Zhou Zheng Continue scrolling down:
"The third quarter continued the rapid growth trend in the first half of the year.
Single-quarter revenue reached 16.2 billion yuan, a year-on-year increase of 217%.
The cumulative revenue in the first three quarters was 477 million yuan, and it is likely to exceed 650 million yuan for the whole year."
"In terms of revenue structure, the proportion of Blind Boxes products continues to rise, from 62% in the same period last year to 74% in this quarter.
The sales per square foot of the store and Robot Shops are also continuing to improve."
Zhou Zheng Turn to the next page, "In terms of stores, as of the end of the third quarter, there were 68 directly operated stores nationwide, a net increase of 36 stores from the beginning of the year.
Robot Shops One hundred and forty-three units, a net increase of more than one hundred units from the beginning of the year."
"Average monthly revenue per store?" Zhao Chen asked.
Zhou Zheng is obviously well prepared for this problem:
"For Class A stores in core business districts of first-tier cities, the monthly revenue of a single store is stable between RMB 350,000 and RMB 500,000.
The main stores in second-tier cities have monthly revenue of approximately 200,000 to 300,000 yuan.
Currently, there are only three stores with a monthly revenue of less than 150,000 yuan, and they are all in newly opened non-core business districts in second-tier cities. We are evaluating whether to continue to cultivate or adjust the location."
Zhao Chen nodded.
The single store Model is successful, which means that the marginal cost of expansion is controllable.
"Where is Gross Margin?"
"In the third quarter, the overall net profit margin of Gross Margin was 65.1%, which increased by 0.8 percentage points compared with the first half of the year."
Zhou Zheng Turn to the Gross Margin analysis page,
"The improvement mainly comes from two factors. First, the proportion of self-owned IP has increased, and the proportion of authorized IP sharing costs has decreased.
The second is the reduction in procurement costs brought about by economies of scale. The production cost of a single box of Blind Boxes dropped from 8.7 cents in the same period last year to 7.5 cents."
Zhao Chen tapped his finger lightly on the table.
The 65.1 Gross Margin is at a very beautiful level in the consumer goods industry.
And with the further increase in the volume of its own IP and the continuous optimization of Supply Chain, there is still room for improvement in this number.
"Do you have the member data?" Zhao Chen asked again.
This time it was Su Xiaotang who took over the conversation:
"As of the end of the third quarter, our total number of members exceeded 1.8 million, an increase of nearly three times from the beginning of the year.
Among them, there are approximately 930,000 paying members—active members who have purchased products at least once within a year.
The member repurchase rate is 41%, and the average customer price is 126 yuan."
Zhao Chen turned to look at her. "Is the repurchase rate of 41 monthly or quarterly?"
Su Xiaotang was stunned for a moment and then reacted:
"On a quarterly basis, the monthly repurchase rate will be higher, about 55%."
Zhao Chen nodded slightly.
Blind Boxes's business model, repurchase rate is the key to success.
A quarterly repurchase rate of over 40 indicates that the addictive nature of the product Model has been initially established.
This is the core moat that distinguishes Bubble Mary from ordinary retail companies.
Zhou Zheng continued on and turned to the income statement.
"The net profit in the third quarter was 31 million yuan, a year-on-year increase of more than four times, with a net profit margin of 19.1%."
Zhou Zheng's tone was filled with pride that could not be concealed,
"The cumulative net profit in the first three quarters is 72.2 million yuan, and the full-year net profit is likely to exceed 100 million yuan."
Meeting Room was quiet for a few seconds.
Zhao Chen's eyes retracted from the Projection Screen cloth and fell on Wang An's face.
Wang An was looking at him with a kind of expectation in his eyes, "How about it, I didn't disappoint you."
"Wang Zong," Zhao Chen spoke in an unhurried voice,
"This year's results are even better than my most optimistic expectations when I originally invested."
Wang An suppressed the corners of his mouth, but did not suppress it, and his smile still spread.
