分析师 李珍妮 登记编号：S1220523080002关注需求修复节奏，行业分化中把握结构性机会轻工团队 年度行业策略报告证 券 研 究 报 告|轻工制造|2023 年10 月20 日 23Q3 Q3 IP IP+21ZAZyRtOnOmNpRtQmRrOoP9PaO6MsQmMtRtQkPmNnNiNtRmQ7NpPzQuOnQyRxNsPoQ3 1.2.3.4.2023 2023H1 2023Q2 Q1 Q2 22 23 2023H1-1.5%2023Q1+10%2023H1-15.7%4 2017-2023H1 2017-2023H1 2017-2023H1 wind-20%0%20%40%0500100015002017 2018 2019 2020 2021 2022 2023H1-20%0%20%40%60%0501002017 2018 2019 2020 2021 2022 2023H1 0%10%20%30%40%2017 2018 2019 2020 2021 2022 2023H1 2017-2023H1-200%0%200%400%600%800%0501001502017 2018 2019 2020 2021 2022 2023H1-40%-20%0%20%40%0501002017 2018 2019 2020 2021 2022 2023H1+-20%0%20%40%60%0501001502017 2018 2019 2020 2021 2022 2023H1 2017-2023H1 2017-2023H1 5 2018 2018 1 2018.06-2022.03 2 2022.03-2023.08 2023 3 3 2023.09 2023 9 wind 0510152025303540 PE TTM 2018.06 2020.02 2020.09 2021.09 2022.03 2022.07 2022.11 2023.03 2023.09 2018.10 2018.12 2019Q1 2019.04-05 2020.01 2021.02 2021.03 2021.12 2022.01 2023 9 9+26.9%2023 9 30-22.3%10-6.6%10 10 8 10+69.4%+106.7%+79.9%2023 1-9 3.5+20.1%6 wind 8 30 10 10.1-10.16 8 30 2023 8 99.1 23.4 36.7 56.1 174.1 42.9 49.3 14.5 2023 9 126.8 23.6 33.2 55.8 165.6 40.9 43.4 12.5 9-2.2%42.4%66.5%-2.4%110.7%7.9%-16.3%-14.8%9 27.9%0.6%-9.5%-0.4%-4.9%-4.6%-12.0%-13.9%2023 10 35.4 10.8 13.6 21.7 86.4 17.7 17.2 5.6 10-4.8%69.4%106.7%34.5%79.9%29.2%32.2%-0.4%30 2023 8 949.2 219.6 545.5 184.02023 9 1022.3 278.8 544.9 198.69-22.3%-24.7%-16.7%-31.9%9 7.7%26.9%-0.1%7.9%2023 10 391.1 95.9 203.9 91.410-6.6%-7.0%-2.5%-14.4%-30%-20%-10%0%10%20%30%40%50%0123456782019/022019/052019/082019/112020/022020/052020/082020/112021/022021/052021/082021/112022/022022/052022/082022/112023/022023/052023/08-50%0%50%100%150%051015202019/022019/052019/082019/112020/022020/052020/082020/112021/022021/052021/082021/112022/022022/052022/082022/112023/022023/052023/08 2023 1-9+3.1%+4.9%x x+7 Wind-10%0%10%20%30%40%02004006008001,0001,200 2023 1-9-60%-40%-20%0%20%40%60%80%05001,0001,5002,0002,5003,0002017/022017/072017/122018/052018/102019/032019/082020/012020/062020/112021/042021/092022/022022/072022/122023/05 12.2%3.1%-10%-5%0%5%10%15%7000 4000 3500 2022 489 107 349 2023H1 346 111 150 1+N+X/2022 440 4000 170 100 8 WIND 22 02004006008001000120014001600180020002017 2018 2019 2020 2021 20220%5%10%15%20%25%30%35%40%45%50%55%60%yoy01,0002,0003,0004,0005,0006,0007,0008,000 2020 2021 2022 2023H1 2023H1 6.8 14.4%2022 921 17 2023 618 2800 10 9 2020-2023H1 wind 2020-2022 02004006008001,0001,200 2020 2021 2022 2023H105001,0001,5002,000 2020 2021 2022 2023H1 