布鲁可：招股说明书解读：拼搭角色类玩具赛道领先者

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - The company, Blukoo, is a leading player in the building block character toy segment, achieving a GMV of 1.8 billion yuan in 2023, representing a year-on-year growth of over 170%, capturing a market share of 30.3% in China [4][5]. - The rapid growth of building block character toys has significantly contributed to the company's performance, with revenues from this segment reaching 1.02 billion yuan in the first half of 2024, accounting for 97.8% of total revenue [4][17]. - The global toy market is projected to grow at a CAGR of 5.1% from 2023 to 2028, while the building block character toy market is expected to grow at a CAGR of 29% during the same period [5][41]. Summary by Sections Company Overview - Blukoo is recognized as the largest and leading manufacturer of building block character toys in China, with a market share of 30.3% [4][9]. - The company has established a comprehensive sales channel and leverages its supply chain capabilities to offer cost-effective products [9]. Market Dynamics - The global toy market size increased from 631.2 billion yuan in 2019 to 773.1 billion yuan in 2023, with a CAGR of 5.2% [31]. - The building block character toy market has seen a significant increase, growing from 13.2 billion yuan in 2019 to 27.8 billion yuan in 2023, with a CAGR of 20.5% [41]. Product and IP Strategy - The company has developed a product matrix combining proprietary and licensed IPs, with major contributions from Ultraman, Transformers, and its own IP, Hero Infinite [6][51]. - In the first half of 2024, the revenue contributions from these IPs were 57.4% from Ultraman, 18.7% from Transformers, and 16.2% from Hero Infinite [51]. Production and R&D - Blukoo has a robust R&D team, with 64% of its employees dedicated to product development, following a three-stage development process [64]. - The company emphasizes standardization in parts design, which enhances production efficiency and cost-effectiveness [68]. Sales and Marketing - The primary sales channel for the company is through distributors, which accounted for 91.6% of revenue in the first half of 2024 [77]. - The company utilizes a content-driven marketing strategy, engaging with KOLs and KOCs to enhance brand visibility [74].