【今日头条】 中金：预计蜜雪集团(02097)、布鲁可(00325)等有望纳入港股通名单 另外，去年10月上市的地平线机器人已在今年2月纳入恒生综合指数，并于5月底满足对于其同股不同权 性质额外要求的上市满6个月及20个交易日条件，预计在满足后可能将纳入港股通。5月8日上市的钧达 股份为AH两地上市公司，据港股通纳入规则也将在港股市场价格稳定期结束后进入港股通交易。美的 集团及中通快递被纳入恒指成份股，恒生科技指数成份股加入比亚迪，剔出阅文集团，将于6月9日生 效。 中金料被动资金流入所需时间最多的是中通快递、网易，将分别有1.28亿和2.18亿美元的被动资金流 入，流入时间分别约为2.8天与1.4天。资金流出中，由于权重降低，万洲国际与恒安国际潜在被动资金 流出约为1162万与291万美元，流出时间约0.3天左右。恒生科技指数方面，中金料网易及比亚迪分别有 5.9亿美元及20亿美元被动资金流入，流入时间约2.7天，阅文料有1.2亿美元资金流出，需时4.7天。 【大势展望】 纳斯达克中国金龙指数收跌0.17% 隔夜美股截至收盘，道琼斯工业平均指数比前一交易日上涨137.33点，收于42792.07点，涨幅为 ...

证券研究报告：商贸零售 | 公司点评报告 发布时间：2025-05-19 股票投资评级 买入|首次覆盖 个股表现 -20% 0% 20% 40% 60% 80% 100% 2024-05 2024-07 2024-10 2024-12 2025-03 布鲁可 恒生指数 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（港币） | 145.00 | | --- | --- | | 总股本/流通股本（亿股）2.49 | | | 总市值/流通市值（亿港 | 361.41 | | 币） | | | 52 周内最高/最低价（港 | 157/ 73.5 | | 币） | | | 资产负债率(%) | 199.6637 | | 市盈率 | -78.1576 | | 第一大股东 | Next Bloks Limited | 研究所 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 布鲁可 (0325.HK) 传递拼的快乐，走向下一个十年 ⚫ 事件 业绩亮眼：公司发布 24 年年报，24 年公司实现营收人民币 22.41 亿元，同比+155.6%，归 ...

港股公司报告 | 公司点评 布鲁可（00325） 证券研究报告 即将纳入恒生综指，加速上新，全年拟落地 2 万场 BFC 创作赛 布鲁可即将纳入恒生综指，6 月 9 日生效 5 月 16 日，恒生指数有限公司宣布截至 2025 年 3 月 31 日之恒生指数系列 季度检讨结果，所有变动将于 2025 年 6 月 6 日收市后实施并于 2025 年 6 月 9 日起生效。 其中恒生综合指数新增：布鲁可(00325)、古茗(01364)、蜜雪集团(02097)； 成份股数目由 502 只增加至 505 只。 布鲁可 2025 年计划在全国 150 个城市落地近 20000 场线下 BFC 创作赛。 赛事将采用分级布局：在一线城市，依托商场中庭、核心街区及模型展、 漫展资源，打造 10 场大型城市赛；在二、三线城市，则以门店为核心，开 展高频次、小而精的门店赛。 作为布鲁可 BFC 文化的重要载体，BFC 赛事不仅是创意的竞技场，更是用 户与品牌共创的盛会。随着 BFC 文化的持续深化，布鲁可独特的 BFC 社区 正在形成，拼搭与改造不仅是用户个人创作的乐趣，更成为连接全球玩家、 推动品牌持续成长的重要驱动力。 产 ...

香港恒生综合指数将纳入布鲁可(00325.HK)、古茗(01364.HK)以及蜜雪冰城(02097.HK)。 ...

智通财经5月13日电，港股玩具相关概念股午后逆市冲高，布鲁可涨近7%，泡泡玛特涨超3%。 ...

