布鲁可作为中国第一大拼搭角色类玩具商，凭借产品转型与渠道扩张实现爆发式增长 根据沙利文数据，2023年公司实现GMV约18亿元，按GMV计算，布鲁可在中国拼搭角色类玩具市场及 中国拼搭类玩具市场的份额分别为30.3%及7.4%。2021-2024年公司收入CAGR为89%，24年为22.4亿 元，毛利率52.9%。核心驱动力拼搭角色类玩具(占比98.2%)，其中奥特曼、变形金刚、英雄无限三大IP 贡献超90%毛利，首盒产品收入占比升至63%(2023年)，驱动规模跃升。 行业机遇：中国拼搭角色玩具市场CAGR预计41.3%(2023-2028年)，中国拼搭角色类玩具市场正处于高 速增长期，2023-2028年预计CAGR达41.3%(弗吉斯特沙利文)，2028年规模将突破325亿元。中国拼搭角 色类玩具细分市场占中国角色类玩具市场的百分比预期将由2023年的14.3%增至2028年的35.6%。 智通财经APP获悉，华西证券发布研报称，首次覆盖布鲁可(00325)，给予"买入"评级。短期来看，公司 凭借价格卡位与高频推新，快速占领大众市场。长期来看，复用产品打造能力，加速孵化变形金刚、假 面骑士等授权IP，以 ...

证券研究报告|港股公司深度研究报告 [Table_Date] 2025 年 06 月 04 日 [Table_Title] 中国拼搭角色类玩具龙头，IP+渠道双轮驱动 [Table_Title2] 布鲁可(0325.HK)深度报告 [Table_Summary] 核心观点: ► 布鲁可作为中国第一大拼搭角色类玩具商，凭借 产品转型与渠道扩张实现爆发式增长： 根据弗若斯特沙利文数据，2023 年公司实现 GMV 约 18 亿元， 按 GMV 计算，布鲁可在中国拼搭角色类玩具市场及中国拼搭类 玩具市场的份额分别为 30.3%及 7.4%。2021-2024 年公司收入 CAGR 为 89%，24 年为 22.4 亿元，毛利率 52.9%。核心驱动为 拼搭角色类玩具（占收入 98.2%），其中奥特曼、变形金刚、英 雄无限三大 IP 贡献超 90%毛利，盲盒产品收入占比升至 63% （2023 年），驱动规模跃升。 ► 行业机遇：中国拼搭角色玩具市场 CAGR 预计 41.3%（2023-2028 年）。 中国拼搭角色类玩具市场正处高速增长期，2023-2028 年预 计CAGR达41.3%（弗若斯特沙利文），202 ...

港股次新股持续走低，布鲁可(00325.HK)跌超6%，毛戈平(01318.HK)跌超4%，古茗(01364.HK)跌超 3%，蜜雪集团(02097.HK)跌近2%。 ...

截至发稿， 布鲁可(00325.HK)跌5.34%、 毛戈平(01318.HK)跌3.28%、 古茗(01364.HK)跌2.95%。 ...

港股次新股持续回落，布鲁可跌5.34%、毛戈平跌3.28%、古茗跌2.95%。 ...

Core Insights - The Chinese toy brand Blokus made its debut at the influential Latin American pop culture event "CCXPMéxico2025," showcasing its products to a global audience of anime, gaming, film, and toy enthusiasts [1] - Blokus is recognized as a leading brand in the building block toy category in China, featuring well-known global IPs such as Neon Genesis Evangelion, Hatsune Miku, Marvel, Saint Seiya, Transformers, Ultraman, Naruto, and Heroes Infinite [1] - The participation in "CCXPMéxico2025" marks a significant milestone in Blokus's globalization strategy, following its previous expansions into Chile, Peru, Panama, and Brazil [1] Product and Market Strategy - Blokus focused on products aimed at fans aged 16 and above, aligning with the main audience of the event [1] - The company has established a unique innovation and research system, holding over 500 patents, which supports its diverse product offerings [1] - Blokus has developed six classic series, including Hero5, Hero8, Hero10, Champion, Legend, and Fantastic, with a total of over 600 SKUs, characterized by high IP fidelity, ease of assembly, strong playability, and affordability [1] Global Expansion - Under the "all demographics, all price points, globalization" strategy, Blokus has achieved breakthroughs in multiple global markets, including Southeast Asia, Europe, North America, and Latin America [2] - The company aims to deepen its presence in the Latin American market by providing high-quality products and unique brand culture, enhancing the building experience for global players [2]

