Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 1,338.0 million, a year-on-year increase of 27.9% compared to RMB 1,046.2 million in 2024[14] - Gross profit for the same period was RMB 647.5 million, reflecting a 16.9% increase from RMB 553.7 million in 2024[14] - Profit for the period turned positive at RMB 296.5 million, compared to a loss of RMB 254.9 million in the previous year[14] - Adjusted profit for the period was RMB 320.3 million, representing a year-on-year increase of 9.6%[18] - Adjusted net margin decreased to 23.9% from 27.9% in the previous year[14] - Basic earnings per share for the period was RMB 1.22, compared to a loss per share of RMB 1.73 in 2024[14] - Revenue during the reporting period was primarily generated from toy sales, including assembly character toys and brick-based toys, net of discounts and rebates[47] - Revenue increased by 27.9% from RMB1,046.2 million in the six months ended June 30, 2024 to RMB1,338.0 million in the six months ended June 30, 2025, primarily driven by a significant increase in sales volume of assembly character toys[51] - Revenue from assembly character toys increased by 29.5% from RMB1,023.1 million to RMB1,325.2 million, with sales volume rising 96.8% from 56.2 million units to 110.7 million units[52] - Revenue from brick-based toys decreased by 45.5% from RMB23.0 million to RMB12.5 million, due to a 42.9% decrease in sales volume from 0.2 million units to 0.1 million units[55] Sales and Distribution - Revenue from assembly character toys amounted to RMB 1,325.2 million, accounting for 99.1% of total revenue, while brick-based toys generated RMB 12.5 million, or 0.9%[27] - The company launched 273 new SKUs during the reporting period, contributing to 53.1% of total revenue[27] - Revenue from online sales channels increased from RMB 74.6 million to RMB 107.9 million, a year-on-year growth of 44.6%[33] - Sales from China increased by 18.5% to RMB 1,226.6 million, while overseas sales surged by 898.6% to RMB 111.4 million[34] - Offline distribution sales reached RMB 1,211.9 million, accounting for 90.6% of total revenue, a year-on-year increase of 26.5% from RMB 957.9 million[35] - Online channel revenue grew to RMB 107.9 million, a 44.6% increase from RMB 74.6 million, representing 8.1% of total revenue[36] Research and Development - R&D expenditure was RMB 128.8 million, accounting for 9.6% of total revenue, with a year-on-year increase of 69.5%[26] - The R&D team expanded to 599 employees, representing 67.1% of total employees, with an increase of 81.0% year-on-year[26] - The company plans to enhance R&D capabilities and expand its IP portfolio to provide quality toys, with further investments in sales and marketing in both domestic and international markets[46] - Investments in R&D capabilities were substantially increased to meet growing market demand, including high accuracy and multi-cavity molds[92][97] Corporate Governance - The Group is committed to high standards of corporate governance, complying with applicable code provisions during the reporting period[134] - The roles of chairman and chief executive officer are held by Mr. Zhu, which deviates from code provision C.2.1 of the Corporate Governance Code[135] - The Board believes that the current practice of quarterly reporting by management is sufficient for discharging their duties, despite a deviation from code provision D.1.2[138] - The company continues to enhance its corporate governance practices to ensure compliance with the Corporate Governance Code[142] - The Board comprises two non-executive Directors and three independent non-executive Directors, ensuring a balance of power and authority[138] Intellectual Property and Licensing - The company commercialized 19 intellectual properties (IPs) with a total of 925 stock-keeping units (SKUs) available for sale as of June 30, 2025[17] - The company has increased its licensed IPs from approximately 63 as of June 30, 2025, to approximately 72 as of the Latest Practicable Date[148] - Major IP renewals include licenses for Pokémon, Star Wars, and Marvel, enhancing the company's portfolio[153] - The licensed territories for the ULTRAMAN and EVANGELION IPs have been extended to a global scale, while TRANSFORMERS now covers more than 190 countries[150] - The Pokémon IP licensing area has been extended to regions including Hong Kong, Macau, Taiwan, and Southeast Asia[153] Employee and Shareholder Information - The Group had 893 full-time employees as of June 30, 2025, with approximately 96.4% based in China[127] - Personnel expenses increased significantly due to recruitment across various departments to support business scale expansion[91][97] - As of June 30, 2025, Mr. Zhu Weisong holds approximately 44.39% of the company's shares, totaling 110,639,460 shares[157] - Major shareholders include Wit Bright Limited and Next Bloks, each holding approximately 110,639,460 shares, representing 44.39% of the total issued share capital[168] Share Incentive Scheme - The Share Incentive Scheme was approved on January 12, 2023, and amended on March 29, 2024, allowing for flexible retention and incentivization of Directors and employees[175][180]. - The total number of Shares underlying all Options granted under the Share Incentive Scheme shall not exceed 21,321,255 Shares, equivalent to 8.55% of the Shares of the Company in issue as of June 30, 2025[179][184]. - The exercise price for options granted is set at RMB 0.2, with a total of 12,577,685 shares granted to Mr. Zhu Weisong[199] - The Share Incentive Scheme aims to provide a structured approach to reward and retain key personnel, enhancing overall Group performance and shareholder value[176][181].
布鲁可(00325) - 2025 - 中期财报