拼搭玩具专题报告：拼搭玩具IP化，业绩增长高爆发

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The global building block character toy industry is highly concentrated, with the top two overseas manufacturers holding 75.4% market share, while the Chinese brand Blokus ranks third with approximately 6% market share globally [2][18] - In the Chinese market, Blokus is the largest player in the building block character toy sector, achieving a market share of 30% in 2023 with a GMV of approximately 1.8 billion yuan, reflecting a year-on-year growth of over 170% [2][18] - Blokus has transitioned from traditional building toys to character building toys, with character building toys contributing 81% to overall revenue in the first half of 2024 [3][29] Summary by Sections 1. Industry Overview - The global building block character toy market is dominated by a few key players, with the top two companies accounting for a significant portion of the market share [18] - In China, the market is more fragmented, with Blokus leading the sector [18] 2. Blokus: Transition and Growth - Blokus has undergone a transformation from traditional building toys to character building toys, with significant revenue growth observed from 2022 to the first half of 2024 [3][29] - The company has developed a robust IP portfolio, holding around 50 licensed IPs, with the top three IPs contributing over 90% of its revenue [34][39] 3. Blokus: Full-Chain Layout - Blokus is expanding its production capabilities by planning to invest in self-operated factories, expected to be completed by the end of 2026, which will enhance its gross margin [4][47] - The company has established a comprehensive distribution network, with a significant focus on offline sales channels, which accounted for 92% of revenue in the first half of 2024 [50][51] - Marketing strategies include leveraging social media and KOL partnerships to enhance brand visibility and consumer engagement [55]