Bubble Mart (09992.HK) recently officially released its small home appliances. It has not yet been released through official channels, but pre-emptive links have appeared on trading platforms such as Xianyu and Qiandao, with varying premium levels.
Bubble Mart's small household appliances are cut from the refrigerator box. The new The Monsters lifestyle home series refrigerator Home (hereinafter referred to as the red model) and House of the Monsters (hereinafter referred to as the white model) will be on sale at 22:00 on April 30. Both products are priced at 5,999 yuan. The red model is only sold in JD.com’s self-operated flagship store of Bubble Mart Home Appliances, while the white model will be sold simultaneously in JD.com, Tmall, Douyin, Xiaohongshu, WeChat box drawer machine, and video account WeChat store. According to the JD.com platform, as of press time, the number of reservations for both products has exceeded 20,000.
Image source: JD.com Bubble Mart Home Appliances Self-operated Flagship Store
Consistent with Bubble Mart’s previous product positioning, this refrigerator also has so-called “collection” attributes.Both refrigerators are limited to 999 units worldwide.. In addition to the host, accessories and product manuals, the product also includes a collection card, and each product has an exclusive ID number. Guosen Securities’ research report believes that the launch of IP small home appliances is expected to open up high-frequency daily use scenarios for the company’s leading IP, realize the extension of IP value from “collection display” to “daily companionship”, and also broaden the audience of the Bubble Mart brand.
The reporter noticed that the product link marked replacement only but not repair. Regarding how to deal with exchanges and whether the coding has changed, the customer service staff of JD.com’s Bubble Mart Home Appliances self-operated flagship store said that if there is a problem and a replacement is required, the product needs to be sent back and wait for it to be reissued. There are two situations of encoding, one is to generate random encoding, and the other is to retain the original encoding. If you are required to retain the original code, the waiting period may take 60 days.
In terms of production, the company currently does not disclose suppliers. Regarding whether Xinbao Co., Ltd. (002705.SZ), a small home appliance manufacturer rumored on the Internet, is an OEM for Bubble Mart small home appliances, a staff member of the company's securities department told a reporter from the Financial Associated Press: "Customers will have confidentiality requirements for all new products before they are launched." The above-mentioned person further pointed out that the company's cooperation information with all customers is based on the launch of the product on the market. The company's current business is mainly exported, with export sales accounting for about 75%, domestic sales accounting for about 25%, and self-owned brand sales.There are many domestic ODM/OEM business customers, but the sales proportion of a single customer is relatively small.. The financial report shows that Xinbao’s net profit in the first quarter of this year fell by about 68% year-on-year. According to Choice Financial Terminal,Xinbao's gross sales profit margin in the first quarter of this year was approximately 18.41%, a slight decrease from the same period last year..
Currently, Bubble Mart has not yet been released through its official channels, but product grabber links have appeared on trading platforms such as Xianyu and Qiandao. In terms of price, the premium for a refrigerator originally priced at 5,999 yuan ranges from 100 yuan to 10,000 yuan, with the highest price even reaching 92,300 yuan. It is common for grabber links to indicate in the details that they are non-refundable and non-exchangeable after sale.The reporter tried to communicate with the seller and asked how to ensure that he could buy the limited edition refrigerator. The seller said that if he did not get the goods, he would give a full refund..
