智通财经网·2025-12-24 01:46Core Viewpoint - The report from China Merchants Securities maintains a "strong buy" rating for Pop Mart (09992), highlighting the company's overseas organizational structure as a driver for sustained growth, with strong potential in its IP products like LABUBU and Starry People [1] Group 1: Market Data and Trends - High-frequency data tracked by third parties shows a marginal growth trend, but there are issues with sample selection and interpretation, particularly regarding app download volumes and search indices [1] - User data indicates that the U.S. has the highest daily active users, followed by China, Japan, Australia, and Thailand, which shows a significant discrepancy compared to the company's mid-year disclosures [1] - The online trading volume is affected by channel changes, limiting the data's reference value, especially during the initial surge of plush toy sales due to supply shortages [1] Group 2: Offline Sales and Second-Hand Transactions - The company emphasizes the importance of offline store experiences, which are seen as crucial for brand culture transmission, and plans to gradually return hot products to offline sales after resolving capacity issues [2] - Changes in the second-hand trading standards for blind boxes have negatively impacted transaction volumes, as the new requirements for original packaging and unopened items are stricter [2] - Historical tracking shows limited correlation between the company's performance and second-hand prices, indicating potential challenges in managing market expectations [2] Group 3: Overseas Localization and Organizational Structure - The company is advancing its overseas localization strategy, supported by a diverse IP and product matrix, flexible supply chain, and strong operational capabilities [3] - An organizational restructuring has been completed to focus on regional strategies, establishing regional headquarters in Greater China, the Americas, Asia-Pacific, and Europe [3] - The restructuring aims to enhance local product performance, with expectations for regionally limited editions to increase from less than 5% in the first half of 2025 to 10%-15% [3]