IP衍生品行业点评：布鲁可上市在即，如何看用户需求、商业模式及增长空间

Investment Rating - The report maintains a positive outlook on the IP derivative industry, particularly for the company Bluko, which is set to go public on January 10, 2025 [1]. Core Insights - Bluko is positioned as a leading player in the domestic role-playing building block toy market, targeting youth aged 6-16 with high-cost performance products [2][3]. - The company's revenue has seen explosive growth since its transition to role-playing building block toys, driven by popular IPs like Ultraman, which accounted for 57.4% of total revenue in the first half of 2024 [2][3]. - Future growth drivers are identified as IP expansion, product diversification, and channel development, with a focus on reaching broader market segments [2][3]. Summary by Sections Company Overview - Bluko was established in 2014 and initially focused on building blocks, transitioning to role-playing toys in 2022. The company has a significant market share of 30.3% in the role-playing building block segment and 7.4% in the overall building block market [3][4]. Business Model - The business model is similar to that of card game companies, relying on licensed IPs and a vast distribution network. Bluko's revenue from licensed IPs is substantial, with 81.4% of revenue coming from external IPs in the first half of 2024 [2][10][21]. User Demographics - The user base is segmented into three age groups: under 6 years, 6-16 years, and over 16 years. The core products are designed for the 6-16 age group, with a focus on popular IPs like Ultraman and Transformers [6][17]. Revenue Growth - Bluko's revenue grew from 1.18 billion RMB in January 2022 to 7.69 billion RMB in 2023, with a projected revenue of 10.46 billion RMB in the first half of 2024, reflecting a year-on-year growth of 238% [2][41]. Market Trends - The report highlights a shift in consumer preferences towards physical entertainment due to regulatory changes affecting online gaming for minors, benefiting the toy industry [43]. Future Outlook - The company plans to expand its IP portfolio, enhance product offerings, and broaden distribution channels to capture a larger market share. The IP library has grown from 7 to 12 licensed IPs since 2021, with ongoing efforts to monetize existing IPs [52][53].