消息面上，据布鲁可官微消息，10月2-3日，公司在WF2025展会上发布了全新品类"积木车"，"积木 人"品类的3个全新产品系列"自然集"、"奇迹Q版"和"绮遇版"，以及满足不同人群需求、涵盖多价位段 的40多款积木人新品，进一步展现了布鲁可"产品生态"的蓬勃生命力，也标志着布鲁可正在稳步推 进"全人群、全价位、全球化"战略，满足全球不同玩家的需求。 据介绍，围绕"全人群、全球化、全价位"的三全战略，"积木车"品类已经构建层次清晰、丰富多元的产 品矩阵：针对学生群体与泛IP粉丝，推出以变形金刚等大众IP为主的C系列；面向成人IP爱好者，打造 以蝙蝠侠等IP为核心的E系列；同时为资深车模收藏者规划旗舰系列，全面覆盖不同人群的收集需求与 收藏偏好。本次WF2025展会上，该品类首次发布三款新品——布鲁可积木车变形金刚C01、布鲁可积 木车蝙蝠侠E01，以及布鲁可积木车原创车。 智通财经APP获悉，布鲁可(00325)逆市涨超9%，截至发稿，涨9.34%，报98.35港元，成交额1.35亿港 元。 ...

【新华企业资讯10月9日】中国规模最大、最专业的手办模型展Wonder Festival 2025（以下简称： WF2025）10月2日-3日在上海举办。继2022年首创"积木人"品类后，中国拼搭角色类玩具品牌布鲁可发 布了全新品类"积木车"，再次以品类开创者的姿态推动中国拼搭玩具行业的发展，进一步夯实其在中国 拼搭玩具领域的领先地位。 围绕"全人群、全球化、全价位"的三全战略，布鲁可积木车品类已经构建层次清晰、丰富多元的产品矩 阵：针对学生群体与泛 IP 粉丝，推出以变形金刚等大众 IP 为主的C系列；面向成人 IP 爱好者，打造以 蝙蝠侠等 IP 为核心的E系列；同时为资深车模收藏者规划旗舰系列，全面覆盖不同人群的收集需求与收 藏偏好。本次 WF2025 展会上，该品类首次发布三款新品 —— 布鲁可积木车变形金刚 C01 、布鲁可积 木车蝙蝠侠 E01 ，以及布鲁可积木车原创车，成为现场玩家关注的核心展品之一。 布鲁可积木车采用深受儿童和成人收藏者喜爱的1:64比例，延续布鲁可产品一贯的"品质高、可玩性 高"的特点，通过"玩法""题材"和"材料"三大维度的创新，为用户提供易拼装、可玩性高、题材多元的 产品 ...

Summary of Bruco's 2025 Half-Year Earnings Call Company Overview - **Company**: Bruco - **Period**: First half of 2025 Financial Performance - Bruco achieved a net profit of **297 million RMB** in H1 2025, turning around from a loss of **255 million RMB** in H1 2024 [2][3] - Adjusted net profit increased by **9.6%** year-on-year to **320 million RMB**, with an adjusted net profit margin of **23.9%** [2][3] - Total revenue for H1 2025 reached **1.338 billion RMB**, representing a **27.9%** year-on-year growth [3] - Gross profit increased by **16.9%**, with an overall gross margin of **48.4%**, down **4.5 percentage points** from the previous year due to increased R&D investments [3][7] Product Sales Performance - As of June 30, 2025, Bruco had over **925 SKUs** available, with total sales exceeding **110 million units** in H1 2025 [2][4] - Products for the **6-16 age group** accounted for **82.6%** of revenue, while products for those **16 and older** increased their revenue contribution from **10%** to **15%** [2][4] - The **9.9 RMB Starry Edition** series attracted new users, contributing **216 million RMB** to total revenue, with one-third of buyers being new customers [4][9] Sales Channels and Market Performance - Domestic distributors contributed **1.21 billion RMB** to revenue, a **26.5%** increase year-on-year, accounting for **90.6%** of total revenue [2][6] - Online sales reached **110 million RMB**, up **44.6%**, representing **8%** of total revenue [2][6] - Overseas revenue surged by **900%** to **110 million RMB**, indicating successful market expansion strategies [2][6] Cost and Expense Management - Gross margin declined due to new product mold investments and rising overseas shipping costs [7] - Selling expenses increased to **13.2%** of revenue, while R&D expenses rose to **9.6%** due to personnel increases and new IP design investments [7] - Administrative expenses decreased to **3.5%** due to the absence of one-time equity compensation from the previous year [7] Inventory and Working Capital Management - Inventory balance reached **294 million RMB**, a **5.7%** increase year-on-year, with inventory turnover days rising to **79 days** [7] - Accounts receivable turnover days increased to **17 days**, while accounts payable turnover days rose to **152 days** [7] New Product Development and User Acquisition - Bruco launched **270 new products** in H1 2025, with **70%** being extensions of existing categories [8] - The company aims to enhance user acquisition through innovative products and IP expansions, with a focus on attracting new demographics [9][19] IP Collaboration and Expansion - Bruco renewed contracts with key IPs such as **Kamen Rider** and **Pokémon**, extending collaboration with **Disney** until 2029 [4][16] - The company is actively expanding overseas licensing, with successful sales of IPs like **Marvel** and **Star Wars** in North America and Asia [4][16] Brand Promotion and Market Engagement - The **BFC competition** significantly boosted brand recognition, with over **7,600 events** held across **150 cities** and participation from over **50,000 players** [17] - The company is focusing on converting new users into loyal customers through targeted marketing strategies [25] Future Outlook and Strategic Focus - Bruco plans to continue expanding its product offerings and market presence, particularly in the **high-end product segment** [34] - The company anticipates a **70% to 80%** year-on-year revenue growth in H2 2025, with an overall annual growth target of over **50%** [43] Conclusion - Bruco's strong performance in H1 2025 reflects effective product strategies, successful market expansion, and a focus on user acquisition through innovative offerings and IP collaborations. The company is well-positioned for continued growth in the second half of the year.

