Shulou(Shulou.com)11/24 Report--

As a new category that combines art and creativity, fashion play has become a hot consumption phenomenon. At present, the global fashion game industry is in a period of rapid growth. Recently, Popomat, the first stock of Pop play, revealed the latest business situation in the third quarter, and the announcement showed that the overall earnings (unaudited) of Pomat in the third quarter of 2023 increased by 35% and 40% compared with the same period last year. Of this total, revenue from mainland China increased by 25%, while that from Hong Kong, Macao, Taiwan and overseas increased by 120%, 125%, respectively.

From a sub-channel point of view, offline channels continued the high growth in the second quarter. Among them, retail stores increased by 35% Mel 40% year-on-year, robot stores grew by 45% Mel 50%, and wholesale and other channels increased by 50% Mel 55% year-on-year. By contrast, online channels are increasing and decreasing. Overall, e-commerce platforms and other online platforms grew by 20% Mel 25% year-on-year. Among the major online platforms, Douyin showed eye-catching performance, growing by 875%-880%. Tmall flagship stores and bubble Matt box extractors are down 20%, 25% and 10%, respectively, compared with the same period last year.

It is worth noting that Popomat's performance in overseas markets has maintained high growth in recent years. In the third quarter of this year, Popomat's business in Hong Kong, Macao, Taiwan and overseas grew by 120% and 125% compared with the same period last year. According to the financial results for the first half of 2023, the company's overseas business grew by 139.8% year-on-year in the first half of the year, and revenue accounted for 13.4% of total revenue.

A number of research reports show that overseas operations are expected to be the driving force for the continued growth of Popomat's revenue. In its research report released on October 17, Chuang Chuang Securities said that under the strategy of "from near to far, from trial to shop", Bobomat's overseas business DTC strategy continues to be implemented, and it is optimistic that driven by the company's data, overseas channel expansion and localization penetration will increase, and the overseas market is expected to drive the company's revenue scale to continue to grow.

After the release of the results, Morgan Stanley, a well-known international investment bank, released its latest research report, saying that despite macro challenges, Bobomat has maintained good business quality and is progressing smoothly in achieving its full-year targets. Strong growth in overseas markets and the promotion of Douyin have made it full of confidence about Popomat's prospects for 2024-2025.

In the field of tide play, there is no completely homogeneous competitor in the world at present, and it is expected that Bubble Matt still has a lot of room for development in the international and domestic markets in the future. Morgan Stanley said the bubble mart Q3 was basically in line with its expectations, growing 35-40% year-on-year, close to the growth in the second quarter. Sales in China have increased by 25-30%, while sales in overseas markets have increased by 120-125%. Morgan Stanley believes that compared with most consumer industries that have launched more promotions since the third quarter of 2023, Bubble Matt's gross margin has improved and operating efficiency has been good.

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