国金证券发布研报称，预计布鲁可(00325)2025-2027归母净利润分别为6.78/9.16/11.54亿元，同比分别 270%/35%/26%。当前股价对应26年PE为17倍，给予22倍PE，目标价80.74港元，维持"买入"评级。该 行认为授权IP类产品的竞争本质或是产品力、渠道力和用户力的竞争。布鲁可在这三方面已经逐步形成 良性正循环，奠定品牌势能与规模长期增长的坚实基础。 国金证券主要观点如下： 公司一方面依托中国供应链实现标准化生产与成本控制，另一方面通过丰富IP储备与高频推新的SKU体 系维持产品新鲜感与可玩性，同时在海外复制Club、赛事与展会等生态建设路径，逐步搭建本地化用户 社群。公司24年/25H1出海营收分别为0.64/1.11亿元，同比增长518.2%/898.6%，逐步验证了产品与模式 在海外市场的可行性。若布鲁可海外市场开拓顺利，现有IP中"变形金刚"等有望率先受益，贡献显著增 量，出海(尤其是北美和亚太)逐步成为公司后续重要增长点。 质价比x渠道密度x用户生态共同奠定布鲁可长期增长基础 风险提示：IP授权到期;收入过于集中在外部IP;人群破圈效果低于预期;出海业务低于预期;行 ...

Core Insights - The rise of Labubu is not coincidental but a result of generational aesthetics, emotional symbols, and identity expression [1][2] - The "Implementation Plan" provides a systematic framework for the new demand and supply dynamics, emphasizing the importance of capturing emotional trends and creating a sustainable supply chain [1][2][10] Generational Symbols - Each generation has its own Labubu, representing the spirit of the times, from Transformers for the 70s to digital IPs for Gen Z [2] - The changing emotional structures reflect new consumer demands in China, with the "Implementation Plan" targeting three trillion-level and ten hundred-billion-level consumption hotspots [2][4] New Consumption Trends - Future consumption is shifting from purchasing goods to subscribing to lifestyles, driven by demographic segmentation and interest-oriented consumption [3] - Changes in consumption dimensions include spatial (from traditional malls to immersive experiences), temporal (from one-time purchases to long-term relationships), and relational (from buyers to co-creators) [3] New Demand Dynamics - The demand for new products is shaped by collective choices across generations, with emotional needs such as identity recognition, emotional healing, and self-narrative being crucial [4][5] - The children's market is evolving towards cognitive development and emotional growth, while the elderly market is shifting from passive care to active quality of life improvements [6][5] New Supply Strategies - New supply-side structural reforms focus on leveraging technology and new models for precise supply-demand matching [7] - Flexible production and rapid iteration are becoming standard, with the ability to quickly respond to new consumer trends [7][8] Investment Opportunities - The investment landscape is becoming clearer with three trillion-level sectors (elderly products, smart vehicles, consumer electronics) and ten hundred-billion-level sectors (trendy toys, outdoor products, etc.) identified [9] - Key investment criteria include addressing unique emotional needs, having a sustainable supply system, and aligning with national strategic directions [9][10]

万联证券指出，近年来，伴随Z世代消费崛起及情绪价值需求凸显，IP经济在传媒行业中持续高速发 展，谷子、卡牌、盲盒等形式在衍生品市场里呈现强劲增长态势。该行认为，随着优质IP跨媒介开发深 化，其商业化变现具备广阔成长空间，IP经济未来市场规模具备较高增长潜力。 消息面上，据布鲁可官微消息，近日，在巴西圣保罗动漫展览会上，布鲁可携众多产品首次亮相，展出 了变形金刚、圣斗士星矢、新世纪福音战士、DC、侏罗纪世界等10多个全球知名IP的近60款产品，其 中圣斗士星矢、变形金刚等IP近10款新品迎来首展。值得一提的是，布鲁可积木人圣斗士星矢群星版第 3弹黄金十二宫①在本次展会上进行全球首发，其余国家及地区也将陆续上市，吸引了现场玩家的广泛 关注。 布鲁可(00325)盘中涨近5%，截至发稿，涨4.71%，报73.3港元，成交额3070.21万港元。 ...

