中国潮玩企业泡泡玛特公告称，其2024年第三季度未经审核整体营收同比下降45%至50% 1。具体数据显示，中国市场营收同比下降25%至30%，其中实体通路营收下降5%至10%，线上通路营收下降45%至50% 1。海外市场方面，亚太区营收同比下降65%至70%，美洲市场营收同比下降70%至75%，欧洲与其他地区营收同比下降50%至55% 1。
针对此次业绩波动，泡泡玛特首席运营官司德在电话会议中表示，去年第3季是业务爆发核心时期，今年第3季则相对面临较大的压力与挑战 1。尽管短期业绩承压，司德认为从全年来看，中国市场的表现稳健，预计今年全年业绩有望实现正成长 1。此外，司德看好第四季度表现回稳 1。
关于营收下滑的原因，第一财经“壹评级”解析指出，高基数与产品影响、新品未能及时接力、品类需求走弱、社群热度下降以及线上流量投放克制均是主要原因 1。
Chinese designer toy company Pop Mart announced that its overall unaudited revenue for the third quarter of 2024 declined by 45% to 50% year-on-year 1. The significant downturn was observed across both domestic and international markets. Revenue from China dropped by 25% to 30%, while overseas regions faced steeper declines 1. Specifically, revenue from the Americas fell by 70% to 75%, Asia-Pacific dropped by 65% to 70%, and Europe along with other regions saw a decrease of 50% to 55% 1. Within the Chinese market, online channels experienced a sharp contraction of 45% to 50%, whereas physical retail outlets recorded a more modest decline of 5% to 10% 1.
Management Outlook and Analyst Commentary
Despite the substantial short-term pressure on performance, Chief Operating Officer Sid expressed optimism regarding the fourth quarter during a conference call, stating that the company expects full-year results to achieve positive growth 1. Sid noted that the previous year’s third quarter represented a core period of explosive business growth, which naturally created challenging comparative conditions for this year’s figures 1. Analysts from Yicai identified several factors contributing to the slump, including the high base effect from the prior year, changes in product structure, and a lack of timely successor products to sustain momentum 1. Further explanations cited include weakening demand across categories, a decline in community enthusiasm, and restrained spending on online traffic acquisition 1.
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