变形金刚星辰版

Search documents
海外收入暴涨899%,布鲁可的新故事出现了
36氪· 2025-08-25 09:10
以下文章来源于36氪未来消费 ,作者钟艺璇 36氪未来消费 . 在这里看到消费的未来。36氪旗下官方账号。 IP仍是决定能否将故事持续讲下去的关键。 文 | 钟艺璇 编辑 | 乔芊 来源| 36氪未来消费(ID:lslb168) 封面来源 | 企业官网 中国版乐高,又有了新故事。 2024年前,布鲁可海外收入占比长期维持在2%上下,直至2024年下半年,海外增速加快,但截止当年,仍只占总收入的2.9%。 2025年是布鲁可海外业务爆发的一年。今年上半年,海外营收突破1亿元,占据布鲁可总收入的8.3%。其中亚洲(主要东南亚)和北美占主要贡献,前者上 半年营收达到5712万元,相较去年同期增长6.5倍,后者营收则达到4281万元,增长相较去年同期高达21倍,增速惊人。 再具体拆分,根据财报,印度尼西亚和美国是布鲁可上半年海外收入最高的两个国家。 就像泡泡玛特、名创优品都将自己的出海首站放在泰国,华人聚集、地理接近的东南亚,是中国许多IP公司出海的第一站。至于印度尼西亚,作为东南亚最 大、全球第四人口国家,成为布鲁可出海的高地并不稀奇。 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 ...
海外收入暴涨899%,布鲁可的新故事出现了
36氪未来消费· 2025-08-24 12:17
IP仍是决定能否将故事持续讲下去的关键。 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 ...
深度研究报告乘IP东风,拼搭角色玩具龙头蓄势腾飞
Huachuang Securities· 2025-05-13 00:25
Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [9][12]. Core Insights - The company is positioned as the largest player in China and the third largest globally in the building character toy market, with a strong IP matrix and a focus on high-quality, cost-effective products [8][16]. - The building character toy industry is experiencing rapid growth, with a projected CAGR of 41.3% in China from 2023 to 2028, significantly outpacing the overall toy industry growth [8][10]. - The company's revenue is expected to grow significantly, with forecasts of 39.19 billion, 54.97 billion, and 67.44 billion CNY for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 75%, 40%, and 23% [9][12]. Company Overview - The company, originally founded in 2014 as a children's educational technology firm, has transitioned to focus on building toys and character toys, launching its first character toy line in 2022 [16][17]. - The company has developed a robust IP portfolio with over 50 self-owned or licensed IPs, including popular franchises like Ultraman and Transformers [8][16]. Financial Analysis - The company has shown impressive revenue growth, achieving 22.41 billion CNY in 2024, a year-on-year increase of 155.6% [4][29]. - The adjusted net profit is projected to reach 9.95 billion CNY in 2025, with a staggering growth rate of 348% compared to the previous year [4][12]. - The gross margin has been steadily increasing, reaching 52.6% in 2024, driven by the strong performance of character toys [42][43]. Industry Insights - The global toy industry is expected to grow at a CAGR of over 5% from 2023 to 2028, with the character toy segment showing even higher growth potential [8][10]. - The competitive landscape is concentrated, with the company holding a 30.3% market share in China, leading over competitors like Bandai and LEGO [8][10]. Competitive Advantages - The company has established a comprehensive system that integrates product design, research, and production, allowing for efficient and high-quality product offerings [10][11]. - The marketing strategy focuses on content-driven engagement, leveraging social media and influencer partnerships to enhance brand visibility and consumer interaction [3][10].