FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； (viii) 有關債券、借貸股份、票據或公司債券的信託契約/平邊契據經已製備及簽署，有關詳情已送呈公司註冊處處長存檔（如法律如此規定）。 表格類別： 股票 狀態： 新提交 公司名稱： 布魯可集團有限公司 呈交日期： 2025年8月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Insights - The company reported a revenue of 1.338 billion RMB for the first half of 2025, representing a year-on-year increase of 27.9%. The adjusted net profit reached 320 million RMB, up 9.6% year-on-year, while the adjusted net profit margin decreased by 4.0 percentage points to 23.9% [1][4]. Summary by Sections IP Commercialization and Product Structure Optimization - As of June 30, 2025, the company has commercialized 19 IPs with a total of 925 SKUs, including popular IPs like Minions and Detective Conan. The revenue contribution from the top four IP products accounted for 83.1% of total revenue, down from 92.3% in the same period of 2024. The revenue share from products for ages 16 and above increased from 10.4% to 14.8% year-on-year [2]. Domestic and Overseas Business Growth - The company's offline sales generated 1.230 billion RMB, a 26.6% increase year-on-year, making up 91.9% of total revenue. Online sales reached 108 million RMB, up 44.6% year-on-year, driven by increased sales through online channels and contributions from consumers aged 16 and above. The company has seen significant growth in overseas markets, with overseas sales reaching 111 million RMB, a staggering increase of 898.6% year-on-year [3]. Financial Performance and Profitability - The gross profit for the first half of 2025 was 647 million RMB, a 16.9% increase year-on-year, but the gross margin decreased by 4.5 percentage points to 48.4%. The increase in cost of goods sold by 34.2% and a 208.1% rise in mold depreciation due to increased mold numbers contributed to this decline. R&D expenses rose by 69.5% year-on-year, reflecting the company's commitment to enhancing its product offerings [4]. Future Revenue and Profit Projections - The company expects overall revenues for 2025-2027 to be 3.40 billion, 4.59 billion, and 6.02 billion RMB respectively, with year-on-year growth rates of 51.6%, 35.1%, and 31.2%. Adjusted net profits are projected to be 780 million, 1.02 billion, and 1.30 billion RMB for the same periods [4].

Summary of Key Points Core Viewpoint - On August 27, 17 Hong Kong-listed companies conducted share buybacks, totaling 7.876 million shares and an amount of 614 million HKD [1]. Group 1: Buyback Details - Tencent Holdings repurchased 909,000 shares for 550 million HKD, with a highest price of 614.50 HKD and a lowest price of 596.00 HKD, accumulating a total buyback amount of 44.448 billion HKD for the year [1][2]. - Hang Seng Bank repurchased 210,000 shares for 23.49 million HKD, with a highest price of 112.20 HKD and a lowest price of 111.50 HKD, totaling 432.12 million HKD in buybacks for the year [1][2]. - MGM China repurchased 1 million shares for 16.018 million HKD, with a highest price of 16.13 HKD and a lowest price of 15.92 HKD, accumulating 134.98 million HKD in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on August 27 was from Tencent Holdings at 550 million HKD, followed by Hang Seng Bank at 23.49 million HKD [1]. - In terms of share quantity, Maple Leaf Education had the highest buyback with 4.492 million shares, followed by MGM China and Tencent Holdings with 1 million and 909,000 shares respectively [1][2]. Group 3: Additional Insights - The buyback by Bruker was its first for the year, while Tencent has conducted multiple buybacks totaling 44.448 billion HKD [2].

布鲁可上半年收入同比增长28%，惟经调整净利润仅升10%，逊市场较高的预期。该行认为，由于公司 延迟发布产品，拖累期内收入，加上公司的提前支出，或会影响其短期盈利能力。然而，随着公司准备 推出更多产品，预计下半年的收入同比增长增长将加快至70至80%。 近日中银国际发布研报称，布鲁可需要时间来证明其稳定交付盈利的能力，但预计其强大的IP组合将使 其在国内和海外市场具备高度竞争力，维持"买入"评级，目标价由174.1港元下调至132.7港元，而其 2025至27财年盈测则分别降24%、20%及17%。 香港联交所最新资料显示，8月27日，布鲁可(00325)股东将股票存入富途证券国际香港，存仓市值23.69 亿港元，占比8.55%。 ...

