天眼查App显示，近日，上海福双灵玩具用品有限公司成立，法定代表人为张胜移，注册资本10万人民 币，经营范围为一般项目：玩具销售；母婴用品销售；皮革制品销售；服装服饰批发；鞋帽零售；办公 用品销售；工艺美术品及礼仪用品销售（象牙及其制品除外）；日用百货销售；建筑装饰材料销售；通 讯设备销售；电子产品销售；家居用品销售；信息技术咨询服务；互联网销售（除销售需要许可的商 品）；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；信息咨询服务（不含许可类 信息咨询服务）；图文设计制作；普通货物仓储服务（不含危险化学品等需许可审批的项目）；市场营 销策划。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company reported a significant revenue increase of 245%-250% year-on-year for Q3 2025, with domestic revenue growing by 185%-190% and overseas revenue by 365%-370% [1]. - The domestic revenue from offline channels grew by 130%-135%, while online channels saw a growth of 300%-305% [2]. - The Americas market showed remarkable growth, with a year-on-year increase of 1265%-1270%, while Europe and Asia-Pacific also experienced substantial growth [2]. - The company launched multiple new products in September, including plush toys and figures, which generated high demand and resale value [3]. - Seasonal product launches for Halloween, Thanksgiving, and Christmas are expected to continue driving sales, with significant price premiums observed in the secondary market for popular items [4]. - The company is enhancing consumer interaction through a diversified IP ecosystem, including animation and gaming, which is expected to strengthen customer engagement [5]. Summary by Sections Revenue Performance - Q3 2025 revenue increased by 245%-250% year-on-year, with domestic revenue up by 185%-190% and overseas revenue up by 365%-370% [1]. - Domestic offline revenue grew by 130%-135%, while online revenue surged by 300%-305% [2]. Product Launches - In September, the company released several new products, including plush toys and figures, which sold out quickly and had high resale values [3]. - Upcoming seasonal launches are anticipated to maintain high sales momentum [4]. Market Expansion - The Americas market showed a year-on-year revenue increase of 1265%-1270%, with Europe and Asia-Pacific also reporting strong growth [2]. Consumer Engagement - The company is focusing on enhancing consumer interaction through a comprehensive IP ecosystem, which includes animation and gaming [5].