2022 18498+28%2023H1 36.8%34.8%+0.5pct+2.8pct 10 WIND 2017-2020 2021 20%15.8%9.9%5.8%13.0%9.6%28.0%6.6%0%5%10%15%20%25%30%02000400060008000100001200014000160001800020000 2.9 4.9 7.8 11.6 20.3 24.3 10.90510152025302017 2018 2019 2020 2021 2022 2023H1 0%5%10%15%20%25%30%35%40%45%2020 2021 2022 2023H1 11 23 23 PE24 24 PE18-22 18-22 18-22 18-22 18-22 PE TTM 18-22 PE(TTM)603833.SH 548 90.00 6.09 15.2%18 16.0%15 168 46 1026 290 54 19002572.SZ 157 17.18 9.12 24.1%12 16.9%10 35 13 363 125 227 11603801.SH 89 20.31 4.37 18.2%14 17.6%12 31 7 138 37 51 11603208.SH 60 33.84 1.77 230.5%15 23.4%12 87 8 161 16 56 11603180.SH 39 25.02 1.54 23.3%11 22.7%9 82 20 120 30 82 11300616.SZ 36 18.05 1.98 363.8%17 32.0%13 129 17 254 33 72 23603898.SH 31 10.02 3.11-30.7%10 17.1%9 28 7 101 25 72 7603816.SH 318 38.75 8.22 15.3%15 16.9%13 66 19 566 169 58 14603008.SH 74 19.01 3.87 136.8%13 21.3%11 40 8 151 32 35 13001323.SZ 139 34.85 4.00 15.8%17 17.1%14 58 29 224 124 33 18 2023/10/19 2023H1+11.2%+11.0%+23H1 31.5%+2.5pct 36.6%+2.0pct 23.2%3.3pct 23H1 10.4%+0.5pct Q2 15.6%+1.8pct 2023H1 42.77+5.01%18639+6.55%40737 2023H1+89.34%2023Q2 35.7%+3.3ct 2023Q2 13.4%+2.8pct 2023Q2+17.1%+20.0%2023H1/-1.3%/+18.2%/+76%Q2 2023H1/+3.7/+7.1pct wind wind12 1.2.3.4.2023H1 13 2023H1 840.72-9.0%Q1/Q2 412.50/428.22-7.4%/-10.5%2023H1+4.7%+15.8%Q2+0.5%+11.4%wind 2017-2023H1 2019Q1-2023Q2 2022Q1 4,848.8-7.5%-15.4%6,115.8 1.6%-27.4%5,879.8 6.6%-8.7%4,883.8-5.4%4.2%3,857.1-9.3%1.6%5,481.0 2.2%-15.1%2022Q2 4,589.0-5.4%-14.4%6,373.1 4.2%-30.0%6,155.6 4.7%-7.5%4,844.2-0.8%4.6%3,725.0-3.4%1.3%5,592.6 2.0%-18.3%2022Q3 4,106.6-10.5%-18.6%5,632.0-11.6%-8.7%6,253.1 1.6%14.6%4,699.1-3.0%-2.1%3,458.2-7.2%-11.0%5,490.0-1.8%0.9%2022Q4 4,078.6-0.7%-22.2%5,299.2-5.9%-12.0%6,662.3 6.5%20.8%4,478.7-4.7%-13.3%3,320.7-4.0%-21.9%5,657.7 3.1%5.5%2023Q1 4,078.8 0.0%-15.9%5,106.0-3.6%-16.5%6,693.9 0.5%13.8%4,262.2-4.8%-12.7%3,125.9-5.9%-19.0%5,689.3 0.6%3.8%2023Q2 3,702.4-9.2%-19.3%4,486.6-12.1%-29.6%6,060.5-9.5%-1.5%3,945.4-7.4%-18.6%2,847.8-8.9%-23.5%5,429.9-4.6%-2.9%2023Q3 3,523.0-4.8%-14.2%4,380.5-2.4%-22.2%5,559.8-8.3%-11.1%3,748.3-5.0%-20.2%2,763.3-3.0%-20.1%5,328.8-1.9%-2.9%/-20%-10%0%10%20%30%40%04008001,2001,6002,0002017 2018 2019 2020 2021 2022 2023H1 yoy-20%0%20%40%60%80%0100200300400500600 yoy 14 Q2 2023H1 7.22-82.9%Q1/Q2-1.09/8.31-105.4%/-62.3%2023H1/9.92%/0.86%-4.2pct/-3.7pct Q2/10.75%/1.94%-3.7pct/-2.7pct+1.7pct/+2.2pct wind 2017-2023H1 2019Q1-2023Q2 2017-2023H1 2019Q1-2023Q2-120%-80%-40%0%40%80%040801201602017 2018 