BLOKS(00325)

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东北证券:情绪消费驱动潮玩 Z世代主导新格局
Zhi Tong Cai Jing· 2025-08-25 07:09
Core Insights - The rise of emotional consumption and the "millet economy" are key drivers, with the Gen Z demographic leading to over 500 million participants in the pan-second dimension market by 2024, and a market size of approximately 600 billion yuan, including a millet economy worth over 150 billion yuan [1] - The trend in the collectible toy market is expected to reach 110 billion yuan by 2027, with a competitive landscape characterized by "one strong and many strong" players, where Pop Mart leads the industry, while foreign brands like Lego and Bandai hold significant market shares [1] Market Segmentation - In the toy segment, blind boxes, building toys, and card games are leading the growth of the collectible toy industry, with blind boxes driven by unknown stimuli and IP value, targeting a consumer base that is 75% female and primarily Gen Z, with a projected market size of 58 billion yuan by 2025 [1][2] - Building toys are designed for all age groups, activating both parent-child and adult scenarios, with a market size expected to reach 64 billion yuan by 2028, led by domestic brand Blokus [1][2] - Card games focus on a younger demographic (ages 8-15) and are dependent on parental spending, with a projected market size of 44.6 billion yuan by 2029, where Card Game occupies a leading position [1][2] Competitive Landscape - Leading companies such as Pop Mart, Blokus, and Card Game are driving industry development through differentiated competition, with Pop Mart focusing on IP incubation and blind box mechanisms, Blokus targeting children's educational scenarios, and Card Game emphasizing children's social interaction [3] - Pop Mart maintains strong channel control primarily through direct sales, while Blokus is shifting from online direct sales to a dealer-centric model, and Card Game is also focusing on a dealer model but is experiencing channel contraction [3] - Financially, Pop Mart is enhancing its brand premium with a projected gross margin of 66.8% and an adjusted net profit margin of 26.1% in 2024, while Blokus has improved its inventory turnover days from 137 to 46, achieving a turnaround in adjusted net profit margin from -107.9% to 26.1% [3] International Insights - Successful overseas companies demonstrate that a multi-faceted business ecosystem centered around IP is crucial, with Disney leveraging its IP across films, parks, and merchandise, Bandai focusing on vertical IP and high-precision models, and Sanrio expanding its "cute economy" through light asset character licensing [4]
布鲁可(00325):扩充客群及性价比产品,加速海外扩张
GOLDEN SUN SECURITIES· 2025-08-25 06:53
Investment Rating - The report maintains a "Buy" investment rating for the company [4]. Core Views - The company reported a total revenue of 1.338 billion RMB for the first half of 2025, representing a year-on-year growth of 27.89%. The net profit attributable to the parent company was 297 million RMB, marking a significant turnaround from losses [1]. - The company is experiencing robust growth in the Chinese market while accelerating its overseas expansion, with revenue growth rates of 19% in China, 652% in Asia (excluding China), 2136% in North America, and 595% in other regions [1]. - The company has expanded its customer base and product offerings, with 99.1% of revenue coming from building toys and 0.9% from other categories. The company has signed 13 new IPs and launched 273 new SKUs in the first half of 2025 [1]. Financial Performance - The gross margin for the first half of 2025 decreased by 5 percentage points to 48%, primarily due to changes in product structure and increased depreciation from a higher number of molds [2]. - The adjusted net profit margin for the first half of 2025 was 23.9%, down 4 percentage points year-on-year [2]. - The company forecasts net profits of 700 million RMB, 1.109 billion RMB, and 1.519 billion RMB for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 274.5%, 58.4%, and 37.0% [2]. Financial Projections - Revenue projections for the company are as follows: 877 million RMB in 2023, 2.241 billion RMB in 2024, 2.801 billion RMB in 2025, 4.202 billion RMB in 2026, and 5.462 billion RMB in 2027, with growth rates of 169.3%, 155.6%, 25.0%, 50.0%, and 30.0% respectively [3]. - The latest diluted EPS is projected to be 2.81 RMB in 2025, 4.45 RMB in 2026, and 6.09 RMB in 2027 [3].
