August 27，Bubble 188bet Live Casino announces financial report for the first half of 2021。

Judging from the book figures alone，Bubble 188bet Live Casino has performed well in the past six months: total revenue 17.7.3 billion yuan，116 year-on-year increase.8%，Performance has improved，But the growth rate has not yet returned to the pre-IPO level；Net profit 3.5.9 billion yuan，154% year-on-year increase。While revenue is growing，Pop 188bet Live Casino is also looking to get rid of its dependence on head IP，Explore online and offline multiple channels、Deeply cultivate the sinking market。

But Bubble 188bet Live Casino’s efficiency in making money has become lower，Gross profit margin of independent products decreases、Inventory turnover days increased。

The even more bleak signal is，Bubble 188bet Live Casino has set off the "blind box craze" in the entire industry，But users and the capital market have begun to look at this company calmly and rationally。

After it became the “first blind box stock”，A large number of players enter，52TOYS、188bet Live Casino Station、TOP TOY of Miniso、Brands such as Kule Chaowan no longer love the blind box market，Focus on the larger fashion market。

In contrast, Bubble 188bet Live Casino has been stuck in the dilemma of relying on head IP for a long time，Users also seem to be suffering from aesthetic fatigue。Experienced price increase、Second sale、After negative storms such as premium in the second-hand market，Facing doubts，Bubble 188bet Live Casino wants to take off the blind box hat more than anyone else，The word blind box is not found in the financial report，Replaced by trendy toys。

Bubble 188bet Live Casino once relied on its IP blind box with a cost price of less than 10 yuan，Created a gross profit margin of more than 60%、Revenue increased by more than 220%、The myth with the highest market value of nearly HK0 billion。with the highest point 107.6 Hong Kong dollars/share compared，The current share price and market value of Bubble 188bet Live Casino has almost halved。As of press time，Bubble 188bet Live Casino News 52.15 HKD/share，The total market value is 731.HK0 million。Pop 188bet Live Casino needs new stories and growth points。

Some investors opened pineapple financial analysis，Behind the 100 billion market value of Bubble 188bet Live Casino，It is the market sentiment that changes in a short period of time、The result of the intersection of culture and trends among young people，Pop 188bet Live Casino wants to maintain this myth，We have to find a way to continue this "intersection"。

188bet Live Casino business is difficult: old 188bet Live Casino loses vitality，The new 188bet Live Casino is not yet "adult"

IP operation with blind box gameplay，Always the two magic weapons of Bubble 188bet Live Casino。

Includes own IP、Exclusive IP、Independent products including non-exclusive IP，Has become the core source of income for Bubble 188bet Live Casino，The revenue of this part increased from 6% in the first half of 2020.8.7 billion yuan，Increased to 15 in the first half of 2021.8.2 billion yuan，130 year-on-year increase.4%。The income proportion has further increased to 89.3%，Exceeding the 84 in the same period last year.1% and 82 for all of 2019.1%。

Picture source: Bubble 188bet Live Casino 2021 Semi-Annual Report

In revenue from independent products，The proportion of revenue from self-owned 188bet Live Casino is on the rise，The proportion of exclusive 188bet Live Casino shows a downward trend。The main reason is that our own 188bet Live Casino no longer relies solely on Molly and Dimoo，More balanced layout。

Ace IPs Molly and Dimoo each achieved revenue 2 188bet Live Casino half of 2021.0.4 billion yuan and 2.0.5 billion yuan，A year-on-year increase of 81 respectively.9% and 74.5%，However, the revenue share of the two ace IPs decreased。What to know from 2017 to 2019，Molly accounts for 25% of its total own IP revenue.9%、41.6% and 27.1%，Now the proportion is only 11.5%。

New 188bet Live Casino SKULLPANDA and Bunny performed well，The former’s income share is almost the same as Molly，Becomes the company’s third largest 188bet Live Casino。

