机构：中金公司 研究员：徐卓楠/王杰睿 1H25 业绩低于我们预期 公司公布1H25 业绩，营收实现13.4 亿元，同比增长27.9%，经调整净利润实现3.2 亿元，同比增长 10%，低于我们预期，主要受新品上新节奏及推广投放增加影响，关注下半年改善情况。 发展趋势 1、下沉市场及海外为主要拉动。1）分品类看，拼搭角色类玩具/积木玩具收入13.3/0.13 亿元，占比 99.1%/0.9%；报告期内共新推出273 个SKU至925 个，新SKU 收入占比达53.1%；拼搭角色类玩具量/价 同比分别+97%/-34%，平均单价降至12 元/件，主因低价格带产品销量提升（9.9 元产品销量4,860 万 盒，收入2.16 亿元，占总收入16.1%）；2）分IP 看，截至期末公司共计商业化19 个IP，前四大IP 产品 合计占营收83.1%（去年同期前三大IP 产品合计占92.3%），同时1H25 新签13 个IP；3）分区域看，中 国/海外收入12.3/1.1 亿元，同比增长18.5%/899%，海外业务取得较大拓展，其中亚洲/北美分别占比 51%/48%。 3、玩法创新不断，全人群拓展初见成效。公司1H25 为 ...

截至2025 年上半年，公司已将19 个IP 商业化，上半年公司签署了13 个新IP；共有925 个SKU 上市销 售，新推出273 个SKU，包括但不限于初音未来、小黄人、酷洛米、名侦探柯南、芝麻街、奥特曼、变 形金刚、漫威：无限传奇、宝可梦、火影忍者，新SKU 占总收入的53.1%。四大IP 产品收入占比均超过 总收入的10%，合计占比83.1%，24H1 前三大IP 产品的收入占比为92.3%。 分地区看，中国地区实现收入12.26 亿元，同比增长19%，海外实现收入1.11 亿元，同比增长899%，占 总收入从2024 年的3%提升至8%，其中美国和印尼是海外市场收入最高的两个国家。 分渠道看，线下经销销售12.12 亿元，同比增长27%，占比91%，占比保持稳定；线下委托销售0.18 亿 元，同比增长32%，占比1%；线上销售1.08 亿元，同比增长45%，占比8%，主要渠道包括天猫、京 东、抖音、拼多多、Tiktok、Shopee、Lazada，以及微信小程序BloksClub，线上销售的增长得益于销量 的增加，尤其是16 岁以上消费者的销售增加。 盈利能力：拼搭角色类玩具毛利率同比下降4.8pc ...

证券研究报告|港股公司点评报告 [Table_Title] 产品与 IP 矩阵多样化提升，期待下半年持续 推新 [Table_Title2] 布鲁可(0325.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 0325 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 193.3/81.0 | | 目标价格(港元)： | | 总市值(亿港元) | 292.87 | | 最新收盘价(港元)： | 117.5 | 自由流通市值(亿港元) | 292.87 | | | | 自由流通股数(百万) | 249.25 | [Table_Summary] 事件概述 公司发布 2025 年中期业绩公告，2025H1 公司实现收入 13.38 亿元，同比增长 27.9%，净利润 2.97 亿元，同比 由亏转盈，经调整净利润 3.20 亿元，同比增长 9.6%，经调整净利润率 23.9%，同比-4.0pct。 [Table_Date] 2025 年 08 月 25 日 ► 销售收入增长受益于销量增长和平价产品销售增长，海外 ...