消息面上，据布鲁可官微消息，近日，在巴西圣保罗动漫展览会上，布鲁可携众多产品首次亮相，展出 了变形金刚、圣斗士星矢、新世纪福音战士、DC、侏罗纪世界等10多个全球知名IP的近60款产品，其 中圣斗士星矢、变形金刚等IP近10款新品迎来首展。值得一提的是，布鲁可积木人圣斗士星矢群星版第 3弹黄金十二宫①在本次展会上进行全球首发，其余国家及地区也将陆续上市，吸引了现场玩家的广泛 关注。 万联证券指出，近年来，伴随Z世代消费崛起及情绪价值需求凸显，IP经济在传媒行业中持续高速发 展，谷子、卡牌、盲盒等形式在衍生品市场里呈现强劲增长态势。该行认为，随着优质IP跨媒介开发深 化，其商业化变现具备广阔成长空间，IP经济未来市场规模具备较高增长潜力。 智通财经APP获悉，布鲁可(00325)盘中涨近5%，截至发稿，涨4.71%，报73.3港元，成交额3070.21万港 元。 ...

责任编辑：卢昱君 布鲁可（00325）盘中涨近5%，截至发稿，股价上涨4.57%，现报73.20港元，成交额3114.17万港元。 据布鲁可官微消息，近日，在巴西圣保罗动漫展览会上，布鲁可携众多产品首次亮相，展出了变形金 刚、圣斗士星矢、新世纪福音战士、DC、侏罗纪世界等10多个全球知名IP的近60款产品，其中圣斗士 星矢、变形金刚等IP近10款新品迎来首展。值得一提的是，布鲁可积木人圣斗士星矢群星版第3弹黄金 十二宫①在本次展会上进行全球首发，其余国家及地区也将陆续上市，吸引了现场玩家的广泛关注。 万联证券指出，近年来，伴随Z世代消费崛起及情绪价值需求凸显，IP经济在传媒行业中持续高速发 展，谷子、卡牌、盲盒等形式在衍生品市场里呈现强劲增长态势。该行认为，随着优质IP跨媒介开发深 化，其商业化变现具备广阔成长空间，IP经济未来市场规模具备较高增长潜力。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 客户端 布鲁可（00325）盘中涨近5%，截至发稿，股价上涨4.57%，现报73.20港元，成交额3114.17万港元。 据布鲁可官微 ...

Group 1 - The core strategy of Hasbro in China involves enhancing the operation of its IPs like Peppa Pig and Transformers while exploring new growth paths through emotional connections in the evolving IP 2.0 era [1][2] - Hasbro is actively developing multiple experiential projects, including indoor entertainment centers featuring Peppa Pig and other IPs, as well as themed restaurants like Transformers-themed dining [1][2] - The company is committed to continuously updating content to maintain the popularity of its IPs, with new seasons of Peppa Pig and Transformers series set to launch in the coming years [2][3] Group 2 - The rise of new IPs in China, which succeed without relying on traditional narratives, has influenced Hasbro's IP operation strategy [3] - Hasbro's global licensing strategy has led to a 300% year-on-year growth in overseas revenue for its Chinese partners in 2024, supported by policy, localization, and international exposure [3] - The Chinese licensing market is projected to continue its growth, with retail sales of licensed products expected to reach 155.09 billion yuan in 2024, a 10.7% increase year-on-year [3][4]

Investment Rating - The report does not explicitly provide an investment rating for the toy industry Core Insights - The Japanese toy market has experienced stagnant growth over the past 30 years, with a shift in consumer preferences leading to a decline in traditional children's toys and a rise in emerging categories like card games and hobbies [1][3] - The market for assembly toys has shown volatility, with significant growth driven by blockbuster products in the late 1980s, followed by a decline, but a long-term upward trend as the player demographic expanded from children to adults [1][4] - The integration of intellectual property (IP) into the toy industry began in the 1970s, fostering collaboration between content creators and manufacturers, which has been crucial for the development of derivative markets [1][6] - The adultization trend in the toy industry became prominent after the 1990s, leading to increased demand for collectible items and the emergence of niche categories [1][8] Summary by Sections Market Trends - The Japanese toy industry has seen a significant shift in market share over the past two decades, with new categories like children's card games and hobbies gaining prominence while traditional toys have declined [5] - The assembly toy market has experienced notable volatility, with peaks in the late 1980s followed by declines, but a long-term trend of growth as the audience has expanded to include adults [4][10] Company Strategies - Major companies like Bandai and Takara Tomy have adopted platform strategies to monetize IP through acquisitions, diversifying their revenue streams and enhancing their ability to withstand market risks [2][15] - Bandai has successfully integrated various business models, targeting different age groups with a diverse range of products, thereby mitigating risks associated with market fluctuations [16] IP Development - The report highlights the importance of IP in the toy industry, with successful examples like "One Piece" demonstrating how a single IP can evolve and generate revenue across multiple platforms [14][13] - The assembly model market features key IPs such as Gundam, which has shown consistent growth, while others like Mini 4WD have experienced fluctuating popularity [10][11]