The exclusive 188bet Live Casino is in a turbulent situation。Exclusive 188bet Live Casino overall revenue proportion，Also from 35 in 2019.4%，Reduced to today’s 22.2%。PUCKY, which was once regarded as the second largest 188bet Live Casino，The revenue proportion has increased from 18 in 2019.7%，Downgraded to 14 in mid-2020.6%，Until 6 in the middle of this year.1%；SATYR RORY, the fifth largest 188bet Live Casino in 2019, no longer appears in the financial report。

From the perspective of income contribution，Pop 188bet Live Casino’s IP lines have become more and more abundant in the past year，The proportion of each IP gradually becomes balanced，The alternation between old and new IPs is also quite obvious。This is the reason why the company’s resources are intentionally tilted towards new IP，There is also the possibility that the head IP has insufficient stamina。

Song Renfei said，To ensure revenue，The pace of releasing new products from old 188bet Live Casino is accelerating，The user’s hunger becomes weaker；At the same time，Is the product carefully crafted、Are you careful?，Consumers can feel it，As the competition in the blind box market becomes more and more red，Once there are problems with missing process details and degraded design，It may lead to user loss。

Yao Ping, an investor who has long been paying attention to the consumer industry, also has the same view，He believes that most blind box companies with original 188bet Live Casino on the market currently have similar problems。“The more popular blind box images currently on the market tend to be cute、Female audience、Simple shape，But this type of blind box does not have much content support，Although pleasing at first sight，But it is easy to get tired after a long time。”Preferences of young female audience，It will also in turn affect the design of 188bet Live Casino，If the 188bet Live Casino cannot be symbolized later，A fault is likely to occur。

While digging for new IP，Pop 188bet Live Casino also tries to authorize and co-brand，To meet the needs of different user groups。Strengthen cooperation with world-renowned IPs in 2020，Introducing Harry Potter、Naruto and other product series，And with the help of its main IP，With brands such as Dove、Cooperation with L’Oreal and others，Trying to break the circle。This series of actions，Regarded by industry insiders as helping to extend the life cycle of IP，Widen the age group of consumers。

Is the “sinking market” a drag on channel 188bet Live Casino?

Another profit point of Bubble 188bet Live Casino is the layout of online and offline omni-channel sales network。Currently there are offline channels (retail stores、Robot Store)、Online channel (Tmall flagship store、JD flagship store、Bubble carton machine and other e-commerce platforms)、Wholesale、Four major sales channels at the exhibition。

In an environment where online traffic is becoming more and more expensive，Bubble 188bet Live Casino first wants to seize offline spots as much as possible。Financial report display，Bubble 188bet Live Casino’s offline channels (including retail stores) in the first half of 2021、Robot store) still has the highest revenue share，Up to 50.9%，But compared with 51 in the same period last year.2% slight decrease。

Pop 188bet Live Casino channel income

Photo source / Bubble 188bet Live Casino 2021 Semi-Annual Report

In recent years，Pop 188bet Live Casino has been increasing the proportion of retail stores，From 114 retail stores in 2019 to 215 retail stores in the first half of this year。

Situation of retail stores in cities of different levels

Photo source / Bubble 188bet Live Casino 2021 Semi-Annual Report

Retail store revenue increased from 3% 188bet Live Casino half of 2020.1.3 billion yuan increased to 6 188bet Live Casino half of 2021.7.5 billion yuan，115 year-on-year increase.5%，But the income gap between different cities is obvious。New Line、The combined income of second-tier and below cities reaches 2.0.4 billion，Income in first-tier cities reaches 1.5.8 billion。

Visible，First-tier cities still have major consumer groups，But considering that users’ interest in blind boxes is decreasing，In terms of geographical selection for new stores，Bubble 188bet Live Casino’s play style begins to “sink”。2020，28 new stores added in first-tier cities，New Line、51 new stores in second-tier and below cities，The number of stores in the latter city has almost doubled。

However, the proportion of revenue contributed by Bubble 188bet Live Casino’s overall retail stores is decreasing，63 from 2017 to 2019.9%、48.3%&43.9%，38 in the first half of 2020.3%，Gradually reduced to 38 in the first half of this year.1%。

