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布鲁可(00325) - 翌日披露报表
2025-08-27 13:05
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) 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27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 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00325 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份(不包括庫存股份)變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份(不包括庫存股份)數 目 | 佔有關事件前的現有已發 行股份(不包括庫存股 ...
海外暴涨899%、首次扭亏为盈 布鲁可股价为何“跳水”?
Xin Lang Zheng Quan· 2025-08-27 09:41
Group 1: Company Performance - Pop Mart reported over 200% growth in both revenue and net profit for the first half of 2025, with overseas business revenue increasing by 439.6% year-on-year [1] - TOP TOY, a subsidiary of Miniso, achieved approximately 742 million yuan in revenue for the first half of 2025, marking a 73.0% year-on-year increase [1] - Blucor's total revenue for the first half of 2025 reached 1.338 billion yuan, a year-on-year increase of 27.9%, with overseas sales surging by 898.6% to 111 million yuan [2] Group 2: Market Reactions - Pop Mart's stock price hit a historical high of 316 HKD per share, with a market capitalization exceeding 400 billion HKD [1] - Following the earnings report, Blucor's stock price dropped significantly, falling by 17.7% on the first trading day after the announcement [2] - Blucor's stock has seen a cumulative decline of approximately 32.6% over the past two months, with its latest market capitalization at 26.545 billion HKD [2] Group 3: Product Insights - Blucor's sales heavily rely on low-priced products, with 9.9 yuan items contributing significantly to revenue, accounting for 43.9% of total sales volume [3] - The sales of building block toys for Blucor decreased by 45.5% year-on-year, indicating a decline in the performance of its proprietary IP [3] - Blucor's revenue from licensed IPs accounted for 53.1% of total revenue, highlighting the company's dependency on external IPs for profitability [8] Group 4: Financial Metrics - Blucor's sales costs increased by 40.2%, outpacing revenue growth, leading to a decline in gross margin by 4.5 percentage points to 48.4% [7] - The net profit margin for Blucor was recorded at 22.2%, with significant increases in sales and R&D expenses [7] - Blucor's adjusted net profit for the first half of 2025 was 320 million yuan, a 9.6% increase year-on-year [2] Group 5: Strategic Developments - TOP TOY is preparing for an IPO in Hong Kong, with plans to raise 300 million USD [1] - Blucor signed 13 new IP agreements in the first half of 2025, aiming to expand its licensed IP portfolio [8] - The company faces potential risks related to the rising costs of IP renewals and market fluctuations in consumer preferences [8]
中银国际:降布鲁可(00325)目标价至132.7港元 维持“买入”评级
智通财经网· 2025-08-27 09:40
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%。 中银国际发布研报称,布鲁可(00325)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%。 ...
中银国际:降布鲁可目标价至132.7港元 维持“买入”评级
Zhi Tong Cai Jing· 2025-08-27 09:30
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%。 中银国际发布研报称,布鲁可(00325)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%。 ...
布鲁可跌超4% 管理层下调今年收入指引 花旗料公司毛利率恢复去年水平仍需时
Zhi Tong Cai Jing· 2025-08-27 06:54
Group 1 - The core viewpoint of the article indicates that Bruker (00325) experienced volatility in its stock price, initially rising over 5% before declining more than 4% in the afternoon, ultimately trading down 3.6% at HKD 107.1 with a trading volume of HKD 405 million [1] - Bruker announced a share buyback plan until December 31, funded by existing cash reserves and free cash flow, with the buyback not involving proceeds from the global share offering. The shares repurchased will be used for future employee equity incentives [1] - The board has been authorized to repurchase up to 10% of the total issued shares, which amounts to a maximum of 24.925 million shares [1] Group 2 - Citigroup released a report indicating that due to delays in the launch of new products, Bruker has revised its revenue guidance for the year to a growth of over 50% year-on-year, with expectations of a 70% to 80% revenue increase in the second half [1] - The management attributed the decline in gross margin in the first half to the costs associated with new products and initial overseas expansion. It is expected that as overseas business and new product sales grow, the impact on gross margin will lessen [1] - Citigroup believes that due to Bruker's ongoing investment in new products and R&D, the gross margin may take time to recover to last year's levels, and has lowered the target price for the company from HKD 155 to HKD 128. The market will continue to focus on the progress of new product launches in the short term [1]
港股异动 | 布鲁可(00325)跌超4% 管理层下调今年收入指引 花旗料公司毛利率恢复去年水平仍需时
智通财经网· 2025-08-27 06:48
Core Viewpoint - The company Bruco (00325) has announced a share buyback plan funded by its cash reserves and free cash flow, while also facing challenges with delayed new product launches that have led to a downward revision of its revenue guidance for the year [1][1]. Group 1: Share Buyback Plan - Bruco plans to repurchase shares until December 31, using available cash reserves and free cash flow, with no involvement of funds from the global share offering [1][1]. - The board has been authorized to buy back up to 10% of the total issued shares, which amounts to a maximum of 24.925 million shares [1][1]. Group 2: Revenue Guidance and Financial Performance - Citigroup has downgraded Bruco's revenue guidance for the year to a growth of over 50% year-on-year due to delays in new product launches [1][1]. - The company expects revenue growth of 70% to 80% in the second half of the year [1][1]. - The decline in gross margin for the first half is attributed to new product costs and initial transportation costs related to overseas expansion, but this impact is expected to lessen as overseas business and new product sales increase [1][1]. Group 3: Market Sentiment and Target Price - Citigroup has lowered the target price for Bruco from 155 HKD to 128 HKD, reflecting concerns over the new product launch timeline [1][1]. - The market is currently focused on the progress of new product releases as a key factor influencing Bruco's short-term performance [1][1].
