智通财经网·2025-10-24 06:55Core Viewpoint - Guohai Securities maintains a "buy" rating for Pop Mart (09992) and raises the company's profit forecast, expecting revenue and net profit growth from 2025 to 2027, driven by its leadership in the trendy toy culture and commercialization [1] Group 1: Revenue Growth - The company expects overall revenue growth of 245%-250% year-on-year for Q3 2025, with China growing by 185%-190% and overseas markets by 365%-370% [1] - Revenue from overseas regions is experiencing high growth, with Asia-Pacific, Americas, and Europe showing year-on-year increases of 170%-175%, 1265%-1270%, and 735%-740% respectively [1] Group 2: Store Expansion - The company has accelerated its store openings in North America, with a total of 154 overseas stores by the end of Q3 2025, aiming for 200 by the end of 2025 [1][2] - A partnership with Books-A-Million has been established to enhance market penetration, with new products being launched in their stores and online [2] Group 3: Product Performance - The "Starry People" IP is gaining momentum, with Q3 2025 showing a 130%-135% year-on-year increase in offline revenue and a 300%-305% increase in online revenue [3] - The company launched 20 blind box products and 14 plush series in Q3 2025, indicating an accelerated product release schedule [3] Group 4: Seasonal Opportunities - Q4 is expected to be a peak season with multiple holidays, including Halloween, Double 11, Thanksgiving, and Christmas, which will drive sales [4] - The company anticipates the release of significant new products during these key holiday periods [4]