POP MART(09992) 国盛证券·2025-04-23 12:15Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown significant growth in both domestic and international markets, with Q1 2025 revenue expected to increase by 165%-170% year-on-year, driven by a 95%-100% increase in domestic revenue and a 475%-480% increase in international revenue [1][2] - The company is expanding its online and offline channels in the domestic market, achieving an 85%-90% increase in offline revenue and a 140%-145% increase in online revenue in Q1 2025 [1] - The international business has seen remarkable growth across regions, with Asia-Pacific revenue increasing by 345%-350%, Americas by 895%-900%, and Europe by 600%-605% in Q1 2025 [2] - The company is enhancing its brand value through effective IP management and collaborations with anime, gaming, and other copyright entities, which is expected to solidify its leading position in the collectible toy market [3] Summary by Sections Domestic Channels - The company is innovating in scene-based and entertainment-driven strategies to enhance product operation capabilities, effectively linking online and offline traffic through holiday marketing [1] - The launch of the global flagship store for Hirono in Shanghai marks a significant step in brand-oriented operations, focusing on emotional engagement with consumers [1] International Channels - The company is implementing differentiated operational strategies tailored to various international markets, leveraging platforms like Shopee, Lazada, and Amazon to enhance brand exposure and sales [2] - Creative live-streaming activities on platforms like TikTok are attracting younger audiences and driving sales through engaging content [2] Product Strategy - The company is extending its existing IP expressions and collaborating with various media to create unique collectible experiences, thereby deepening the cultural value of its IP [3] - The forecast for revenue growth is optimistic, with projected revenues of 238.00 billion, 308.00 billion, and 361.00 billion for 2025, 2026, and 2027 respectively, alongside net profits of 55.38 billion, 71.72 billion, and 85.95 billion [3]