Core Viewpoint - The financial performance of Bluko in the first half of 2025 fell short of market expectations, with revenue growth of 27.9% and adjusted net profit growth of 9.6%, significantly lower than the previous year's figures and compared to competitors like Pop Mart [1][2]. Financial Performance - Bluko reported a revenue of 1.338 billion, a year-on-year increase of 27.9%, and an adjusted net profit of 320 million, up 9.6% [1]. - In contrast, Pop Mart achieved revenue growth of 204% and adjusted net profit growth of 363% in the same period [1]. Sales Strategy and Challenges - The significant revenue growth disparity is attributed to a low-price strategy, particularly the promotion of the "Starry Version" series priced at 9.9 yuan, which accounted for a large portion of sales growth [2]. - The sales volume of core products increased by 96.8%, but revenue growth was only 27.9%, indicating that low-priced products did not translate into proportional revenue increases [2]. Inventory and Turnover - Bluko's inventory turnover days increased from 28 days in 2024 to 75 days in the first half of 2025, suggesting potential sales pressure at the retail level [3]. - In comparison, Pop Mart's inventory turnover days decreased from 130 days to 87 days during the same period [3]. Profitability and Cost Structure - The expansion into low-price products has negatively impacted Bluko's gross margin, which fell by over 4 percentage points compared to 2024, despite increased sales volume [3][5]. - Depreciation costs rose significantly, with a 140% increase in total depreciation and a 200% increase in mold-related depreciation, which outpaced revenue growth [5]. International Business Growth - Bluko's overseas revenue reached 110 million, a ninefold increase year-on-year, accounting for 8% of total revenue, indicating strong international market performance [6]. - The North American market showed the highest growth, with revenue exceeding 43 million, a year-on-year increase of over 20 times [6]. Valuation Perspective - Bluko's annualized adjusted net profit is estimated at 640 million, corresponding to a dynamic price-to-earnings ratio (PE) in the range of 35-40 times, similar to Pop Mart's valuation [8]. - Both companies face pressure to demonstrate sustainable growth, with Bluko needing to show that its revenue slowdown is a temporary adjustment [9].

Core Insights - Bruco's financial performance for the first half of 2025 fell short of market expectations, with revenue of 1.338 billion RMB, a year-on-year increase of 27.9%, and adjusted net profit of 320 million RMB, up 9.6% [1][7] - The company's stock price dropped over 10% following the earnings report, reflecting investor disappointment compared to its previous year's performance and that of competitors like Pop Mart [1][2] Revenue and Profitability - Bruco's revenue growth rate and adjusted net profit growth rate for 2024 were significantly higher at 156% and 702%, respectively [1] - The sales volume of Bruco's core product, building block toys, increased by 96.8%, but revenue growth was only 27.9%, primarily due to a low-price strategy [2][7] - The introduction of low-priced products, such as the "Starry Version" series priced at 9.9 RMB, contributed significantly to sales volume but did not translate into proportional revenue growth [2][6] Inventory and Cost Management - Bruco's inventory turnover days increased from 28 days in 2024 to 75 days in the first half of 2025, indicating potential issues with product movement at the distributor level [3][6] - The company's gross margin declined by over 4 percentage points in 2025 compared to 2024, attributed to the low-margin low-priced products and increased depreciation costs from a larger SKU base [6][7] International Expansion - Despite overall revenue and profit growth being below expectations, Bruco's overseas business showed significant growth, with revenue reaching 110 million RMB in the first half of 2025, a ninefold increase year-on-year [9][10] - The North American market exhibited the highest growth, with revenue of 43 million RMB, up over 20 times compared to the previous year [9][10] Market Position and Valuation - Bruco's estimated annualized adjusted net profit of approximately 640 million RMB corresponds to a dynamic price-to-earnings ratio of 35-40, similar to that of Pop Mart, indicating market expectations for future growth [12][13] - The company must demonstrate that the slowdown in revenue growth is a temporary adjustment and that its long-term growth strategy remains intact [12][13]