布鲁可(00325):产品与IP矩阵多样化提升,期待下半年持续推新
HUAXI Securities· 2025-08-25 06:32
Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 1.338 billion yuan for the first half of 2025, representing a year-on-year growth of 27.9%, and a net profit of 297 million yuan, turning from a loss to profit [2] - The sales revenue growth is attributed to an increase in sales volume and the growth of affordable product sales, with overseas sales increasing by 899% due to a low base [3] - The company has diversified its IP products, reducing reliance on top IPs, with products for consumers aged 16 and above accounting for 15% of total revenue [6][7] - The company is expected to leverage its reusable product development capabilities to accelerate the incubation of major licensed IPs and original IPs, with overseas markets anticipated to become a second growth curve [8] Financial Performance - The company achieved a gross margin of 48.4% in the first half of 2025, a decrease of 4.5 percentage points year-on-year [5] - The revenue forecast for 2025-2027 is adjusted to 3.207 billion, 4.640 billion, and 6.182 billion yuan, with year-on-year growth rates of 43%, 45%, and 33% respectively [8] - The adjusted net profit for the same period is projected to be 773 million, 1.150 billion, and 1.579 billion yuan, with year-on-year growth rates of 293%, 49%, and 37% respectively [8] Product and Market Analysis - The sales revenue from building block toys decreased by 46% to 13 million yuan, with a 43% drop in sales volume [3] - The online sales channel generated 108 million yuan, a year-on-year increase of 45%, accounting for 8% of total sales [4] - The company has commercialized 19 IPs and launched 925 SKUs, with 273 new SKUs contributing to 53.1% of total revenue [6]
港股异动 | 布鲁可(00325)绩后跌超17% 上半年收入同增28% 经调整净利润增速慢于收入
智通财经网· 2025-08-25 02:52
消息面上,布鲁可发布中期业绩,上半年收入13.38亿元人民币,同比增长27.9%;母公司拥有人应占利 润2.965亿元,上年同期亏损2.58亿元;经调整净利润3.2亿元,同比增长9.6%。华泰证券指出,经调整 净利润增速慢于收入主要系模具相关成本增加及业务结构变化导致毛利率下降,同时为了配合新品推广 和区域开拓,人员扩充等使得研发和销售费用率同比提升所致。 布鲁可(00325)绩后跌超17%,截至发稿,跌13.02%,报102.2港元,成交额6.92亿港元。 该行指出,考虑到公司IP/产品推新等经营节奏波动,着眼长远加大投入,下调盈利预测,预计25-27年 经调整利润分别为7.52/10.31/13.63亿元(前值11.81/18.14/25.82亿元),经调整EPS为3.02/4.14/5.47元。 考虑到新业务处于爬坡期,前期投入较多,切换至26年估值。可比公司彭博一致预期26年20倍PE均 值,公司建立以创新为核心的布鲁可体系,竞争壁垒深厚,全人群+全价位+全球化成长路径清晰,作 为优质IP商业化平台的增长潜力和稀缺性仍然突出,给予26年30倍目标PE,目标价136港元(前值188 港币),维持"买入" ...
布鲁可绩后跌超17% 上半年收入同增28% 经调整净利润增速慢于收入
Zhi Tong Cai Jing· 2025-08-25 02:52
Core Viewpoint - The company Bruco (00325) experienced a significant decline in stock price following the release of its interim results, despite reporting revenue growth and a return to profitability [1] Financial Performance - Bruco reported a revenue of 1.338 billion RMB for the first half of the year, representing a year-on-year increase of 27.9% [1] - The profit attributable to the parent company was 296.5 million RMB, a turnaround from a loss of 258 million RMB in the same period last year [1] - Adjusted net profit reached 320 million RMB, reflecting a year-on-year growth of 9.6% [1] Cost and Expense Analysis - The slower growth rate of adjusted net profit compared to revenue is attributed to increased costs related to molds and changes in business structure, which led to a decline in gross margin [1] - The company also faced higher research and sales expense ratios due to personnel expansion aimed at supporting new product promotions and regional development [1] Future Outlook and Valuation - Huatai Securities has revised down its profit forecasts for the company, expecting adjusted profits of 752 million, 1.031 billion, and 1.363 billion RMB for the years 2025 to 2027, respectively, down from previous estimates of 1.181 billion, 1.814 billion, and 2.582 billion RMB [1] - The adjusted EPS is projected to be 3.02, 4.14, and 5.47 RMB for the same years [1] - The company is transitioning to a 2026 valuation, with a target price of 136 HKD based on a 30x target PE for 2026, down from a previous target of 188 HKD [1] - The company is recognized for its strong competitive barriers and clear growth path as a quality IP commercialization platform, maintaining a "buy" rating [1]
海外收入暴涨899% 布鲁可的新故事出现了
3 6 Ke· 2025-08-25 01:31
