Core Viewpoint - CICC has downgraded the net profit forecasts for 2025 and 2026 for Blokko (00325) by 19% and 17% to 650 million and 870 million yuan respectively, while introducing a net profit forecast of 1.07 billion yuan for 2027. The target price has been reduced by 26% to 100 HKD, indicating a potential upside of 40% based on adjusted P/E ratios for 2026 and 2027 [1]. Group 1: Company Current Situation - CICC conducted a company survey and engaged in in-depth discussions with management regarding strategic reviews, new product performance, and international expansion. The firm believes that the company will focus on trending categories in 2026, which is expected to enhance performance certainty, with a continued emphasis on new product categories and international market performance [2]. Group 2: Focus on Key Categories in 2026 - In 2025, the company explored business boundaries through a global strategy targeting all demographics and price points. While the 9.9 yuan products for the lower market performed well, some categories, such as female-targeted products, did not meet internal goals, which diluted resources and affected profit performance. In 2026, the company plans to stabilize the new product launch rhythm and improve the success rate of individual products. Financially, with a mature team structure and stable personnel size, operational leverage is expected to manifest. The company aims to control the proportion of low-margin products, which, combined with economies of scale, is anticipated to stabilize and improve gross margins [3]. Group 3: Successful Development of Building Block Vehicles - The company has established building block vehicles as one of its two core strategic categories alongside building block figures, planning to maintain a monthly launch rhythm in 2026. This category is expected to contribute positively to gross margins. The core IP operation for building block figures continues to deepen, with the Transformers series effectively covering price points from 9.9 yuan to 249 yuan, while new SKU specifications for Ultraman are stimulating demand. The company’s all-demographic strategy is expected to see an increase in adult-targeted products in the second half of 2025 [4]. Group 4: Strong International Performance - In the second half of 2025, the company’s overseas business is expected to continue high growth, with a projected doubling in performance. Thanks to pricing strategies and product strength, the company maintains a price advantage despite North American tariffs and has successfully entered mainstream channels like Walmart. North America is anticipated to become the largest single overseas market in 2026, while the company plans to expand its presence in Southeast Asia, particularly in Thailand and Vietnam, supported by logistics and warehousing. Additionally, the European team is currently being built, indicating significant future potential [5].

公司将积木车确立为与积木人并立的两大核心战略品类之一，规划26年保持每月一弹的上新节奏，且其 毛利率水平亦形成积极贡献。积木人方面，核心IP运营持续深化，变形金刚系列实现了从9.9元至249元 全价位段的有效覆盖，奥特曼通过新规格SKU持续刺激需求。此外，公司全人群战略推进，预计2H25 成人向产品占比环比提升。 3、出海表现较好，美洲市场增长领先 1、26年拟聚焦重点品类，有望提质增效 回顾25年，公司围绕全人群、全价位、全球化战略探索业务边界。其中，9.9元下沉市场产品线表现较 优，但部分品类如女性向产品表现未达内部目标，一定程度分散资源并拖累利润表现。展望26年，公司 重心转向聚焦与确定性：产品端拟维稳上新节奏，提升单品的成功率；财务端伴随团队架构趋于成熟， 人员规模稳定，经营杠杆效应有望显现。此外该行预计公司将通过控制低毛利引流型产品占比，叠加规 模效应对开模等成本的摊薄，带动毛利率企稳回升。 2、积木车品类成功培育，有望驱动后续成长 智通财经APP获悉，中金发布研报称，考虑到布鲁可(00325)部分新品表现不及预期，下调25/26年经调 净利预测19%/17%至6.5/8.7亿元，首次引入27年经调 ...