海外收入暴涨899%，布鲁可的新故事出现了

Core Viewpoint - The article discusses the financial turnaround and growth strategies of Blokus, a leading building block toy company in China, highlighting its focus on IP development and international expansion as key drivers for future success [4][6][25]. Financial Performance - Blokus reported a revenue of approximately 1.338 billion yuan in the first half of 2025, marking a year-on-year growth of 27.9%, and transitioned from a loss of 255 million yuan in the same period last year to a profit of 297 million yuan [4][5]. - The adjusted profits for 2023 and the first half of 2024 were 73 million yuan and 292 million yuan respectively, with an adjusted profit margin of 27.92% in the first half of 2024 [4]. Market Dynamics - The revenue growth rate of Blokus in the first half of 2025 slowed compared to previous years, with a significant drop from 56.1% and 47.1% in the same periods of the last two years to 27.9% this year [5]. - The company has successfully penetrated the 9.9 yuan price segment, with a notable product, the Transformers Starry Edition, selling 48.6 million units and generating over 200 million yuan in revenue within seven months [5]. International Expansion - Blokus achieved remarkable growth in overseas markets, with international revenue reaching 110 million yuan in the first half of 2025, a staggering increase of 899% year-on-year, primarily driven by North America and Southeast Asia [6][9]. - The overseas revenue accounted for 8.3% of total revenue, with Indonesia and the United States being the top contributors [9][10]. IP Strategy - The company is focusing on expanding its IP portfolio, having introduced 273 new SKUs in the first half of 2025, which accounted for 53.1% of total revenue [20][21]. - Blokus is reducing its reliance on the Ultraman IP, which contributed 63.5% of total revenue in 2023, down to 49% in 2024, and aims to diversify its IP sources [16][17]. Consumer Engagement - The company is targeting a broader consumer base, including adults and younger female demographics, with products priced between 100 to 200 yuan, resulting in an increase in revenue from consumers aged 16 and above from 10.4% to 14.8% year-on-year [21]. - Blokus emphasizes user experience and creativity, planning to host the BFC Creative Competition across 150 cities to engage consumers and enhance brand loyalty [24]. Competitive Landscape - Blokus operates in a highly concentrated market, competing with established players like Bandai Namco and LEGO, but differentiates itself with a lower price range of 3 to 16 USD [14]. - The company’s distribution strategy relies heavily on a network of over 450 distributors, covering major cities and expanding into lower-tier markets [25].