Robot stores in different cities

Photo source / Bubble 188bet Live Casino 2021 Semi-Annual Report

To reduce the burden，Bubble 188bet Live Casino accelerates the installation of self-service vending machines，At a faster speed、Lower cost test market。1477 robot stores as of June 30, 2021，476 more rooms than the same period last year。

Opposite to the store quantity layout，Pop 188bet Live Casino is on the new frontline、The number of robot stores in second-tier and other cities has exceeded that of first-tier cities，The lower the market sinks, the more machines there will be，This trend is expected to continue。

The number of robot stores has nearly doubled compared with 825 at the end of 2019，But the revenue share has been declining，From 16 in 2018.8%，14 by 2019.8%，Reduce to 12 by the 188bet Live Casino this year.8%。

A 188bet Live Casino self-service vending machine operator told Kaiboluo Finance，The attraction of robot stores to consumers has entered a bottleneck period。On the one hand, the experience is not as good as that of retail stores，Not even as social as online；On the other hand, the machines are getting denser and denser，The effect of attracting users to place orders naturally decreases。

The role of the robot store is advertising first、Second in sales。Yao Ping pointed out，These robot stores are equivalent to an advertising space，Meanwhile，You can also direct traffic online，Because you can scan the code to redeem points for deduction during the purchase process，It can also help Bubble 188bet Live Casino build a membership system。

Robot Store

Picture source: Bubble 188bet Live Casino official Weibo

As of June 30, 2021，Pop 188bet Live Casino has 1141.50,000 registered members，Nearly doubled from the 7.4 million people at the end of 2020，The overall repurchase rate of members is 49%。In the first half of 2021, members contributed 91% of sales.8%，But the year-on-year growth is only 3.4%。Pop 188bet Live Casino seems to have not fully explored the monetization potential of existing members。

Overall online income，Pop 188bet Live Casino from 3 in the first half of 2020.3.4 billion yuan rising to 6 in the first half of 2021.7.8 billion yuan，102 year-on-year increase.9%，Income and gross profit margin have exceeded that of retail stores。

The main income from online channels comes from the Bubble 188bet Live Casino box drawing machine，Income increased by 101% year-on-year.0%，The revenue share of Tmall channels has decreased compared with the same period last year，The newly added JD flagship store revenue increased by 480.1%。Overall，Pop 188bet Live Casino’s online channels are richer than those of competing products。

What’s worth paying attention to，Paq, the self-owned e-commerce platform that was optimistic when it was listed before，disappeared in the financial report。Some investors speculate，Maybe it’s because the data is not good enough，Although Bubble 188bet Live Casino already has a certain membership user base，But its own fashion culture community has not yet taken shape，This reflects a dangerous signal: the value of Bubble 188bet Live Casino IP is not strong enough。

The blind box "rolls in" and Bubble 188bet Live Casino stalls

Looking at Bubble 188bet Live Casino as a whole，Total revenue in the first half of 2021 17.7.3 billion yuan，116 year-on-year increase.8%，Performance has improved，But the growth rate has not returned to the previous level。2018-2020，Bubble 188bet Live Casino’s revenue growth rate is 225% year-on-year respectively.49%、227.19%、49.3%，Among them，The performance growth rate in 2020 has plummeted。

Profit aspect，Bubble 188bet Live Casino’s adjusted net profit in the first half of 2021 4.3.5 billion yuan，144 year-on-year increase.1%，It is expected to surpass last year at the end of the year。2019-2020，The company’s net profit is 4.5.1 billion yuan and 5.900 million yuan，

But it is worth noting，Pop 188bet Live Casino’s efficiency in making money has become lower。

Inventory turnover days have increased from 46 days in 2019，Growth to 78 days in 2020，There are still 74 days as of June 30, 2021；The gross profit margin of independent products has also increased from 71 188bet Live Casino half of 2020.1% dropped to 66 188bet Live Casino half of 2021.9%。

Talk about the reasons for the decline in gross profit margin，Bubble 188bet Live Casino said it was mainly due to improving product design and technology，As well as rising raw material costs and supply chain labor costs。

