转自：北京日报客户端 中国潮流玩具展会风向标之一——PTS国际潮流玩具展今年再度焕新升级。 2025年5月19日，在"精彩北 京 畅游京城"主题活动启动仪式上，北京市文旅局、新加坡旅游局和泡泡玛特三方联合发布了"北京×新 加坡POP TOY SHOW双城计划"。据悉，今年PTS将在北京、新加坡两地集中呈现，并迎来全面升级。 "我们希望将潮玩文化注入两城知名地标，让参与者在打卡过程中近距离感受到来自这两座城市的魅力 风情。"PTS国际潮流玩具展相关负责人表示。 以新加坡为代表的东南亚市场，已成为中国IP潮玩企业"出海"的重要版图，并正迸发出澎湃的消费动 力。2023年9月，首届海外PTS潮流玩具展就落地在新加坡滨海湾金沙会展中心。仅展会主办方泡泡玛 特披露的最新业绩显示，其海外及港澳台业务营收达50.7亿元，同比激增 375.2%。其中，新加坡所在 的东南亚市场贡献了近半数收入，增速高达619.1%。 来源：北京日报客户端 这是PTS国际潮流玩具展首次启动双城计划。潮流玩具是以潮流文化为主题，由设计师和艺术家设计制 作、拥有丰富的文化和时尚创意的玩具。据悉，该展会自2017年首次在北京举办以来，已在全球成功举 ...

Investment Rating - The report gives a "Buy" rating for the stock, marking its first coverage [2][13]. Core Insights - The company reported impressive performance with a revenue of 13.038 billion yuan in 2024, a year-on-year increase of 106.92%, and a net profit of 3.125 billion yuan, up 188.8% [4][15]. - In Q1 2025, the company achieved a revenue growth of 165-170%, with domestic revenue increasing by 95%-100% and overseas revenue soaring by 475%-480% [10]. - The company is undergoing a global organizational restructuring to enhance operational efficiency and focus on regional strategies [10][11]. Company Overview - The latest closing price is HKD 192.80, with a total market capitalization of HKD 258.919 billion [3]. - The company has a debt-to-asset ratio of 26.80% and a price-to-earnings ratio of 76.04 [3]. Financial Performance - The company has 13.43 billion shares outstanding, with the largest shareholder being GWF Holding Limited [3]. - The company has seen significant growth in its IP portfolio, with 13 IPs generating over 100 million yuan in revenue by the end of 2024 [6]. - The plush toy category became a major revenue driver, achieving sales of 2.83 billion yuan in 2024, up from 3.2% to 21.7% of total sales [6]. International Expansion - The company has made significant strides in international markets, with revenue from Hong Kong, Macau, Taiwan, and overseas reaching 5.07 billion yuan in 2024, a year-on-year increase of 375.2% [7]. - Southeast Asia has emerged as the second-largest market after mainland China, with revenue of 2.4 billion yuan, up 619% [7][9]. Future Outlook - The company plans to open 100 new stores overseas in 2025, aiming for overseas revenue to exceed 50% of total revenue [11]. - The company is expected to maintain strong growth, with projected revenue growth rates of 78%, 51%, and 39% for 2025-2027 [13].