题图 / 布鲁可积木人 《名侦探柯南》的粉丝之战，最近烧到了拼搭玩具品牌布鲁可身上。品牌从出错到道歉仅相隔不到1天，不得不说布鲁可的公关效率，在IP衍生品领域着 实很高。 一切的起因，是5月5日布鲁可在抖音更新的一条宣传视频。近日布鲁可的《名侦探柯南》积木人新品开启预售，视频宣传文案提到"当然怎么能少了小兰 小哀两大女主呢"，精准踩中小兰粉丝雷区，加上对宣传图"只让小兰跪着""不给小兰穿裤子"不满，粉丝共计列出"三宗罪"在角色微博超话愤怒声讨，引 得一些已经消费的粉丝退款。 尽管声明没能让所有小兰粉丝买账，但为负面舆论的发酵按下了暂停键。截至目前，天猫、抖音、拼多多等平台的官方旗舰店，单价149元的《名侦探柯 南》积木人累计销量2000+。可见快速滑跪这一决定，布鲁可做得非常正确。 成立于2014年的布鲁可，已成为中国最大、全球第三大的拼搭角色类玩具企业，目前正从儿童玩具市场向全年龄市场进发。此次《柯南》新品宣传与角色 粉丝的碰撞，其实也是品牌转型遇到的必然事件。 布鲁可对此反应迅速，5月5日官方已经删除视频，并在抖音、微博、小红书等社交平台发布了道歉公告，该条微博引发了2.7万点赞和超过3000条评论。 过 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price yet to be specified [5]. Core Insights - The company is expected to achieve over 10 billion in revenue for 2024, with a CAGR of 56% from 2022 to 2024. The adjusted profit for 2024 is projected to be 4.5 billion, reflecting a CAGR of 66% during the same period [1]. - The company has a robust IP matrix with 70 existing IPs, including popular franchises like My Little Pony and Ultraman, and has a distribution network of 217 dealers across the country [1]. - Future strategies focus on product expansion, IP diversification, enhanced production capabilities, multi-channel networks, and international expansion [1]. - The launch of the BFC creative competition has significantly increased user engagement, with submissions growing from 300 to over 30,000 pieces, indicating a thriving co-creation ecosystem [5][9]. Summary by Sections Company Overview - The company operates in the non-essential consumer goods sector, specifically in household appliances and toys [5]. - Current stock price is 122.6 HKD, with a total market capitalization of approximately 30.56 billion HKD [5]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 3.8 billion RMB, 5.3 billion RMB, and 7 billion RMB respectively, with net profits of 960 million RMB, 1.48 billion RMB, and 2.08 billion RMB [10]. Market Position - The upcoming IPO of a related entity is expected to enrich the collectible toy IP market and accelerate sector effects, potentially boosting valuations and profit expectations for industry leaders [2].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of HKD 112.10 [6]. Core Insights - The company is positioned for rapid growth in the building block toy market, leveraging its competitive advantages in product quality, pricing, and channel expansion [4][3]. - The building block toy market is expected to grow at a CAGR of 15.0% from 2023 to 2028, significantly outpacing non-building block toys [4][47]. - The company holds a 30.3% market share in China, making it the largest player in the local market and the third largest globally in the building block character toy segment [4][58]. Summary by Sections Company Overview - The company started with large particle building toys and has evolved into a leader in building block character toys, focusing on high-quality and reasonably priced products [1]. - It has established a comprehensive sales network in China and is actively expanding into global markets [1]. Market Growth - The building block toy market is a rapidly growing segment within the global toy market, with a projected CAGR of 15.0% from 2023 to 2028 [4][47]. - The company is currently the largest building block character toy company in China, with a market share of 30.3% [4][58]. Competitive Advantages - The company differentiates itself through rapid product iteration and a strong focus on quality, allowing it to effectively penetrate school-side stores [3]. - It has a rich portfolio of IP resources, including partnerships with brands like Ultraman, which enhances its product offerings [3][4]. Financial Projections - The company is expected to achieve significant revenue growth, with projected revenues of RMB 4.1 billion in 2025, growing to RMB 7.4 billion by 2027 [5]. - The net profit is forecasted to improve significantly, with estimates of RMB 1.1 billion in 2025 and RMB 2.1 billion in 2027 [5]. Investment Recommendation - The report suggests that the company is in a phase of rapid expansion and has the core competencies to penetrate school-side channels effectively [4]. - The company is expected to benefit from expanding its