传媒商社行业：IP衍生品行业研究之拼搭角色玩具-从布鲁可看中国拼搭角色类玩具崛起之路

Investment Rating - The report maintains a "Recommended" investment rating for the media and toy industry, specifically focusing on the building block character toys segment [1]. Core Insights - The building block character toys segment is experiencing rapid growth, driven by strong consumer engagement and emotional value, making it the fastest-growing sub-segment in the toy industry. The market size for building block character toys in China is projected to grow from 5.8 billion RMB in 2023 to 32.5 billion RMB by 2028, with a CAGR of 41.3% [3][13]. - The supply side is benefiting from the emergence of quality IPs and improvements in manufacturing processes, while the demand side is seeing a broader consumer demographic and a rise in emotional consumption [3][13]. Summary by Sections 1. Building Block Character Toys - Building block toys are characterized by high playability and educational value, significantly outperforming non-building block toys in growth rates. The global market for building block toys reached 176.5 billion RMB in 2023, with a CAGR of 11.1% from 2019 to 2023, and is expected to grow at 15.0% from 2023 to 2028 [12][8]. - In China, the building block toy market is expected to grow from 23.7 billion RMB in 2023 to 64 billion RMB by 2028, with a CAGR of 22.1%, again outpacing non-building block toys [12][11]. 2. Industry Chain of Building Block Character Toys - The industry chain includes IP licensing, toy development, production, and distribution. The upstream involves IP licensing from major entertainment and gaming companies, while the midstream focuses on toy design and manufacturing [31][32]. - For example, in 2023, IP licensing fees accounted for 10.1% of revenue for a leading company, while the gross margin for toy production was around 48.4% [31][32]. 3. The Rise of Building Block Character Toys in China - The leading company in this segment, Bluko, has seen explosive growth, achieving a GMV of 1.8 billion RMB in 2023, with a growth rate exceeding 170%. The company has established a strong supply chain and a diverse IP portfolio, including partnerships with over 50 well-known IPs [37][40]. - The company’s product development cycle is notably efficient, with an average new product launch cycle of 6-7 months, significantly shorter than the industry average [44]. 4. Competitive Landscape - The market is highly concentrated, with the top five players holding 76.9% of the market share in China. Bluko leads with a 30.3% market share, followed by major international companies [23][24]. - The competitive dynamics are influenced by the strength of IPs and the ability to innovate in product offerings, with companies like Bandai and LEGO also playing significant roles in the market [24][25]. 5. Marketing and Consumer Engagement - The company employs a content-driven marketing strategy, leveraging animated series to build brand awareness and drive sales. The two main animated series have garnered over 15.2 billion views, significantly enhancing consumer engagement [63][64]. - Multi-channel marketing efforts, including collaborations with KOLs and user-generated content, have helped the company maintain a strong connection with its consumer base [63][64].