Core Viewpoint - The company, Blokus, reported a significant turnaround in its financial performance for the first half of 2025, achieving profitability and substantial growth in revenue and overseas sales [1][3][5]. Financial Performance - Revenue for the first half of 2025 reached 1.338 billion RMB, a year-on-year increase of 27.9% compared to 2024 [1]. - Gross profit was 647 million RMB, reflecting a 16.9% increase from the previous year [1]. - The company reported a profit of 336 million RMB, compared to a loss of 200 million RMB in the same period of 2024, marking a successful turnaround [3]. - Adjusted profit for the period was 320 million RMB, up 9.6% year-on-year [3]. - Basic earnings per share were 1.22 RMB, compared to a loss of 1.73 RMB in 2024 [3]. Overseas Sales Growth - Overseas sales surged by 898.6% to 111.4 million RMB, accounting for 8.3% of total revenue, primarily driven by markets in Southeast Asia and North America [5]. - The company established over 50,000 terminal points in markets like Indonesia and Malaysia, and penetrated major retail networks in North America, including Walmart and Target [5]. IP Development - Blokus commercialized 19 IPs in the first half of 2025, with 925 SKUs launched, including popular franchises like Minions and Detective Conan [6]. - The company introduced new products in collaboration with various IPs, indicating a diversification in its product offerings [6]. - Despite the continued dominance of the Ultraman IP, the company is focusing on expanding its portfolio with female-oriented products and high-priced collectibles [6][9]. Product Innovation and R&D - The company emphasized R&D, with 599 employees in the R&D team, making up 67.1% of the total workforce, and R&D expenditure of 129 million RMB, representing 9.6% of total revenue [12]. - Plans for 2025 include launching 800-1000 new SKUs, with a focus on large mecha and scene sets to cater to collector demands [10]. Future Growth Prospects - The company anticipates a revenue growth rate of over 30% in the second half of the year, driven by new IP launches and seasonal marketing opportunities [13]. - Full-year revenue is projected to reach 4 billion RMB, with a net profit margin maintained at 25%-26% [13].

Core Viewpoint - Goldman Sachs reports that Pop Mart's stock performance has been positive following its half-year financial briefing, primarily due to management's optimistic outlook on sales momentum, especially in overseas markets, and profit margin expansion, with an expected annual net profit margin of 35% [1] Group 1: Financial Performance - The company is set to launch a mini version of Labubu to expand application scenarios [1] - Goldman Sachs has raised its earnings forecasts for Pop Mart for 2025-2027 by 28%-34% [1] - The 12-month target price has been increased from HKD 260 to HKD 350, while maintaining a "Neutral" rating [1] Group 2: Market Expansion - The company is experiencing strong IP momentum and expanding manufacturing capabilities to commercialize the popularity of its IP [1] - Successful expansion into new markets such as the United States and Europe is noted [1] - The upcoming peak season in the second half of the year is expected to translate into operational leverage [1]

Group 1 - The Hang Seng Index rose by 0.62%, gaining 156 points to close at 25,426 points, while the Hang Seng Tech Index increased by 1.96%. The early trading volume in Hong Kong stocks reached HKD 172 billion [1] - Chinese brokerage stocks continued their upward trend, with the Shanghai Composite Index hitting a nearly ten-year high, indicating a growing trend of active investment behavior among residents. Guotai Junan (601456) rose by 5.93%, China International Capital Corporation (601995) increased by 5.31%, and CITIC Securities (06030) gained 4% [1] - The film and television sector showed strength in early trading, driven by a surge in summer box office revenues and positive reviews for major films, leading to a recovery in audience demand. Lemon Films (09857) surged by 37%, while Maoyan Entertainment (01896) rose by 6.05% [1] - The performance of China Literature Group (00772) exceeded expectations, with the stock rising over 20% as the market focused on the company's IP commercialization progress [1] Group 2 - ZTE Corporation (00763) saw a rise of over 9%, with its A-shares hitting the daily limit, as the company has been actively expanding its smart computing and AI terminal businesses [2] - Continental Aerospace Technologies (00232) surged by over 26%, with expected net profit growth of nearly seven times for the first half of the year, as it is a manufacturer of general aviation piston engines [2] - Soundon Technology (02495) increased by nearly 40%, with expected net profit exceeding 50 million yuan, marking a turnaround from losses year-on-year [3] - Dongwu Cement (00695) experienced a mid-day surge of over 25%, with a cumulative increase of over 100% in the month, and an expected reduction in losses by approximately 67.6% year-on-year [4] - Tsunami Machine Tool China (01651) rose by over 14%, as the company actively explores new markets in AI liquid cooling connectors and electric brake systems for vehicles [4] - Jiufang Intelligent Investment Holdings (09636) increased by over 14%, reaching a new high as its subsidiary Jiufang Zhiyuan entered the "Mosu Space" [5] Group 3 - Standard Chartered Group (02888) fell by 2.58% amid allegations from U.S. lawmakers regarding public sentiment disturbances, following significant fluctuations in its London stock price [6]