Core Insights - The company, Blokus, reported a revenue of approximately 1.338 billion yuan for the first half of 2025, marking a year-on-year growth of 27.9% and a turnaround from a loss of 255 million yuan in the same period last year to a profit of 297 million yuan [1][2] - Despite the positive financial results, the revenue growth rate has slowed compared to previous years, where it was 56.1% and 47.1% in the same periods of the last two years [1] - The significant highlight of the report is the remarkable growth in overseas revenue, which reached 110 million yuan, a staggering increase of 899% compared to the same period last year [2][4] Financial Performance - Blokus achieved an adjusted profit of 73 million yuan and 292 million yuan for the first halves of 2023 and 2024, respectively, with an adjusted profit margin of 27.92% in the first half of 2024 [1] - The overseas revenue now accounts for 8.3% of total revenue, a significant increase from just 2% prior to 2024 [4] - The company has introduced 273 new SKUs in the first half of 2025, contributing to 53.1% of total revenue [10] Market Expansion - The overseas markets, particularly North America and Southeast Asia, have become key growth areas, with revenue from these regions showing exceptional increases [2][4] - The company has strategically focused on low-priced products, such as the 9.9 yuan Transformers series, which sold 48.6 million units, generating over 200 million yuan in revenue [1][5] - Blokus is actively diversifying its IP portfolio, having added 13 new IPs in the first half of 2025, bringing the total to around 50 [10] Competitive Landscape - Blokus's competitive advantage lies in its mid-to-low price positioning in the building block toy market, contrasting with competitors like LEGO and Bandai Namco, which operate in higher price ranges [7] - The company is facing challenges in establishing its own IPs, with only two proprietary IPs contributing minimally to revenue [10] - The company is also expanding its target demographic to include older consumers and low-age female markets, with a notable increase in revenue from products aimed at consumers aged 16 and above [11] Future Outlook - The company recognizes the importance of enhancing user experience and creativity in its products, which is crucial for building brand loyalty [12] - Blokus plans to continue investing in IP development and community engagement initiatives, such as the BFC Creative Competition, to foster creativity among users [12] - The ongoing diversification of its IP portfolio and the introduction of new products are seen as essential strategies for sustaining growth and market presence [10][13]
海外收入暴涨899%,布鲁可的新故事出现了
3 6 Ke· 2025-08-25 00:33
Core Insights - The company, Blokus, reported a revenue of approximately 1.338 billion yuan for the first half of 2025, marking a year-on-year growth of 27.9%, and a turnaround from a loss of 255 million yuan in the same period last year to a profit of 297 million yuan [1][2] - Despite the positive financial results, the revenue growth rate has slowed compared to previous years, where it was 56.1% and 47.1% in the same periods of the last two years [1] - The company has significantly increased its overseas revenue, which reached 110 million yuan in the first half of 2025, a staggering 899% increase year-on-year, with North America and Southeast Asia being the main contributors [2][5] Financial Performance - Blokus achieved an adjusted profit of 73 million yuan and 292 million yuan for the first halves of 2023 and 2024, respectively, with an adjusted profit margin of 27.92% in 2024 [1] - The company's overseas revenue accounted for 8.3% of total revenue in the first half of 2025, compared to only 2% in previous years [5] - The introduction of a low-priced product line, including a 9.9 yuan Transformers version, has contributed over 200 million yuan in revenue from 48.6 million units sold [1] Market Expansion - The company has been focusing on expanding its IP portfolio, with 273 new SKUs launched in the first half of 2025, which accounted for 53.1% of total revenue [16] - Blokus is diversifying its target demographics, aiming to attract adult consumers and younger female audiences, with a notable increase in revenue from products aimed at consumers aged 16 and above [16][19] - The company has increased its R&D spending on IP development to 129 million yuan in the first half of 2025, a 69.5% increase from the previous year [16] Competitive Landscape - Blokus operates in a highly concentrated market, competing with established players like Bandai Namco and LEGO, which have higher price points [10] - The company’s pricing strategy is focused on affordability, with products priced between 3 to 16 USD, contrasting with competitors' pricing of 20 to 200 USD [10] - The company is leveraging online and offline channels for distribution, with a 3:7 ratio of online to offline sales, particularly strong in the U.S. market through platforms like Amazon [10] IP Strategy - The company has been reducing its reliance on the Ultraman IP, which contributed 63.5% of total revenue in 2023, down to 49% in 2024 [13][14] - As of mid-2024, Blokus had only two proprietary IPs, contributing minimally to total revenue, indicating a need for stronger self-developed IPs [14] - The company is actively working on enhancing user engagement through creative competitions and community events, which are crucial for building brand loyalty [19]
布鲁可(00325):IP矩阵多元化,海外业务高增
Xinda Securities· 2025-08-24 07:57