Core Viewpoint - The article highlights Bruco's participation in the 2025 Pokémon Hangzhou Master Tournament, showcasing 16 Pokémon-themed products and engaging fans through interactive events and competitions [1][12]. Product Offering - Bruco presented 16 products from the Pokémon series, including the classic versions "Adventure's Prologue" and "New Encounters," appealing to a wide range of players and evoking nostalgia [2][4]. - The products feature a dual specification design ("S version + L version") to enhance user experience, with S versions offering cute scenes and L versions utilizing special PVC materials for better tactile feedback and playability [5]. Innovation and Development - Bruco has invested significantly in innovation, holding over 500 patents that support a diverse product matrix, including various themed versions like Starry, Classic, and Legendary [5]. - The company emphasizes user-driven innovation and has established a unique BFC community to encourage creativity through online and offline competitions [5][6]. Event Highlights - The BFC creations showcased at the tournament included immersive experiences for fans, with a focus on character representation and large scene construction [6][8]. - The BFC speed-building competition attracted a large number of participants, demonstrating the popularity and engagement of the Pokémon fan community [10]. Strategic Direction - Bruco's strategy emphasizes a "full demographic, full price range, global" approach, aiming to deepen collaborations with globally recognized IPs like Pokémon to provide diverse building products [12].

Group 1 - Tianfeng Securities maintains the profit forecast for Blokko, expecting net profits of 960 million, 1.48 billion, and 2.08 billion yuan for 2025-2027, with corresponding PE ratios of 50, 32, and 23 [1] - The company has launched 9 new products in May, indicating a strong growth momentum expected to continue into Q2 [1] - Blokko's global strategy has led to breakthroughs in Southeast Asia, Europe, North America, and Latin America, driven by innovation, diverse product offerings, and effective marketing [1][3] Group 2 - The launch of the Minions product line features 6 popular characters with 11 points of articulation, enhancing user interaction and brand image through a 5-month, 6-city tour [2] - Blokko showcased various global IPs at the CCXP Mexico event, reinforcing its commitment to deepening its presence in the Latin American market [3] - The BFC creation competition has gained significant traction, with nearly 8,000 events held across 120 cities, and a projected 20,000 events planned for 2025 [4]

Core Viewpoint - Tianfeng Securities maintains a "Buy" rating for Blucor (00325) and forecasts net profits of 960 million, 1.48 billion, and 2.08 billion yuan for 2025-2027, with corresponding PE ratios of 50, 32, and 23 [1] Group 1: Product Launch and Market Strategy - In May, Blucor launched 9 new products, indicating a strong growth momentum expected to continue into Q2 [1] - The introduction of the Minions product line features interactive elements and a 6-city tour to enhance user engagement and brand image [2] - Blucor's global strategy is advancing, with a significant presence at the CCXP Mexico event, showcasing products from various well-known IPs to penetrate the Latin American market [3] Group 2: Community Engagement and Events - Since the announcement of the BFC creation competition in March, nearly 8,000 events have been held across 120 cities, with participation increasing significantly in Q2 [4] - The company plans to expand the BFC competition to 20,000 events in 150 cities by 2025, utilizing a tiered approach for urban and suburban areas [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company is expected to continue its growth momentum in Q2 2025, driven by the launch of 9 new products in May, including popular IPs like Conan and Transformers [1]. - The introduction of the Minions product line enhances user engagement and brand image through interactive features and a 5-month exhibition tour across 6 cities [2]. - The company's global strategy is advancing, with participation in the CCXP Mexico event, showcasing various well-known IPs and aiming to penetrate the Latin American market [3]. - The BFC creation competition has gained significant traction, with nearly 8,000 events held across 120 cities, indicating increased community engagement and brand loyalty [4]. - Profit forecasts for 2025-2027 are projected at 960 million, 1.48 billion, and 2.08 billion yuan, with corresponding PE ratios of 50, 32, and 23 [5]. Summary by Sections New Product Launches - In May, the company launched 9 new products, indicating a strong pipeline and potential for continued growth in Q2 [1]. User Engagement and Brand Image - The Minions product line features 6 popular characters with enhanced interactive designs and a nationwide exhibition to boost user engagement [2]. Global Expansion - The company showcased its products at a major Latin American cultural event, reinforcing its commitment to global market penetration [3]. Community Engagement - The BFC creation competition has seen a significant increase in participation, enhancing community vitality and brand stickiness [4]. Financial Projections - The company maintains its profit forecasts for the next three years, indicating confidence in its growth trajectory [5].