Group 1 - The core viewpoint of the report is that CICC maintains a "outperform industry" rating for Blooko (00325) while adjusting the target price down by 29% to HKD 135, which reflects a forecasted adjusted P/E ratio of 39 times and 30 times for the next two years, indicating a 15% upside potential from the current price [1] Group 2 - Blooko's revenue for the first half of the year reached RMB 1.34 billion, representing a year-on-year growth of 27.9%, while the adjusted net profit was RMB 320 million, up 10% year-on-year, but below expectations due to the impact of new product launches and increased promotional spending [1] - CICC has revised down its adjusted net profit forecasts for Blooko for 2025 and 2026 by 27% and 28% to RMB 800 million and RMB 1.05 billion, respectively, considering the impacts of future product launch schedules, IP fluctuations, and promotional expenditures [1]
中金：降布鲁可(00325)目标价至135港元 因考虑到IP波动等影响