Investment Rating - The investment rating for the company is maintained as "Buy" [5] Core Views - The company reported a revenue of 1.338 billion yuan for the first half of 2025, representing a year-on-year increase of 27.9%, with an adjusted net profit of 320 million yuan, up 9.6% year-on-year [1] - Domestic revenue grew steadily, while overseas business experienced rapid growth, with overseas revenue reaching 111 million yuan, a staggering increase of 898.6% year-on-year [1] - The company has commercialized 19 IPs and expanded its SKU count to 925, with a more balanced IP structure compared to the previous year [2] - The company has made significant investments in R&D, with R&D expenses increasing by 69.5% year-on-year, indicating a commitment to innovation and product development [3] - The company is expected to see further market penetration and improvement in profit margins as mold investments begin to yield returns [4] Summary by Sections Financial Performance - For the first half of 2025, the company achieved a gross profit margin of 48.4%, although it decreased by 4.3 percentage points year-on-year due to increased mold depreciation [1] - The company’s cash reserves stood at 2.641 billion yuan, indicating a strong liquidity position [3] - The projected adjusted net profits for 2025, 2026, and 2027 are 760 million yuan, 1 billion yuan, and 1.306 billion yuan respectively, with corresponding P/E ratios of 25.6X, 17.1X, and 12.9X [5][7] Market Expansion - The company’s overseas revenue now accounts for 8.3% of total revenue, with significant contributions from markets in the United States and Indonesia [1] - The company has seen a substantial increase in online sales, with a year-on-year growth of 44.6% [1] Product Development - The company’s product lineup includes a diverse range of IPs, with the top four IPs contributing 83.1% of total revenue, indicating a shift towards a more balanced IP portfolio [2] - The introduction of affordable products priced at 9.9 yuan has been successful, generating revenue of 216 million yuan [2] Cost Management - The sales expense ratio increased to 13.2%, primarily due to higher marketing and personnel costs, while the management expense ratio decreased significantly [3]
布鲁可半年报:实现扭亏为盈,海外销量同比增长近9倍
Nan Fang Du Shi Bao· 2025-08-23 08:08
Core Viewpoint - The company, Blokus, reported a significant turnaround in its financial performance for the first half of 2025, achieving profitability and substantial growth in revenue and overseas sales [1][3][5]. Financial Performance - Revenue for the first half of 2025 reached 1.338 billion RMB, a year-on-year increase of 27.9% compared to 2024 [1]. - Gross profit was 647 million RMB, reflecting a 16.9% increase from the previous year [1]. - The company reported a profit of 336 million RMB, compared to a loss of 200 million RMB in the same period of 2024, marking a successful turnaround [3]. - Adjusted profit for the period was 320 million RMB, up 9.6% year-on-year [3]. - Basic earnings per share were 1.22 RMB, compared to a loss of 1.73 RMB in 2024 [3]. Overseas Sales Growth - Overseas sales surged by 898.6% to 111.4 million RMB, accounting for 8.3% of total revenue, primarily driven by markets in Southeast Asia and North America [5]. - The company established over 50,000 terminal points in markets like Indonesia and Malaysia, and penetrated major retail networks in North America, including Walmart and Target [5]. IP Development - Blokus commercialized 19 IPs in the first half of 2025, with 925 SKUs launched, including popular franchises like Minions and Detective Conan [6]. - The company introduced new products in collaboration with various IPs, indicating a diversification in its product offerings [6]. - Despite the continued dominance of the Ultraman IP, the company is focusing on expanding its portfolio with female-oriented products and high-priced collectibles [6][9]. Product Innovation and R&D - The company emphasized R&D, with 599 employees in the R&D team, making up 67.1% of the total workforce, and R&D expenditure of 129 million RMB, representing 9.6% of total revenue [12]. - Plans for 2025 include launching 800-1000 new SKUs, with a focus on large mecha and scene sets to cater to collector demands [10]. Future Growth Prospects - The company anticipates a revenue growth rate of over 30% in the second half of the year, driven by new IP launches and seasonal marketing opportunities [13]. - Full-year revenue is projected to reach 4 billion RMB, with a net profit margin maintained at 25%-26% [13].
布鲁可:上半年转赚2.97亿元
Ge Long Hui A P P· 2025-08-22 15:40
Group 1 - The company, Bruker (0325.HK), reported a mid-year revenue of 1.338 billion, representing a year-on-year increase of 27.89% [1] - The company achieved a profit of 297 million, with earnings per share of 1.22, compared to a loss of 258 million in the same period last year [1] - The company did not declare an interim dividend for this period [1]