Ge Long Hui·2026-02-10 07:02Core Viewpoint - The company aims to achieve global sales of over 400 million units of all IP and product categories by 2025, with THE MONSTERS expected to contribute over 100 million units [1] Group 1: Sales Projections - The company’s revenue forecast implies an average selling price of approximately 96 RMB per unit, leading to a projected revenue of 38.4 billion RMB from 400 million units sold [1] - If the average selling price increases to 100 RMB per unit, total revenue could reach 40 billion RMB, with fourth-quarter revenue estimated at 13.6 billion RMB, representing a year-on-year growth of 180% [1] Group 2: Product and Market Insights - The Macquarie report suggests that the sales structure for the 400 million units is not detailed, but it anticipates that plush toys and overseas markets will have a higher proportion, driving up the average selling price in 2025 [1] - The contribution of THE MONSTERS IP is expected to be significant, as plush toys and the MEGA series, which have higher average selling prices than trend toys, will likely dominate sales [1] Group 3: Future Management and Ratings - The company is expected to manage its IP portfolio more conservatively by 2026, with the revenue contribution from THE MONSTERS IP potentially decreasing from the predicted 44% in 2025 to below 40% [1] - Macquarie maintains a "Outperform" rating for the company, setting a target price of 470 HKD, and remains optimistic about its potential for balanced development and expansion into overseas markets [1]