Ge Long Hui·2025-08-30 04:05Core Viewpoint - The company is expected to achieve significant growth in net profit from 2025 to 2027, driven by successful global expansion and improved operational capabilities, leading to a "buy" rating for the stock [1] Revenue Growth - The company anticipates continued revenue growth in both domestic and international markets, with specific growth rates projected for offline and online channels in China and overseas [1][2] - In the first half of 2025, overseas revenue reached 5.59 billion yuan, a year-on-year increase of 439.6%, with significant contributions from the Asia-Pacific, Americas, and Europe regions [2] - Domestic revenue for the same period was 8.28 billion yuan, reflecting a year-on-year growth of 135.2%, with online sales showing particularly strong performance [3] Profitability Improvement - The company's gross margin is expected to improve due to higher pricing in overseas markets and economies of scale, with specific gross margin projections for different channels [1][4] - In the first half of 2025, the gross margin increased by 6.3 percentage points to 70.3%, driven by better pricing strategies and cost management [3] Product Diversification - The company has successfully diversified its IP matrix, with plush products becoming the largest revenue contributor, indicating reduced reliance on a single IP [3] - The first half of 2025 saw plush product revenue increase by 1,276.2% year-on-year, surpassing other categories [3] Supply Chain and Capacity - The company is enhancing its supply chain through lean production and automation, increasing monthly production capacity for plush products to 30 million units [4] - Plans are in place to establish six major production bases globally to improve supply chain flexibility and responsiveness [4] Market Expansion - The company is in a rapid expansion phase for overseas stores, with plans to exceed 200 locations by the end of the year, targeting emerging markets [4] - Strong product innovation capabilities are expected to continue enriching the IP matrix and driving revenue growth [4]