Core Viewpoint - The company is expected to experience a slowdown in traditional business operations in 2025, but new product lines such as the 9.9 yuan Starry Edition and adult-oriented products are anticipated to drive revenue growth in the second half of 2025 and into 2026, maintaining a positive growth outlook [1][2]. Group 1: Product Development and IP Expansion - The company has expanded its IP portfolio from 14 in 2024 to 24 in 2025, with a total of approximately 63 IPs available for future development as of the first half of 2025 [1]. - In 2025, the company launched over 900 new SKUs, with a significant increase in new product releases expected in Q4, particularly for major product lines like Ultraman and Transformers [1]. - The introduction of the new building vehicle category in November 2025, priced at 16.9 yuan per box, is expected to contribute additional revenue in 2026, leveraging the growing global vehicle toy market [3]. Group 2: International Expansion and Revenue Growth - The company has actively pursued a global strategy, achieving overseas revenue of 111 million yuan in the first half of 2025, a year-on-year increase of 899%, with overseas revenue accounting for 8.3% of total revenue [2]. - Revenue growth in overseas markets was particularly strong in Asia (excluding China), North America, and other regions, with increases of 652%, 2136%, and 595% respectively [2]. - The company has showcased its products at international toy fairs in various countries, enhancing its global presence and brand recognition [2]. Group 3: Financial Projections and Valuation - The company has adjusted its profit forecasts for 2025-2027, estimating adjusted profits of 650 million, 871 million, and 1.16 billion yuan respectively [3]. - The adjusted EPS for the same period is projected to be 2.61, 3.50, and 4.65 yuan [3]. - The company is assigned a target price of 98.0 HKD for 2026, based on a 25x target PE, reflecting its strong growth potential as a premium IP commercialization platform [3].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 98.00 [1][5] Core Views - The company is expected to see growth in 2026 driven by its "all demographics + all price points + globalization" strategy, with new product lines such as building cars and international expansion contributing significantly [2][3] - Despite a weaker performance in traditional toy segments in 2025, new business lines like the 9.9 yuan Starry Edition and adult-oriented products are anticipated to boost revenue in the second half of 2025 and continue into 2026 [2] - The company has expanded its IP matrix, increasing the number of commercialized IPs from 14 in 2024 to 24 in 2025, with a total of approximately 63 IPs available for future development [2] - The introduction of new product categories, particularly building cars, is expected to contribute additional revenue in 2026, with the global vehicle toy market projected to reach RMB 102.8 billion [4] Summary by Sections Revenue and Profit Forecast - The adjusted profit forecast for 2025-2027 is projected at RMB 6.50 billion, RMB 8.71 billion, and RMB 11.60 billion respectively, with adjusted EPS of RMB 2.61, RMB 3.50, and RMB 4.65 [5][11] - Revenue is expected to grow significantly, with estimates of RMB 2.90 billion in 2025 and RMB 3.77 billion in 2026, reflecting year-on-year growth rates of 29.42% and 30.08% respectively [11][19] International Expansion - The company has made significant strides in its global strategy, achieving overseas revenue of RMB 1.11 billion in the first half of 2025, a year-on-year increase of 899%, with overseas revenue accounting for 8.3% of total revenue [3] - The company has showcased its products at international toy fairs in various countries, enhancing its global presence and brand recognition [3] Product Development - The company has accelerated its product launch schedule, with over 900 new SKUs introduced in 2025, particularly in the fourth quarter, which is expected to positively impact revenue in early 2026 [2] - The new building car products launched in November 2025 are expected to leverage high-density materials and innovative designs, enhancing user experience and driving sales growth [4]

