Core Viewpoint - The company is experiencing strong performance in its new IP product line, with popular products frequently sold out due to supply constraints rather than weak demand. The global IP market presents significant growth opportunities, with the company expected to achieve substantial revenue growth by 2025 [1][2][4]. Group 1: Product Performance - The new IP product line, including Crybaby and Twinkle Twinkle, is performing well, indicating a supply bottleneck rather than a lack of demand [6][8]. - Popular products such as Twinkle Twinkle's "Bee Your Honey" figurine (priced at 199 RMB) and various Crybaby products (priced between 79-199 RMB) are experiencing stock shortages [7]. Group 2: Global Expansion and Brand Collaborations - The company is actively expanding its global presence and engaging in cross-brand collaborations, such as partnerships with Godiva and Chopard [9]. - New stores have opened in key cities like Berlin and Melbourne, indicating strong consumer interest in the company's IP and products [9]. Group 3: Financial Projections - The company is projected to achieve revenues of 31.046 billion RMB in 2025, representing a 138% year-on-year growth, and 42.994 billion RMB in 2026, with a 38% growth [10]. - Adjusted net profit is expected to reach 9.821 billion RMB in 2025, a 205% increase, and 13.965 billion RMB in 2026, a 42% increase [11]. Group 4: Market Potential - The global IP market is estimated to be worth approximately 800 billion USD, with the company's market share currently at only 2.3%, indicating substantial growth potential [14]. - The company aims to evolve into a combination of Bandai Namco, LEGO, and Disney, suggesting that its growth story is still in the early stages [14]. Group 5: Valuation and Investment Opportunity - The current stock price of 246 HKD offers over 48% upside potential to the target price of 365 HKD, based on a projected P/E ratio of 46 times for 2025 [16][19]. - The company’s strong IP product flywheel effect and efficient direct sales model are seen as key to successful global expansion [16].