布鲁可上半年收入同比增长28%，惟经调整净利润仅升10%，逊市场较高的预期。该行认为，由于公司 延迟发布产品，拖累期内收入，加上公司的提前支出，或会影响其短期盈利能力。然而，随着公司准备 推出更多产品，预计下半年的收入同比增长增长将加快至70至80%。 近日中银国际发布研报称，布鲁可需要时间来证明其稳定交付盈利的能力，但预计其强大的IP组合将使 其在国内和海外市场具备高度竞争力，维持"买入"评级，目标价由174.1港元下调至132.7港元，而其 2025至27财年盈测则分别降24%、20%及17%。 智通财经APP获悉，香港联交所最新资料显示，8月27日，布鲁可(00325)股东将股票存入富途证券国际 香港，存仓市值23.69亿港元，占比8.55%。 ...

Macro Strategy - The core viewpoint highlights the unprecedented removal of Federal Reserve Governor Cook by Trump, raising concerns about the independence of the Federal Reserve and the potential for more "Trump-aligned" appointees, which could lead to increased expectations for interest rate cuts in the future [1] - Following the removal announcement, market reactions included rising long-term U.S. Treasury yields and gold prices, while the U.S. dollar index declined, indicating a shift in investor sentiment towards risk assets [1] Fixed Income - The report indicates a cautious approach in the convertible bond market, suggesting a reduction in exposure to high-priced targets while increasing allocations to ETFs to balance risks [2][3] - The 10-year government bond yield increased from 1.745% to 1.785%, reflecting market adjustments to macroeconomic conditions [2] Industry Insights - New Lai Ying Material (300260) reported improved Q2 performance, benefiting from growth in the semiconductor and liquid cooling sectors, with a focus on domestic substitution and an optimized customer structure [5][6] - Li Yuan Heng (688499) achieved profitability with a robust order backlog in solid-state battery equipment, indicating a strong operational cash flow and successful delivery to major clients [7] - Jin Zai Food (003000) is experiencing a Q2 adjustment period, leading to a downward revision of profit forecasts for 2025-2027, reflecting a mismatch between internal expansion strategies and external market conditions [8][9] - Anpei Long (301413) reported steady growth in its temperature and pressure sensor business while investing in humanoid robotics, adjusting profit forecasts for 2025-2026 [10] - Xinde New Materials (301349) is seeing significant growth in fast-charging products, with profit forecasts adjusted upwards due to improved margins [11] - The report on China National Railway (601766) indicates strong growth in H1 2025, driven by recovery in railway fixed asset investments [18] - The report on China Duty Free Group (601888) highlights a narrowing revenue decline in Q2 2025, with a focus on expanding city store operations to boost sales [31] - Yun Aluminum (000807) reported a 17.98% increase in revenue for H1 2025, with a focus on maintaining high profit margins amid fluctuating aluminum prices [32][33]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's profit is under short-term pressure, but there are opportunities in new products and overseas expansion [1][8] - The company reported a total revenue of 1.338 billion yuan for the first half of 2025, representing a year-on-year increase of 27.9% [8] - Adjusted net profit for the same period was 320 million yuan, up 9.6% year-on-year [8] - The growth in revenue is attributed to increased sales of building block toys, product structure adjustments, and contributions from overseas markets [8] Summary by Relevant Sections Revenue and Profit Forecast - Total revenue is projected to grow from 2,240.93 million yuan in 2024 to 4,714.55 million yuan in 2027, with a compound annual growth rate (CAGR) of 18.97% [1][10] - The net profit is expected to turn positive in 2025, reaching 679.09 million yuan, and further increasing to 1,196.05 million yuan by 2027 [1][10] Product and Market Development - The company has commercialized 19 IPs and has a total of 925 SKUs available, with 273 new SKUs launched during the reporting period [8] - New products contributed 53.1% to total revenue, indicating a strong focus on innovation [8] - The company is actively expanding its overseas market presence, with overseas sales increasing from 11.2 million yuan to 110 million yuan year-on-year [8] Financial Metrics - The gross profit for the first half of 2025 was 650 million yuan, with a gross margin of 48.4%, down 4.5 percentage points year-on-year [8][9] - The adjusted net profit margin decreased from 27.9% to 23.9% during the same period [9] - R&D expenses increased significantly, reflecting the company's commitment to enhancing its product offerings [9] Investment and Cost Management - The company plans to continue investing in R&D and marketing to support product development and market expansion [8] - The report highlights the importance of managing costs related to mold depreciation and product structure changes to improve profitability [9]

布鲁可(00325)公布，2025年8月27日耗资约1156.96万元回购10.5万股股份。 ...

格隆汇8月27日丨布鲁可(00325.HK)公告，8月27日耗资1157万港元回购10.5万股。 ...

智通财经APP讯，布鲁可(00325)公布，2025年8月27日耗资约1156.96万元回购10.5万股股份。 ...