泡泡玛特（9992.HK）2026年中期业绩发布会
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会议摘要
Bubble Mart management reviews the successful cooperation with Pixar, emphasizing the brand's 10th anniversary plan, with over 0.1 billion members worldwide and core users for art lovers. The company strengthens its membership system, enhances its global influence, the Chinese market is growing steadily, and overseas faces challenges but stores are healthy. Commodity management fine, park and new business performance, plans to expand. IP operations focus on balance and innovation, store upgrades to optimize the experience, and global store opening strategies shift to quality priority. The first half of 2026 results report, revenue of 17.17 billion yuan, net profit of 5.1 billion yuan, strong business in China, overseas resilience. Key IP Rab cloth, emerging people show bright eyes. The company emphasizes long-term development, launches a buyback program, explores the transformation of the park and new business, deepens the emotional connection with fans, and promotes the sustainable development of the brand and business.
会议速览
The first half of 2026 results conference: challenges and growth coexist in the half yearThe results conference reviewed the financial performance and business operations in the first half of 2026. Despite the pressure and challenges that exceeded expectations, the company's overall performance was satisfactory. Management will provide detailed information on financial data and the progress of the business segment, and share their views on performance and future prospects during the Q & A session.
Bubble Mart's 1H26 Financial Results: Revenue 17.17 billion, Net Profit 5.1 billionBubble Mart Group achieved revenue of 17.17 billion yuan in the first half of 26 years, up 23.82 percent year-on-year, of which sales of independent products increased to 99.3 percent and sales of artist IP products reached 15.29 billion yuan. Gross profit was 11.97 billion yuan, with gross profit margin of 69.7, down 0.6 percentage points from the same period. Net profit was 5.1 billion yuan, up 8.9 percent year-on-year, and adjusted net profit was 5.16 billion yuan, up 9.5 percent year-on-year. There are 676 stores and 2827 robots in the world, accounting for 71% of China's business revenue.
Highlights of IP business in the first half of 2026: Rab led, newcomers rise, global influence increasedIn the first half of 2026, the IP business performed well, with Rab sales reaching 4.45 billion, enhancing global influence through World Cup cooperation, 10th anniversary exhibitions and other activities. New sales reached 2.65 billion, rapid growth, the second half of the year will expand overseas markets. Scar panda and Pony Polly's joint products are selling well, Sky is on the high-setting week in Paris, and Crybaby's tears are streaming into a sea of sales. Global registered members exceed 0.1 billion, brand influence continues to expand.
Global Market Layout and Brand Power Enhancement: From China Accumulation to Overseas ExpansionDiscussed the sustained and stable growth of the Chinese market and the improvement of brand power, as well as the strategic adjustment of overseas markets after the return of normal traffic, emphasizing the establishment of deep links with fans through store upgrades and online and offline channel collaboration to achieve long-term stable growth in the global market.
Global brand inventory management optimization and supply chain information construction strategy.The dialogue discussed the inventory pressures faced by global brands, which stem from sales forecast bias, leading to inventory backlogs. In response to the challenge, the brand will promote refined product full-link management, optimize product development processes, and improve global operational efficiency. At the same time, adjust product pricing, strengthen supply chain information construction, optimize costs, reduce new inventory capacity. Optimize the warehousing and logistics system on a global scale, strengthen regional team collaboration, and improve inventory management efficiency. In addition, the brand is committed to building a localized team and an international vision, cultivating different markets, building a talent and cultural system, and strengthening team spirit.
Park Reopening and New Business Expansion: Innovative Experiences and Global IP MarketingAfter the renovation, the park will be fully reopened in summer, adding night tours and excellent operating data, aiming to enhance the emotional connection between consumers and IP. New businesses including Bakery, home appliances and accessories are progressing steadily, and film projects are also progressing smoothly. The performances hatched by the park will be used for global IP marketing. It plans to interact with fans in more places, and help IP integrate into fans' life scenes through innovative business exploration to establish closer connections.
