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本期带来2025年一季度IPO报告，港主板IPO募资金额最多，境外上市备案持续推进。 将投中网设为"星标⭐"，第一时间收获最新推送 以下文章来源于超越 J Curve ，作者超越J曲线 超越 J Curve . 用数据延伸你的阅读 核心发现 作者丨 投中研究院 来源丨 超越 J Curve | 机构 | 上市数量 | 科创板数量 | | 参投项目 | | | --- | --- | --- | --- | --- | --- | | CPE源峰 | 3 | 1 | 钓威电子 | 赛分科技 | 蜜雪集团 | | 君联资本 | 3 | 1 | 布鲁可 | 兴福电子 | 汉朔科技 | | 中金资本 | 3 | 1 | 脑动极光 | 兴福电子 | 汉朔科技 | | 红杉中国 | 3 | O | 古著 | 找钢集团 | 维异药业 | | 海通开元 | 2 | 2 | 兴福电子 | 胜科纳米 | | | 丰年资本 | 2 | 1 | 矽电股份 | 胜科纳米 | | | 复星创富 | 2 | 1 | 赛分科技 | 恒鑫生活 | | | 高瓴 | 2 | 1 | 赛分科技 | 蜜雪集团 | | | IDG资本 | 2 | 1 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price yet to be specified [5]. Core Insights - The company is expected to achieve over 10 billion in revenue for 2024, with a CAGR of 56% from 2022 to 2024. The adjusted profit for 2024 is projected to be 4.5 billion, reflecting a CAGR of 66% during the same period [1]. - The company has a robust IP matrix with 70 existing IPs, including popular franchises like My Little Pony and Ultraman, and has a distribution network of 217 dealers across the country [1]. - Future strategies focus on product expansion, IP diversification, enhanced production capabilities, multi-channel networks, and international expansion [1]. - The launch of the BFC creative competition has significantly increased user engagement, with submissions growing from 300 to over 30,000 pieces, indicating a thriving co-creation ecosystem [5][9]. Summary by Sections Company Overview - The company operates in the non-essential consumer goods sector, specifically in household appliances and toys [5]. - Current stock price is 122.6 HKD, with a total market capitalization of approximately 30.56 billion HKD [5]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 3.8 billion RMB, 5.3 billion RMB, and 7 billion RMB respectively, with net profits of 960 million RMB, 1.48 billion RMB, and 2.08 billion RMB [10]. Market Position - The upcoming IPO of a related entity is expected to enrich the collectible toy IP market and accelerate sector effects, potentially boosting valuations and profit expectations for industry leaders [2].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of HKD 112.10 [6]. Core Insights - The company is positioned for rapid growth in the building block toy market, leveraging its competitive advantages in product quality, pricing, and channel expansion [4][3]. - The building block toy market is expected to grow at a CAGR of 15.0% from 2023 to 2028, significantly outpacing non-building block toys [4][47]. - The company holds a 30.3% market share in China, making it the largest player in the local market and the third largest globally in the building block character toy segment [4][58]. Summary by Sections Company Overview - The company started with large particle building toys and has evolved into a leader in building block character toys, focusing on high-quality and reasonably priced products [1]. - It has established a comprehensive sales network in China and is actively expanding into global markets [1]. Market Growth - The building block toy market is a rapidly growing segment within the global toy market, with a projected CAGR of 15.0% from 2023 to 2028 [4][47]. - The company is currently the largest building block character toy company in China, with a market share of 30.3% [4][58]. Competitive Advantages - The company differentiates itself through rapid product iteration and a strong focus on quality, allowing it to effectively penetrate school-side stores [3]. - It has a rich portfolio of IP resources, including partnerships with brands like Ultraman, which enhances its product offerings [3][4]. Financial Projections - The company is expected to achieve significant revenue growth, with projected revenues of RMB 4.1 billion in 2025, growing to RMB 7.4 billion by 2027 [5]. - The net profit is forecasted to improve significantly, with estimates of RMB 1.1 billion in 2025 and RMB 2.1 billion in 2027 [5]. Investment Recommendation - The report suggests that the company is in a phase of rapid expansion and has the core competencies to penetrate school-side channels effectively [4]. - The company is expected to benefit from expanding its female customer base and international market growth, with a projected PE ratio decreasing from 24X in 2025 to 13X in 2027 [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company, Blok, has established itself as a leader in the building block toy market, focusing on high-quality and reasonably priced products, and is experiencing rapid growth [1]. - The building block toy market is projected to grow at a CAGR of 15.0% from 2023 to 2028, significantly outpacing non-building block toys, with Blok holding a 30.3% market share in China [1][2]. Summary by Sections Company Overview - Founded in December 2014, Blok initially focused on large particle building toys before shifting to building block toys due to market limitations [11]. - The company has a stable shareholding structure, with the largest shareholder holding 50.9% [16]. Market Growth - The global toy market is expected to grow from 631.2 billion RMB in 2019 to 993.7 billion RMB by 2028, with the building block segment growing rapidly [39][40]. - The building block toy market reached 176.5 billion RMB in 2023, with a projected CAGR of 15.0% from 2023 to 2028 [47]. Competitive Advantage - Blok's competitive edge lies in its ability to offer low-priced, high-quality products with rapid iteration, similar to the successful strategies of other companies in the market [3]. - The company has a rich IP resource, including licenses for popular franchises, which enhances its product offerings and market appeal [3][4]. Financial Projections - Revenue is expected to grow significantly, with forecasts of 4.1 billion RMB in 2025, 5.5 billion RMB in 2026, and 7.4 billion RMB in 2027, reflecting growth rates of 83.5%, 34.7%, and 34.4% respectively [5]. - The net profit is projected to turn positive by 2027, with estimates of 2.1 billion RMB [5]. Investment Recommendation - The report suggests that Blok is in a rapid growth phase with strong channel expansion potential, particularly in school-side stores, and anticipates continued growth driven by expanding female customer segments and overseas market performance [4].

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 2,240,929 thousand, representing a 155.6% increase from RMB 876,686 thousand in 2023[15] - Gross profit for 2024 was RMB 1,178,806 thousand, up 184.1% from RMB 414,922 thousand in 2023[15] - Adjusted profit for the year was RMB 584,588 thousand, a significant increase of 702.1% compared to RMB 72,882 thousand in 2023[15] - The adjusted net margin improved to 26.1%, up from 8.3% in the previous year, reflecting a 17.8 percentage point increase[15] - Loss before tax for 2024 was RMB 295,682 thousand, which is a 55.8% increase in loss compared to RMB 189,839 thousand in 2023[15] - The basic and diluted loss per share increased to RMB (2.69), a 94.9% increase from RMB (1.38) in 2023[15] - The total loss for the year was RMB 398,044 thousand, representing a 91.8% increase from RMB 207,481 thousand in 2023[15] - The company reported a loss for the year of RMB398.0 million, which is an increase of 91.8% compared to the previous year[32] - Annual loss increased by 91.8% from RMB207.5 million in 2023 to RMB398.0 million in 2024[116] Revenue Breakdown - Revenue from assembly character toys amounted to RMB 2,201.1 million, representing 98.2% of total revenue, while revenue from brick-based toys was RMB 39.4 million, accounting for 1.8% of total revenue[40] - Revenue from assembly character toys rose by 186.2% from RMB 769.0 million in 2023 to RMB 2,201.1 million in 2024, driven by a 269.3% increase in sales volume from 36.5 million units to 134.7 million units[77] - Revenue from brick-based toys decreased by 62.9% from RMB 106.3 million in 2023 to RMB 39.4 million in 2024, with sales volume dropping by 58.2% from 0.9 million units to 0.4 million units[78] - Revenue from offline distribution sales reached RMB 2,062.9 million, up from RMB 732.7 million in 2023, accounting for 92.1% of total revenue during the reporting period[52] - Revenue from consignment sales decreased from RMB 36.4 million in 2023 to RMB 22.0 million, representing 1.0% of total revenue[54] - Online sales revenue grew from RMB 106.2 million in 2023 to RMB 155.7 million, making up 6.9% of total revenue[55] Market Strategy and Growth Plans - The company is focusing on expanding its market presence and developing new products and technologies to drive future growth[14] - The management is optimistic about future performance, aiming for continued revenue growth and improved profitability metrics[14] - The company plans to explore potential mergers and acquisitions to enhance its competitive position in the market[14] - The company plans to launch 800 new SKUs in 2025, focusing on assembly character toys and expanding its product offerings for various demographics[26] - The company aims to deepen its user-centric focus and strengthen its R&D capabilities to meet consumer needs and expand its IP ecosystem[26] - The company plans to enhance R&D capabilities and expand its IP portfolio to meet diverse consumer needs and increase brand recognition in international markets[69] - The company aims to strengthen its overseas presence in the United States, Europe, and Southeast Asia through increased investment in sales and marketing[69] Research and Development - The company allocated RMB190 million to research and development in 