股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 布魯可集團有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00325 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | | 0.0001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 500,000,000 | USD | | 0.0001 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 5 ...

Core Viewpoint - The article discusses the rise of the "Guzi Economy" in China, particularly focusing on the booming market for collectible toys and related IP products, highlighting the importance of IP in driving growth and competition in this sector [5][7][19]. Group 1: Market Overview - The "Guzi Economy" refers to the market for IP-related products, including toys, comics, and games, which has gained significant traction among young consumers, largely unaffected by macroeconomic conditions [7][19]. - The market size for the Guzi Economy is projected to grow from approximately 1.7 trillion yuan in 2024 to over 2.4 trillion yuan in 2025, and is expected to exceed 3 trillion yuan by 2027 [13][19]. - The number of active users in the broader two-dimensional market is expected to surpass 350 million by 2025, with over 12 million consumers specifically interested in Guzi products [13][19]. Group 2: Key Players and IPOs - Several companies are preparing for IPOs in the Guzi Economy, including 52TOYS, which is closely modeled after Pop Mart, and has received strategic investment from Wanda Film [8][10]. - Other notable companies include Copper Master, which has received investment from Lei Jun, and TOP TOY, a brand spun off from Miniso, which is also pursuing an IPO [10][11]. - The rapid pace of IPOs reflects the growing interest and investment in the Guzi Economy, with companies like 52TOYS and Suplay aiming to capture market share in the collectible toy segment [10][11]. Group 3: Importance of IP - The core of the competitive landscape in the Guzi Economy is the ownership and development of IP, which is essential for driving sales and brand loyalty [19][25]. - Companies like Pop Mart and Card Game have successfully leveraged popular IPs such as Ultraman and My Little Pony to fuel their growth, while also developing their own IPs [19][25]. - The reliance on external IP poses risks, as companies must navigate licensing costs and the potential expiration of IP rights, making the cultivation of proprietary IP increasingly important [25][26]. Group 4: Future Outlook - Upcoming financial reports from major players like Pop Mart and Bluko will be critical in shaping market expectations and investor confidence in the Guzi Economy [29]. - The ability of these companies to maintain the influence of their existing IPs and develop new ones will be pivotal for their continued success and market valuation [29].

责任编辑：栎树 | 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 09992 | 泡泡玛特 | 4.81% | 248.600 | 3335.08亿 | 32.45% | | 00325 | 布鲁可 | 3.84% | 72.950 | 181.31亿 | 8.96% | | 01318 | 毛戈平 | 3.83% | 89.350 | 437.98 Z | 9.36% | | 01364 | 古茗 | 3.58% | 29.500 | 701.56亿 | 19.05% | | 06181 | 老铺黄金 | 2.91% | 759.500 | 1342.37 Z | 22.90% | | 02145 | 上美股份 | 2.92% | 67.000 | 266.73亿 | -7.97% | | 02097 | 蜜雪集团 | 2.80% | 396.600 | 1505.57亿 | -3.22% | | 09896 | 名创优品 | 2.43% | 37.100 | 449.16亿 | 1.92% | ...

| 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 09992 | 泡泡玛特 | 4.81% | 248.600 | 3335.08亿 | 32.45% | | 00325 | 布鲁可 | 3.84% | 72.950 | 181.31亿 | 8.96% | | 01318 | 毛戈平 | 3.83% | 89.350 | 437.98 Z | 9.36% | | 01364 | 古著 | 3.58% | 29.500 | 701.56亿 | 19.05% | | 06181 | 老铺黄金 | 2.91% | 759.500 | 1342.37 亿 | 22.90% | | 02145 | 上美股份 | 2.92% | 67.000 | 266.73亿 | -7.97% | | 02097 | 蜜雪集团 | 2.80% | 396.600 | 1505.57亿 | -3.22% | | 09896 | 名创优品 | 2.43% | 37.100 | 449.16亿 | 1.92% | | 09985 ...

