德林国际(01126)绩后跌超10%，股价暂现四连阴。截至发稿，跌5.91%，报14.64港元，成交额2860.58 万港元。 公开资料显示，德林国际为全球最大的毛绒玩具生产商之一，该公司的产品线主要包括毛绒玩具、塑胶 手板模型、防水布罩及注塑产品，其中毛绒玩具和塑胶手板模型产品主要通过OEM模式(代工)提供给欧 美等客户。国证国际此前研报指出，德林国际作为全球领先的玩具制造商，和同行相比具有多方面的优 势。该行认为公司在潮流玩具盛行的趋势下，有望通过持续扩充产能来获取更多生意机会，从而推动业 绩的增长。 消息面上，德林国际发布中期业绩称，受惠于北美及亚洲市场需求畅旺，加上为减低关税上调影响而向 越南转移订单，上半年集团收入25.78亿港元，同比增长12.39%；净利润3.07亿港元，同比增长10.1%； 每股盈利0.454港元；董事会建议就本期间派付中期股息每股普通股25港仙，去年同期为20港仙。 ...

智通财经APP获悉，德林国际(01126)绩后跌超10%，股价暂现四连阴。截至发稿，跌5.91%，报14.64港 元，成交额2860.58万港元。 消息面上，德林国际发布中期业绩称，受惠于北美及亚洲市场需求畅旺，加上为减低关税上调影响而向 越南转移订单，上半年集团收入25.78亿港元，同比增长12.39%；净利润3.07亿港元，同比增长10.1%； 每股盈利0.454港元；董事会建议就本期间派付中期股息每股普通股25港仙，去年同期为20港仙。 公开资料显示，德林国际为全球最大的毛绒玩具生产商之一，该公司的产品线主要包括毛绒玩具、塑胶 手板模型、防水布罩及注塑产品，其中毛绒玩具和塑胶手板模型产品主要通过OEM模式(代工)提供给欧 美等客户。国证国际此前研报指出，德林国际作为全球领先的玩具制造商，和同行相比具有多方面的优 势。该行认为公司在潮流玩具盛行的趋势下，有望通过持续扩充产能来获取更多生意机会，从而推动业 绩的增长。 ...

[Table_Title] 证券研究报告 / 行业深度报告 IP 为王，多元品类百花齐放的大时代 报告摘要： [Table_Summary] 情绪消费驱动潮玩，Z 世代主导新格局。情绪消费与谷子经济的兴起成 为核心驱动力，2024 年我国以 Z 世代为主导的泛二次元人群突破 5 亿 人，相关市场规模约 6000 亿元，其中谷子经济规模超 1500 亿元。潮流 玩具凭借 IP 情感联结、社交属性及收藏价值，成为消费者重要的情感寄 托与社交标签，预计 2027 年中国潮流玩具市场规模可达 1100 亿元。潮 玩行业呈现 "一超多强" 的格局，泡泡玛特实现行业内领跑，国外品牌 乐高、万代等占据一定的市场份额，国内品牌卡游、布鲁可等企业也呈 现出增速迅猛的态势，IP 运营深化与海外市场拓展成为行业未来关键方 向。 三者对比来看，市场规模：盲盒>拼搭类玩具>卡牌，市场增速：拼搭类 玩具>卡牌>盲盒。影响市场规模和增速的因素主要为消费场景、消费能 力以及意愿、产品价格。盲盒主力为消费力强的 Z 世代，规模最大；拼 搭玩具覆盖亲子以及成人场景，覆盖面广，规模次之；卡牌核心用户年 龄为 8-15 岁，依赖家长支付，规模最小。 ...

机构：光大证券 研究员：付天姿/陈彦彤/杨朋沛 事件：公司发布1H25 业绩：实现营收138.8 亿元人民币（yoy+204.4%），实现毛利润97.6 亿元，对应 毛利率为70.3%，同比提升6.3pct；实现经调整净利润47.1 亿元（yoy+362.8%），对应净利率33.9%。公 司指引：25 年集团至少300 亿元收入，经调整净利润率预计在35%左右。 1H25 分海内外渠道来看：1、中国实现收入82.8 亿元，同比增长135.2%，占比总收入比重为59.7%： 1）线下渠道收入50.8 亿元，同比增长117.1%。 其中，零售店收入44.1 亿元，同比增长119.9%；机器人商店收入6.8 亿元，同比增长100.9%。截至6 月 30 日，中国零售店合计开设443 家，机器人商店合计开设2437 间。2）线上渠道收入29.4 亿元，同比增 长212.2%。其中，泡泡玛特抽盒机收入11.3 亿元，同比增长181.9%；天猫旗舰店收入6.6 亿元，同比增 长230.7%；抖音平台收入5.6 亿元，同比增长168.6%。3）批发及其他收入2.6 亿元，同比增长9.4%。 2、亚太地区实现收入28.5 亿 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 25H1有5个IP收入过10亿元，分别是THE MONSTERS、MOLLY、SKULLPANDA、DIMOO和 CRYBABY，尽 管LABUBU 25Q2在海外热度高涨，THE MONSTERS收入占比仅达34.7%，公司IP矩阵维持相对健康，星星人 系列成为公司成长最快的 IP，收入占比接近2.8%。品类上看，毛绒玩具晋升为第一大品类，整体占比从24H1 不到10%大幅提升到44%。 运营效率持续提升 25H1毛利率同比提升6.3pct至70.3%，主要由于海外产品的定价高于国内，海外销售占比提升，毛利率提升了 4pct；降低外采商品的比例，减少促销活动，优化采购成本，毛利率提升了1.5pct；授权费、模具费等占 ...

