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Core Insights - The report highlights that Bluko Group has become the third largest player globally and the largest in China in the building block toy market, achieving a GMV of approximately 1.8 billion RMB in 2023, with market shares of 6.3% globally and 30.3% domestically [12][13]. - The company has experienced a significant revenue surge, with 2023 revenues reaching 877 million RMB, a year-on-year increase of nearly 170% [21][30]. - The success is largely attributed to the popularity of the "Ultraman" IP, which has driven substantial sales growth, with IP products accounting for a significant portion of total revenue [28][35]. Group 1: Company Overview - Bluko Group was established in 2014 and has rapidly grown to dominate the building block toy sector within a decade [6]. - The company transitioned from selling simple large particle building toys, which accounted for 97.5% of revenue before 2021, to focusing on building character toys, which now represent 97.4% of revenue as of Q1 2024 [16][19]. - The introduction of character building toys has effectively compensated for the decline in traditional building toy sales, maintaining overall revenue stability [23][24]. Group 2: Revenue and Growth - In 2023, the character building toys generated 769 million RMB in revenue, a staggering increase of over five times compared to 2022, contributing to 87.7% of total revenue [30]. - The company has launched multiple series of "Ultraman" products, with sales volumes increasing significantly from 140,100 units in the first series to 803,500 units in the sixth series [26][33]. - The gross margin has improved, reaching 47.3% in 2023, up from 37.4% in 2021, with character building toys achieving a gross margin of 48.4% [46]. Group 3: IP and Market Strategy - Bluko Group holds over 30 well-known IPs, including "Transformers," "Naruto," and "Pokémon," which collectively contributed 705 million RMB in revenue in 2023 [42][43]. - The company has established a robust distribution network, with 433 domestic distributors covering over 140,000 retail points, including major supermarkets and online platforms [38][45]. - The reliance on licensed IPs raises concerns about sustainability, as many licenses are set to expire soon, with "Ultraman" expiring in 2027 and several others in 2025 [49][52]. Group 4: Financial Performance and Challenges - Despite the revenue growth, Bluko Group has faced significant losses, totaling over 1.1 billion RMB from 2021 to 2023, with only recently achieving profitability in Q1 2024 [71][72]. - The company has struggled with high sales expenses and the costs associated with convertible redeemable preferred shares, impacting overall financial health [76][70]. - The future of Bluko Group heavily depends on the renewal of IP licenses, as the current reliance on licensed products poses a risk if these agreements are not extended [68][69].