Core Viewpoint - The financial performance of Bluko in the first half of 2025 fell short of market expectations, with revenue growth of 27.9% and adjusted net profit growth of 9.6%, significantly lower than the previous year's figures and compared to competitors like Pop Mart [1][2]. Financial Performance - Bluko reported a revenue of 1.338 billion, a year-on-year increase of 27.9%, and an adjusted net profit of 320 million, up 9.6% [1]. - In contrast, Pop Mart achieved revenue growth of 204% and adjusted net profit growth of 363% in the same period [1]. Sales Strategy and Challenges - The significant revenue growth disparity is attributed to a low-price strategy, particularly the promotion of the "Starry Version" series priced at 9.9 yuan, which accounted for a large portion of sales growth [2]. - The sales volume of core products increased by 96.8%, but revenue growth was only 27.9%, indicating that low-priced products did not translate into proportional revenue increases [2]. Inventory and Turnover - Bluko's inventory turnover days increased from 28 days in 2024 to 75 days in the first half of 2025, suggesting potential sales pressure at the retail level [3]. - In comparison, Pop Mart's inventory turnover days decreased from 130 days to 87 days during the same period [3]. Profitability and Cost Structure - The expansion into low-price products has negatively impacted Bluko's gross margin, which fell by over 4 percentage points compared to 2024, despite increased sales volume [3][5]. - Depreciation costs rose significantly, with a 140% increase in total depreciation and a 200% increase in mold-related depreciation, which outpaced revenue growth [5]. International Business Growth - Bluko's overseas revenue reached 110 million, a ninefold increase year-on-year, accounting for 8% of total revenue, indicating strong international market performance [6]. - The North American market showed the highest growth, with revenue exceeding 43 million, a year-on-year increase of over 20 times [6]. Valuation Perspective - Bluko's annualized adjusted net profit is estimated at 640 million, corresponding to a dynamic price-to-earnings ratio (PE) in the range of 35-40 times, similar to Pop Mart's valuation [8]. - Both companies face pressure to demonstrate sustainable growth, with Bluko needing to show that its revenue slowdown is a temporary adjustment [9].
上市后光环褪去，布鲁可业绩变脸