2019 2020 2021 2022 2023H1 yoy-600%-400%-200%0%200%400%(20)0204060 yoy0%5%10%15%20%25%30%2017 2018 2019 2020 2021 2022 2023H1-5%0%5%10%15%20%25%30%Arauco 2023 10 40/730/30/580/10 11 11 UTIPULP 2023 7 77.29 22.26%66.49 8.56%24 5 15/=+020406080100120 2022 7 2023 7 050010001500200025002018-01-012018-04-012018-07-012018-10-012019-01-012019-04-012019-07-012019-10-012020-01-012020-04-012020-07-012020-10-012021-01-012021-04-012021-07-012021-10-012022-01-012022-04-012022-07-012022-10-012023-01-012023-04-012023-07-01 0100020003000400050006000700080009000/050010001500200025002018-12-012019-03-012019-06-012019-09-012019-12-012020-03-012020-06-012020-09-012020-12-012021-03-012021-06-012021-09-012021-12-012022-03-012022-06-012022-09-012022-12-012023-03-012023-06-012023-09-01 7-8 10-11 23 213 2023 1587 2019 45%16/05101520253035402018-01-012018-04-012018-07-012018-10-012019-01-012019-04-012019-07-012019-10-012020-01-012020-04-012020-07-012020-10-012021-01-012021-04-012021-07-012021-10-012022-01-012022-04-012022-07-012022-10-012023-01-012023-04-012023-07-01 0510152025303540 020040060080010001200140016002018 2019 2020 2021 2022 020040060080010001200140016002018 2019 2020 2021 2022 010002000300040005000600070008000 0200040006000800010000120002018-01-02 2019-01-02 2020-01-02 2021-01-02 2022-01-02 2023-01-02-23Q1 22 23Q2 Q2 23Q3 Q3 17 2018 9 2018/0100020003000400050006000700080002018-09-17 2019-09-17 2020-09-17 2021-09-17 2022-09-17 2023-09-17/2022Q4 0100020003000400050006000700080009000/18 1.2.3.4.Q2 2023H1 180.08-3.5%Q1/Q2 81.76/98.32-10.2%/+2.8%2023H1 20.47+29.4%Q1/Q2 9.48/11.00+66.4%/+8.6%19 2017-2023H1 2017-2023H1 2017-2023H1 wind-10%0%10%20%30%40%01002003004002017 2018 2019 2020 2021 2022 2023H1-40%-20%0%20%40%60%06121824302017 2018 2019 2020 2021 2022 2023H1 0%10%20%30%40%2017 2018 2019 2020 2021 2022 2023H1 2023 7 2023Q2 WALMART AMAZON HOME DEPOT WAYFAIR 20 Wind:2022/01 2022/02 2022/03 2022/04 2022/05 2022/06 2022/07 2022/08 2022/09 2022/10 2022/11 2022/12 2023/01 2023/02 2023/03 2023/04 2023/05 2023/06 2023/07 2023/08 13.4%17.8%11.0%11.9%13.3%12.1%12.5%11.0%10.3%9.6%7.4%7.2%8.4%6.4%2.6%1.6%1.4%0.5%1.7%2.5%0.2%6.4%-0.4%2.9%1.8%0.3%0.1%1.3%-0.2%0.4%-2.6%-1.0%6.7%-0.6%-4.2%-9.1%-7.8%-4.4%-5.8%-7.2%2.8%9.2%0.0%2.9%-0.2%-7.9%-3.6%-1.3%0.3%-6.5%-5.0%-4.6%4.1%1.2%-5.3%-8.6%-3.6%-0.3%-3.5%-0.8%9.5%14.5%2.8%3.2%5.7%7.9%10.3%11.8%10.1%8.9%2.7%3.0%1.7%1.4%-4.6%-4.6%-2.0%-3.5%-3.7%-4.2%17.2%26.9%8.6%9.2%4.5%1.4%1.1%5.2%4.2%3.7%0.4%3.3%9.6%3.4%-1.9%-2.0%-0.1%-0.8%2.9%2.0%23.5