布鲁可(00325):出海扩张加速,关注下半年新品表现
CMS· 2025-08-27 05:34
Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Insights - The company has shown strong revenue growth, with a total revenue of 1.34 billion and a year-on-year increase of 27.9% in H1 2025. Adjusted net profit reached 320 million, reflecting a 9.6% increase, while the adjusted net profit margin was 23.9%, down 4.0 percentage points [1][7] - The company is a leading player in the domestic building block toy market, with significant market share and brand recognition compared to other domestic competitors. The growth momentum is driven by popular IP resource reserves, strong commercialization capabilities, channel expansion, and overseas market penetration [1][7] - The company has signed 13 new IPs and commercialized 19 IPs, with a total of 925 SKUs launched, contributing 53.1% to revenue. The revenue contribution from the top four IP products is 83.1% [7] Financial Performance - The company's revenue is projected to grow significantly, with estimates of 3.38 billion in 2025, 4.43 billion in 2026, and 5.30 billion in 2027, reflecting year-on-year growth rates of 51%, 31%, and 20% respectively [2][10] - The adjusted net profit is expected to reach 773 million in 2025, 1.08 billion in 2026, and 1.34 billion in 2027, with growth rates of 32%, 40%, and 24% respectively [2][10] - The company’s gross margin was 48.4% in H1 2025, down 4.5 percentage points, primarily due to increased costs associated with product upgrades and logistics for overseas expansion [7] Market Expansion - The company has experienced rapid growth in overseas revenue, with a staggering 899% increase in H1 2025, driven by significant contributions from North America and Asia [7] - The company’s low-priced products have seen substantial sales, with 48.6 million boxes sold at a retail price of 9.9 RMB, effectively attracting a broader consumer base [7] Investment Recommendation - The report suggests that the company is well-positioned in the mass consumer market with its competitive pricing strategy and strong product innovation pipeline. The anticipated high revenue growth is expected to continue, leading to an adjustment in net profit forecasts for 2025, 2026, and 2027 [7]
布鲁可公布拟回购公司股份
Xin Lang Cai Jing· 2025-08-27 00:51
布鲁可(00325)发布公告,董事会拟自本公告日期起直至2025年12月31日于公开市场购回公司股份。 公司将从现有可动用现金储备及自由现金流为股份购回计划提供资金(为免生疑,前述资金不涉及公司 自股份全球发售所得款项)。购回股份将会用于后续员工股权激励。 来源:新浪港股 根据公司股东于2025年6月6日举行的股东周年大会上通过的普通决议案,董事会已获授一般及无条件授 权以购回股份,数目不超过公司于2025年6月6日已发行股份总数(不包括库存股份)10%(即不超过 2492.5万股公司已发行股份)。 ...
中国潮玩,全球买单
Core Insights - The overseas market has become a significant growth driver for leading Chinese toy companies, with substantial revenue increases reported in their financial results for the first half of 2025 [1][3][6] Group 1: Financial Performance - Pop Mart's overseas revenue reached 5.593 billion yuan in the first half of 2025, a year-on-year increase of 439.60%, accounting for 40.31% of total revenue [1] - Blok's overseas revenue hit 110 million yuan, growing 899% year-on-year, making up 8.3% of total revenue, which helped the company return to profitability [1] - Miniso's overseas business generated 3.534 billion yuan, a 29.4% increase year-on-year, representing 40.9% of its total revenue [1][4] Group 2: Market Expansion - Chinese toy companies have been expanding into overseas markets for several years, with Miniso starting its global strategy in 2015 and Pop Mart opening its first overseas store in 2020 [2][8] - The overseas market for these companies has shown remarkable growth, with Pop Mart restructuring its organization to better target specific regions such as Southeast Asia, the Americas, and Europe [3][9] Group 3: Pricing Strategy - Chinese toy products are not following a low-price strategy in overseas markets, with Pop Mart's products priced significantly higher than in China, such as plush toys priced at $27.99 overseas compared to 99 yuan domestically [5] - Miniso's pricing in overseas markets is also higher, with plush toys priced 2 to 3 times more than similar products in China [5] Group 4: Profitability and Margins - The increase in overseas revenue has positively impacted overall gross margins, with Pop Mart's overseas business gross margin at 64.9%, 3.6 percentage points higher than its domestic market [6] - Blok, while experiencing revenue growth, has seen a decline in gross margins due to increased marketing and personnel costs [6] Group 5: Supply Chain and Domestic Impact - The success of Chinese toy companies in overseas markets is benefiting the domestic supply chain, with a significant portion of production concentrated in the Pearl River Delta region [10][11] - The overseas success is also influencing domestic consumer behavior, with foreign tourists increasingly visiting China for shopping, particularly in stores like Miniso and Pop Mart [11]
布鲁可:拟回购公司股份用于后续员工股权激励
Xin Lang Cai Jing· 2025-08-26 15:05
Core Viewpoint - The company plans to repurchase its shares from the open market until December 31, 2025, using available cash reserves and free cash flow for the buyback program [1] Group 1 - The share repurchase program is intended to support future employee equity incentives [1] - The funding for the share buyback will not involve proceeds from the company's global share offering [1]