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].

Core Viewpoint - CICC has downgraded the net profit forecasts for 2025 and 2026 for Blok (00325) by 19% and 17% to 650 million and 870 million HKD respectively, while introducing a net profit forecast for 2027 of 1.07 billion HKD, with a target price reduction of 26% to 100 HKD, indicating a potential upside of 40% from the current price [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 overseas expansion [2] Group 2: Focus on Key Categories in 2026 - In 2026, the company plans to focus on key categories to enhance efficiency, having previously explored business boundaries across all demographics and price points in 2025. The company aims to stabilize the new product launch rhythm and improve the success rate of individual products while controlling the proportion of low-margin products [3] Group 3: Growth Potential from 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. The core IP operation for building block figures continues to deepen, with effective coverage across various price segments [4] Group 4: Strong Overseas Performance - The company's overseas business is expected to continue high growth, with a projected doubling in the second half of 2025. The North American market is anticipated to become the largest single overseas market in 2026, supported by pricing strategies and product strength [5]

Company Overview - The company has conducted a recent survey and engaged in in-depth discussions with management regarding strategic reviews, new product performance, and international expansion [1] - In 2025, the company plans to conduct large-scale new product launches to experiment, while in 2026, it aims to focus on trending categories to enhance performance certainty, with a continued emphasis on new product categories and international performance [1] Strategic Focus - In 2026, the company intends to concentrate on key product categories, which is expected to improve quality and efficiency. In 2025, the company explored business boundaries with a global strategy, achieving good performance in the 9.9 yuan market segment, while some categories, such as female-oriented products, did not meet internal targets, leading to resource dispersion and profit drag [1] - The company plans to stabilize the new product launch rhythm and improve the success rate of individual products, while financial maturity and stable personnel size are expected to reveal operational leverage effects [1] - The company anticipates stabilizing and recovering gross margins by controlling the proportion of low-margin products and leveraging scale effects to dilute costs [1] Product Development - The company has successfully cultivated the building block vehicle category, which is expected to drive future growth. In 2026, it plans to maintain a monthly launch rhythm for this category, which is expected to contribute positively to gross margins [1] - The core IP operation for building block figures continues to deepen, with the Transformers series effectively covering price ranges from 9.9 yuan to 249 yuan, while new SKU specifications for Ultraman stimulate demand [1] - The company’s strategy for all demographics is progressing, with an expected increase in the proportion of adult-oriented products in the second half of 2025 [1] International Expansion - The company’s overseas business is expected to continue high growth, with a projected doubling in the second half of 2025. The pricing strategy and product strength have allowed the company to maintain a price advantage despite North American tariff impacts, successfully entering mainstream channels like Walmart [2] - North America is expected 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 [2] - The European team is still being built, indicating significant future potential in that market [2] Financial Forecast and Valuation - Due to some new products underperforming, the company has lowered its adjusted net profit forecasts for 2025 and 2026 by 19% and 17% to 650 million yuan and 870 million yuan, respectively, and introduced a new adjusted net profit forecast of 1.07 billion yuan for 2027 [2] - The current price corresponds to 18 and 15 times the adjusted P/E for 2026 and 2027, respectively. The target price has been reduced by 26% to 100 HKD, corresponding to 26 and 20 times the adjusted P/E for 2026 and 2027, indicating a potential upside of 40% from the current price [2]

该行成，布鲁可2025年下半年的复苏势头似乎较预期疲弱，由于公司产品推出步伐放缓及低价商品占比 上升，因此下调其销售与盈利预测，惟销量增长料将保持强劲。富瑞预期布鲁可旗下车辆玩具产品的进 一步发展将带动增量销售，料公司毛利率将于2026年下半年回升。随着公司采取更聚焦的招聘策略及签 约新IP，预料销售、一般及行政开支比率将温和改善。 富瑞发布研报称，将布鲁可(00325)2025至2027年的盈测分别下调14%、23%及26%，收入预测降14%、 18%及21%，目标价由128港元下调至97港元，维持"买入"评级。该行相信公司的销售动力持续改善， 且2022至2027年间的净利润复合年增长率达22%，估值吸引。 ...

该行成，布鲁可2025年下半年的复苏势头似乎较预期疲弱，由于公司产品推出步伐放缓及低价商品占比 上升，因此下调其销售与盈利预测，惟销量增长料将保持强劲。富瑞预期布鲁可旗下车辆玩具产品的进 一步发展将带动增量销售，料公司毛利率将于2026年下半年回升。随着公司采取更聚焦的招聘策略及签 约新IP，预料销售、一般及行政开支比率将温和改善。 智通财经APP获悉，富瑞发布研报称，将布鲁可(00325)2025至2027年的盈测分别下调14%、23%及 26%，收入预测降14%、18%及21%，目标价由128港元下调至97港元，维持"买入"评级。该行相信公司 的销售动力持续改善，且2022至2027年间的净利润复合年增长率达22%，估值吸引。 ...

