机构：中金公司 研究员：徐卓楠/王杰睿 1H25 业绩低于我们预期 公司公布1H25 业绩，营收实现13.4 亿元，同比增长27.9%，经调整净利润实现3.2 亿元，同比增长 10%，低于我们预期，主要受新品上新节奏及推广投放增加影响，关注下半年改善情况。 发展趋势 1、下沉市场及海外为主要拉动。1）分品类看，拼搭角色类玩具/积木玩具收入13.3/0.13 亿元，占比 99.1%/0.9%；报告期内共新推出273 个SKU至925 个，新SKU 收入占比达53.1%；拼搭角色类玩具量/价 同比分别+97%/-34%，平均单价降至12 元/件，主因低价格带产品销量提升（9.9 元产品销量4,860 万 盒，收入2.16 亿元，占总收入16.1%）；2）分IP 看，截至期末公司共计商业化19 个IP，前四大IP 产品 合计占营收83.1%（去年同期前三大IP 产品合计占92.3%），同时1H25 新签13 个IP；3）分区域看，中 国/海外收入12.3/1.1 亿元，同比增长18.5%/899%，海外业务取得较大拓展，其中亚洲/北美分别占比 51%/48%。 3、玩法创新不断，全人群拓展初见成效。公司1H25 为 ...

截至2025 年上半年，公司已将19 个IP 商业化，上半年公司签署了13 个新IP；共有925 个SKU 上市销 售，新推出273 个SKU，包括但不限于初音未来、小黄人、酷洛米、名侦探柯南、芝麻街、奥特曼、变 形金刚、漫威：无限传奇、宝可梦、火影忍者，新SKU 占总收入的53.1%。四大IP 产品收入占比均超过 总收入的10%，合计占比83.1%，24H1 前三大IP 产品的收入占比为92.3%。 分地区看，中国地区实现收入12.26 亿元，同比增长19%，海外实现收入1.11 亿元，同比增长899%，占 总收入从2024 年的3%提升至8%，其中美国和印尼是海外市场收入最高的两个国家。 分渠道看，线下经销销售12.12 亿元，同比增长27%，占比91%，占比保持稳定；线下委托销售0.18 亿 元，同比增长32%，占比1%；线上销售1.08 亿元，同比增长45%，占比8%，主要渠道包括天猫、京 东、抖音、拼多多、Tiktok、Shopee、Lazada，以及微信小程序BloksClub，线上销售的增长得益于销量 的增加，尤其是16 岁以上消费者的销售增加。 盈利能力：拼搭角色类玩具毛利率同比下降4.8pc ...

证券研究报告|港股公司点评报告 [Table_Title] 产品与 IP 矩阵多样化提升，期待下半年持续 推新 [Table_Title2] 布鲁可(0325.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 0325 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 193.3/81.0 | | 目标价格(港元)： | | 总市值(亿港元) | 292.87 | | 最新收盘价(港元)： | 117.5 | 自由流通市值(亿港元) | 292.87 | | | | 自由流通股数(百万) | 249.25 | [Table_Summary] 事件概述 公司发布 2025 年中期业绩公告，2025H1 公司实现收入 13.38 亿元，同比增长 27.9%，净利润 2.97 亿元，同比 由亏转盈，经调整净利润 3.20 亿元，同比增长 9.6%，经调整净利润率 23.9%，同比-4.0pct。 [Table_Date] 2025 年 08 月 25 日 ► 销售收入增长受益于销量增长和平价产品销售增长，海外 ...

证券研究报告 公司研究 [Table_ReportDate] 2025 年 8 月 24 日 [Table_S 事件：公司发布 ummary] 2025 年中报。布鲁可 25H1 实现营收 13.38 亿元 （yoy+27.9%），经调整净利润 3.20 亿元（yoy+9.6%），经调整净利率 23.9% （yoy-4pct）。25H1 毛利率为 48.4%（yoy-4.3pct），主要受模具折旧增加 （yoy+208%）及 9.9 元产品占比提升影响。 点评：国内发展稳健，海外业务高速增长。25H1 公司国内收入 12.27 亿元 （yoy+18.5%），海外收入 1.11 亿元（yoy+898.6%），占总收入比重提升至 8.3%（yoy+7.2pct），其中亚洲（不含中国）/北美/其他地区分别收入 0.57/0.43/0.11 亿元（yoy+652.5%/+2135.9%/+594.7%），美国与印尼成为 海外主力市场，我们预计 H2 海外市场扩张进一步加速。渠道拆分来看，经 销 / 委托销售 / 线 上 分 别 实 现 收 入 12.12/0.18/1.08 亿 元 （yoy+26.5%/+32.1% ...

