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。 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。 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。 ...

Summary of Conference Call Records Industry and Companies Involved - **Companies**: Pop Mart (泡泡玛特) and Blokus (布鲁可) - **Industry**: Toy and IP-related products Key Points and Arguments Pop Mart (泡泡玛特) 1. **Category Expansion**: Pop Mart is expanding its product categories (Mega, sugar gel, plush toys) to enhance consumer engagement and is actively exploring small appliances and other derivatives to strengthen its consumer base [1][2][3] 2. **IP Matrix Health**: Monitoring the sales proportion of the LaBuBu IP is crucial; if it remains around 30%, it indicates a healthy IP matrix with growth in other IPs [1][3] 3. **Classic IP Performance**: Classic IPs like Molly, Dimo, and Skull Panda are expected to maintain growth in the first half of the year, with new forms and collaborations broadening consumer appeal [1][4] 4. **Emerging IP Success**: New IPs such as Crybaby, Gorilla Man, and Zizika are performing well, enriching the product line and attracting new fans [1][5] 5. **Overseas Market Potential**: The performance of stores in overseas markets, particularly in Southeast Asia and the US, is significantly higher than in the domestic market, indicating strong long-term expansion potential [1][2][21] 6. **Sales Growth Expectations**: For the first half of 2025, Pop Mart anticipates revenue growth of no less than 200% and profit growth of no less than 350%, leading to an upward adjustment in market expectations for the full year [2] Blokus (布鲁可) 1. **Performance Below Expectations**: Blokus's performance in the first half of the year was below expectations due to inventory pressure from distributors and the timing of new product launches [1][9] 2. **Future Product Expansion**: Plans to expand into adult and female-oriented products, deepen market penetration in lower-tier cities, and accelerate overseas expansion are in place, with expectations for significant growth in the second half of the year [1][10][11] 3. **Market Penetration**: The company is gradually expanding its domestic network and utilizing major channels like Walmart and Costco in North America, with the second half expected to be a peak sales season [1][11] 4. **New Product Launches**: Blokus plans to release 800 SKUs this year, doubling last year's offerings, with a focus on new IPs and optimizing existing ones to drive sales [9][10][16] 5. **Competitive Positioning**: Blokus holds a competitive advantage in the building block sector against competitors like LEGO and Bandai, primarily due to its pricing strategy and channel penetration [1][14] 6. **Valuation Insights**: The estimated valuation for Blokus is projected to be between 20 to 25 times earnings, reflecting its growth potential and brand premium [15] Additional Insights 1. **Second-Hand Market Impact**: The second-hand market's pricing dynamics are being monitored, with a focus on maintaining a healthy price range to avoid market risks associated with excessive speculation [8] 2. **Seasonality of Revenue**: Blokus's revenue exhibits seasonality, with historical data indicating stronger performance in the second half of the year due to several sales peaks [17] 3. **IP Development and Market Trends**: The overall toy industry is experiencing growth driven by demand for IP-related products, while traditional toy segments remain relatively flat [23] 4. **Future Growth Potential**: Both companies are positioned for future growth, with Pop Mart focusing on IP expansion and Blokus on market penetration and product diversification [28][25] This summary encapsulates the key insights from the conference call records, highlighting the strategic directions and performance expectations of Pop Mart and Blokus within the toy industry.

Summary of Company and Industry Insights Company: 布鲁可 (Bluco) Sales Performance - In Q2 2025, sales slightly exceeded 600 million yuan, showing significant growth compared to the same period last year, primarily due to an increase in retail outlets and accelerated distribution by dealers [1][6][3] - Sales in April 2025 were approximately 320 million yuan, while May sales slightly exceeded 500 million yuan [2][6] - Q1 2025 sales were 600 million yuan, up from 430 million yuan in Q1 2024, indicating a high year-on-year growth rate [3] Product Performance and IP Distribution - In April and May 2025, the sales distribution of major IP products was as follows: Ultraman series accounted for 50%-55%, Transformers for 15%-20%, Detective Conan and Kamen Rider each for 8%-10%, and original series also for 8%-10% [9][1] - The Ultraman series saw a decline of approximately 10 percentage points in its sales share, with the company aiming to reduce reliance on this IP and balance its business structure through other IPs [10][1] - The 14th product line performed better than expected, with a significant demand compared to the 12th and 13th lines [11][1] Pricing Strategy - The Ultraman series has a wide price range from 9.9 yuan to 39 yuan, with a trend towards higher pricing expected in the coming months, including new figurines priced between 499 to 1,299 yuan [15][1] Inventory and Market Expansion - As of early 2025, channel inventory was healthy, but increased after the launch of the Ultraman series in late April. By early June, inventory remained controllable [5][37] - The expansion of retail outlets has been slow, with a completion rate of less than 5% of the target of 250,000 new outlets for the year [38][1] Overseas Market Insights - In Q1 2025, overseas sales were approximately 80 million yuan, but dropped to over 20 million yuan in April due to tariff issues affecting the European and American markets [5][40] - The Southeast Asian market accounted for about 70% of overseas sales, while the company aims for over 500 million yuan in overseas sales for the year to alleviate domestic pressure [42][43] Challenges and Future Plans - The company faces challenges in achieving its sales targets for Q2 2025, with expectations of lower sales post Children's Day [39] - The Detective Conan series has been impacted by negative public sentiment, leading to lower-than-expected sales and potential delays in new product launches [31][32] IP Development and Consumer Trends - The company is exploring new IPs, including a partnership with 王者荣耀 (Honor of Kings), which is expected to attract a female consumer base [35][36] - Current IPs like Pokémon and Kamen Rider have shown varying performance, with Kamen Rider being less stable due to its dependency on the Ultraman ecosystem [21][22] Market Feedback and Product Improvement - Feedback collection for product improvement is conducted through order rates, online complaint data, and membership system feedback [27][24] This summary encapsulates the key insights from the conference call regarding the company's performance, product strategies, market challenges, and future directions.