Ge Long Hui·2025-05-28 18:25Core Insights - Labubu 3.0 has sparked a global phenomenon, significantly enhancing its brand recognition and influence in the collectible toy market [1] - The popularity of Labubu 3.0 in overseas markets is driving accelerated growth in the domestic market, with expected revenue growth of 95%-100% in 2Q25 compared to 1Q25 [2] - The U.S. and European markets have become the primary engines for overseas expansion in 2025, with U.S. revenue growth projected at 895%-900% and European revenue growth at 600%-605% [3] - The company has raised its profit forecasts for 2025 and 2026, with a target price adjustment to 293.9 HKD based on a DCF valuation method [4] Group 1 - Labubu has become the most popular collectible toy IP globally, with significant social media presence and demand [1] - The limited sales strategy has led to long queues outside physical stores, further increasing Labubu's popularity [1] - Domestic same-store sales growth in April exceeded that of 1Q25, indicating strong market demand [2] Group 2 - The company has shifted most U.S. orders to Vietnam to mitigate potential supply chain risks from tariffs [3] - The strong brand and product power of Labubu allow the company to pass on potential tariff costs to consumers [3] - The revenue forecasts for 2025 and 2026 have been increased by 17% and 15%, respectively, reflecting a positive outlook [4]