial; in terms of market maturity, the second sale of Bubble Mart was dismantled from the blind box incident, which exposed the lack of brand management.
Experts say that it is not difficult to cause a short-term consumption boom, but it is difficult to maintain the flow for a long time.
In order to continue the "blind box fever", in addition to continuously injecting new elements, it is also necessary to strictly control the quality. At the same time, it is necessary to prevent the negative impact of high-price hype in time, so that the blind box can truly play the value of fashion.