机构：中邮证券 研究员：李鑫鑫 公司概况：高速成长的拼搭角色类玩具领导者。公司成立于2014年，2016年公司开始研发积木玩具，一 年后打造自有IP百变布鲁可并基于此推出积木玩具，截至24年公司营收22.4亿元，经调净利润5.85亿 元。创始人朱伟松先生二次创业，核心团队均具有多年玩具及游戏行业经验。公司股权高度集中，创始 人朱伟松上市前有公司54.95%股份，公司核心成员在上市前均通过员工激励平台持有公司股份。 行业分析：拼搭角色玩具高速增长，追星与造星模式不尽相同。1）行业规模：23年全球玩具市场规模 7731亿元，23-28年CAGR为5.1%，其中拼搭类、角色类，拼搭角色类23-28年CAGR分别为15%、 9.3%、20.5%；23年我国玩具市场规模1049亿元，23-28年CAGR为9.5%，其中拼搭类、角色类，拼搭角 色类23-28年CAGR分别为22%、17.7%、41.3%，拼搭角色类玩具增速具有绝对优势；2）行业格局： 2023 年全球拼搭角色类玩具市场前二的是日本万代和乐高，市占率分别为 39.5%、35.9%，形成了双寡 头垄断的市场竞争格局；中国布鲁可市占率达 30.3%，市占率绝对 ...

港股新消费概念股走强，老铺黄金(06181.HK)涨超11%、布鲁可(00325.HK)涨超5%、古茗(01364.HK)涨 4.58%、毛戈平(01318.HK)涨3.1%。 ...

证券研究报告 IP积木潮，创意趣无限 ——布鲁可（0325.HK）深度报告 股票投资评级：买入|维持 请参阅附注免责声明 2 Ø 公司概况：高速成长的拼搭角色类玩具领导者。公司成立于2014年，2016年公司开始研发积木玩具，一年后打造自有IP百变布鲁可并基于此 推出积木玩具，截至24年公司营收22.4亿元，经调净利润5.85亿元。创始人朱伟松先生二次创业，核心团队均具有多年玩具及游戏行业经验。公司股 权高度集中，创始人朱伟松上市前有公司54.95%股份，公司核心成员在上市前均通过员工激励平台持有公司股份。 Ø 行业分析：拼搭角色玩具高速增长，追星与造星模式不尽相同。1）行业规模：23年全球玩具市场规模7731亿元，23-28年CAGR为5.1%， 其中拼搭类、角色类，拼搭角色类23-28年CAGR分别为15%、9.3%、20.5%；23年我国玩具市场规模1049亿元，23-28年CAGR为9.5%，其中拼搭 类、角色类，拼搭角色类23-28年CAGR分别为22%、17.7%、41.3%，拼搭角色类玩具增速具有绝对优势；2）行业格局：2023 年全球拼搭角色类 玩具市场前二的是日本万代和乐高，市占率分别为 3 ...

Group 1 - The Hong Kong IPO market has seen a significant increase in activity, with 32 IPOs raising a total of HKD 896 billion in the first half of 2025, a 5.65 times increase compared to HKD 134.64 billion in the same period of 2024 [2] - Despite the initial success, recent market adjustments have led to a decline in the performance of newly listed stocks, with several companies experiencing significant drops from their IPO prices [3][4] - The number of companies waiting to go public has increased, with 211 applications currently in process, indicating a robust pipeline for future IPOs [6][7] Group 2 - The recent surge in new consumer stocks has resulted in substantial price increases, but the market is now experiencing corrections, raising concerns about the sustainability of these gains [5] - The refinancing activities have also increased, with 157 companies raising funds in the first half of 2025, surpassing the total for the entire year of 2024 [10] - The low HIBOR rates have created favorable conditions for the IPO market, but there are concerns that an influx of new listings could dilute market liquidity and affect valuations [9][12] Group 3 - The current low HIBOR rates, influenced by the US interest rate policies, have made borrowing cheaper, which has stimulated demand for new stock subscriptions [12][15] - There is a potential for HIBOR to rebound as more companies enter the IPO market, which could increase borrowing costs and dampen investor enthusiasm for new listings [16][17] - The market may shift from being driven by liquidity to a phase where fundamental company valuations become more critical, necessitating a focus on the intrinsic value of companies [17]

