智通财经网·2026-01-23 07:06Core Viewpoint - The company has demonstrated confidence in its growth by continuously repurchasing shares, which is expected to enhance earnings per share. The rating has been upgraded from "Accumulate" to "Buy" [1][6]. Group 1: Share Buyback and Financial Performance - The company repurchased 1.4 million shares at a price range of HKD 177.7-181.2, totaling HKD 250 million on January 19, and 500,000 shares at an average price of HKD 192.9791, totaling HKD 96.49 million on January 21 [1]. - The company aims to cancel the repurchased shares to improve earnings per share [1]. Group 2: Business Growth and IP Performance - The company’s overall business performance is expected to exceed expectations, with a focus on enhancing in-store shopping experiences and consumer engagement [2]. - In the first half of 2025, five major IPs generated over 1 billion yuan in revenue, with significant year-on-year growth rates for various IPs, including THEMONSTERS (+668.0%) and MOLLY (+73.5%) [3]. - The company has successfully launched multi-IP product series to increase exposure and cross-selling opportunities among its IPs [3]. Group 3: Market Trends and Consumer Behavior - The emotional consumption trend among youth is growing, with 56.3% of young consumers willing to spend for emotional value, an increase of 16.2 percentage points from 2024 [5]. - The collectible toy market is projected to reach a scale of 100 billion yuan by 2025, indicating sustained high demand in the emotional consumption era [5]. Group 4: Investment Recommendations - The company has revised its revenue forecasts for 2025-2027, expecting revenues of 38.384 billion, 52.768 billion, and 65.698 billion yuan, respectively, with corresponding net profits and earnings per share also adjusted upwards [6]. - The latest stock price corresponds to a price-to-earnings ratio of 19, 14, and 11 for the years 2025, 2026, and 2027, respectively [6].