Guosen Securities: Maintains "outperform" rating on Burson-Marsteller (00325), and will further enrich the product matrix of Xinxin.

According to the Wise Financial APP, Guotai Securities released a research report stating that they maintain a "outperform the market" rating for Blueco (00325). However, in the short term, considering the possible impact on the gross profit margin due to the increase in the proportion of the company's 9.9 yuan parity products, as well as the incubation period for new IPs, the company's net profit attributable to shareholders for the years 2025-2027 is downgraded to 8.05/11.38/15.06 billion yuan (previously 10.31/14.67/18.88 billion yuan). Overall, as a leader in IP-spliced toys, the company continues to benefit from emotional consumption and the development of the IP economy. The company is also actively promoting the construction of its IP matrix, brand promotion, and channel expansion, laying a solid foundation for future sustained growth.