Group 1: Industry Overview - The Chinese潮玩 industry is in an upward trend, with the拼搭积木人玩具 segment being a key focus, showing a compound annual growth rate (CAGR) of 20.5% from 2019 to 2023, and expected to reach a CAGR of 29.0% from 2023 to 2028, with a projected market size of 99.6 billion yuan by 2028 [1] - The Chinese market for拼搭角色类玩具 is expected to grow from 5.8 billion yuan in 2023 to 32.5 billion yuan in 2028, representing a CAGR of 41.3%, indicating strong growth potential [1] Group 2: Company Performance - The company has successfully commercialized 19 IPs with 925 SKUs available for sale, including popular IPs like Minions and Kuromi, with multiple new products expected to launch in 2026, which may drive revenue growth [2] - The company's overseas revenue saw a significant increase of 898.6% year-on-year, reaching 111 million yuan in the first half of 2025, with North America contributing 42.82 million yuan, accounting for 38.6% of total overseas revenue [3] Group 3: Financial Projections - Revenue forecasts for the company are projected to be 2.94 billion yuan in 2025, 3.785 billion yuan in 2026, and 4.734 billion yuan in 2027, with corresponding earnings per share (EPS) of 2.47 yuan, 3.15 yuan, and 4.24 yuan respectively, indicating a decreasing price-to-earnings (PE) ratio from 26 to 15 times over the forecast period [4]

Core Viewpoint - The Chinese潮玩 industry is in an upward trend, and the company布鲁可 (00325), as a leading player in the building block toy sector, is expected to benefit from industry expansion and continuous new IP collaborations, leading to steady revenue growth. The investment rating is maintained at "Buy" [1]. Group 1: Industry Growth - The building block toy segment is becoming a new focus in the toy market, with a compound annual growth rate (CAGR) of 20.5% from 2019 to 2023, and an expected CAGR of 29.0% from 2023 to 2028. The global market size for building block character toys is projected to reach 99.6 billion yuan by 2028. The Chinese market is leading in growth, with an expected increase from 5.8 billion yuan in 2023 to 32.5 billion yuan in 2028, representing a CAGR of 41.3% [2]. Group 2: Product Launches and Revenue Potential - By the first half of 2025, the company has successfully commercialized 19 IPs with 925 SKUs available for sale, including popular IPs like Minions and Kuromi. Multiple products are expected to launch in 2026, including new IPs (Harry Potter), Eastern IPs (Ultraman, Saint Seiya, Naruto), and original IPs. The new product "Miracle Version Hatsune Miku" debuted on December 30, 2025, and several products are anticipated to be key offerings during the Spring Festival, which could drive revenue growth [3]. Group 3: International Market Expansion - In the first half of 2025, the company's overseas revenue increased by 898.6% to 111 million yuan, with North America contributing significantly at 42.82 million yuan, accounting for 38.6% of total revenue. The appeal of Western IP products (Transformers) and a focus on multi-channel distribution, including online platforms like TikTok and Shopee, have driven this growth. The company is also building a brand marketing matrix on social media, with over one million subscribers on its YouTube channel [4]. Group 4: Financial Projections - Revenue forecasts for the company are 2.94 billion yuan, 3.78 billion yuan, and 4.73 billion yuan for 2025, 2026, and 2027 respectively. The expected earnings per share (EPS) are 2.47 yuan, 3.15 yuan, and 4.24 yuan for the same years, with current price-to-earnings (PE) ratios of 26, 20, and 15 times [5].

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Insights - The company is positioned to benefit from the rapid growth of the building block toy market, particularly in the character-based segment, which has a projected CAGR of 29.0% from 2023 to 2028 in China [4] - The company has successfully commercialized 19 IPs with 925 SKUs, and several new products are expected to launch in 2026, which could drive revenue growth [4] - The overseas market, particularly North America, has shown significant growth, with a 898.6% year-on-year increase in overseas revenue in the first half of 2025, contributing to 38.6% of total revenue [5] - Revenue forecasts for 2025-2027 are projected at 29.40 billion, 37.85 billion, and 47.34 billion yuan respectively, with corresponding EPS of 2.47, 3.15, and 4.24 yuan [6] Summary by Sections Market Performance - The building block toy segment is expanding rapidly, with a focus on character-based toys, which are becoming a new market highlight [4] Product Development - The company plans to launch multiple new products in 2026, including both Eastern and Western IPs, which are expected to attract consumer attention and boost sales during the Chinese New Year [4] International Expansion - The company has made significant strides in the overseas market, with a focus on localized products and a robust multi-channel sales strategy [5] Financial Projections - The company is expected to achieve substantial revenue growth, with a projected increase in net profit from a loss of 401 million yuan in 2024 to a profit of 1.057 billion yuan by 2027 [6][9]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 布魯可集團有限公司 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00325 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | | 0.0001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 500,000,000 | USD | | 0.0001 | USD | | 50,000 | FF301 III.已發行股份及/或 ...

