Investment Rating - The report maintains a "Buy" investment rating for the company [4]. Core Views - The company reported a total revenue of 1.338 billion RMB for the first half of 2025, representing a year-on-year growth of 27.89%. The net profit attributable to the parent company was 297 million RMB, marking a significant turnaround from losses [1]. - The company is experiencing robust growth in the Chinese market while accelerating its overseas expansion, with revenue growth rates of 19% in China, 652% in Asia (excluding China), 2136% in North America, and 595% in other regions [1]. - The company has expanded its customer base and product offerings, with 99.1% of revenue coming from building toys and 0.9% from other categories. The company has signed 13 new IPs and launched 273 new SKUs in the first half of 2025 [1]. Financial Performance - The gross margin for the first half of 2025 decreased by 5 percentage points to 48%, primarily due to changes in product structure and increased depreciation from a higher number of molds [2]. - The adjusted net profit margin for the first half of 2025 was 23.9%, down 4 percentage points year-on-year [2]. - The company forecasts net profits of 700 million RMB, 1.109 billion RMB, and 1.519 billion RMB for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 274.5%, 58.4%, and 37.0% [2]. Financial Projections - Revenue projections for the company are as follows: 877 million RMB in 2023, 2.241 billion RMB in 2024, 2.801 billion RMB in 2025, 4.202 billion RMB in 2026, and 5.462 billion RMB in 2027, with growth rates of 169.3%, 155.6%, 25.0%, 50.0%, and 30.0% respectively [3]. - The latest diluted EPS is projected to be 2.81 RMB in 2025, 4.45 RMB in 2026, and 6.09 RMB in 2027 [3].
布鲁可（00325）：扩充客群及性价比产品，加速海外扩张