Core Viewpoint - The company is set to launch new products, including the third installment of the "Hero Total Mobilization" Starry Edition and the second installment of the Sanrio IP "Kuromi," which are expected to enhance its product matrix and drive revenue growth [1][2]. Group 1: Product Launch and Revenue Growth - The Starry Edition, priced at 9.9 yuan, significantly covers a broad lower-tier market, becoming a key driver for the company's revenue growth [1][2]. - The company's latest half-year performance shows total revenue of 1.338 billion yuan, a year-on-year increase of 27.9%, with revenue from the 9.9 yuan affordable products reaching 216 million yuan [1][2]. - The new product launches will further enrich the Starry Edition product matrix, catering to diverse consumer needs [1][2]. Group 2: IP Matrix Development - The company has commercialized 19 IPs as of the first half of the year, indicating ongoing efforts to enhance its IP matrix [1][2]. - By the first half of 2025, the top four IPs are expected to contribute 83.1% of total revenue, compared to 92.3% from the top three IPs in the same period last year, showing an increase in the contribution from diversified IPs [1][2]. Group 3: Financial Outlook - The company is recognized as a leader in the IP building block toy sector, benefiting from emotional consumption and the growth of the IP economy [2]. - However, the increase in the proportion of 9.9 yuan affordable products may impact gross margins, and the new IPs are in a cultivation phase [2]. - The company's net profit forecasts for 2025-2027 have been revised down to 805 million, 1.138 billion, and 1.506 billion yuan, respectively, with corresponding PE ratios of 27.4, 19.4, and 14.7 times [2].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][7] Core Views - The company plans to launch new products under its core IP, including the third series of "Hero Total Mobilization" and the second series of "Cinnamoroll" from Sanrio, which will enhance its product matrix and cater to diverse consumer needs [3][5] - The company's revenue for the first half of the year reached 1.338 billion yuan, representing a year-on-year increase of 27.9%, with 216 million yuan coming from the 9.9 yuan affordable product line [3][5] - The company has commercialized 19 IPs as of the first half of the year, with the top four IPs contributing 83.1% of total revenue in the first half of 2025, compared to 92.3% from the top three IPs in the same period last year, indicating an improvement in the contribution from diversified IPs [3][4][5] Financial Forecasts and Valuation - The company's projected net profit for 2025-2027 has been revised down to 805 million, 1.138 billion, and 1.506 billion yuan respectively, with corresponding P/E ratios of 27.4, 19.4, and 14.7 times [4][7] - The company continues to benefit from emotional consumption and the growth of the IP economy, actively promoting its IP matrix, brand, and channel expansion to solidify its growth foundation [4][7]