Summary by Moomoo AI
Bubble Mate International Group Co., Ltd. (“Bubble Mate”) released its first quarter business update for 2024 on April 22, 2024, showing a year-over-year increase in overall revenue of 40%-45%. In particular, revenues in Mainland China grew by 20%-25%, while revenues in Hong Kong, Macao and overseas markets increased by 245%-250%. Retail stores and e-commerce platforms performed strongly across all sales channels, growing by 20%-25%, with revenue growth of 95%-100% in the flagship store of TikTok. Wholesale and other channels also recorded an increase of 50%-55%. Bubmate emphasises that this results announcement is based on the Board's preliminary review of management accounts and has not been audited by auditors and the data may be adjusted. Company shareholders and potential investors should exercise caution.