Core Viewpoint - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by sales growth in both domestic and overseas markets, particularly in affordable product lines and character-based toys [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.338 billion yuan, a year-on-year increase of 27.9%, and a net profit of 297 million yuan, transitioning from a loss to profit [1]. - Adjusted net profit reached 320 million yuan, reflecting a 9.6% year-on-year growth, with an adjusted net profit margin of 23.9%, down 4.0 percentage points [1]. - Sales revenue from character-based toys was 1.325 billion yuan, up 30% year-on-year, with sales volume increasing by 97% to 111 million units, while the average price decreased by 34% to 12.0 yuan [1]. Product and Market Analysis - The company has commercialized 19 IPs and signed 13 new IPs in H1 2025, with 925 SKUs available for sale, including 273 new SKUs [4]. - The revenue from products targeting consumers aged 16 and above increased to 15% of total revenue, indicating a diversification in product offerings [4]. - The overseas market saw a remarkable revenue increase of 899%, contributing to 8% of total revenue, with the U.S. and Indonesia being the top markets [1][2]. Sales Channels - Offline sales accounted for 91% of total revenue, with a year-on-year growth of 27% to 1.212 billion yuan, while online sales grew by 45% to 108 million yuan, representing 8% of total revenue [2]. - The growth in online sales was particularly driven by increased purchases from consumers aged 16 and above [2]. Profitability and Cost Structure - The overall gross margin for H1 2025 was 48.4%, down 4.5 percentage points year-on-year, with the gross margin for character-based toys at 48.5%, down 4.8 percentage points [3]. - The increase in sales and R&D personnel contributed to a rise in expense ratios, with sales expense ratio increasing to 13.2% and R&D expense ratio rising to 9.6% [3]. - Administrative expense ratio decreased significantly due to the absence of one-time expenses from the previous year [3]. Investment Outlook - The company is expected to leverage its product development capabilities to accelerate the commercialization of major licensed IPs and original IPs, with overseas markets anticipated to become a significant growth driver [4]. - Revenue projections for 2025-2027 have been adjusted to 3.207 billion, 4.640 billion, and 6.182 billion yuan, reflecting year-on-year growth rates of 43%, 45%, and 33% respectively [4].
布鲁可(0325.HK)：产品与IP矩阵多样化提升 期待下半年持续推新