Core Viewpoint - The company, Bluko, has shown significant revenue growth in 2024, but signals of slowing growth in the second half of the year raise concerns about its future performance [3][4]. Revenue Performance - In 2024, Bluko's revenue is projected to be approximately 2.241 billion yuan, representing a year-on-year increase of 155.6% [3]. - Adjusted annual profit is expected to be around 585 million yuan, reflecting a year-on-year growth of 702.1% [3]. - Revenue growth is expected to slow down in the second half of 2024, with a projected year-on-year increase of 110.76% compared to 237.6% in the first half [4]. IP Contribution - The top three IPs contributing to revenue are Ultraman (1.096 billion yuan, 48.9%), Transformers (454 million yuan, 20.26%), and Heroes Unlimited (310 million yuan, 13.8%) [5]. - Revenue from key IPs like Ultraman and Heroes Unlimited is expected to decline in the second half of 2024, with Ultraman's revenue projected at 496 million yuan, a 17.3% decrease from the first half [5]. Market Context - The overall consumer market in China is experiencing low growth, with retail sales increasing by only 3.7% in the first half of 2024 [6]. - Bluko's products, primarily building toys, are less influenced by subsidy-driven consumption and rely more on product performance [6]. Growth Strategy - Bluko is expanding its IP portfolio significantly, increasing from about 27 IPs at the end of 2023 to approximately 50 by the end of 2024 [7]. - The company is focusing on enhancing its cost-effectiveness, with average product prices dropping from 89 yuan in 2021 to 19 yuan in the first half of 2024 [8]. International Expansion - Bluko's overseas business is in its early stages, with revenue from international markets reaching 64 million yuan in 2024, accounting for only 2.9% of total revenue [9]. - The company is establishing subsidiaries in countries like the UK, Indonesia, and Singapore, and is participating in international events to boost its presence [9].