Who is buying and selling the "first share of blind boxes"?Xiao Nan reduced his holdings, Zhang Kun was firmly held

China Times (chinatimes.net.cn) reporter Song Jie Chen Feng Beijing reported Beijing

"Blind Box Fei" faded unknowingly, and at the same time, the stock price of "Blind Box First" Bubble Mart (09992.HK) fell in one and a half years. As of July 20, the company's market value was HK $ 30.8 billion. This number was a market value of HK $ 150 billion from the peak in February last year, and the shrinkage of more than 100 billion Hong Kong dollars was over 100 billion yuan.

The capital market is "stalling", and the performance of the interim reporting recently released by Mart has not brought good news, and the net profit has been negatively increased for the first time. Faced with the stock price that endlessly, the operation of 16 funds held in the first quarter was different in the second quarter. They were also managers of the Yifangda Star Fund. Xiao Nan and Zhang Kun made different choices. The former sold 17 million shares. When the profit and loss dependence on the selection, Zhang Kun continued to hold it according to the soldiers.

Institutional adjustment target price

On July 15th, Bubble Mart released the performance forecast in the first half of 2022. It is expected that the income will increase by not less than 30%year -on -year, and the net profit of returning to the mother will decrease by no more than 35%year -on -year.

In response to income growth, the explanation given by the company is that the performance fluctuations are mainly related to the epidemic situation. The epidemic affects passenger flow and the consumer consumption intention is weakened. In the early stage of business expansion, the cost is related to the growth of the cost compared with the same period last year.

On July 17th, a meeting showed that from January to February this year, the bubble Mate offline stores, Tmall, and robotics stores reached more than 100%, 80%, and 60%-70%, respectively. But in April to June, the three channels fell 10%, 10%, and 30%year-on-year. In the first two weeks of July, the growth rate of offline stores rolled up, and other channels decreased year -on -year.

Faced with the low stock price of innovation, Marts recently announced that it cost about 190 million Hong Kong dollars at a price of 86.796 million shares at a price of HK $ 21.1 to HK $ 22.85 per share. This is the highest amount of over ten repurchases since its listing.

Senior investor Zhang Shule told the reporter of the Huaxia Times that incentives and repurchase are only effective in the short term. The key is to rely on the company's own revenue model, industrial structure and product innovation capabilities to boost for a long time.

Zhang Shule further stated that as a tide brand culture, Bubble Mart has always been de -box and toy, that is, to advance to the trendy culture from trendy toys. In the process, there will be pain in the process. The growth of the box manufacturer's competition and the overall market of the blind box is no longer. Once it is promoted to trendy culture, it will enter the new blue ocean. From the present, its strategic direction is correct, but the success or failure of tactical actions needs to be observed.

Many institutions lowered their target prices after their performance was released. On July 18, CICC's target price was reduced by 19%to 40 Hong Kong dollars; Morgan Stanley and Creditkin maintained the rating of "increase holdings" and "running a big market", but the target price was reduced. The former was from HK $ 55 It was reduced to HK $ 36, and the latter was reduced from HK $ 55 to HK $ 43.7.

Xiao Nan and Zhang Kun separated from their heads

Bubble Mart was listed in Hong Kong stocks in December 2020. The issue price is HK $ 38.5. After listing, the stock price has skyrocketed, and its wealth has a strong effect. This has also attracted many funds to buy and build positions.

According to the Lianlian data, in the first quarter of this year, a total of 16 funds held the shares of Bubble Mart, and the most funded funds were the most high -quality selection managed by Xiao Nan, holding 17.2558 million shares in the first quarter. However, the second quarterly report showed that Bubble Mart has withdrawn from the top ten heavy stocks of the fund. Although the 231,100 warehouse held by E Fund Cokco has not changed, it can be seen that Xiao Nan's expectations are decreasing.

He said that in the second quarter, with the rebound of the Internet sector of the Hong Kong stock market, some companies that were still under great business pressure were still large and there were no signs of improvement in the short term.

On the bubble Mart, Zhang Kun made a different choice from Xiao Nan. Yifangda Asia selected 6 million shares of Mart in the first quarter. After the disclosure of the second quarter, the positions have not changed, and it is still 6 million shares. The individual stocks hold high -quality companies with excellent business models, clear industry structures, and strong competitiveness.

Zhang Kun said that it is difficult to judge the future, but the essence of investment is to judge the future of each company. We hope to return more common sense or the basic probability of things when making judgments. For example, is the product or service provided by this company in the future and increase by customers and grow? Is there sufficient free cash flow? Is it good for corporate governance and friendly to shareholders? Are there enough resources and mechanisms for technology companies to attract and retain the world's top talents?

"We believe that the above factors are very important for the development prospects of the enterprise, and on the other hand, the possibility of changes in 5-10 years is less. Correspondingly, some market factors have significant impact on the short-term market, but in the past It is not important during the long cycle. When these factors are unfavorable, they provide better odds for long -term investors to buy excellent companies. "Zhang Kun said.

Different fund manager operations

Judging from the funds that have been disclosed in the second quarter, other fund managers have different views on Bubble Mate.

Fan Lijin and Zhang Xiaotian's high -quality increase in Guangfa Hong Kong Stock Connect in the second quarter of high -quality increases were increased by 858,600 shares in the second quarter. At present, 24.348 million shares are still held, and they are still the fifth largest heavy stocks. The fund has lost 11.84%this year.

Zhang Ping and Cheng Yan's selection of Yinhua and Hong Kong Stocks have not changed, and their performance fell by 10.78%this year. The two fund managers of Huaxia Fund Liu Ping and Tu Huanyu managed the mobile interconnection RMB and the Internet leader respectively.

Overall, the fund manager in the second quarter of the operation of Bubble Mart is mainly selling. However, Sun Wei of the Orient Red Fund was the fund manager who held the most bubble Mate in the first quarter. His second -quarter report has not disclosed or has variables.

The Dongfang Hong Ruize, Dongfang Hongzhiyuan, and Dongfang Hongrui Manchi managed by Sun Wei held a total of 29.444 million shares, and the market value at the end of the first quarter was HK $ 1 billion. In the first quarter, Mart's stock price has begun to fall. In the first quarterly report, Sun Wei said that the bottom of the market often appears at the bottom of the fundamental face. Properly increase the holdings of some consumer goods industries and epidemic damage industries.

From the current point of view, the stock price of Bubble Mart was not the bottom. The second quarterly report of the above three funds has not been disclosed that the company's stock price has a brief rebound in the second quarter, and the profit and loss situation is unknown. If it has been sold, the timing of selling is very important, but if there is still no shares held by sale so far, there is already a floating loss.

Sun Wei is the veteran of Dongfanghong. He has worked for 6 and a half years. Oriental Red Ruize, Zhiyuan, and Rui Man are all the products he is currently in charge, with a total scale of 22.490 billion. The yields of the above three funds this year were -15.79%, -15.06%, and -17.90%, which were ranked at a quarter of similar funds.

Editor: Editor Yan Hui: Xia Shencha

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