Key Points - As of June 4, a total of 109 stocks reached their 52-week highs, with notable performers including 嘉鼎国际集团 (08153), 中国抗体－Ｂ (03681), and 升华兰德 (08106) achieving high rates of 37.84%, 32.89%, and 32.26% respectively [1] - The highest closing price among the top performers was 嘉鼎国际集团 at 0.405, while its peak price reached 0.510 [1] - 中国抗体－Ｂ closed at 2.850 with a peak of 2.990, and 升华兰德 closed at 0.142 with a peak of 0.164 [1] 52-Week High Rankings - 嘉鼎国际集团 (08153) had a high rate of 37.84% [1] - 中国抗体－Ｂ (03681) followed with a high rate of 32.89% [1] - 升华兰德 (08106) achieved a high rate of 32.26% [1] - Other notable stocks include 亿都（国际控股） with a high rate of 24.55% and 倍搏集团 with 23.59% [1] Additional Insights - The data indicates a strong performance in the market, with a significant number of stocks reaching new highs, suggesting potential bullish sentiment among investors [1] - The performance of these stocks may reflect broader trends in specific sectors, particularly in biotechnology and healthcare, as seen with the high rates of 中国抗体－Ｂ and 升华兰德 [1]

Group 1 - The core viewpoint of the article highlights that the stock of Blu-ray (00325.HK) has increased by over 4% following the company's recent launch of several well-known IPs in Latin America [1] Group 2 - The company has successfully expanded its market presence by introducing multiple popular intellectual properties (IPs) to the Latin American region [1]

Group 1 - The core viewpoint of the article highlights a significant surge in the stock prices of Hong Kong's consumer-related newly listed companies, with notable increases in specific companies [1] Group 2 - Companies such as Gu Ming and Mao Ge Ping saw their stock prices rise over 6%, while Blu-ray and Mi Xue Group experienced increases exceeding 4% [1] - The stock prices of these companies reached historical highs, indicating strong market performance and investor interest [1]

Core Insights - The article discusses the growth and strategic positioning of the company "Blokus," which is leveraging the legacy of LEGO to establish a strong market presence through innovative product offerings and IP collaborations [1][2]. Group 1: Market Positioning and Strategy - Blokus has successfully utilized the Ultraman IP to elevate its business, achieving a revenue of 1.096 billion yuan from Ultraman products in 2024, alongside 454 million yuan from Transformers [1]. - The company has signed contracts with 50 IPs, aiming to cover mainstream global IPs, and has developed a product portfolio of 682 SKUs, targeting various age groups [1]. - The "good but not expensive" product strategy differentiates Blokus in the market, focusing on a "three-full strategy" (full demographics, full price range, globalization) [1]. Group 2: Product Development and Sales Performance - Blokus's sales of role-playing toys are projected to increase from 36.5 million units in 2023 to 135 million units in 2024, with a strong pipeline of new products expected post-2026 [2]. - The company launched the second batch of the Noah Ultraman building blocks, selling 40,000 units at a price of 169 yuan, indicating strong demand for new products [2]. - In 2025, Blokus plans to introduce 800 new SKUs, focusing on role-playing toys and expanding its offerings for female consumers, which is expected to drive continued growth [2]. Group 3: Financial Projections - Revenue forecasts for Blokus are 3.96 billion yuan in 2025, 5.59 billion yuan in 2026, and 7.28 billion yuan in 2027, with net profits of 1.101 billion yuan, 1.508 billion yuan, and 2.041 billion yuan respectively [2]. - The earnings per share (EPS) are projected to be 4.42 yuan, 6.05 yuan, and 8.19 yuan for the years 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 28.34, 20.69, and 15.28 [2]. - The global and Chinese role-playing toy market is expected to reach 540.7 billion yuan and 91.1 billion yuan by 2028, indicating significant growth potential for Blokus as a leading player in the building block sector [2].