Core Viewpoint - The company is a leading player in the domestic building block toy market, showing strong growth potential driven by popular IP resources, commercialization capabilities, channel expansion, and overseas market penetration [1][3]. Financial Performance - In H1 2025, the company's total revenue reached 1.34 billion, representing a 27.9% increase, with adjusted net profit of 320 million, up 9.6%, and an adjusted net profit margin of 23.9%, down 4.0 percentage points [1]. - The gross profit margin for H1 2025 was 48.4%, a decrease of 4.5 percentage points compared to the previous year [2]. Revenue Breakdown - By product category, building block toy revenue was 1.33 billion, up 29.5%, while other toy categories saw a decline [1]. - Revenue from offline channels was 1.23 billion, up 26.6%, with distribution sales contributing 1.21 billion, and online channel revenue reached 110 million, up 44.6% [1]. - Domestic sales accounted for 1.23 billion, an 18.5% increase, while overseas sales skyrocketed to 110 million, up 899%, with significant contributions from Asia and North America [1]. Product Innovation and Market Strategy - The company signed 13 new IP agreements and commercialized 19 IPs, with 925 SKUs launched, contributing 53.1% to revenue [2]. - The proportion of products targeting the 16+ age group increased to 14.8%, up 4.4%, while products for ages 6-16 contributed 82.6% to revenue [2]. - Low-priced products priced at 9.9 RMB generated 220 million in revenue, selling 48.6 million boxes, effectively driving customer traffic [2]. Cost Structure and Profitability - The increase in R&D investment led to a decline in gross and net profit margins, with R&D expenses at 9.6% of revenue, up 2.4 percentage points [2]. - Selling expenses rose to 13.2%, up 1.7 percentage points, while administrative expenses decreased significantly due to reduced one-time stock compensation and listing costs [2]. Investment Outlook - The company is expected to maintain high revenue growth due to its strong market positioning, IP resource management, and ongoing product innovation [3]. - Adjusted net profit forecasts for 2025, 2026, and 2027 are set at 770 million, 1.08 billion, and 1.34 billion, respectively, with a "strong buy" rating maintained [3].
布鲁可(0325.HK)：出海扩张加速 关注下半年新品表现