2024, hiring approximately 300 new employees, with over two-thirds in R&D roles[23] - The R&D expenditure during the reporting period was RMB 192.5 million, accounting for 8.6% of total revenue, with a dedicated R&D team of 472 employees[38] - R&D expenses grew by 103.3% to RMB192.5 million, while as a percentage of total revenue, they decreased from 10.8% to 8.6%[97][102] Intellectual Property and Product Development - The company has approximately 50 licensed IPs as of December 31, 2024, enhancing its market presence and product diversity[24] - The number of licensed IPs increased from approximately 27 to about 50, including popular franchises like DC's Superman and Harry Potter, enhancing the product offering[45] - The company has two self-developed IPs and approximately 50 licensed IPs, increasing from about 27 licensed IPs as of December 31, 2023[50] Sales and Distribution - Offline distribution sales rose significantly from RMB 732.7 million in 2023 to RMB 2,062.9 million, accounting for 92.1% of total revenue during the same period[49] - The company has established a multi-channel sales network, including both offline and online sales channels, to enhance market reach[85] Management and Governance - The Group's management team includes professionals with over 20 years of experience in their respective fields, enhancing the Group's operational capabilities[194][198] - The Group is focused on strengthening its financial management and investor relations under the leadership of Ms. Fu and Mr. Zhu[194][197] - The strategic appointments aim to support the Group's growth and expansion plans in the competitive market[194][198] Financial Position and Assets - As of December 31, 2024, total assets amounted to RMB1,605.99 million, while total liabilities were RMB3,206.58 million[20] - Cash and cash equivalents reached RMB 720.0 million as of December 31, 2024, up 99.5% from RMB 360.8 million as of December 31, 2023, primarily financed through cash generated from operating activities[132][137] - The Group's adjusted net debt-to-capital ratio was 31.6% as of December 31, 2024, indicating a stable capital structure[140][147] - There were no borrowings as of December 31, 2024, reflecting a debt-free status[139][146] Community Engagement and Corporate Responsibility - The company engaged in community initiatives, such as the "Happy Summer in Metro City" event, providing products to children[65] - The company actively combats counterfeit products, leading to the destruction of six counterfeit dens in April 2024[64] Quality Control and Compliance - The company emphasizes product quality through a comprehensive quality control system aligned with domestic and global standards[62][63] - The company is committed to protecting its intellectual property rights and has taken legal action against counterfeit products, resulting in the dismantling of six counterfeit operations[67]

Group 1 - The majority of newly listed stocks in the Hong Kong market are experiencing declines, with notable drops in specific companies [1] - Bruker (00325.HK) has seen a decrease of 5.75%, while Horizon Robotics-W (09660.HK) has dropped by 3.78% [1] - Other companies such as Mao Geping (01318.HK) and Youjia Innovation (02431.HK) have also reported declines of 2.99% and 2.21% respectively [1]

Summary of Conference Call Notes Company Overview - The company discussed is BLOOK, which operates in the new consumer sector, focusing on toy products, particularly building blocks and character-based toys [1][6]. Key Points and Arguments Product Strength and Innovation - BLOOK has demonstrated a strong product development capability, launching 400 SKUs in 2024 and 800 SKUs in 2025, showcasing rapid iteration and innovation [1]. - The company has a high success rate in product launches, with notable examples like the甲鞭骑士 brand, which saw significant product uptake shortly after launch [1]. IP Strategy - BLOOK is expanding its IP portfolio to reach diverse consumer demographics, including new IPs targeting female consumers and niche markets like anime and collectibles [2][3]. - As of the end of 2024, BLOOK has a reserve of 50 IPs, with new partnerships announced for popular franchises, enhancing its product conversion capabilities [3]. Market Penetration and Distribution Channels - The company has established a strong presence in school-side stores, which are crucial for sales and profitability, and plans to expand into new retail channels [4][10]. - BLOOK's distribution strategy includes partnerships with well-known local channels for overseas expansion, aiming for significant growth in international markets [5][6]. Financial Performance - BLOOK's revenue has shown substantial growth, with a year-on-year increase of 169% in 2022 and 156% in 2023, driven