Core 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 sustainable growth, and the strong potential of 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 significant discrepancies 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 Secondary Market - 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 secondary market, particularly the adjustment of consignment standards for blind boxes, are expected to negatively impact transaction volumes [2] - Historical tracking shows limited correlation between the company's performance and secondary market prices, indicating potential challenges in managing market expectations [2] Group 3: Overseas Localization and Strategy - The company is advancing its overseas localization strategy, supported by a diverse IP and product matrix, flexible supply chain, and strong operational capabilities [3] - Recent organizational adjustments aim to enhance global operations, with regional headquarters established in Greater China, the Americas, Asia-Pacific, and Europe [3] - The company has seen promising local product performances post-adjustment, indicating potential for growth in international markets [3]

智通财经APP获悉，招商证券发布研报称，维持泡泡玛特(09992)"强烈推荐"评级，海外组织架构促进海 外健康持续增长，"精灵天团"LABUBU/星星人等IP产品势能良好，考虑到公司全球化IP运营能力突 出、公司产能灵活调度高，该行认为公司潮流风险可控，持续看好公司未来发展。 线下销售与二手交易 公司注重线下门店的体验感(CEO王宁在《因为独特》中提到：线下是更有包裹感的品牌文化的传递方 式，开店非常重要，进到泡泡玛特的门店的体验是独特的)，该行认为在解决产能问题后，热款会逐步 回到线下门店销售。由于渠道的变化或导致单一渠道的月度数据对实际供需情况反映能力有限。4)二手 价格及交易量方面，千岛于9月29日调整盲盒类寄售标准，旧标准下对原包装盒及内袋无要求;而新标准 下需要有原盒且内袋需为未拆封状况。该标准调整对二手交易量有不利影响。此外，历史跟踪来看，公 司业绩与二手价格拟合程度有限。 复盘日本IP公司特佳丽多美、三丽鸥的发展，潮流风险出现的核心来源为：供应链与正版管理失衡;IP 运营以内容投入为主导致内容投入成本较大且较为刚性(1996年《变形金刚：超能勇士》、2001年《陀 螺战士》上映带动收入高增但盈利 ...

Core Insights - Company is addressing investor concerns regarding its competitive gaps in the chemiluminescence sector compared to overseas giants and strategies to close these gaps [1] - The company has gained recognition in the domestic market for its infectious disease and tumor marker packages, and plans to launch a new generation of hormone packages by 2025 [1] - The company is enhancing its localization capabilities overseas, particularly after acquiring DiaSys, which has improved brand recognition and customer trust in Europe [1] Group 1 - The company's in vitro diagnostic segment is performing exceptionally well, with a projected revenue growth of 10.8% year-on-year in 2024, surpassing its life information and support business for the first time [2] - The international in vitro diagnostic business has seen over 30% year-on-year growth, with the domestic chemiluminescence business ranking third in the market for the first time [2] - The company has successfully penetrated 115 overseas third-party laboratory chains and installed two MT8000 full laboratory automation lines, with expectations for further growth in 2025 [2] Group 2 - The company is committed to establishing local operations and teams in Europe and developing countries to strengthen its overseas presence [1] - The heart marker and hormone package projects have received widespread recognition from European and American experts, indicating potential for clinical academic collaborations [1] - The company aims to catch up with imported brands in five core chemiluminescence packages and achieve superior performance in certain projects [1]