Management discusses 2023 performance targets and the company's long-term development strategyDiscussed the adjustment of the company's performance target this year to pay more attention to long-term health. Despite the pressure of international and domestic economy, the management is full of confidence in the company's long-term development by optimizing IP distribution, strengthening brand building and launching repurchase plan.
Analysis on Marketing Success and Long-term Operation Strategy of Rab World CupDiscusses the success of Rab's World Cup marketing campaign, including the global social media boom triggered by the opening ceremony performance and the increase in brand awareness. At the same time, it analyzes the problems of premature product launch time and inventory backlog, and puts forward long-term operational strategies such as adjusting the pace of product launch, deepening IP content construction, and strengthening global marketing promotion, with the aim of building Rabbu into a world-class top IP.
Business Adjustment Progress in 2023 to Share with Global Market StrategyThe dialogue discussed the progress of the company's business adjustment in 2023, including solving the problems of supply chain, store operation and personnel management, as well as the challenges and coping strategies in overseas markets such as the United States, Europe and the Asia Pacific region. It stressed the importance of team building, commodity forecasting, engineering quality and logistics system optimization, and looked forward to the growth potential of the Chinese market and future operational priorities.
Omni-channel Integrated Operation Helps China Market Growth: Customer Experience and Brand Stickiness EnhancementThe domestic market through the omni-channel integrated operation, strengthen the customer experience advantage and brand stickiness. Offline channels are still the main force for new players, while online channels broaden the brand's contact surface. The trend of cross-channel consumption of members is obvious, with both private channels and e-commerce showing positive growth. Brands no longer rely on a single channel or explosive products, IP product lines to maintain balanced growth, the second half of the operational improvement will continue to promote the healthy development of the market.
Organizational Structure Adjustment and Overseas Business Optimization: Enhancing Brand Unity and Operational EfficiencyThe significant changes after the organizational structure adjustment are discussed, including unified middle-end management to enhance brand perception, and strategies to deal with supply chain challenges. At the same time, it is mentioned that despite the year-on-year decline in overseas business, the profit margin is stable. In the future, the globalization ability of the headquarters team and the construction of overseas regional talent echelon will be strengthened to support the long-term development of the company.
Strategies for the decline in gross profit margin and the decline in operating interest rates in overseas markets in the first half of 2026The reasons for the 0.6 percentage point decline in gross profit margin in the first half of 2026 were discussed, including income restructuring and rising raw material and logistics costs. In order to optimize gross margin, it plans to accelerate the construction of overseas supply chains, integrate global logistics resources, enhance bargaining power and reduce transportation costs. At the same time, in response to the decline in profit margins in overseas markets, we will improve store operating efficiency and single-store operating rates by strengthening localized and refined operations, standardized system construction, accelerating storage construction and supplier integration.
Bubble Mart Discusses IP Operation and New Development of Dessert BusinessDiscussed the company's strategic focus on IP operations in the next few years, including head IP operations, new IP incubation and platform improvement, while sharing the operating data of the dessert business, emphasizing the synergy between dessert and IP and the exploration of the group strategy.
Discussion on Enterprise Concept Evolution and Product Design InnovationThe changes in corporate philosophy with scale expansion are discussed, emphasizing the importance of intrinsic value and sense of design. This paper analyzes the polarization phenomenon of Mabu product reviews, puts forward the importance of continuous innovation and user participation in design, and looks forward to the trend of product diversification in the future.
Park Expansion and Inventory Management: Growth Data and Optimization StrategiesAfter the opening of the new area of the park, the passenger flow nearly doubled month-on-month, up 40% year-on-year, and the page tour contributed more than 25% of the traffic. The experience was good but the queue time was long. Plans to transform Bubble Street, start the second phase of the design, the introduction of new IP. Inventory increases and management considers adjusting the pace of production and promotional strategies to optimize the supply chain. The park has significantly increased brand and IP value and is exploring seasonal operational improvements.