%32.3%19.3%18.5%15.8%12.2%8.9%12.0%12.5%14.2%12.6%13.9%23.4%15.4%12.3%9.1%9.9%9.3%11.1%8.8%-3.8%10.8%-8.0%-4.6%-1.8%0.4%2.3%3.2%3.1%4.0%-1.3%2.5%7.3%1.8%1.4%0.5%0.8%-0.7%1.4%-1.9%:8.1%15.5%1.8%4.0%2.0%-0.2%0.6%1.7%2.6%-0.5%-1.5%0.7%6.1%2.7%-1.6%-3.7%-3.7%-5.0%-2.9%-3.3%7.9%7.7%0.6%1.4%3.3%1.7%2.7%2.0%3.9%4.4%4.0%0.8%5.6%8.7%7.7%7.8%9.2%7.8%7.3%8.4%19.4%25.0%14.1%14.3%20.6%15.5%12.7%12.3%9.2%7.0%3.0%3.3%9.2%4.1%2.0%2.7%3.0%1.5%1.1%-4.0%20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2HOME DEPOT 282.6 380.5 335.4 322.6 375.0 411.2 368.2 357.2 389.1 437.9 388.7 358.3 372.6 429.2 10%35%-12%-4%16%10%-10%-3%9%13%-11%-8%4%15%7%23%23%25%33%8%10%11%4%7%6%0%-4%-2%LOWES 196.8 273.0 223.1 203.1 244.2 275.7 229.2 213.4 236.6 274.8 234.8 224.5 223.5 249.6 23%39%-18%-9%20%13%-17%-7%11%16%-15%-4%0%12%11%30%28%27%24%1%3%5%-3%0%2%5%-6%-9%WAYFAIR 23.3 43.1 38.4 36.7 34.8 38.6 31.2 32.5 29.9 32.8 28.4 31.0 27.7 31.7-8%85%-11%-4%-5%11%-19%4%-8%10%-14%9%-11%14%20%84%67%45%49%-10%-19%-11%-14%-15%-9%-5%-7%-3%WILLIAMS SONOMA12.4 14.9 17.7 22.9 17.5 19.5 20.5 25.0 18.9 21.4 21.9 24.5 17.6 18.6-33%21%18%30%-24%11%5%22%-24%13%3%12%-28%6%0%9%22%24%42%31%16%9%8%10%7%-2%-7%-13%WALMART 1346.2 1377.4 1347.1 1520.8 1383.1 1410.5 1405.3 1528.7 1415.7 1528.6 1528.1 1640.5 1523.0 1616.3-5%2%-2%13%-9%2%0%9%-7%8%0%7%-7%6%9%6%5%7%3%2%4%1%2%8%9%7%8%6%AMAZON 754.5 889.1 961.5 1255.6 1085.2 1130.8 1108.1 1374.1 1164.4 1212.3 1271.0 1492.0 1273.6 1343.8-14%18%8%31%-14%4%-2%24%-15%4%5%17%-15%6%26%40%37%44%44%27%15%9%7%7%15%9%9%11%TARGET 196.2 229.8 226.3 283.4 242.0 251.6 256.5 310.0 251.7 260.4 265.2 314.0 253.2 247.7-16%17%-1%25%-15%4%2%21%-19%3%2%18%-19%-2%11%25%21%21%23%10%13%9%4%3%3%1%1%-5%BEST BUY 85.6 99.1 118.5 169.4 116.4 118.5 119.1 163.7 106.5 103.3 105.9 147.4 94.7 95.8-44%16%20%43%-31%2%1%37%-35%-3%2%39%-36%1%-6%4%21%11%36%20%0%-3%-9%-13%-11%-10%-11%-7%TEMPUR-SEALY8.2 6.7 11.3 10.6 10.4 11.7 13.6 13.6 12.4 12.1 12.8 11.9 12.1 12.7-6%-19%70%-7%-1%12%16%0%-9%-2%6%-7%2%5%19%-8%38%21%27%76%20%29%19%4%-6%-13%-3%5%2023 HOME DEPOT WAYFAIR WILLIAMS SONOMA TEMPUR-SEALY 10%21 Wind 20Q1 20H1 20Q3 20A 21Q1 21H1 21Q3 21A 22Q1 22H1 22Q3 22A 23Q1 23H1 20Q1-23Q1 HOME DEPOT 149.9 135.0 161.6 166.3 191.8 189.1 205.8 220.7 253.0 260.9 257.2 248.9 253.7 232.7 3%-10%20%3%15%-1%9%7%15%3%-1%-3%2%-8%-3%-8%3%14%28%40%27%33%32%38%25%13%0%-11%LOWES 142.8 138.3 157.1 161.9 183.8 173.2 166.9 176.1 202.4 193.3 198.2 185.3 195.2 174.2 8%-3%14%3%14%-6%-4%6%15%-4%3%-6%5%-11%-5%1%15%23%29%25%6%9%10%12%19%5%-4%-10%WAYFAIR 