【新华企业资讯1月30日】2025年，布鲁可主动从法律、技术、渠道多维度开展专项维权行动，联合广 东、浙江、福建、河南、江苏、山东等多省份市场监督管理部门，打击"制假售假""拆盒重塑"等违法乱 象，以实际行动彰显对侵权行为的"零容忍"态度，携手消费者共筑健康有序的市场生态。 技术层面，布鲁可在官方小程序"布鲁可积木人Club"上线"正品验证"功能，输入"16位官方防伪码"即可 验真假，通过"端盒原厂配置验证"消费者可查询端盒与单盒的原厂配置对应关系，快速核验产品是否被 拆封篡改，从源头为消费者规避"拆盒重塑"陷阱，让消费更透明、更安心。 渠道层面，布鲁可线上线下同步开展侵权排查，重点整治电商平台、批发市场等侵权高发场景。同时， 布鲁可呼吁消费者通过正规渠道购买产品，提高防伪意识。若发现疑似侵权行为，可通过官方小程 序"布鲁可积木人Club"的"假货举报商品反馈"通道反馈线索，共同抵制假冒伪劣行为。 2025年，布鲁可将"制假售假""拆盒重塑"等列为重点攻坚对象，精准发力、重拳打击，取得显著成果。 在"制假售假"不法行为上，多地执法行动落地见效。 为构建长效维权体系，从根源上遏制侵权行为，布鲁可打造了法律、技术 ...

【新华企业资讯1月29日】1月27日至31日，"世界三大玩具展"之一的德国纽伦堡玩具展正式举办。中国 拼搭角色类玩具品牌布鲁可再度亮相，展出了"积木车"品类，以及"积木人"品类的"自然集""绮遇记""星 辰版""群星版""超越版"和"传奇版"等10多个产品系列的240余款产品，覆盖变形金刚、新世纪福音战 士、圣斗士星矢、DC、洛克人、侏罗纪世界、飞天小女警、初音未来等10多个世界知名 IP。通过纽伦 堡玩具展这一国际舞台，布鲁可向全球展示了其满足全球玩家需求的产品矩阵，获得现场参展者的广泛 关注。 布鲁可展台现场 布鲁可积木车变 240余款布鲁可产品集中展出，丰富产品矩阵引众多参观者驻足 本次展会上，布鲁可为了让参观者可以近距离感受布鲁可丰富的产品矩阵，展出了10多个产品系列的 240余款产品。主要面向6至16岁消费群体的"星辰版"与"群星版"两大产品系列带来了多款深受玩家欢迎 的产品以及全新的产品，包括布鲁可积木人变形金刚星辰版第5弹"白刃破晓"、第6弹"战争巨械"、DC 英雄星辰版第1弹"蝠影破晓"，以及变形金刚群星版第9弹"至暗时刻"等。 其中备受关注的是，布鲁可积木人圣斗士星矢群星版第 4 弹"黄金十 ...

来源：美通社 上海2026年1月29日 /美通社/ -- 1 月 27 日至 31 日，"世界三大玩具展"之一的德国纽伦堡玩具展正式举 办。中国拼搭角色类玩具品牌布鲁可再度亮相，展出了「积木车」品类，以及「积木人」品类的「自然 集」、「绮遇记」、「星辰版」、「群星版」、「超越版」和「传奇版」等 10 多个产品系列的 240 余 款产品，覆盖变形金刚、DC、洛克人、侏罗纪世界、飞天小女警等 10 多个世界知名 IP。通过纽伦堡 玩具展这一国际舞台，布鲁可向全球展示了其满足全球玩家需求的产品矩阵，获得现场参展者的广泛关 注。 （现场人流图） 240 余款布鲁可产品集中展出，丰富产品矩阵引众多参观者驻足 本次展会上，布鲁可为了让参观者可以近距离感受布鲁可丰富的产品矩阵，展出了 10 多个产品系列的 240 余款产品。主要面向 6 至 16 岁消费群体的「星辰版」与「群星版」两大产品系列带来了多款深受 玩家欢迎的产品以及全新的产品，包括布鲁可积木人变形金刚星辰版第 5 弹「白刃破晓」、第 6 弹「战 争巨械」，DC 英雄星辰版第 1 弹「蝠影破晓」，以及变形金刚群星版第 9 弹「至暗时刻」等。 其中备受关注的是，布鲁 ...