打造布鲁可体系，IP 矩阵丰富+供应链规模效应显著+渠道营销优秀铸成核心竞争力。布鲁可吸纳角色 类玩具和拼搭玩法的优点进行提升，打造布鲁可体系为消费者提供新选择。从IP 情况来看，授权IP 和 自有IP 双轮驱动，产品矩阵丰富，覆盖年龄层较广，迭代速度较快；从供应链角度看，公司的产品设 计、研发和生产体系标准化，零部件通用性较高；从渠道角度来看，线下触角不断扩张，线上BFC 赛 事体系以内容营销驱动，增强品牌影响力。 公司成立于2014 年，以拼搭角色类玩具为主，奥特曼为公司最为核心的授权IP，同时不断扩充IP 产品 矩阵，通过线下经销渠道覆盖国内市场，低基数下海外增速更快。公司的股权架构稳定，创始人持股比 例较高。股权激励深度绑定公司核心高管，管理层团队稳定，经验丰富。公司营收高速增长，盈利能力 步入上升通道。 行业：谷子经济乘风而起，成长空间广阔。 谷子经济，即二次元文化周边经济，指围绕动漫、游戏、漫画等IP 衍生的商品及其市场体系。在新消 费蓬勃发展的产业趋势下，具备口红效应+社交货币属性的谷子精准满足情绪消费需求，供给端优质IP 增加+渠道扩张助力谷子进入大众视野。 从细分市场来看，拼搭角色类玩具引领 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 06 19 年 月 日 布鲁可（00325.HK） 拼搭角色玩具龙头，用户象限拓展可期 ➢ 公司概况：拼搭角色玩具龙头，成长性充足。 公司成立于 2014 年，以拼搭角色类玩具为主，奥特曼为公司最为核心的 授权 IP，同时不断扩充 IP 产品矩阵，通过线下经销渠道覆盖国内市场， 低基数下海外增速更快。公司的股权架构稳定，创始人持股比例较高。股 权激励深度绑定公司核心高管，管理层团队稳定，经验丰富。公司营收高 速增长，盈利能力步入上升通道。 ➢ 行业：谷子经济乘风而起，成长空间广阔。 谷子经济，即二次元文化周边经济，指围绕动漫、游戏、漫画等 IP 衍生的 商品及其市场体系。在新消费蓬勃发展的产业趋势下，具备口红效应+社 交货币属性的谷子精准满足情绪消费需求，供给端优质 IP 增加+渠道扩张 助力谷子进入大众视野。 从细分市场来看，拼搭角色类玩具引领行业发展。在全球市场，2019 至 2023 年拼搭角色类玩具市场规模从 132 亿元增长至 278 亿元，年均复合 增长率为 20.5%。拼搭角色类玩具赛道行业集中度高，布鲁可国内排名第 一，全球排 ...

建银国际首予布鲁可"跑赢大市"评级目标价195港元 建银国际发表研究报告，首予布鲁可(00325.HK)"跑赢大市"评级及目标价195港元。该行预计，2025-27 财年在48%的收入复合年增长率的支持下，期间盈利复合年增长率将达到49%。该行指，以2023年的交 易总额(GMV)计算，该公司是中国拼装角色玩具市场的领导者，占30.3%的市占率。 ...