female customer base and international market growth, with a projected PE ratio decreasing from 24X in 2025 to 13X in 2027 [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company, Blok, has established itself as a leader in the building block toy market, focusing on high-quality and reasonably priced products, and is experiencing rapid growth [1]. - The building block toy market is projected to grow at a CAGR of 15.0% from 2023 to 2028, significantly outpacing non-building block toys, with Blok holding a 30.3% market share in China [1][2]. Summary by Sections Company Overview - Founded in December 2014, Blok initially focused on large particle building toys before shifting to building block toys due to market limitations [11]. - The company has a stable shareholding structure, with the largest shareholder holding 50.9% [16]. Market Growth - The global toy market is expected to grow from 631.2 billion RMB in 2019 to 993.7 billion RMB by 2028, with the building block segment growing rapidly [39][40]. - The building block toy market reached 176.5 billion RMB in 2023, with a projected CAGR of 15.0% from 2023 to 2028 [47]. Competitive Advantage - Blok's competitive edge lies in its ability to offer low-priced, high-quality products with rapid iteration, similar to the successful strategies of other companies in the market [3]. - The company has a rich IP resource, including licenses for popular franchises, which enhances its product offerings and market appeal [3][4]. Financial Projections - Revenue is expected to grow significantly, with forecasts of 4.1 billion RMB in 2025, 5.5 billion RMB in 2026, and 7.4 billion RMB in 2027, reflecting growth rates of 83.5%, 34.7%, and 34.4% respectively [5]. - The net profit is projected to turn positive by 2027, with estimates of 2.1 billion RMB [5]. Investment Recommendation - The report suggests that Blok is in a rapid growth phase with strong channel expansion potential, particularly in school-side stores, and anticipates continued growth driven by expanding female customer segments and overseas market performance [4].

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 2,240,929 thousand, representing a 155.6% increase from RMB 876,686 thousand in 2023[15] - Gross profit for 2024 was RMB 1,178,806 thousand, up 184.1% from RMB 414,922 thousand in 2023[15] - Adjusted profit for the year was RMB 584,588 thousand, a significant increase of 702.1% compared to RMB 72,882 thousand in 2023[15] - The adjusted net margin improved to 26.1%, up from 8.3% in the previous year, reflecting a 17.8 percentage point increase[15] - Loss before tax for 2024 was RMB 295,682 thousand, which is a 55.8% increase in loss compared to RMB 189,839 thousand in 2023[15] - The basic and diluted loss per share increased to RMB (2.69), a 94.9% increase from RMB (1.38) in 2023[15] - The total loss for the year was RMB 398,044 thousand, representing a 91.8% increase from RMB 207,481 thousand in 2023[15] - The company reported a loss for the year of RMB398.0 million, which is an increase of 91.8% compared to the previous year[32] - Annual loss increased by 91.8% from RMB207.5 million in 2023 to RMB398.0 million in 2024[116] Revenue Breakdown - Revenue from assembly character toys amounted to RMB 2,201.1 million, representing 98.2% of total revenue, while revenue from brick-based toys was RMB 39.4 million, accounting for 1.8% of total revenue[40] - Revenue from assembly character toys rose by 186.2% from RMB 769.0 million in 2023 to RMB 2,201.1 million in 2024, driven by a 269.3% increase in sales volume from 36.5 million units to 134.7 million units[77] - Revenue from brick-based toys decreased by 62.9% from RMB 106.3 million in 2023 to RMB 39.4 million in 2024, with sales volume dropping by 58.2% from 0.9 million units to 0.4 million units[78] - Revenue from offline distribution sales reached RMB 2,062.9 million, up from RMB 732.7 million in 2023, accounting for 92.1% of total revenue during the reporting period[52] - Revenue from consignment sales decreased from RMB 36.4 million in 2023 to RMB 22.0 million, representing 1.0% of total revenue[54] - Online sales