Group 1 - The core viewpoint of the article highlights the significant stock price increase of阅文集团, which rose over 16% and is currently trading at 43.04 HKD with a transaction volume of 666 million HKD [1] - The company announced a strategic cooperation plan with Tencent's flagship game, 王者荣耀, to explore collaboration in the national original content sector, with exclusive merchandise already available for pre-sale [1] - For the first half of the year, the company's revenue was 3.191 billion RMB, a year-on-year decrease of 23.9%, while the net profit attributable to shareholders was 850 million RMB, an increase of 68.5% [1] Group 2 - Citigroup's report indicates that the company's performance in the first half of the year slightly exceeded expectations, benefiting from growth in licensing business, stable performance of short dramas, and progress in IP commercialization [1] - Looking ahead to the second half of the year, Citigroup expects continued progress in IP commercialization, sustained growth in short dramas due to unique IP and collaboration with authors, and anticipates a profit contribution of 243 million RMB from NCM business if content is released as planned [1]

Summary of the Conference Call for the Company Company Overview - The conference call pertains to **China Literature**, an online reading platform in China, which reported significant growth and developments in the first half of 2025. Key Points and Arguments Industry Performance - In the first half of 2025, the **IT industry in China** experienced explosive growth and a profound ecosystem transformation driven by three main trends: 1. The increasing value of high-end IT, with traditional models based on literary IP continuing to produce top-tier works with broad influence and commercial success [3] 2. The rapid rise of short dramas reshaping content consumption, enhancing conversion efficiency, and creating new monetization opportunities for mid- to long-tail IPs [3] 3. The growing popularity of physical and scene-based IP products, indicating that IP is deeply integrated into users' daily lives [3] Business Performance - In the first half of 2025, **China Literature** added **200,000 authors** and **400,000 new literary works**, contributing **20 billion words**. The number of new signed works with annual revenue exceeding **1 million RMB** increased by **63%** [5] - Online business revenue grew by **2.3%** to **1.99 billion RMB**, with average revenue per active user increasing by **4.5%** to **9.2 million RMB** [5] IP Visualization Achievements - Several adaptations of China Literature's IP into high-quality dramas, such as **"繁花四季"**, **"燕归时"**, and **"一人之下第二季"**, achieved high popularity, with six dramas ranking in the top ten for cumulative views across platforms [6] - New animated works like **"斗破苍穹"**, **"星辰变"**, and **"武动乾坤"** also performed well, with **"斗破苍穹"** and **"武动乾坤"** entering the top ten paid content on Tencent Video [6] Short Drama Sector - The short drama segment showed strong growth, with two popular short dramas grossing over **80 million RMB** and achieving a total view count of **3 billion**. One short drama surpassed **1 billion views** in its first month [7] Physical and Scene-based IP Commercialization - The total GMV for physical and scene-based IP products reached **480 million RMB**, nearly matching the total for the previous year. This growth was attributed to a **3-4 times** increase in product development speed and expanded distribution channels [9] Online Gaming Developments - The online gaming sector continued to license high-quality IP, with the popular project **"斗罗大陆"** launched in July. Several adaptations like **"一人之下"** and **"诡秘之主"** received publishing licenses and are expected to debut soon [10] AI Technology Impact - The introduction of AI-driven tools like the online literary knowledge base **"智能同笺"** led to a **40%** increase in interactions between writers and AI, with daily active users of the writer assistant growing by over **40%** [11] - Revenue from AI-translated works on international reading platforms increased by **38%**, accounting for over **35%** of total revenue from web novels [11] Future Development Focus - The company plans to launch customized products for mid-tier IPs and consider introducing high-quality third-party IPs for product development. The product range will include collectibles, blind boxes, and toys [12] - The focus for 2025 includes maintaining the popularity of classic IPs through new content and enhancing user engagement with various forms of media [14] Commercialization Potential - The flagship IPs are seen as having significant commercialization opportunities, with the merchandise team achieving **480 million RMB** in sales, indicating substantial growth potential [15] Market Trends and User Demand - The company is adapting to changing user demands, shifting from hard goods to cosmetics and soft goods, and exploring new categories like training products [16] New Content Plans - In the second half of 2025, the company plans to release six new dramas, including **"扫毒风暴"**, which has already received high ratings [19] AI Applications in Operations - The company is actively exploring AI technology to enhance content production efficiency, with significant increases in user engagement and content generation through AI tools [20][21] Additional Important Content - The company has established a comprehensive distribution network, collaborating with approximately **10,000** online and offline distributors, and has opened around **10** self-operated stores in key ACG markets [12] - Strategic investments in leading collectible card companies and partnerships with various consumer brands are aimed at accelerating growth in the merchandise sector [12][13]

