All research in Designer Toys & IP Consumer Goods — 1 reports.
2025 revenue of RMB 37.12 billion and net profit of RMB 12.78 billion, with overseas at 44% of sales and THE MONSTERS a single IP contributing 38.1% of revenue; but at the current HK$152.90, against a conservative owner-earnings base of RMB 8.9 billion the P/OE sits near 20x, in the lower half of the neutral range, so the price is not cheap. The core risks are the lifecycle of a blockbuster IP and the reversion of margins. Rating Watch: a great business priced for proven success rather than a wide margin of safety.
