连续亏损多年后，被称为"中国版乐高"的布鲁可总算实现了盈利。 根据此前所发布的财报来看，布鲁可在今年上半年营收为13.38亿，同比增长27.9%；经调整净利润为3.2亿，同比增长9.6%，正式结束连续4年的净亏损。 不过细看财报不难发现，布鲁可扭亏为盈并非来自于消费市场表现更好，而是包括政府补贴在内非经常性收益的支撑。事实上，尽管布鲁可产品销量仍然 处在暴涨通道，只是其营收增长速度已明显下滑，靠低价打天下的营销策略已经开始让自身遭到反噬。 值得一提的是，或许是看到了泡泡玛特在海外市场备受追捧，布鲁可海外业务营收在今年上半年实现了同比近900%的暴涨。 那么，海外市场究竟能否帮助自身再造一个布鲁可？若短时间内无法如愿，未来又该走哪条路线才能实现二次腾飞呢？ 布鲁可，低价打天下？ 一个玩偶因炒作身价暴涨几十倍、一张奥特曼西游卡牌炒到上万元…最近两年，备受年轻人追捧的谷子经济热度可谓居高不下。有数据显示，2024年我国 谷子经济市场规模为1689亿，预计到2029年将会突破3000亿大关。 就在泡泡玛特等品牌借助潮玩市场的热度于全球迅速攻城略地之际，殊不知，来自国内的一家拼搭角色类玩具公司布鲁可也在幕后悄悄发育。 ...

Summary of Company and Industry Insights Company: 布鲁可 (Bruker) Key Industry Insights - **IP Sales Distribution**: The sales distribution of key IPs remains stable, with 奥特曼 (Ultraman) accounting for 40%-50%, 变形金刚 (Transformers) at around 20%, and 假面骑士 (Kamen Rider) and 英雄无限 (Hero Unlimited) each at approximately 10% [1][2] - **Product Lifecycle Management**: 奥特曼 is extending its product lifecycle with the launch of series 14 to 17 and has high-end figurines in reserve [1][2] - **New Product Launches**: 布鲁可 is expanding its product offerings with new IPs and products targeting different demographics, including adult-oriented products like 初音未来 (Hatsune Miku) and EVA, priced at 169元, which have shown strong sales [1][3] Core Business Strategies - **Sales Growth**: The brand's sales in April and May 2025 nearly doubled year-on-year, attributed to a faster pace of new product launches and a significant increase in channel outlets [2][3] - **Channel Expansion**: Plans to expand terminal outlets to 250,000-300,000, representing over 50% growth year-on-year, with a focus on KA channels [1][5] - **Inventory Management**: Terminal inventory is healthy, with approximately 45 days of stock, and lower inventory in circulation channels [5] International Market Development - **Overseas Sales Growth**: In Q1 2025, 布鲁可's overseas sales exceeded the total for the previous year, with a month-on-month increase in April. Southeast Asia contributes 60% of overseas sales, while Europe and the US account for 40% [6] - **Market Penetration**: The brand is gradually expanding in Southeast Asia and has entered major North American retailers like Walmart and Costco, indicating significant growth potential in international markets [6] Upcoming Product Plans - **New IP Launches**: Upcoming products include 三丽鸥 (Sanrio), 王者荣耀 (Honor of Kings), and movie IPs such as 哈利波特 (Harry Potter), 星战 (Star Wars), and 侏罗纪公园 (Jurassic Park) [5] - **Focus on Key Sales Periods**: The company will closely monitor sales data during June and the summer, which are critical for annual performance and may influence stock trading strategies [3][8] Additional Insights - **Consumer Demographics**: Adult-oriented products have outperformed female-oriented products, with 宝可梦 (Pokémon) showing better feedback in its second release compared to the first, while marketing strategies have significantly impacted the performance of 名侦探柯南 (Detective Conan) [4][3]