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].