公司将积木车确立为与积木人并立的两大核心战略品类之一，规划26年保持每月一弹的上新节奏，且其 毛利率水平亦形成积极贡献。积木人方面，核心IP运营持续深化，变形金刚系列实现了从9.9元至249元 全价位段的有效覆盖，奥特曼通过新规格SKU持续刺激需求。此外，公司全人群战略推进，预计2H25 成人向产品占比环比提升。 3、出海表现较好，美洲市场增长领先 1、26年拟聚焦重点品类，有望提质增效 回顾25年，公司围绕全人群、全价位、全球化战略探索业务边界。其中，9.9元下沉市场产品线表现较 优，但部分品类如女性向产品表现未达内部目标，一定程度分散资源并拖累利润表现。展望26年，公司 重心转向聚焦与确定性：产品端拟维稳上新节奏，提升单品的成功率；财务端伴随团队架构趋于成熟， 人员规模稳定，经营杠杆效应有望显现。此外该行预计公司将通过控制低毛利引流型产品占比，叠加规 模效应对开模等成本的摊薄，带动毛利率企稳回升。 2、积木车品类成功培育，有望驱动后续成长 智通财经APP获悉，中金发布研报称，考虑到布鲁可(00325)部分新品表现不及预期，下调25/26年经调 净利预测19%/17%至6.5/8.7亿元，首次引入27年经调 ...

评论 机构：中金公司 研究员：徐卓楠/王杰睿 公司近况 近期我们组织了公司调研，并与管理层就战略复盘及展望，新品类表现及出海进展等话题进行了深入沟 通。我们认为，公司25年通过大规模上新进行试错，26 年公司拟适度聚焦趋势品类，有望提升业绩达 成确定性，后续重点关注新品类及出海表现。 考虑到公司部分新品表现不及预期，下调25/26 年经调净利预测19%/17%至6.5/8.7 亿元，首次引入27 年 经调净利预测10.7 亿元，现价对应26/27 年18/15 倍经调P/E。维持跑赢行业评级，基于盈利预测调整及 市场风险偏好变化，下调目标价26%至100 港币，对应26/27 年26/20 倍经调P/E，较当前有40%上行空 间。 风险 竞争加剧，授权IP流失，新品不及预期。 1、26 年拟聚焦重点品类，有望提质增效。回顾25 年，公司围绕全人群、全价位、全球化战略探索业务 边界。其中，9.9 元下沉市场产品线表现较优，但部分品类如女性向产品表现未达内部目标，一定程度 分散资源并拖累利润表现。展望26 年，公司重心转向聚焦与确定性：产品端拟维稳上新节奏，提升单 品的成功率；财务端伴随团队架构趋于成熟，人员规模 ...

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.