名创优品(MNSO.US)盘前涨超8%，报23.98美元；H股今日大涨超20.5%，报47.1港元，盘中创今年1月 以来新高。 消息面上，名创优品Q2总营收同比增长23.1%至49.7亿元，经调整净利润(Non-IFRS)同比增长10.6%至 6.9亿元，毛利率同比上升40个基点至44.3%。"开好店、开大店"成效显著，中国内地、海外同店销售增 长均实现了显著的连续改善，集团同店销售增长转正。 瑞银发表研报指，名创优品同店销售增长在中国和美国均呈现加速趋势，得益于低基数效应及毛绒玩具 类别的强劲需求；将其目标价由25美元上调至28美元，评级"买入"。另外，美银指，名创优品第二季业 绩超出预期，将其H股目标价由32港元上调至46.9港元，评级从"跑输大市"上调至"中性"。(格隆汇) ...

Core Viewpoint - UBS reports that MINISO's same-store sales growth is accelerating in both China and the United States, driven by a low base effect and strong demand for plush toys [1] Group 1: Sales Performance - In China, management's efforts in channel upgrades, such as MINISO Land and flagship stores, have been successful, with same-store sales growth turning positive year-on-year in Q2 [1] - Q3 is expected to see a significant acceleration in same-store sales growth from low single digits in Q2 to high single digits [1] Group 2: Profitability - UBS forecasts that the store-level profit margin will remain flat year-on-year for the first half of the year, with significant improvement expected in July and continued improvement in the second half [1] Group 3: IP Strategy - MINISO's proprietary IP, YOYO, was successfully launched in June, with the first batch of products selling out quickly, generating an estimated total merchandise volume (GMV) of approximately 40 million yuan this year, with a target of over 100 million yuan by 2026 [1] - The acquisition of IP Nommi by Top Toy is expected to generate 250 million yuan in GMV this year, compared to 100 million yuan in 2024 [1] Group 4: Financial Forecasts - UBS has raised its adjusted net profit forecasts for MINISO for 2025 to 2027 by 1% to 2%, maintaining a "Buy" rating [1] - The target price for MINISO's U.S. stock has been increased from $25 to $28 [1]

2025 年 8 月 22 日 公司研究 IP 矩阵维持健康，全球化布局再加速 ——泡泡玛特（9992.HK）25H1 业绩点评 要点 事件：公司发布 1H25 业绩：实现营收 138.8 亿元人民币（yoy+204.4%）， 实现毛利润 97.6 亿元，对应毛利率为 70.3%，同比提升 6.3pct；实现经调整 净利润 47.1 亿元（yoy+362.8%），对应净利率 33.9%。公司指引：25 年集 团至少 300 亿元收入，经调整净利润率预计在 35%左右。 1H25 分海内外渠道来看：1、中国实现收入 82.8 亿元，同比增长 135.2%， 占比总收入比重为 59.7%：1）线下渠道收入 50.8 亿元，同比增长 117.1%。 其中，零售店收入 44.1 亿元，同比增长 119.9%；机器人商店收入 6.8 亿元， 同比增长 100.9%。截至 6 月 30 日，中国零售店合计开设 443 家，机器人商 店合计开设 2437 间。2）线上渠道收入 29.4 亿元，同比增长 212.2%。其中， 泡泡玛特抽盒机收入 11.3 亿元，同比增长 181.9%；天猫旗舰店收入 6.6 亿元， 同比增长 ...