泡泡玛特：5月初卖空股数仅56.36万股，6月11日飙升至170.70万股，增幅超200%。 注：泡泡玛特 布鲁可：5月16日卖空股数7.14万股，6月11日增至25.68万股，增幅达260%。 注：布鲁可 与此同时，同属新消费板块的其他公司如古茗和毛戈平，其卖空量却呈现出截然不同的趋势。 泡泡玛特(09992.HK)与布鲁可(00325.HK)作为港股新消费板块的明星企业，这两家公司的市 值屡创新高。然而，与股价狂欢形成鲜明对比的是，两者卖空数据近期显著攀升： 以古茗为例，该公司的卖空股数从5月16日的160.20万股降至昨日的14.04万股。 尽管泡泡玛特和布鲁可的业绩亮眼，但股价涨幅已透支未来增长空间。以Labubu系列为例， 其二手溢价超10倍催生的"塑料茅台"金融属性，进一步放大估值脆弱性。 再者他们两家公司的IP依赖风险引发长期盈利担忧。 以布鲁可为例，其中48.9%营收依赖奥特曼IP，但版权2027年到期，续约成本及替代IP不确 定性陡增；而泡泡玛特：Labubu系列贡献23.3%营收(2024年收入30.4亿元)，但IP生命周期 管理面临挑战——若热度消退，高溢价泡沫可能破裂。 随后是6月9日 ...

Group 1 - The report highlights that the A-share market rebounded after the Dragon Boat Festival due to the easing of trade tensions between China and the US, with the ChiNext and Shenzhen Component Index rising by 2.3% and 1.8% respectively [3] - The report indicates that local governments are actively responding to tariff impacts by stabilizing foreign trade and promoting domestic sales, with various provinces implementing supportive policies [4] - The report emphasizes the potential of innovative drugs and new consumer segments such as new-style tea drinks and card games, with a focus on long-term trends in the military aviation sector [5] Group 2 - The report discusses the introduction of Robovan, an autonomous logistics vehicle supporting L4 level autonomous driving technology, aimed at addressing logistics pain points [6][8] - The report notes that Robovan can significantly reduce costs and improve efficiency for courier companies, with examples of cost reductions of 30% for Jitu and increased delivery efficiency for SF Express [8] - The report outlines the dynamic changes in breakthrough therapies in the pharmaceutical sector, with a growing number of domestic innovative drugs being recognized as breakthrough therapies [9] Group 3 - The report details the strategic partnership between Morning Glory and Tencent Video, launching new products based on popular domestic animation IPs, enhancing brand image and cultural confidence [10][30] - The report maintains profit forecasts for Morning Glory, projecting net profits of 1.56 billion, 1.73 billion, and 1.93 billion yuan for 2025-2027, with corresponding PE ratios of 20X, 18X, and 16X [10][30] - The report highlights Tianshan Aluminum's plan to enhance its electrolytic aluminum capacity by 20,000 tons, which will increase production by 21% upon completion [15]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 193.3 HKD, expecting a relative return of over 20% within the next six months [5][13]. Core Insights - The company is expected to continue its growth momentum in Q2 2025, driven by the launch of nine new products in May, including popular IPs like Conan and Transformers [1]. - The introduction of the Minions product line enhances user engagement and brand image through interactive features and a five-month exhibition tour across six cities [2]. - The company's global strategy is advancing, with a significant presence at the CCXP Mexico event, showcasing various well-known IPs and aiming to penetrate the Latin American market further [3]. - The BFC creation competition has gained traction, with nearly 8,000 events held across 120 cities, indicating increased community engagement and brand loyalty [4]. - Profit forecasts for 2025-2027 project net profits of 960 million, 1.48 billion, and 2.08 billion HKD, with corresponding PE ratios of 50, 32, and 23 [5]. Summary by Sections New Product Launches - In May, the company launched nine new products, indicating a strong pipeline and potential for continued sales growth in Q2 [1]. User Engagement and Brand Image - The Minions product line features six popular characters with enhanced interactive designs, supported by a promotional tour to boost user engagement [2]. Global Expansion - The company showcased its products at a major Latin American cultural event, reinforcing its commitment to global market penetration [3]. Community Engagement - The BFC creation competition has seen significant participation, with plans for further expansion in 2025, enhancing community involvement [4]. Financial Projections - The report maintains profit forecasts for the next three years, indicating a positive outlook for the company's financial performance [5].