Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 1.338 billion yuan for the first half of 2025, representing a year-on-year growth of 27.9%, and a net profit of 297 million yuan, turning from a loss to profit [2] - The sales revenue growth is attributed to an increase in sales volume and the growth of affordable product sales, with overseas sales increasing by 899% due to a low base [3] - The company has diversified its IP products, reducing reliance on top IPs, with products for consumers aged 16 and above accounting for 15% of total revenue [6][7] - The company is expected to leverage its reusable product development capabilities to accelerate the incubation of major licensed IPs and original IPs, with overseas markets anticipated to become a second growth curve [8] Financial Performance - The company achieved a gross margin of 48.4% in the first half of 2025, a decrease of 4.5 percentage points year-on-year [5] - The revenue forecast for 2025-2027 is adjusted to 3.207 billion, 4.640 billion, and 6.182 billion yuan, with year-on-year growth rates of 43%, 45%, and 33% respectively [8] - The adjusted net profit for the same period is projected to be 773 million, 1.150 billion, and 1.579 billion yuan, with year-on-year growth rates of 293%, 49%, and 37% respectively [8] Product and Market Analysis - The sales revenue from building block toys decreased by 46% to 13 million yuan, with a 43% drop in sales volume [3] - The online sales channel generated 108 million yuan, a year-on-year increase of 45%, accounting for 8% of total sales [4] - The company has commercialized 19 IPs and launched 925 SKUs, with 273 new SKUs contributing to 53.1% of total revenue [6]
布鲁可（00325）：产品与IP矩阵多样化提升，期待下半年持续推新