Ge Long Hui·2025-10-22 12:55Core Viewpoint - The company is expected to show strong growth in Q3 2025, with significant increases in revenue and adjusted net profit driven by new product launches and continuous channel growth [1][2] Financial Performance - For Q3 2025, the company anticipates a revenue growth of 154.2% year-on-year, reaching approximately 9.17 billion yuan, and an adjusted net profit growth of 198.6%, amounting to about 3.03 billion yuan [1] - The adjusted profit margin is projected to be 33% [1] Product Development - In Q3 2025, the company plans to launch 31 new series of blind box figures and plush products, with a slight decrease in new series compared to the previous quarter but maintaining year-on-year levels [1] - Popular new products include various themed series that sold out on their launch day [1] Retail Expansion - As of the end of August, the company had 513 retail stores in mainland China, a 6.4% increase year-on-year, and 1,837 robot stores [1] - The average revenue per store increased by 57% to 2.48 million yuan for the July-August period [1] Online Sales Performance - The company's official Douyin flagship store achieved a GMV of 1.31 billion yuan in Q3 2025, a year-on-year increase of 302.2%, with sales volume reaching 9.49 million, up 677.9% [2] - The Tmall flagship store generated revenue of 251 million yuan, a 73.1% increase year-on-year, while JD.com saw a revenue increase of 99.6% for the same period [2] Future Outlook - The company has adjusted its profit forecasts for 2025-2027, with expected adjusted net profits of 10.96 billion, 14.92 billion, and 18.31 billion yuan respectively [2] - The adjusted PE ratios for 2025-2027 are projected to be 32.3x, 23.8x, and 19.4x [2]