Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's profit is under short-term pressure, but there are opportunities in new products and overseas expansion [1][8] - The company reported a total revenue of 1.338 billion yuan for the first half of 2025, representing a year-on-year increase of 27.9% [8] - Adjusted net profit for the same period was 320 million yuan, up 9.6% year-on-year [8] - The growth in revenue is attributed to increased sales of building block toys, product structure adjustments, and contributions from overseas markets [8] Summary by Relevant Sections Revenue and Profit Forecast - Total revenue is projected to grow from 2,240.93 million yuan in 2024 to 4,714.55 million yuan in 2027, with a compound annual growth rate (CAGR) of 18.97% [1][10] - The net profit is expected to turn positive in 2025, reaching 679.09 million yuan, and further increasing to 1,196.05 million yuan by 2027 [1][10] Product and Market Development - The company has commercialized 19 IPs and has a total of 925 SKUs available, with 273 new SKUs launched during the reporting period [8] - New products contributed 53.1% to total revenue, indicating a strong focus on innovation [8] - The company is actively expanding its overseas market presence, with overseas sales increasing from 11.2 million yuan to 110 million yuan year-on-year [8] Financial Metrics - The gross profit for the first half of 2025 was 650 million yuan, with a gross margin of 48.4%, down 4.5 percentage points year-on-year [8][9] - The adjusted net profit margin decreased from 27.9% to 23.9% during the same period [9] - R&D expenses increased significantly, reflecting the company's commitment to enhancing its product offerings [9] Investment and Cost Management - The company plans to continue investing in R&D and marketing to support product development and market expansion [8] - The report highlights the importance of managing costs related to mold depreciation and product structure changes to improve profitability [9]
布鲁可（00325）：2025年半年报点评：利润短期承压，关注新产品和出海进展