April this year，Bubble 188bet Live Casino has increased the price of new products，Rising from 59 yuan to 69 yuan，Causing controversy among players。Since listing，Bubble 188bet Live Casino still has defective products and won’t return them、Negative incidents such as secondary sales。As of now，The number of complaints related to Bubble 188bet Live Casino on the Black Cat Complaint Platform has reached more than 4,700。

Also，Blind box has always been the second magic weapon after 188bet Live Casino，Seems to have encountered difficulties as well。

The blind box lies 188bet Live Casino word "blind"，Plus there are hidden items，Greatly stimulates users’ repurchase rate。“But if the hidden model is easy to get through second-hand channels，Then the user’s willingness to purchase blind boxes will weaken，Being a blind box is not blind，How many users are still willing to make impulse purchases？"Song Renfei said。

What’s more, blind box consumers have no shortage of choices in the country。Currently the trendy toy market mainly includes Bubble 188bet Live Casino、52Toys、Kule Chaowan、IP Station、American demolition、Twelve cultural and other enterprises，There are also cross-border players such as Miniso launching their own brand “TOPTOY”。Because the blind box business model is highly replicable，There are many players in the industry but low concentration，Competitors have already set their sights on the broader fashion market。

Faced with never-ending doubts and fierce competitors，Bubble 188bet Live Casino wants to take off the blind box hat more than anyone else，The word blind box is not found in the financial report，Replaced by trendy toys。

This year，Bubble 188bet Live Casino launches the high-end trendy product line "MEGA Collection Series"，price reaches thousand yuan level，Some models are limited to 3,000 pieces，Buy by lottery，Said that he would create the first collection for young people。But some users think it still looks like an enlarged version of the blind box，Some users have begun to expect second-hand premiums。

Picture source: Weibo

The outside world has always been concerned about whether Bubble 188bet Live Casino will develop products other than blind boxes，In response to this, Bubble 188bet Live Casino partner Si Dezeng said: In fact, Bubble 188bet Live Casino launches hundreds of non-blind box products every year，It’s just that the output of these products is relatively small，Sold faster，We may be too conservative in terms of production volume (for big babies)，Fans know we have large toys，But the public actually doesn’t know。

Expand categories，Also intends to increase the unit price，A certain degree of difficulty。Song Renfei said，The blind box targets the female group，The price range of 59-79 yuan can be used as impulse purchase，You can start even if you are not a fan。But the unit price of figures and dolls is high，Is a sales fan，Requires high viscosity。He also paid attention to，The figures and dolls that these deep fans want are mostly sold in small circles，Does not fully match Bubble 188bet Live Casino’s current sales channels。

But Yao Ping said，If Bubble 188bet Live Casino wants to continue to maintain its previous market value of 100 billion，We need to enter more categories，A collection that captures the emotions of more young people。

Since last year，Bubble 188bet Live Casino begins cross-border joint cosmetics，Also eyeing the "Three Pitfalls for Girls"，Invested more than thirteen (Hanfu)、Solestage (trendy shoes) and cat galaxy (Lolita/JK uniform)，Deeply bind the "Generation Z" consumer group。In addition，Bubble 188bet Live Casino also invested in "White Snake 2: Green Snake Rises" and "New God List: Nezha Reborn"，Trying the waters of movie derivatives。

Wang Ning, founder of Bubble 188bet Live Casino, also emphasized repeatedly，What Bubble 188bet Live Casino is really doing is trendy toys，The blind box is just a tool，In the future, Bubble 188bet Live Casino will create a small tribal circle，Each tribe has its own "social currency" and even "language"。But at least from the financial report，All this has not yet manifested。

(At the request of the respondent，Song Renfei 188bet Live Casino article、Yao Ping is a pseudonym。）

*Source of this article: WeChat public account "kaiboluocaijing" (ID:kaiboluocaijing)，Author: Su Qi，Original title: "Old IP is old、The new IP is still small，Pop 188bet Live Casino is no longer “scented”？》.