Detailed explanation of group inventory status and optimization strategy: from global transfer to order controlThe current inventory situation of the group shows that the proportion of inventory aged more than two years has increased slightly, but the total amount has begun to decline since July this year, and the inventory of new products has also shown a double-digit decline. In order to optimize inventory, the Group has taken measures such as global cross-regional allocation, refined operation and order-side control to avoid inventory increase, while emphasizing brand protection and consumer experience and not conducting large-scale promotion.
Details of Bubble Mart IP Strategy and Global Shop PlanThe conversation revolved around Bubble Mart's IP portfolio balance and global store plans. In terms of IP, the focus is on overseas performance such as Rabub and school panda, as well as the potential development of emerging IPs such as neta and defection. In the store opening plan, China continues to optimize the store image and customer experience, while overseas emphasizes quality first, adjusts the early layout, and carefully selects the location and conditions of new stores to ensure the successful operation of each store.
要点回答
Q：Hello everyone, thank you for participating in our performance conference. What are the challenges and shortcomings for the company in the first half of this year?
A：The first half of this year did face more pressure and many unexpected difficulties than expected. In spite of this, we have achieved satisfactory results through joint efforts. Although we have seen some deficiencies in the figures, we have made a lot of efforts in the invisible places. Next, please ask your colleagues to briefly introduce the performance of this half year.
Q：What is the gross margin, net profit and profit of the group?
A：In the first half of 2026, the group's gross profit margin was 69.7, down 0.6 percentage points from the same period last year, mainly due to a 0.9 percentage point drop in gross profit margin due to the decline in the proportion of overseas revenue, and the increase in raw material costs due to the unstable international situation. Net profit was 5.1 billion yuan, an increase of 8.9 year-on-year, mainly due to an increase in gross profit; sales expense ratio and management expenses increased by 0.89 billion yuan over the same period last year.
Q：From the perspective of regional distribution, how will each region perform in the first half of 2026?
A：In the first half of 2026, the Chinese business benefited from refined operations and improved brand awareness, achieving sales revenue of 12.2 billion billion yuan, accounting for 71% of the group's revenue. Although overseas business has experienced rapid growth and declined, it still maintains high resilience. The sales revenue in the Asia-Pacific region is 2.58 billion yuan, accounting for 15%; the American region is 1.89 billion yuan, accounting for 11%; the European region is 0.51 billion yuan, accounting for 3%.
Q：How will IPG's product distribution perform in the first half of 2026?
A：In the first half of 2026, the proportion of sales of independent products further increased to 99.3, up 24% year-on-year. Among them, the sales of artist IP products accounted for 89%, with sales of 15.29 billion yuan, up 25% year on year. A total of 11 IP revenues exceeded 0.1 billion yuan, and Xinxing IP sales revenue reached 2.65 billion yuan, up 587.6 year on year.
Q：Next, let's talk about the performance of the global market, especially the Chinese market and overseas markets?
A：After more than ten years of accumulation, the Chinese market has continued its sustained and stable growth trend this year, and its brand strength has been continuously improved. After experiencing high growth, overseas markets are facing greater year-on-year pressure this year. Online channel traffic has returned to normal, and offline store sales have fallen year-on-year, but overseas stores as a whole remain healthy and confident in the future.
Q：What are the company's infrastructure plans for the future?
A：This year, the company will focus more on infrastructure construction, including internal systems, team building, logistics systems, work processes, etc., to support long-term stable growth in the three regions of Asia-Pacific, America, and Europe. At the same time, we will continue to optimize the store layout, enhance the brand experience and store operating profit level, and strive to achieve online and offline channel synergy, enhance the stickiness and depth of association with fans.
Q：How to address the challenges of commodity management, especially inventory pressure?
A：The company will promote refined commodity full-link management, optimize product development process and efficiency, sort out global product pricing and adjust, strengthen supply chain information construction, improve the overall commodity inventory management efficiency. In the future, the warehouse logistics system will be further optimized, warehouse operations, store distribution and online performance will be improved, and interregional collaboration will be strengthened.
Q：What is the evaluation of the effect of Labu World Cup marketing activities? What actions are worth looking forward to in the future operation of Labu?