0.6 0.4 0.5 0.5 0.6 0.6 0.7 0.7 0.8 1.0 1.0 0.9 0.8 0.8-8%-24%27%-4%14%1%11%4%16%23%5%-13%-8%-7%30%-6%-21%-15%5%40%23%32%34%64%55%30%4%-21%WILLIAMS SONOMA10.7 10.4 11.3 10.1 10.9 11.7 12.7 12.5 14.0 15.4 16.9 14.6 14.0 13.0-3%-3%8%-11%8%8%9%-2%12%10%9%-14%-4%-7%-7%-12%-11%-9%2%12%13%24%28%32%33%17%0%-16%WALMART 412.2 410.8 518.4 449.5 463.8 477.5 574.8 565.1 612.3 599.2 647.1 565.8 569.3 567.2-7%0%26%-13%3%3%20%-2%8%-2%8%-13%1%0%-8%-7%1%1%13%16%11%26%32%25%13%0%-7%-5%AMAZON 188.6 196.0 237.4 238.0 238.5 241.2 309.3 326.4 349.9 381.5 366.5 344.1 341.7 365.9-8%4%21%0%0%1%28%6%7%9%-4%-6%-1%7%15%5%26%16%26%23%30%37%47%58%18%5%-2%-4%TARGET 85.8 88.8 127.1 106.5 105.4 112.6 149.6 139.0 150.8 153.2 171.2 135.0 126.2 126.8-5%3%43%-16%-1%7%33%-7%8%2%12%-21%-7%1%-5%-3%12%18%23%27%18%30%43%36%14%-3%-16%-17%BEST BUY 39.9 41.4 74.6 56.1 57.2 64.2 85.5 59.7 62.6 60.4 72.9 51.4 52.2 56.5-23%4%80%-25%2%12%33%-30%5%-3%21%-30%2%8%-23%-21%-1%8%43%55%15%6%9%-6%-15%-14%-17%-6%TEMPUR-SEALY 2.7 2.6 2.8 3.1 3.2 3.2 3.8 4.6 5.8 6.2 6.0 5.6 5.7 5.3 5%-5%6%13%2%2%19%21%25%7%-3%-7%2%-7%14%6%2%20%17%25%40%49%82%91%56%20%-3%-15%PVC 2022/01 23%23%11%11%-23%-23%6%6%18%18%31%31%28%28%2022/02 5%15%-11%2%-35%-27%-12%-1%5%13%1%18%5%18%2022/03 14%15%7%4%-28%-28%2%0%28%18%42%25%33%23%2022/04 3%12%-3%2%-36%-30%-13%-4%0%13%26%25%36%26%2022/05 16%12%1%2%-31%-30%-11%-5%15%13%36%28%33%28%2022/06 16%13%0%1%-29%-30%-11%-6%5%12%35%29%30%28%2022/07 17%14%-2%1%-25%-29%-10%-7%17%12%43%31%28%28%2022/08 6%13%-13%-1%-34%-30%-20%-9%-21%7%5%27%7%25%2022/09 5%12%-9%-2%-26%-30%-15%-9%-18%4%3%24%8%23%2022/10-2%10%-10%-3%-25%-29%-17%-10%-33%0%19%23%12%22%2022/11-10%8%-16%-4%-21%-28%-17%-11%-18%-2%10%22%3%20%2022/12-12%6%-15%-5%-17%-27%-16%-11%-24%-4%5%20%-4%18%2023/01-12%-12%-13%-13%-10%-10%-15%-15%-24%-24%6%6%-17%-17%2023/02-3%-8%-25%-17%-4%-8%-32%-21%-44%-32%-22%-4%-25%-20%2023/03 11%-2%14%-7%44%9%1%-14%-15%-26%30%7%9%-10%2023/04 7%0%1%-5%13%10%-5%-12%-10%-22%30%13%-6%-9%2023/05-7%-1%-14%-7%-1%8%-11%-11%-15%-20%3%11%-18%-11%2023/06-12%-3%-13%-10%2%7%-11%-11%-24%-21%-2%8%-19%-13%2023/07-14%-5%-13%-11%6%7%-7%-11%-27%-22%4%8%-18%-13%2023/08-9%-6%-4%-10%12%7%4%-9%-4%-20%33%11%-6%-13%22 Q3 22H1/22H2/23H1 33.35/41.71/44.48 OEM 2022 93.9%PMI 68.3%3000-4000w wind 2017-2023H1-100%0%100%200%300%04812162017 2018 2019 2020 2021 2022 2023H1-100%0%100%200%300%400%500%0123452021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q2 0%5%10%15%20%25%30%35%40%45%2017 2018 2019 2020 2021 2022 2023H1 2017-2023H1 