Group 1: Macro Strategy and Market Overview - The report highlights that the financing balance has surpassed 2 trillion, indicating a significant increase in market activity and investor risk appetite, with net inflows in both northbound and southbound capital [3][22][23] - The overall liquidity situation shows a net outflow of 247.5 billion, with total funding supply at 77.8 billion and demand at 325.3 billion, suggesting a tightening liquidity environment [22][23] - The report emphasizes the importance of monitoring developments in US-China negotiations and potential meetings between leaders, which could impact market sentiment [3][22] Group 2: Banking Sector Analysis - As of August 18, 2025, the valuation of the banking sector has increased by 32.53% over the past year, with a price-to-book (PB) ratio of 0.72 and a return on equity (ROE) of 8.92% [4] - The report identifies three main reasons for the persistent undervaluation of banks: asset quality risks, declining revenue capabilities, and high growth in net assets per share, which collectively contribute to a lower market valuation [4] - The theoretical PB corresponding to the current ROE is estimated at 0.63, indicating that a return to a PB of 1 would require an ROE of approximately 14.15% [4] Group 3: Power Generation Sector Insights - The report discusses the profitability disparities among thermal power assets in Guangdong, highlighting that different regions experience varying electricity prices, impacting overall profitability [6] - It notes that high-efficiency coal-fired power units are expected to perform better in terms of profitability, particularly the 1 million kilowatt units, which have a net profit per kilowatt-hour above 0.01 yuan [6] - The outlook for electricity prices is relatively stable, with expectations of limited downside, and a focus on capacity price changes in the future [6] Group 4: Company-Specific Performance - Spring Wind Power reported a revenue of 9.855 billion yuan for H1 2025, a year-on-year increase of 30.9%, with a net profit of 1.002 billion yuan, up 41.35% [10][26] - The company achieved a gross margin of 28.38% and a net profit margin of 10.17%, indicating strong operational efficiency despite a slight decline in gross margin [10][26] - The report projects an upward revision in profit forecasts for Spring Wind Power, estimating profits of 1.858 billion, 2.483 billion, and 2.936 billion yuan for 2025-2027 [10][30] Group 5: Pharmaceutical Sector Developments - BeiGene reported a total revenue of 2.433 billion USD for H1 2025, reflecting a 45% year-on-year growth, with a significant turnaround in profitability [11][35] - The company’s core product, Zanubrutinib, saw global sales of 950 million USD in Q2 2025, marking a 49% increase year-on-year [11][35] - Future milestones include several drugs entering Phase III clinical trials, with expected approvals and significant revenue contributions anticipated in the coming years [11][35] Group 6: Retail and Consumer Goods Performance - Pop Mart achieved a revenue of 13.88 billion yuan in H1 2025, a 204.4% increase, with overseas revenue growing by 440% [12][36] - The company’s gross margin improved to 70.3%, driven by an increase in overseas sales and product design optimization [12][36] - The report highlights the successful expansion of Pop Mart's IP portfolio, with significant contributions from various product categories, indicating a diversified revenue stream [12][37]

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 13.876 billion yuan, a year-over-year increase of 204.4%, and a net profit attributable to shareholders of 4.574 billion yuan, up 396.5% [1] - The company is expanding its global presence, with notable growth in the Americas and Asia-Pacific regions, and a strong performance in its IP portfolio [2] Revenue Performance - Total revenue for 1H25 was 13.876 billion yuan, with a net profit of 4.574 billion yuan, reflecting a YoY increase of 204.4% and 396.5% respectively [1] - Revenue from the Chinese market was 8.28 billion yuan, a YoY increase of 135.2%, accounting for 60% of total revenue [1] - The Americas saw revenue of 2.26 billion yuan, a staggering YoY increase of 1142.3%, with 41 retail stores [1] - Asia-Pacific revenue reached 2.85 billion yuan, up 257.8% YoY, while Europe and other regions contributed 480 million yuan, a YoY increase of 729.2% [1] IP and Product Performance - The company’s IP portfolio is thriving, with five major IPs generating over 1 billion yuan in revenue, and 13 IPs exceeding 100 million yuan [2] - The leading IP, THE MONSTERS, generated 4.814 billion yuan, a YoY increase of 668.0%, making up 34.7% of total revenue [2] - Plush toy revenue reached 6.14 billion yuan, a YoY increase of 1276.2%, surpassing figures from figurines [2] Future Outlook - The company anticipates full-year revenue for 2025 to be no less than 30 billion yuan, with significant growth expected in the Asia-Pacific and North American markets [2] - The company plans to expand its store count from 140 to 200 by the end of the year, with future market entries into the Middle East, Central Europe, and Central South America [2] - Profit forecasts for 2025-2027 project net profits of 11.128 billion yuan, 15.332 billion yuan, and 20.295 billion yuan, representing YoY growth of 256.0%, 37.8%, and 32.4% respectively [2]