A：The Labu World Cup marketing campaign is a comprehensive activity that combines products with the World Cup stadium, which is quite successful from the effect of the activity. Rabbu's performance at the opening ceremony of the World Cup quickly rushed to the hot search list on Chinese social media, and occupied a high position in the social media trend list of many countries and regions, effectively expanding the brand's popularity and voice. At the same time, the cost of this marketing campaign is relatively low and the rate of return is high. For the future operation of Labu, we will continue to carry out global marketing and promotion activities to strengthen its brand awareness and emotional association, and further improve its performance by adjusting the pace of product sales, enriching the accumulation of content worldview, and star co-branding. At the same time, parks and movies are also the focus areas of our continuous investment.
Q：So is the first half of this year and now more difficult than expected at the beginning of the year? For the whole year, is it possible that we will not meet the previously set target of 20%?
A：Indeed, the first half of this year and the current situation are more difficult than expected at the beginning of the year. International economic, geopolitical and domestic economic factors have a great impact on global consumption, and these difficulties have exceeded expectations. Despite achieving over 20% growth in the first half, we expect more pressure in the second half than in the first half, given last year's high base effect. Therefore, we may not be able to achieve the 20% growth target set at the beginning of the year. However, compared to last year, we believe that the company's governance and health have improved significantly this year.
Q：How do we see this year's performance pressure and the company's health? Also, can you share some IP data and overseas business performance?
A：Although we faced greater difficulties this year, we are more satisfied with the overall health of the company. For example, in the first half of this year, it maintained a growth rate of more than 20%, while the proportion of rabu in IP data dropped to 25%, showing a healthier IP distribution. Although the overseas online business has declined, the overall performance of the offline business of overseas stores is good, which provides important confidence for the company's long-term growth. In addition, through continuous optimization of operations, team and brand management, we have made positive progress in brand awareness, goodwill and reputation.
Q：Behind the rapid growth of sales figures in the medical and beauty industry last year, did it expose problems at the operational level?
A：Yes, despite the significant digital growth, there were a lot of operational issues last year. For example, stores often sell out, snap up and queue for a long time, which is not a healthy normal. There are problems in the supply chain, store operations and personnel management.
Q：What steps has the company taken this year to address these issues and what progress has been made?
A：This year, we have set out to solve the details of each link. At present, we have seen that the problems that have been solved and the new problems discovered have made great progress compared with last year. We will continue to patiently deal with these issues that respect time and business details, especially in the areas of commodity forecasting models and team building.
Q：What pressures have the U.S. market experienced in terms of commodities, and how have companies responded?
A：In the U.S. market, due to the sharp fluctuations in sales, large deviations in commodity forecasts, limited internal system understanding of the market, and long logistics timeliness, some methods established in China have encountered challenges in the United States. We are constantly combing through the forecasting model, strengthening the commodity team building, and have made some progress, but we still need to make further efforts to improve.
Q：What are the main pressures facing engineering teams in the US and Europe, and what is the current situation?
A：The main pressure on the engineering team in the United States and Europe comes from the engineering difficulties of flagship and large stores and the control of early budget estimates and actual landing. The project quality and cost control of the recently opened stores have improved significantly, but there is still a need for continuous improvement in team building and other aspects.
Q：What is the impact of logistics timeliness on product listing, and what measures has the company taken to deal with it?
A：Logistics timeliness has a great impact on the launch of new products, often resulting in new products can not be sold at the same time or out of stock as soon as they are listed. To solve this problem, we worked across teams to adjust product development time, optimize production and logistics processes to reduce shipping costs and ensure sufficient inventory when new products are released.
Q：What are the challenges and strategies for European stores?
A：In Europe, we renegotiated the commercial terms of some stores and abandoned some new store plans to ensure the healthy development of stores by slowing down the opening speed. At the same time, upgrade the warehouse logistics system, seek new supplier cooperation methods and warehouse network layout to improve overall performance.
Q：What are the main challenges and responses in the Asia-Pacific region?
