谷子经济专题报告：布鲁可获证监会备案港股上市在即，退出通路打通提振行业估值

Investment Rating - The report gives a "Positive" investment rating for the industry [2]. Core Insights - The approval of Bloks Group Limited's overseas listing by the China Securities Regulatory Commission (CSRC) indicates that the company is set to list on the Hong Kong Stock Exchange, which is expected to boost industry valuations [2][3]. - Bloks has established itself as a significant player in the global building block toy market, ranking as the largest in China with a GMV exceeding 1.8 billion, reflecting a year-on-year growth of over 170% and a market share of 30.3% [8][10]. - The "谷子经济" (Goods Economy) is characterized by consumption primarily among the youth, focusing on secondary cultural products, including anime, games, and related merchandise, which are seen as resilient to economic downturns [25][29]. Company Overview - Bloks was founded in 2014 and is headquartered in Shanghai, specializing in the design, research, and sales of building block toys [8]. - The company holds over 470 patents and collaborates with more than 30 well-known IPs, including Ultraman and Transformers [10]. Business Model - The business model is based on developing building block toys using proprietary and licensed IPs, with production outsourced to third-party factories [10]. Financial Data - In Q1 2024, Bloks reported a revenue increase of 223.8% to 466 million, with gross profit rising 310.7% to 242 million, resulting in a gross margin of 52.0% [16][12]. - From 2021 to 2023, Bloks' revenue grew from 330 million to 877 million, with a compound annual growth rate (CAGR) of 63% [12]. Market Potential - The overall market for the "谷子经济" has surpassed 220 billion in 2023, with the IP peripheral products market experiencing explosive growth, projected to reach 590 billion by 2029 [29][30]. - The report identifies several related stocks that may benefit from the "谷子经济," including companies like Shifeng Culture and AoFei Entertainment [33][36].