revenue grew from RMB 106.2 million in 2023 to RMB 155.7 million, making up 6.9% of total revenue[55] Market Strategy and Growth Plans - The company is focusing on expanding its market presence and developing new products and technologies to drive future growth[14] - The management is optimistic about future performance, aiming for continued revenue growth and improved profitability metrics[14] - The company plans to explore potential mergers and acquisitions to enhance its competitive position in the market[14] - The company plans to launch 800 new SKUs in 2025, focusing on assembly character toys and expanding its product offerings for various demographics[26] - The company aims to deepen its user-centric focus and strengthen its R&D capabilities to meet consumer needs and expand its IP ecosystem[26] - The company plans to enhance R&D capabilities and expand its IP portfolio to meet diverse consumer needs and increase brand recognition in international markets[69] - The company aims to strengthen its overseas presence in the United States, Europe, and Southeast Asia through increased investment in sales and marketing[69] Research and Development - The company allocated RMB190 million to research and development in 2024, hiring approximately 300 new employees, with over two-thirds in R&D roles[23] - The R&D expenditure during the reporting period was RMB 192.5 million, accounting for 8.6% of total revenue, with a dedicated R&D team of 472 employees[38] - R&D expenses grew by 103.3% to RMB192.5 million, while as a percentage of total revenue, they decreased from 10.8% to 8.6%[97][102] Intellectual Property and Product Development - The company has approximately 50 licensed IPs as of December 31, 2024, enhancing its market presence and product diversity[24] - The number of licensed IPs increased from approximately 27 to about 50, including popular franchises like DC's Superman and Harry Potter, enhancing the product offering[45] - The company has two self-developed IPs and approximately 50 licensed IPs, increasing from about 27 licensed IPs as of December 31, 2023[50] Sales and Distribution - Offline distribution sales rose significantly from RMB 732.7 million in 2023 to RMB 2,062.9 million, accounting for 92.1% of total revenue during the same period[49] - The company has established a multi-channel sales network, including both offline and online sales channels, to enhance market reach[85] Management and Governance - The Group's management team includes professionals with over 20 years of experience in their respective fields, enhancing the Group's operational capabilities[194][198] - The Group is focused on strengthening its financial management and investor relations under the leadership of Ms. Fu and Mr. Zhu[194][197] - The strategic appointments aim to support the Group's growth and expansion plans in the competitive market[194][198] Financial Position and Assets - As of December 31, 2024, total assets amounted to RMB1,605.99 million, while total liabilities were RMB3,206.58 million[20] - Cash and cash equivalents reached RMB 720.0 million as of December 31, 2024, up 99.5% from RMB 360.8 million as of December 31, 2023, primarily financed through cash generated from operating activities[132][137] - The Group's adjusted net debt-to-capital ratio was 31.6% as of December 31, 2024, indicating a stable capital structure[140][147] - There were no borrowings as of December 31, 2024, reflecting a debt-free status[139][146] Community Engagement and Corporate Responsibility - The company engaged in community initiatives, such as the "Happy Summer in Metro City" event, providing products to children[65] - The company actively combats counterfeit products, leading to the destruction of six counterfeit dens in April 2024[64] Quality Control and Compliance - The company emphasizes product quality through a comprehensive quality control system aligned with domestic and global standards[62][63] - The company is committed to protecting its intellectual property rights and has taken legal action against counterfeit products, resulting in the dismantling of six counterfeit operations[67]