布鲁可 20250710 摘要 布鲁可是一家高速成长的拼搭角色类玩具领导者，成立于 2014 年， 2025 年推出女性向和成人向玩具，并开始海外布局，为未来业绩提升 打基础。公司股权结构集中，创始人周伟松持股 55%，上市后总股本接 近 90%全流通。 公司收入从 2021 年的 3 亿增长至 2025 年的预计 40 亿，2024 年净利 润 5.8 亿，净利率 26%，毛利率 53%，财务指标优秀。预计 2025 年 利润约为 10 亿元。 公司主要产品为拼搭角色类玩具，奥特曼 IP 占比接近一半。渠道方面， 从线上销售为主转向拓展线下经销渠道，目前主要市场仍集中在中国， 海外市场占比低，但东南亚市场占比提升。 全球玩具市场规模约 7,000 多亿人民币，增速约 5%；中国玩具市场规 模约 1,000 多亿人民币，增速预计达 10%左右。中国拼搭类玩具增速 预计达 20%左右，角色类玩具市场增速接近 20%。 全球拼搭角色类玩具市场由乐高和万代主导，合计市占率 75%。布鲁可 在全球市占率约为 6%，在中国市占率高达 30%，远超乐高和万代。公 司采取农村包围城市战略，以低价产品布局三四线及以下城市。 ...

Core Viewpoint - The company reported impressive financial results for 2024, with revenue reaching RMB 2.241 billion, a year-on-year increase of 155.6%, and a net profit of RMB -0.401 billion, up 94.59% year-on-year [1] Financial Performance - The company achieved a revenue of RMB 2.241 billion in 2024, reflecting a 155.6% increase compared to the previous year [2] - The net profit for 2024 was RMB -0.401 billion, which is a 94.59% increase year-on-year [1] Product and IP Focus - The company shifted its focus to character-building toys, with revenue from this segment reaching RMB 2.201 billion, a year-on-year increase of 186.22%, accounting for 98.2% of total revenue [2] - The four major IPs, Ultraman, Transformers, Hero Infinite, and Kamen Rider, contributed significantly to sales, with Ultraman generating RMB 1.096 billion (48.9% of total revenue) and showing a year-on-year growth of 96.83% [3] Sales Channels and Market Expansion - Offline sales through distributors accounted for the majority of revenue, with RMB 2.063 billion from offline channels, a 181.54% increase year-on-year, representing 93% of total revenue [3] - The domestic market saw revenue of RMB 2.177 billion, a 151.27% increase, while overseas revenue reached RMB 0.064 billion, a remarkable 518.16% increase year-on-year [3] Strategic Initiatives - The company introduced the concept of a "product ecosystem" at the global partner conference, emphasizing user needs and innovation in product development [4] - Plans for future growth include expanding product offerings to target female and adult consumers, deepening market penetration in lower-tier cities, and enhancing overseas market presence [4][5] Future Projections - Revenue projections for 2025-2027 are RMB 4 billion, RMB 6 billion, and RMB 7.8 billion, with year-on-year growth rates of 79%, 50%, and 30% respectively [5] - Expected net profits for the same period are RMB 0.95 billion, RMB 1.55 billion, and RMB 2.18 billion, with significant year-on-year growth rates [5]