$BLOKS(00325.HK) Key points from expert discussions: Performance: 1) Revenue is expected to exceed 2.2 billion in 2024, with profits of 700-800 million. Revenue for 2025 is targeted between 3 to 4 billion, with profit growth expected to outpace revenue. Product: 1) 20% high-end products, 80% mid-to-low-end products. 2) 80% of sales come from offline channels. 3) Ultraman IP products account for 80%. 4) Product prices range from 12.9 to 129, with 79-129 being high-end and below 79 being mid-to-low-end.

Channel: 1) The number of offline channel distributors is around 380-385. 2) There are a total of 20,000 to 22,000 distribution channels, with about 5,000 in first and second-tier cities. 3) Distributor rebates are divided into three levels: 4% for over 10 million, 5% for over 30 million, and 7% for over 50 million. 4) Products will not be discounted within three months, 20% off from March to June, and no price control for over six months.

Strategy: 1) In 2025, enhance proprietary IP and female-oriented IP, expected to exceed 500 million, with regular Ultraman, Transformers, and other products naturally growing by around 20%-30%. 2) Natural growth in channels is expected to generate 2.5 billion in revenue, with a new 9.9 yuan product generating 300 million, and female-oriented IP generating 200-300 million. 3) Expand other IP products, such as Kamen Rider, Hatsune Miku, Pokémon, etc., to achieve balanced development across all IP products. (Transfer)