Core Insights - The company plans to shift towards product focus and operational optimization in 2026, aiming to enhance development certainty and significantly expand the building vehicle product category [1] - In 2025, the company will increase its SKU count to achieve comprehensive expansion of IP characters and product forms, although some products may underperform during this trial-and-error phase [1] - The company will concentrate resources on successful categories and product lines in 2026, maintaining a similar SKU count to 2025 while reducing inefficiencies through personnel control and enhanced R&D management [1] Product Development - The company will introduce over 10 product series in the building vehicle category, featuring external licensed IPs such as Ultraman, Transformers, and Batman, as well as original IPs [1] - Existing core IPs will innovate in style and diversify price ranges, with a significant increase in new product launches for the Ultraman IP in 2026 [1] - The company aims to simplify business processes for short-lifecycle movie derivative IPs, allowing for rapid product launches to capitalize on short-term market trends [2] Market Expansion - The company is accelerating the acquisition of licensed IPs in overseas markets, with Southeast Asia and North America expected to provide strong support for revenue growth [2] - In the first half of 2025, overseas revenue reached 110 million yuan, showing significant growth, with major coverage in Southeast Asia, North America, and Europe [2] - The company has established local teams in regions like Indonesia, Malaysia, the U.S., and Europe to enhance operational efficiency and responsiveness [2] Financial Outlook - The company is positioned as a leader in the domestic building block market, with rapid overseas market expansion anticipated [3] - EPS projections for 2025-2027 are 2.41, 3.20, and 4.42 yuan, corresponding to PE ratios of 25x, 19x, and 14x, respectively, maintaining a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 93.2, indicating a potential upside from the current price of HKD 68.35 [4][10]. Core Insights - The company plans to focus on product specialization and optimize its operational system in 2026, enhancing development certainty and significantly expanding its building block vehicle category [1]. - The company aims to increase the number of SKUs in 2025 to expand its IP characters and product forms, although some products may underperform due to trial and error [1]. - The company will concentrate resources on successful product lines and categories in 2026, while controlling personnel scale and enhancing R&D process management [1]. - The existing core IPs will innovate styles and diversify price ranges, with several IPs expected to benefit from the release of related movies in 2026 [2]. - The company has accelerated the acquisition of overseas licensed IPs, with Southeast Asia and North America expected to provide strong support for revenue growth [3]. Financial Summary - The company’s revenue is projected to grow significantly from HKD 876.69 million in 2023 to HKD 4,899 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 169.27% from 2023 to 2024 and 27.05% from 2026 to 2027 [8]. - The net profit attributable to the parent company is expected to turn positive in 2025, reaching HKD 599.90 million, and further increasing to HKD 1,101.44 million by 2027 [8]. - The earnings per share (EPS) is projected to improve from -2.69 in 2024 to 4.42 in 2027, indicating a strong recovery and growth trajectory [8]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 25.35 in 2025 to 13.81 in 2027, suggesting an attractive valuation as earnings grow [8].

Group 1 - Hong Kong's Hang Seng Index fell by 0.04%, down 11 points, closing at 26,552 points, while the Hang Seng Tech Index decreased by 0.66% with a trading volume of HKD 129.8 billion in the morning session [1] - Pop Mart (09992) surged over 8% as the company repurchased shares worth HKD 251 million [1] - Major airlines continued to rise, with strong expectations for industry growth; China Southern Airlines (01055) increased by 3.72%, China Eastern Airlines (00670) by 4.56%, and Air China (00753) by 2.5% [1] Group 2 - Weisheng Holdings (03393) rose nearly 9%, reaching new highs as the State Grid increased its investment scale, indicating a favorable phase for smart meter investments [2] - Health Road (02587) increased by over 4% after the controlling shareholder extended the lock-up period, and the company repurchased 327,000 shares recently [3] - Blucube (00325) rose against the trend by 3.95%, benefiting from the expansion of China's trendy toy industry and the enrichment of its IP system and product matrix [4] Group 3 - Hou Shang Ayi (02589) saw a rise of over 10% as its 25-year performance forecast exceeded expectations, with net profit expected to grow by up to 60% year-on-year [5] - Gigadevice (03986) increased by over 5%, reaching a new high as Micron reported worsening shortages of memory chips, indicating that supply tightness will persist beyond this year [6] - Damai Entertainment (01060) rose over 4% after announcing its entry into the museum sector, positioning itself to benefit from the upgrading of consumer structures [7] Group 4 - The commercial aerospace sector experienced declines, with Asia Pacific Satellite (01045) dropping by 6.9% and Goldwind Technology (02208) falling by over 3% [8] - Jiayuan Ankang-B (02617) fell over 9% as it proposed a placement to raise HKD 190 million, primarily for core product development [9]

Group 1 - The insurance sector saw significant gains, with China Life (02628) up 3.81%, China Pacific Insurance (02601) up 2.31%, and Ping An (02318) up 1.17%. Notably, major insurance companies reported a doubling in premium income through bancassurance channels as of January 8, 2026 [1] - The commercial aerospace sector experienced a notable decline, with companies like JunDa Co. (02865) down 7.19% and Asia Pacific Satellite (01045) down 5.94%. This follows a period of intense adjustments and risk warnings from several listed companies in the sector [1] - The real estate sector showed active performance, with companies like R&F Properties (02777) up 4% and Greentown China (03900) up 5.79%. Data from the National Bureau of Statistics indicated a 0.3% month-on-month decline in new residential sales prices in first-tier cities for December 2025, a slight improvement from the previous month [2] Group 2 - HuShang Ayi (02589) reported an expected net profit of 495 million to 525 million RMB for 2025, reflecting a year-on-year growth of 50% to 60% [3] - Yi Communications Group (08031) saw a surge of over 70% upon resuming trading, with a current increase of 53.85%. The company announced a share acquisition deal involving 210 million shares at a price of 0.276 HKD per share, which is a 15.08% discount from the pre-suspension closing price [3] - Guorui Life (00108) experienced an increase of over 11% after announcing a deal to acquire 78.29% of Chunyu Doctor for 269 million RMB, marking its entry into the digital healthcare sector [4]