作者 | 钟艺璇 编辑 | 乔芊 中国版乐高，又有了新故事。 全球第三、中国第一拼搭类玩具公司布鲁可发布了2025年中期财报。上半年，布鲁可营收约13.38亿元，同比增长27.9%；期内利润由去年同期亏损2.55亿元 转为盈利2.97亿元。 从纸面上看，在连续亏损四年后，布鲁可终于扭亏为盈。但剔除优先股变动损失、股权激励费用计提外，早在2023年，布鲁可在经营层面便已实现盈利，其 2023和2024上半年的经调整利润分别为0.73、2.92亿元，且2024上半年经调整利润率达到27.92%。 一个事实是，布鲁可上半年营收增速低于预期，对比过去两年同期营收增速56.1%、47.1%，今年放缓至27.9%。就国内市场变化而言，布鲁可今年继续加大 对9块9价格带产品的发力，收效不错。去年11月开始，布鲁可开始售卖9块9的变形金刚星辰版，截止到报告期的7个月内，这个以盲盒形式出现的小玩具， 因为价格低廉，组装简单，且正版授权，迅速卖出了4860万盒，贡献收入超过2亿元。 但本期财报最大的亮点之处，还在于海外业绩的增长。 今年上半年，布鲁可海外营收达到1.1亿元，相较去年同期增长899%，北美和亚洲（东南亚为主）地区贡 ...

Group 1: Global Trade Dynamics - The global trade landscape has undergone significant changes, with tariff policy adjustments posing challenges to cross-border e-commerce and brand expansion [1] - The rise of cross-border e-commerce platforms like SHEIN has been facilitated by tax-free policies, but recent tariff increases have disrupted this model [2][3] Group 2: SHEIN's Challenges and Adaptations - SHEIN's business model, which thrived on low logistics costs and zero tariffs, is now under pressure due to a tariff increase from 0% to 54% on small packages [2] - The high compliance costs and the need for supply chain migration to countries like Vietnam are significant challenges for SHEIN [2][3] Group 3: Cultural Branding Strategies - Brands like Bawang Chaji are leveraging cultural symbols, such as "Chinese tea," to penetrate global markets, with plans for expansion in North America [5] - The brand's unique positioning emphasizes authentic tea flavors, differentiating it from competitors [5] Group 4: Market Entry Challenges for Bawang Chaji - Bawang Chaji faces high operational costs in the U.S., requiring a price point of $8 to $10 per cup to cover expenses, which may limit market appeal [7] - The brand's success will depend on balancing cultural authenticity with local market adaptations [8] Group 5: IP Globalization through Pop Mart - Pop Mart has successfully utilized non-region-specific IP characters to capture global markets, with significant revenue contributions from international endorsements [9][11] - The company's strategy of controlling the entire IP lifecycle has proven effective, leading to substantial overseas revenue growth [11] Group 6: Future Directions for Chinese Brands - The global strategies of SHEIN, Bawang Chaji, and Pop Mart highlight diverse approaches for Chinese companies in international markets, focusing on compliance, cultural branding, and IP development [13] - Success will hinge on a deep understanding of local markets, consumer habits, and regulatory environments [13]

Core Viewpoint - The article discusses the evolution of "IP going global" as a cultural industry imperative, highlighting both achievements and emerging challenges, with a focus on "localized innovation" and "extraction of local culture" as key strategies for success [1] Group 1: Expert Insights on IP Development - Wei Pengju emphasizes the need for a systematic approach to IP development based on traditional Chinese culture, advocating for strategic capital investment in creating quality cultural IP and supporting the integration of culture and technology [3] - Guo Tao points out the significant upgrade in Chinese enterprises' IP export strategies, including the adoption of a "global R&D + local team" model to enhance content adaptability and precision in operations [4][5] - Zhou Kai suggests that a global perspective is essential for local adaptations, recommending collaboration with international partners and the use of popular IP expressions to bridge cultural gaps [6] Group 2: Strategies for Market Penetration - The article highlights the importance of a differentiated brand strategy and diverse monetization models tailored to different markets, including co-branding with local products and building cross-cultural teams [7] - Yuan Shuai stresses the necessity of strengthening intellectual property protection mechanisms to safeguard against infringement and piracy in overseas markets [8] - Wang Yilan calls for a "combination punch" approach in IP export, advocating for a comprehensive cultural export strategy that integrates various cultural sectors and enhances collaboration [9][10] Group 3: Cultural Resonance and Communication - Huo Hongyi emphasizes the importance of "finding resonance" rather than merely conveying messages, proposing a "bilingual" expression strategy to connect with diverse audiences [11]

Core Insights - The article highlights the emerging opportunities for Chinese brands in the automotive aftermarket to expand internationally, particularly in Southeast Asia, the Middle East, and Europe, driven by increasing demand and technological innovation [2] - It discusses the trend of Chinese companies adopting a "group out" strategy to mitigate risks associated with globalization, emphasizing collaboration and resource sharing among enterprises [5] - The article also explores the innovative approaches of Chinese cultural IPs in global markets, showcasing successful cases like "Nezha" and the importance of creating a collaborative ecosystem around IP [6] - It outlines the strategic responses of Chinese enterprises to global challenges, focusing on compliance, risk management, and the need for a shift in mindset towards becoming rule-makers in international trade [7] Industry Environment - The Chinese automotive aftermarket is entering a golden period for brand internationalization, with exports projected to rise from 2.01 million units in 2021 to 5.86 million units by 2024, particularly in the new energy vehicle sector [2] - A new "Smart Terminal Overseas Service Innovation Alliance" has been established to enhance digital service capabilities for smart terminal exports, with expectations of reaching $250 billion in export value by 2024 [3] - The "group out" strategy is gaining traction among Chinese companies, focusing on service-oriented overseas expansion and collaborative resource sharing to build competitive advantages [5] Cultural and IP Expansion - The success of Chinese IPs like "Nezha" demonstrates the potential for cultural exports, with the film grossing over 15 billion yuan during the 2025 Spring Festival, highlighting the importance of IP-driven ecosystem development [6] - The article emphasizes the shift from product-focused strategies to creating immersive experiences and cross-industry collaborations to enhance brand recognition and cultural resonance [6] Globalization Strategies - Chinese companies are advised to adopt three key strategies in response to global challenges: "stop the bleeding" by ceasing high-risk activities, "blood production" by exploring new revenue sources, and "blood exchange" by fostering international perspectives [7] - The article stresses the importance of legal compliance and supply chain restructuring to enhance global competitiveness [7] Regional Focus - Chinese construction firms are making significant strides in the Middle East, with investments totaling several billion dollars, positioning the region as a key market for Chinese infrastructure projects [8][9] Company Dynamics - Yili's international business is projected to show results in the next five years, with a revenue target of 115.78 billion yuan in 2024 and a focus on steady growth in Southeast Asia [12] - Tencent Cloud is accelerating its international expansion in Japan, with plans to build a third data center and launch a food reservation mini-program to cater to Chinese tourists [14] - Moutai's overseas revenue is expected to reach $970 million by 2024, with a 37.53% increase in Q1 2025, as the company focuses on cultural output and quality enhancement [15] - The rapid growth of Pop Mart's overseas revenue by 480% in Q1 2025 illustrates the effectiveness of its "IP + trendy toys + experience economy" model in global markets [21]