2021Q1-2023Q2 23 MotoLiving 30 top100 ODM OBM wind 2017-2023H1-40%0%40%80%120%0481216202017 2018 2019 2020 2021 2022 2023H1-80%-40%0%40%80%0123456 0%5%10%15%20%25%30%35%40%2017 2018 2019 2020 2021 2022 2023H1 2017-2023H1 2021Q1-2023Q2 24 1.2.3.4.KA 2023H1 47.6%+4.3 pct Q2 48.5%+7.4pct 2023H1 13.9%+3.3pct Q2 12.1%+4.6pct 2023H1 8.34+36.4%52.1%+3.1pct 37%Q2 55%2023H1 20%2023H1-25 2017-2023H1 2017-2023H1 wind 0102030405060702020-09-212020-11-212021-01-212021-03-212021-05-212021-07-212021-09-212021-11-212022-01-212022-03-212022-05-212022-07-212022-09-212022-11-212023-01-212023-03-212023-05-212023-07-212023-09-21 PE PE-30%-20%-10%0%10%20%30%40%50%60%70%80%0246810121416182017 2018 2019 2020 2021 2022 2023H1 45.9%42.1%45.9%42.7%44.7%45.1%47.6%8.1%9.3%11.1%14.6%15.6%11.6%13.9%0%5%10%15%20%25%30%35%40%45%50%2017 2018 2019 2020 2021 2022 2023H1 2023H1 38.57+7.2%2023Q2 19.27+8.1%APP APP 2023H1 3.7 60%2023H1 54.94+24.8%Q2 28.53+26.5%MRO 2023H1 3.3%+0.2pct 6.0 38%5.6 40%1743 272%2023H1 573 531 359 172 42-26 2017-2023H1 2017-2023H1-20%-10%0%10%20%30%40%050100150200250 25.7%25.8%26.1%25.4%23.2%19.4%19.5%10.0%9.5%9.5%9.6%8.6%6.4%6.1%0%5%10%15%20%25%30%2017 2018 2019 2020 2021 2022 2023H1 wind 2018 PE0102030405060702018-01-022018-04-022018-07-022018-10-022019-01-022019-04-022019-07-022019-10-022020-01-022020-04-022020-07-022020-10-022021-01-022021-04-022021-07-022021-10-022022-01-022022-04-022022-07-022022-10-022023-01-022023-04-022023-07-022023-10-02 PE 10 SKU 8 SKU 1500-3000+12 Pro 60%Pro 82%2023Q1 TOP B 110 2023 4 1 PMC 1.71-27 2017-2023H1 2017-2023H1 wind PE01020304050607080902021-12-162022-01-162022-02-162022-03-162022-04-162022-05-162022-06-162022-07-162022-08-162022-09-162022-10-162022-11-162022-12-162023-01-162023-02-162023-03-162023-04-162023-05-162023-06-162023-07-162023-08-162023-09-162023-10-16 PE39.0%44.3%50.9%55.0%54.7%54.0%56.7%4.0%6.4%12.6%13.0%14.3%21.9%21.9%0%10%20%30%40%50%60%2017 2018 2019 2020 2021 2022 2023H1-20%0%20%40%60%80%100%120%012345672017 2018 2019 2020 2021 2022 2023H1 23H1 340+10.4%2185+14.0%38+245%106+324%IP IP IP IP 23H1 IP 21.6+16.7%,SKULLPANDA 5.3+14.0%TOP3 IP 46.2%+IP IP 22 LABUBU IP 23H1 438 92%44%-IP 28 2017-2023H1 2017-2023H1 wind-1000%0%1000%2000%3000%4000%5000%6000%7000%05101520253035404550 48.0%58.2%65.0%63.7%61.8%57.8%60.6%1.0%19.2%26.6%20.7%18.9%10.2%16.8%0%10%20%30%40%50%60%70%2017 2018 2019 2020 2021 2022 2023H1 PE0204060801001201401601802002020-12-112021-02-112021-04-112021-06-112021-08-112021-10-112021-12-112022-02-112022-04-1