华鑫证券研报指出，潮宏基终端销售逆势高增，门店扩张稳步推进。7月，公司推出黄油小熊联名系列产品，并将其送上《费加罗》中文版杂志封面，成功出圈，杂志封面定制款限定小熊开售秒售罄，首发当晚抖音旗舰店实时在线人数破5万，刷新品牌直播新纪录。公司紧抓年轻人悦己消费心理，构建起差异化IP矩阵，精准把控从产品上市到销售爆发全过程节奏，通过挖掘绑定高热场景提升产品使用价值与情感共鸣，激发消费者主动分享与传播的热情，从而引爆社交裂变。公司差异化定位年轻时尚消费群体品牌，凭借强大的产品设计能力构建起丰富的产品矩阵，非遗文化融合与潮流IP联名具备爆款潜力，海外市场拓展顺利，未来盈利可观。首次覆盖，给予“买入”投资评级。
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