by the popularity of its character-based building blocks [6][7]. - The gross margin is improving, with an expected operating margin of 26.1% in 2024, indicating efficient cost management and production optimization [7][8]. Competitive Landscape - BLOOK's product offerings are positioned competitively against major players like Bandai and LEGO, with a focus on affordability and playability [11][12]. - The company has a diverse product range across various price points, enhancing its market appeal and consumer reach [12]. Future Outlook - BLOOK is optimistic about its growth trajectory, supported by its multi-IP strategy and ongoing product launches, which are expected to bolster consumer confidence and market share [13][14]. - The company anticipates a market capitalization increase of approximately 30% in the coming year, reflecting strong investor sentiment in the new consumer sector [14]. Additional Important Insights - BLOOK's unique selling proposition lies in its ability to rapidly innovate and adapt its product offerings to meet changing consumer preferences, particularly through its IP strategy [3][4]. - The company is also focusing on content marketing to enhance consumer engagement and brand loyalty [12]. This summary encapsulates the critical insights from the conference call, highlighting BLOOK's strategic initiatives, financial performance, and market positioning.

Summary of the Conference Call Company Overview - The conference call discusses the performance and future outlook of Brook, a company in the toy industry, particularly focusing on building block toys and related products [1][4]. Key Points and Arguments Business Growth and Product Development - In 2020, Brook launched over 400 new SKUs, ending the year with more than 680 SKUs available for sale [1]. - The company sold 135 million building block figures, with the primary age group targeted being 6 to 16 years old [1]. - The adult product line was expanded, with products priced around 100 to 200 RMB showing promising results [2]. - The company aims for stable growth in this product line, expecting it to outpace overall product growth by 2025 [2]. Financial Performance - For 2024, Brook reported a strong revenue growth of 155.6% year-on-year, driven by innovation in toy design and sales [4]. - The revenue from building block toys reached 2.2 billion RMB, a year-on-year increase of 186.2% [4]. - Adjusted profits, excluding certain expenses, reached 585 million RMB, reflecting a 702% increase [5]. IP and Market Expansion - Brook has secured approximately 50 global IP licenses, including popular franchises like Harry Potter and Jurassic World, contributing significantly to revenue [3]. - The company reported a notable increase in revenue from licensed IPs, with Ultraman contributing 1.1 billion RMB, a 96.8% increase year-on-year [7]. - The overseas revenue contribution was 64.2 million RMB, marking a fivefold increase, particularly strong in Southeast Asia and North America [6]. Marketing and Sales Strategy - The company is focusing on controlled sales channels, including e-commerce and physical stores, to ensure product availability and sales efficiency [2]. - Marketing expenses increased due to collaborations with KOLs and participation in global toy exhibitions [7]. - The gross profit margin for building block toys was reported at 52.9%, supported by product innovation and effective marketing strategies [8]. Future Outlook - Brook plans to enhance its product lines and expand its market presence, particularly in overseas markets, with a focus on localizing operations [21]. - The company aims to maintain a healthy inventory turnover and has strategies in place to manage inventory effectively [42][44]. - The introduction of new products targeting female consumers is a key focus, with an emphasis on aesthetics and ease of assembly [30][31]. Community Engagement - Brook has developed a community for creators, encouraging user-generated content and sharing experiences related to their products [26][27]. - The company is actively engaging with consumers through competitions and events to foster a sense of community and brand loyalty [27]. Additional Important Content - The company has established a robust R&D team, with plans to double its size to enhance product development capabilities [45]. - Brook's strategy includes a diverse range of price points for its products, catering to different consumer segments [32]. - The management emphasized the importance of maintaining a balance between product iteration efficiency and success rates in the market [50]. This summary encapsulates the key insights from the conference call, highlighting Brook's growth trajectory, financial performance, strategic initiatives, and community engagement efforts.