Core Viewpoint - The "Annual Excellence Brand Power IPO" awards recognize new listed companies with strong brand innovation capabilities and high penetration rates in the capital market, based on a comprehensive evaluation of brand awareness, recognition, and reputation over the past year [4]. Group 1 - The "Annual Excellence Brand Power IPO" award was presented to five companies: Bruker (00325.HK), Green Tea Group (06831.HK), Mixue Group (02097.HK), Weisheng Pharmaceutical-B (02561.HK), and Meet Xiaomian (02408.HK) [1]. - The evaluation process involved quantitative data analysis and a panel of experts to determine the final results [4]. - The awards aim to create a reference for the most valuable listed companies and unicorns in the investment community, covering all listed companies on major exchanges including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [4].

Group 1 - The new consumption concept stocks in the Hong Kong market have shown significant gains, with Mixue Group (02097.HK) rising over 5% [1] - Pop Mart (09992.HK) and Laoputang Gold (06181.HK) both increased by more than 4% [1] - Other stocks such as Blukoo (00325.HK), Guming (01364.HK), and Li Auto (02015.HK) also experienced upward movement [1]

Core Viewpoint - The Hong Kong stock market saw a strong performance in new consumption concept stocks, with several companies experiencing significant gains on December 22, including Mijia Group, which rose nearly 10% [1] Group 1: Stock Performance - Mijia Group (02097) increased by 9.97%, reaching a latest price of 434.400 with a total market capitalization of 164.9 billion and a year-to-date increase of 114.52% [2] - Laopu Gold (06181) rose by 5.24%, with a latest price of 692.500 and a market cap of 122.15 billion, showing a year-to-date increase of 209.43% [2] - Guoquan (02517) saw a 4.49% increase, with a latest price of 3.490 and a market cap of 9.195 billion, reflecting a year-to-date increase of 96.09% [2] - Blukoo (00325) increased by 3.75%, with a latest price of 71.850 and a market cap of 17.858 billion, showing a year-to-date increase of 19.06% [2] - Pop Mart (09992) rose by 3.58%, with a latest price of 199.800 and a market cap of 268.32 billion, reflecting a year-to-date increase of 125.10% [2] - Guming (01364) increased by 3.04%, with a latest price of 25.060 and a market cap of 59.597 billion, showing a year-to-date increase of 178.14% [2] - Shanghai Auntie (02589) rose by 2.84%, with a latest price of 94.200 and a market cap of 9.91 billion, but has a year-to-date decrease of 16.17% [2] - Maogeping (01318) increased by 2.57%, with a latest price of 89.950 and a market cap of 44.092 billion, reflecting a year-to-date increase of 56.50% [2] - Weilon Delicious (09985) rose by 2.50%, with a latest price of 11.480 and a market cap of 27.91 billion, showing a year-to-date increase of 71.73% [2]

Group 1 - The new consumption sector in the Hong Kong stock market is experiencing a strong rebound, with notable gains in several companies [1] - Mixue Group (02097.HK) has seen its stock price increase by over 10% [1] - Both Laopu Gold (06181.HK) and Guoquan (02517.HK) have each risen by more than 5% [1] Group 2 - Other companies such as Blukoo (00325.HK), Guming (01364.HK), and Pop Mart (09992.HK) are also witnessing upward movement in their stock prices [1]