Core Insights - The company, known as "China's Lego," reported a revenue surge of 155.6% to 2.241 billion yuan in 2024, but also faced a significant loss of 401 million yuan, highlighting a paradox of high growth alongside substantial financial challenges [1][4][6] Revenue Growth and Strategy - The revenue growth was primarily driven by the "IP matrix + offline channel" strategy, with sales from building role-play toys reaching 2.201 billion yuan, significantly boosted by the Ultraman IP [2][3] - Offline sales accounted for 92.1% of total revenue, emphasizing the importance of physical retail channels, with 433 distributors covering over 140,000 outlets [2][3] - The company expanded its IP portfolio from 27 to 50, including major franchises like DC and Harry Potter, while also developing proprietary products to fill market gaps [3][8] Financial Performance and Losses - Despite revenue growth, the company has experienced four consecutive years of losses, with the loss attributable to high sales and administrative expenses totaling 748 million yuan, which is 33.4% of revenue [4][5] - The loss was exacerbated by a 542 million yuan accounting loss from preferred shares, raising concerns about the sustainability of its profitability model [5][6] Market Position and Challenges - The company holds a 30.3% market share in the domestic building role-play toy segment, indicating a strong competitive position [2] - The broader toy industry in China faces low average net profit margins, with the company’s losses reflecting the industry's transformation challenges [7] - The company aims to enhance its global presence, particularly in low-tier cities and international markets, while facing competition from established brands like Mattel and Hasbro [7][8] Future Outlook - The company plans to strengthen its R&D capabilities and expand its IP ecosystem through both self-developed and licensed IPs, targeting a wider consumer demographic [8] - Market forecasts suggest adjusted net profits could reach 1 billion yuan, 1.5 billion yuan, and 1.99 billion yuan in 2025, 2026, and 2027 respectively, indicating potential for future growth [8][9]
营收狂飙155%，仍亏损4亿，揭秘"中国乐高"布鲁可的冰火两重天