On March 28, bubble mart, the “trendy game pioneer”, released its performance report for 2021. The revenue and profit maintained a high growth rate, but the gross profit margin fell by 2 percentage points.
According to the financial report, bubble Mart achieved a revenue of 4.49 billion yuan in 2021, a year-on-year increase of 78.7%; The net profit attributable to the parent company was 854 million yuan, a year-on-year increase of 63.2%; The profit per share was 0.62 yuan, and the number of registered members reached 19.58 million, with 12.18 million new registered members, a record high. However, the gross profit margin decreased from 63.4% in 2020 to 61.4% in 2021.
Although it maintained a high growth rate, it was lower than market expectations. According to the unanimous expectation of Bloomberg, the net profit attributable to the parent company last year is expected to reach 1.122 billion yuan, with an expected growth rate of 101.58%. At the same time, the net profit was also lower than Zhongtai Securities Co.Ltd(600918) expected. Zhongtai had previously expected the annual net profit to be 943 million yuan, with a growth rate of 80%.
After the release of the data, the Hong Kong stock bubble Mart rose nearly 7% in the morning and plunged sharply in the afternoon, once falling 10%, below HK $30, and finally fell 6%.
IP operation: the proportion of self owned IP revenue has increased significantly, and the development of new IP has been blocked
IP operation is the core business of bubble mart, accounting for 88.6% of the company’s total revenue. Among them, the proportion of head IP revenue is more uniform, and the new IP revenue maintains a high growth rate. In terms of classification:
Own IP Self owned IP is the main commodity type of the company, mainly including Molly, skullpanda, dimoo, bunny, etc. The proportion of self owned IP revenue increased from 39.0% in 2020 to 57.6% in 2021, and the revenue contribution increased significantly.
Exclusive IP Exclusive IP revenue increased by 8.2% to 770 million yuan, mainly due to the revenue contribution of the monsters.
Non exclusive IP The growth rate of non exclusive IP revenue was 39.6%, mainly due to the sale of new series products and the increase of new IP, but its revenue contribution decreased and further development was blocked.
Source: bubble Mart financial report
In addition, the company continued to try product innovation. Last year, the company officially launched the high-end trendy game product line “Mega Collection Series”. The products of mega series achieved a total revenue of 170 million yuan. After selling the joint brand of Mega Collection Series space Molly x SpongeBob in June 2021, nine 1000% space Molly collection series products were sold, attracting a total of more than 8.7 million people to participate in the lottery.
But on the whole, Molly’s head IP revenue accounts for a large proportion, and the force of new IP continues to be blocked.
consumer touch: strong growth in online channels, slow growth in sales contributed by members
In addition to IP operation, another key business of the company is consumer touch, which is mainly divided into offline channels, online channels and member channels.
Offline channel. The sales revenue of retail stores increased by 67.0% year-on-year, mainly due to the effective control of the epidemic in China and the normal operation of retail stores. However, the initial epidemic in 2020 was serious, which had a great impact on the sales of retail stores.
In terms of the number of stores opened, there were 108 new stores in 2021, with a total of 295 retail stores by the end of last year The sales revenue of Siasun Robot&Automation Co.Ltd(300024) stores increased by 42.9% year-on-year, and 519 Siasun Robot&Automation Co.Ltd(300024) stores increased in 2021, with a total of 1870 Siasun Robot&Automation Co.Ltd(300024) stores by the end of last year.
Online channels. Online revenue increased by 97.4% year-on-year, compared with 76.5% last year. The significant growth came from bubble Mart box extractor, tmall flagship store, JD flagship store and other online channels.
Among them, the income of bubble mat box extractor was 898 million yuan, an increase of 92.6%;
Tmall flagship store revenue increased to 598 million yuan, an increase of 47.5%;
The revenue of JD flagship store increased from 362 million yuan in 2020 to 1.432 billion yuan in 2021, an increase of 296.0%. The growth of online channels in 2021 is mainly due to the increase of brand influence and the number of members; As well as the sales growth of bubble mat box extractor and JD flagship store and the expansion of new channels in 2021.
Through the operation of omni-channel members, the scale of user digitization has expanded. As of December 31, 2021, the total number of registered members has increased to 19.58 million and 12.18 million new registered members have been added. In 2021, the sales contributed by members accounted for 92.2%, an increase of only 3.4% compared with 88.8% last year. The repurchase rate of members was 56.5%. Although it has a considerable user base, the total sales growth is slow.
gross profit margin decreased by 2 percentage points
According to the performance report in the first half of the year, the sales cost increased by 88.4% year-on-year, while the revenue growth was only 78.7%, indicating that the growth rate of sales cost was higher than that of revenue.
The gross profit margin continued to decline by 2%, from 63.4% in 2020 to 61.4% in 2021. Bubble Mart said that the gross profit margin decreased due to its improvement of product process quality and the rise of raw material costs in 2021.