Zhao Chen stood up, faced the Bubble Mary team in Meeting Room, and spoke solemnly.
"I came to Beijing this time, not to check the accounts, nor to point fingers.
As an important shareholder of Henglong Group Chairman and Bubble Mary, I am here to thank you all."
He paused and glanced over the faces of Wang An, Su Xiaotang, Zhou Zheng and several core members around the conference table.
"In this year, Bubble Mary has transformed from a Designer Toys retail chain into a content platform with IP incubation capabilities.
Everyone here knows better than me how difficult this transition is.
Store expansion, Supply Chain management, Designer resource integration, membership system establishment--
Every link needs to be explored from scratch, and there are no ready-made templates that can be copied."
"You did it."
"On behalf of Henglong Group, I would like to thank Wang Zong, thank Xiaotang, thank Director Zhou, and thank every colleague of Bubble Mary.
Your efforts are appreciated by shareholders."
Wang An stood up, put his hands together, and bowed slightly towards Zhao Chen:
"Zhao Zong, your words are too strong. Without your investment last year, Bubble Mary would not be where it is today.
At that time, no one in the market understood what we were doing. Only you invested in it without asking any questions.
This year, you have never asked for reports, asked about performance, or interfered with any operational decision. This kind of trust is more important than money."
Zhao Chen stretched out his hand and shook it with Wang An.
"Wang Zong, trust because you are trustworthy." He let go of his hand and sat down again.
"Now that we've said all the good things, it's time to get down to business."
Meeting Room's atmosphere changed slightly.
Wang An also sat down, his expression serious.
"Mololoy and Labobo."
Zhao Chen Get straight to the point,
"The two IPs of Global Copyright are currently in the hands of Henglong.
Mololoy was bought by Overseas Copyright for 30 million Hong Kong Dollar at the end of last year. Labobo's global license was obtained at the same time.
In this year, Bubble Mary has brought Mololoy's product line from scratch to the stage of mass production. The quality of the design drafts and samples I just saw exceeded my expectations."
Wang An said nothing, waiting for him to continue.
"So my idea is very simple."
Zhao Chen's eyes are calm and direct,
"Global Copyright of these two IPs will be operated by Bubble Mary. It's not that I 'give' it to you, it's that we work together."
Wang An's eyes lit up, but he controlled his expression and just leaned forward slightly:
"Zhao Zong, what are your thoughts on the specific ways of cooperation?"
"Aunt Zhang." Zhao Chen glanced sideways at Zhang Qingxue.
Zhang Qingxue pulled out two neatly bound contract drafts from the document bag and pushed them in front of Wang An.
"Wang Zong can take a look at the frame first." Zhao Chen said,
"We can discuss specific terms, but there are only three core logics."
He held up a finger.
"First, Mololoy and Labobo's Global Copyright was granted to Bubble Mary in the form of Exclusive License, with a ten-year authorization period.
Henglong does not charge a one-time authorization fee, but draws a share based on the sales revenue of IP-related products.
As for the proportion of sharing, let's work together to set a number that is fair to both parties."
The second finger is raised.
"Second, Bubble Mary is responsible for the product development, channel laying, brand promotion and Copyright maintenance of these two IPs on a global scale.
Henglong does not participate in specific operations, but retains the right to know and the right to veto major authorization decisions--
For example, you can't sell Mololoy's image to a tobacco company."
Wang An couldn't help but smile, "Don't worry, I can't pass this level myself."
Zhao Chen also smiled and then raised his third finger.
"Third, if Bubble Mary launches a new round of financing in the future, Henglong has the right to preemptively subscribe under the same conditions and maintain the existing shareholding ratio."
Meeting Room was quiet for a few seconds.
Wang An lowered his head and his eyes fell on the contract draft in front of him.
He didn't open it, but just stared at the words "IP Exclusive License Cooperation Agreement" on the cover for a long time.