Summary of Conference Call Company and Industry Overview - The conference call discusses the toy industry, specifically focusing on the company "布鲁克" (Brook) and its position in the building block toy market, particularly in China [2][3][4]. Key Points and Arguments 1. **Market Position**: - 布鲁克 ranks third globally in the building block toy market with a market share of 6.3%, while it holds the leading position in China with a market share of 30.3% [2]. - The company has a significant competitive advantage in the building block market, which has been historically validated [2]. 2. **Revenue Growth**: - 布鲁克's revenue for the first half of 2024 reached 1.046 billion, reflecting a growth rate of 256% [4]. - The adjusted net profit for the same period was 292 million, with full-year revenue expected to be around 2.2 billion [4]. 3. **Product Segmentation**: - In the first half of 2024, revenue from building block toys accounted for 97.8%, while traditional blocks dropped to 2.2% [5]. - The company’s main revenue source is from offline distributors, which contribute 92.9% of total revenue [5]. 4. **IP Utilization**: - 布鲁克 has a rich portfolio of IPs, including both proprietary and licensed IPs, which allows it to reach a diverse consumer base [8]. - The company has secured licenses for 50 well-known IPs, with 奥特曼 (Ultraman) being a significant contributor, accounting for 57.6% of total revenue in the first half of 2024 [10][11]. 5. **Cost Structure and Profitability**: - The gross margin has steadily increased, reaching 52.9% in the first half of 2024, while the sales expense ratio has also risen due to scale effects [6]. - The average product price is low, at approximately 19 yuan, which helps in reaching a broader audience [6][13]. 6. **Innovation and Product Development**: - 布鲁克 has focused on product innovation, holding over 508 patents and employing a significant proportion of R&D personnel [12]. - The company has a high product launch efficiency, with an average launch cycle of 7 to 9 months, and plans to introduce 400 new SKUs in 2024 [14]. 7. **Market Expansion**: - 布鲁克 is exploring international markets, with plans to expand into Malaysia, Indonesia, and Thailand, expecting to generate around 100 million in revenue from overseas markets [21]. - The company aims to increase its distribution network from 200,000 to over 500,000 outlets [20]. 8. **Future Growth Potential**: - The company anticipates continued growth driven by IP expansion and market penetration strategies, with expectations of at least 50% growth in the near term [17]. - There is a focus on targeting older demographics, particularly females aged 16 and above, through new IP series [18][19]. Other Important Insights - The company has established strong relationships with major clients and is working to prevent market competition from affecting its key partnerships [9]. - Marketing expenses are relatively low, with a sales expense ratio of only 11.3% in the first half of the previous year [16]. - The company is also considering the establishment of flagship stores to enhance brand visibility in the future [22]. This summary encapsulates the key insights from the conference call, highlighting the company's market position, financial performance, product strategy, and future growth potential.