祈福文创业务为内销重心 睿特菲2015 年起专注运动健身板块，至今已有十年深耕经验；核心团队成员任职年限多在四五年以 上，在产品设计、电商运营、市场推广等领域积累了丰富经验；团队通过每月自检复盘，不断弥补不 足、提升能力，产品设计始终围绕客户需求，邀请网红达人测试新品并收集反馈，持续迭代升级；此 外，睿特菲从2022 年开始实施股权激励，大部分核心团队成员为股东，工作积极性高，推动业务持续 向好。 公司分为文化创意和运动健康两大板块，其中文化创意板块又分为内销与外销，传统外销从历史数据 看，保持稳定增长；内销目前重点布局IP 潮玩文创、祈福文创和AI 玩具三大业务。IP 潮玩文创业务已 与天络行、酷乐潮玩]达成战略合作，未来以各自专业的能力共同拓展市场。AI 玩具业务已成立专门的 公司负责，首批新品经过前期小批量市场测试后，目前正在迭代升级中。祈福文创业务已与五台山、北 高峰第一财神庙达成合作，后续将拓展更多的合作方。 调整盈利预测，维持"买入"评级 公司在祈福板块自建品牌"锦福"，目前已和五台山、北高峰第一财神庙联名，公司密切关注国内著名景 点的动态，尤其是那些拥有深厚文化底蕴和影响力的名山景点，并正努力寻 ...

Core Viewpoint - The company is transitioning from a B2B model to a B2C model, focusing on self-owned brands and domestic sales, while achieving significant revenue growth in its fitness and wellness segment [1][2]. Group 1: Company Transition and Growth - The company started as an export OEM for stationery and has recently expanded into the home fitness e-commerce sector, with a change in actual control to Ningbo State-owned Assets Supervision and Administration Commission in 2022 [1] - The company has a three-year profit commitment of 240 million yuan from 2022 to 2024, with revenue growth rates of +3% in H1 2023, +43% in H1 2024, and +20% in H1 2025 [1] - The share of self-owned brands (OBM) is expected to increase from 15% in 2020 to 30% in 2024, indicating a shift from OEM to OBM [1] Group 2: Market Performance and Supply Chain - The educational and leisure segment is stabilizing, primarily targeting the North American market, with revenue growth rates of 0.57% in 2023, 23.83% in 2024, and 3.15% in 2025 [1] - The supply chain, featuring dual bases in Ningbo and Anhui along with production capacity in Vietnam, supports flexible customization for various product categories and small-batch orders [1] - The company is developing its own brands like PAPERAGE, and the Vietnam base is not yet at full capacity, suggesting potential for further margin improvement as domestic cultural and IP businesses grow [1] Group 3: Fitness Brand Development - The fitness brand is experiencing rapid growth, with a projected revenue increase of nearly 140% in 2024, and core products ranking highly in Amazon's niche categories [2] - The company is focusing on direct sales through its official website, with website revenue surpassing Amazon's by September 2025, and has opened its first offline experience store in the U.S. in April [2] - The operational model combines multi-platform traffic generation, offline experiences, and website conversion to enhance user engagement and brand pricing power [2] Group 4: Domestic Market Expansion - The company is in the early stages of domestic market expansion, with only 1.7% of revenue from domestic sales in H1 2025, and plans to focus on three main areas: cultural products, IP toys, and AI toys [2] - The "Jinfeng" brand is collaborating with famous temples for cultural products, leveraging traditional cultural recognition and emotional value [2] - The company has established resources in both upstream IP and downstream channels, with products already in over 500 boutique bookstores and toy stores [2] Group 5: Financial Projections and Valuation - Revenue projections for 2025, 2026, and 2027 are 2.28 billion, 2.76 billion, and 3.40 billion yuan, with year-on-year growth rates of +17%, +21%, and +23% respectively [3] - Net profit forecasts for the same years are 118 million, 158 million, and 200 million yuan, with growth rates of +10%, +34%, and +27% respectively, leading to EPS of 0.66, 0.88, and 1.11 yuan [3] - The company is expected to benefit from synergies in IP development, channel integration, and brand promotion, with a target price of 31.61 yuan based on a 36x PE valuation for 2026, initiating coverage with a "buy" rating [3]