Core Viewpoint - The company, 巨星传奇, has disclosed its performance expectations, indicating that its consolidated profit for the first half of 2025 may not exceed RMB 8.5 million, representing a year-on-year decrease of approximately 67% due to fair value losses on Hong Kong-listed equity securities [1][3]. Group 1: Profit Decline Reasons - The management has attributed the profit decline primarily to changes in the fair value of investments, specifically a loss of approximately RMB 19.5 million from the valuation adjustment of Hong Kong-listed equity securities, which is not directly related to the company's core business performance [3]. - Such gains and losses are typically volatile and non-recurring, significantly impacting financial performance for a specific period. Excluding this factor, the company's core profitability has not experienced substantial shrinkage during the same period [3]. - The adjusted consolidated profit is expected to remain below RMB 28 million, with a year-on-year growth rate not exceeding 9.8% [1][3]. Group 2: Main Business Operations - The company's main business includes IP creation and operation, as well as a new retail segment. The revenue share from the IP business has been steadily increasing, surpassing 50% of total revenue in the first half of 2024 [4]. - The company has diversified its commercialization paths around its core star IP through licensing, derivative product development, offline activities, and cultural tourism projects, establishing a relatively stable revenue source [4]. - In the new retail business, synergy with IP operations enhances the deep integration of IP with consumer engagement, improving user stickiness and the commercial monetization efficiency of IP [4]. - The announcement indicates that the main business operations are running normally, with performance growth aligned with established strategies, unaffected by the non-operating investment losses [4].

Core Viewpoint - Company plans to raise funds through a placement of 37.5245 million shares at HKD 9.13 per share, aiming to utilize the proceeds for IP business expansion and investment in entertainment and sports facilities [1][2] Fund Allocation - Approximately 38.2% (around HKD 124 million) will be allocated to expanding retail channels, including vending machines and smart devices [1] - About 12.4% (around HKD 40.2 million) is designated for developing physical IP stores, including the "Zhou Tongxue" store and collaborations with other leading IP partners [1] - Approximately 18.5% (around HKD 60 million) will be used for IP marketing expenses [1] - Around 6.8% (approximately HKD 22 million) is earmarked for investment in future entertainment and sports facilities [1] - About 14.1% (around HKD 45.6 million) will be allocated for IP exhibitions [1] - Approximately 10.0% (around HKD 32.4 million) is set aside for general operating funds and other corporate purposes [1] Business Segments - Company operates in two main segments: IP creation and operation, and new consumption [2] - In IP creation and operation, the company customizes unique character and content IPs for various artists, maximizing their influence [2] - The existing star IP portfolio has accumulated a fan base of 250 million [2] Market Performance - Following Zhou Jielun's announcement of joining Douyin, the company's stock price surged, with a maximum increase of 249.31% over four days [2] - On July 9, the stock experienced a one-day surge of 165.6%, with a trading volume of HKD 11.485 billion, surpassing Tencent's trading volume [2] Strategic Initiatives - Nearly 40% of the raised funds will be used to expand retail channels, focusing on vending machines as a strategic pivot [3] - During Zhou Jielun's concert in Hong Kong, vending machines generated an average daily sales of approximately HKD 20,000 each [3] - The company plans to open its first physical store in Guangzhou within the year, selling Zhou Tongxue IP products and introducing new IPs [3] Industry Outlook - The cultural consumption industry, represented by IP and trendy toys, is rapidly developing, with significant market recognition for the company's IP value and growth potential [4] - Predictions indicate that the influencer industry in China could reach RMB 8.2 trillion by 2025, with a CAGR of 14.2% from 2022 to 2025 [4] - The placement is expected to provide ample funds for the company to expand its online and offline consumption scenarios, accelerating the growth of its star IP ecosystem [4]