打造行业级品质标杆与极致性价比，构建强大品牌壁垒 国元国际发布研报称，首次覆盖给予布鲁可(00325)"买入"评级，公司通过创新的产品设计、强大的IP运 营能力和全渠道分销网络，迅速成长为细分市场龙头企业，商业模式整合了IP运营、设计研发、生产和 渠道打通，形成完整价值链，未来海外市场的增长潜力值得期待。目前该行采用PE估值法，考虑到预 计公司高质量增长及海外市场的拓展，给予公司对应2026年26倍PE目标估值，约238亿港元市值目标， 对应目标价95.5港元，相较于现价预计有21.1%的升幅。 随着中国科技水平进步，特别是材料学、机床、注塑等领域突破，目前中国玩具产品质量开始向世界顶 尖水平发起冲击。公司这几年产品销售快速增长与制造工艺持续改进密不可分，目前现有产品可以在特 定价格区间内，提供第一梯队的工艺品质与拼装体验。因此公司产品具备性价比、精美、正版IP的综合 优势，这种极致性价比构建了强大的品牌壁垒，支撑公司收入增速持续领先于行业平均水平。 国元国际主要观点如下： 公司拥有深度下沉的行业标杆级立体渠道体系 公司构建了堪称行业标杆的、深度下沉且高效可控的立体渠道体系，线下网点超14万个，经销商网络在 ...

公司构建了堪称行业标杆的、深度下沉且高效可控的立体渠道体系，线下网点超14万个，经销商网络在 三年内实现数量级增长，已全面渗透至三线及以下城市，形成了强大的市场覆盖与触达能力，同时经销 商网络已经高效地覆盖了中国所有一线和二线城市，并在三线及以下城市的覆盖率超过80%，形成强大 的品牌销售矩阵，能够持续不断地对潜在消费者进行潜移默化影响。另外公司渠道类型上是多样且立体 的模式，既包括了如玩具反斗城、孩子王、酷乐潮玩、沃尔玛等全国性大型商超和连锁渠道，同时也涵 盖了大量的专业玩具店、文具店、精品店等。 打造行业级品质标杆与极致性价比，构建强大品牌壁垒 智通财经APP获悉，国元国际发布研报称，首次覆盖给予布鲁可(00325)"买入"评级，公司通过创新的产 品设计、强大的IP运营能力和全渠道分销网络，迅速成长为细分市场龙头企业，商业模式整合了IP运 营、设计研发、生产和渠道打通，形成完整价值链，未来海外市场的增长潜力值得期待。目前该行采用 PE估值法，考虑到预计公司高质量增长及海外市场的拓展，给予公司对应2026年26倍PE目标估值，约 238亿港元市值目标，对应目标价95.5港元，相较于现价预计有21.1%的升幅 ...

Core Viewpoint - CICC has downgraded the net profit forecasts for 2025 and 2026 for Blokko (00325) by 19% and 17% to 650 million and 870 million yuan respectively, while introducing a net profit forecast of 1.07 billion yuan for 2027. The target price has been reduced by 26% to 100 HKD, indicating a potential upside of 40% based on adjusted P/E ratios for 2026 and 2027 [1]. Group 1: Company Current Situation - CICC conducted a company survey and engaged in in-depth discussions with management regarding strategic reviews, new product performance, and international expansion. The firm believes that the company will focus on trending categories in 2026, which is expected to enhance performance certainty, with a continued emphasis on new product categories and international market performance [2]. Group 2: Focus on Key Categories in 2026 - In 2025, the company explored business boundaries through a global strategy targeting all demographics and price points. While the 9.9 yuan products for the lower market performed well, some categories, such as female-targeted products, did not meet internal goals, which diluted resources and affected profit performance. In 2026, the company plans to stabilize the new product launch rhythm and improve the success rate of individual products. Financially, with a mature team structure and stable personnel size, operational leverage is expected to manifest. The company aims to control the proportion of low-margin products, which, combined with economies of scale, is anticipated to stabilize and improve gross margins [3]. Group 3: Successful Development of Building Block Vehicles - The company has established building block vehicles as one of its two core strategic categories alongside building block figures, planning to maintain a monthly launch rhythm in 2026. This category is expected to contribute positively to gross margins. The core IP operation for building block figures continues to deepen, with the Transformers series effectively covering price points from 9.9 yuan to 249 yuan, while new SKU specifications for Ultraman are stimulating demand. The company’s all-demographic strategy is expected to see an increase in adult-targeted products in the second half of 2025 [4]. Group 4: Strong International Performance - In the second half of 2025, the company’s overseas business is expected to continue high growth, with a projected doubling in performance. Thanks to pricing strategies and product strength, the company maintains a price advantage despite North American tariffs and has successfully entered mainstream channels like Walmart. North America is anticipated to become the largest single overseas market in 2026, while the company plans to expand its presence in Southeast Asia, particularly in Thailand and Vietnam, supported by logistics and warehousing. Additionally, the European team is currently being built, indicating significant future potential [5].