A：The main challenge in the Asia Pacific region is team building. We have invested a lot of time to interview and help fill in key positions and rebuild the team. In addition, pay attention to the upgrading of old stores and adjust the area and location of stores to promote brand upgrading and increase sales profits.
Q：What is the situation in the Chinese market and how does the company conduct omni-channel operations and management?
A：China continues to carry out the construction and maintenance of omni-channel integrated operation ecology, and strengthen the differentiated customer experience of different channels. Offline channels are still the main source of new ones, while online channels break through physical space constraints and promote cross-channel transformation of customers. Fine management offline stores, e-commerce channels in the big activity node although there are challenges, but new customer acquisition and re-purchase rate have significantly improved. At the same time, Tmall and other platforms achieved double-digit growth year-on-year, relying on consumer operations rather than explosives.
Q：What is the most obvious change after the organizational structure adjustment? Is there any further adjustment direction in the future?
A：After the adjustment of the organizational structure, the most obvious change is that the four regions have been unified and handed over to China and Taiwan for management, which has improved operational efficiency and global brand image consistency. The future adjustment direction will focus on how to deal with uncertainties and risk management more effectively on a global scale, while strengthening the global vision and language skills of the headquarters team, and helping overseas teams build long-term talent echelon construction to support the company's long-term development in the future.
Q：Regarding the development of the dessert business, are there any relevant operating figures to share and explore its synergy and driving effect with the main business?
A：The dessert business was first explored and developed from the paradise catering sector and has now become an independent business line. At present, there are two main forms: one is to open independent stores, such as the first domestic independent dessert store opened in Anaya in June this year and the first overseas dessert store opened in Shuangbang Island Sha, Singapore, both of which have achieved better than expected Performance; the second is to open a theme pop-up shop, which has opened more than 40 stores in China, covering more than 25 cities. The dessert business not only provides taste and smell experiences, but also prolongs the time consumers spend in stores, helping to reach new consumers and allowing customers to experience IP culture in different ways. At this stage, the dessert business adopts a more restrained development strategy, focusing on polishing the basic capabilities of product operation, training and supply chain, verifying the business model and then gradually expanding the market.
Q：What is the long-term value of the park to the entire company and brand?
A：The park can significantly enhance consumers' understanding of the brand. Through participating in the park activities, consumers' cognition and feelings of individual IP will also be deepened. In addition, the park also plans to carry out regional renovation, such as the start of the renovation of Bubble Street and the start of the concept design of the second phase of the park. The new IP will be integrated into it to bring consumers a better experience.
Q：What is the current inventory status and optimization direction of the Group?
A：At present, the proportion of the group's inventory over two years old has increased, but the overall inventory has shown a downward trend since July this year. New products within one year and products for 3 to 6 months and 6 to 1 year are considered as new products. Although the amount of inventory in the first quarter of 2015 increased due to the explosive growth of global business, there has been a double-digit decline since then, and the overall trend is steady and declining. In order to effectively manage inventory, the company has adopted a global cross-regional allocation and refined operation strategy, adjusted the distribution of goods in different regions in a timely manner, and controlled from the ordering side to avoid inventory increases, while considering future performance and new product launch time to optimize the inventory structure.
Q：What about the IP portfolio balance and store opening plan?
A：In the existing IP portfolio, some IPs, such as four-cylinder judgment and Ono, have performed well in the western market, basically in the second or third place, and are likely to reach the first place in the short term. For emerging people and other fast-growing IP in China and Asia, will improve its performance in the western market through marketing, product display design and other aspects. In addition, the company will continue to promote the upgrading and replacement of stores. It is expected that dozens of stores will be relocated in the second half of 2022, and more flagship stores will be opened, not only in first-tier cities, but also in second-tier and third-tier cities and Hong Kong, Macao and Taiwan. The overseas store opening strategy will shift from pursuing speed to giving priority to quality. Strict screening will be carried out on the location, area and business conditions of new stores to ensure good stores, and energy will be put into renovating and shifting old stores in the Asia-Pacific region.