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 the significant turnaround of Blokus, a leading building block toy company in China, which reported a revenue of approximately 1.338 billion yuan in the first half of 2025, marking a year-on-year growth of 27.9% and a profit of 297 million yuan, reversing a loss from the previous year [4][5]. Financial Performance - Blokus achieved a revenue of approximately 1.338 billion yuan in the first half of 2025, with a year-on-year growth of 27.9% [4]. - The company turned a profit of 297 million yuan, compared to a loss of 255 million yuan in the same period last year [4]. - Adjusted profits for the first halves of 2023 and 2024 were 73 million yuan and 292 million yuan, respectively, with an adjusted profit margin of 27.92% in 2024 [4]. Market Dynamics - The revenue growth rate of Blokus in the first half of 2025 was lower than the previous two years, which were 56.1% and 47.1% [4]. - The company has focused on low-priced products, particularly a 9.9 yuan Transformers version, which sold 48.6 million units and generated over 200 million yuan in revenue [4]. International Expansion - Blokus's overseas revenue reached 110 million yuan in the first half of 2025, a staggering increase of 899% year-on-year, with North America and Southeast Asia being the main contributors [5][8]. - The overseas revenue accounted for 8.3% of total revenue, a significant increase from 2% in previous years [8]. - Indonesia and the United States were the top two countries for overseas revenue, with the latter showing a remarkable growth rate of 21 times compared to the previous year [9][8]. IP Strategy - The company is actively expanding its IP matrix, having added 13 new IPs in the first half of 2025, bringing the total to around 50 [17]. - Blokus has reduced its reliance on the Ultraman IP, which contributed 63.5% of total revenue in 2023, down to 49% in 2024 [14][15]. - The company aims to diversify its IP portfolio to mitigate risks and enhance its own IP presence, which currently accounts for a small portion of total revenue [15][16]. Product Development - In the first half of 2025, Blokus launched 273 new SKUs, which accounted for 53.1% of total revenue, aiming to attract a broader consumer base [18]. - The company is targeting adult consumers and younger female demographics, with products priced between 100 to 200 yuan [18]. User Engagement - Blokus emphasizes user experience and creativity, planning to continue its BFC creative competition across 150 cities to engage consumers [20]. - The company recognizes the importance of fostering creativity in building block toys, similar to strategies employed by LEGO [20]. Competitive Landscape - Blokus has positioned itself in the mid-to-low price segment of the building block toy market, competing against established brands like Bandai and LEGO, which have higher price points [12]. - The company has established a robust distribution network, collaborating with over 450 distributors to cover major cities in China [21]. Conclusion - The ongoing success of Blokus hinges on its ability to effectively leverage its IP portfolio and maintain competitive pricing while expanding its market presence both domestically and internationally [21].

Group 1 - The U.S. government implemented tariffs on 23 countries, with rates ranging from 20% to 50%, significantly impacting global markets [2] - Canada was unexpectedly hit with a 35% tariff on automotive and lumber industries, marking it as the third country affected after China [2] - The tariffs are expected to lead to price increases for consumer products, including toys from Hasbro, which may face higher costs due to reliance on overseas production [3] Group 2 - The tariffs on Brazilian beef, which accounted for 20% of U.S. beef imports, will result in a 76% increase in import costs, affecting popular American food items [4] - The copper market reacted sharply, with traders rerouting shipments to avoid tariffs, leading to a significant price difference between New York and London markets [5] - The upcoming Consumer Price Index (CPI) report is anticipated to show a core inflation rate potentially rising to 3%, which could influence Federal Reserve actions regarding interest rates [7]