期内收入同比增长，主要是由于拼搭角色类玩具的销量显著增加，从而带动拼搭角色类玩具的收入增 加。 布鲁可(00325)发布截至2025年6月30日止六个月业绩，收入13.38亿元(人民币，下同)，同比增长27.9%; 母公司拥有人应占利润2.965亿元，上年同期亏损2.58亿元;每股基本盈利1.22元。 ...

期内收入同比增长，主要是由于拼搭角色类玩具的销量显著增加，从而带动拼搭角色类玩具的收入增 加。 智通财经APP讯，布鲁可(00325)发布截至2025年6月30日止六个月业绩，收入13.38亿元(人民币，下 同)，同比增长27.9%;母公司拥有人应占利润2.965亿元，上年同期亏损2.58亿元;每股基本盈利1.22元。 ...

Summary of the Conference Call for Bluko Company Overview - Bluko is a rapidly growing leader in the building block character toy industry, established in 2014. [2][4] - The company is planning to launch female-oriented and adult-oriented toys in 2025 and is expanding its overseas presence. [2][4] Financial Performance - Revenue increased from 300 million RMB in 2021 to an expected 4 billion RMB in 2025, with a projected net profit of 1 billion RMB. [2][29] - The net profit for 2024 is estimated at 580 million RMB, with a net profit margin of 26% and a gross profit margin of 53%. [2][7] - The company has shown strong financial indicators, ranking just below Moutai and Dongpeng in the consumer goods sector. [7] Market Position - Bluko's main products are building block character toys, with Ultraman IP accounting for nearly half of its sales. [2][8] - The global toy market is valued at over 700 billion RMB, growing at approximately 5%, while the Chinese toy market is around 100 billion RMB with an expected growth rate of 10%. [10] - The building block toy segment in China is projected to grow at 20%, with character toys also expected to see similar growth. [10][11] Competitive Landscape - The global building block character toy market is dominated by LEGO and Bandai, which together hold a 75% market share. [12] - Bluko has a market share of about 6% globally and 30% in China, significantly outperforming LEGO and Bandai in the Chinese market. [12][13] Strategic Initiatives - The company employs a "rural encirclement of cities" strategy, focusing on low-priced products to penetrate lower-tier cities. [14][13] - Bluko has implemented a three-pronged strategy: targeting all demographics (including female and adult products), offering a full price range, and pursuing globalization. [21][25] Product Development and Sales - Bluko has a rapid product development cycle of 6-7 months, faster than the industry average of one year. [22] - The company has established a robust sales network with 150,000 offline outlets covering 80% of China, aiming to reach 300,000 by 2025. [22][18] Future Outlook - The company anticipates strong growth in 2025, with revenue projected at 4 billion RMB and profit at 1 billion RMB. [29] - Bluko is focusing on expanding its IP portfolio and enhancing consumer interaction through a BFC mechanism, which has resulted in over 12 million global members and a 20% repurchase rate. [20][21] Additional Insights - The company is actively exploring overseas markets, particularly in Southeast Asia and Latin America, with plans to enhance brand awareness through participation in toy exhibitions. [24][26] - The competitive landscape is characterized by a mix of high-end and low-end strategies, with Bluko focusing on affordability and accessibility. [14][17] This summary encapsulates the key points from the conference call regarding Bluko's business strategy, financial performance, market position, and future growth prospects.

Core Insights - The Chinese潮玩 (trendy toy) industry is experiencing an IPO boom, with companies like Pop Mart leading the way, having seen significant stock price increases since their listings [1][3] - The market is gradually accepting潮玩 as a new consumption model, with capital increasingly favoring IP toy companies [3] - The future success of these companies will depend on their ability to create real value through IP development and operational strategies [3] Company Summaries - **Pop Mart**: - Successfully listed on the Hong Kong Stock Exchange in December 2020 at a price of 38.5 HKD, with a current stock price of 266.8 HKD as of July 9, 2025, representing a sixfold increase and a market capitalization of 354.268 billion HKD [1] - By 2024, Pop Mart had seven IPs generating over 100 million RMB in revenue, with self-owned IPs accounting for over 70% of its income, establishing a complete business loop from IP incubation to product design and sales [5] - **Blokus**: - Launched with a stock price increase of 81.61% on its first day, achieving a market capitalization of over 26.5 billion HKD [3] - Focuses on building block toys, with 30.3% of its products being proprietary, but relies on non-exclusive licensed IPs, which poses stability risks [6] - Recognizing its IP limitations, Blokus is gradually developing its own IPs [6] - **52TOYS**: - As of 2024, 52TOYS had 35 self-owned IPs and 80 licensed IPs, with sales from self-owned IPs contributing 24.5% of total revenue, while licensed IPs accounted for 64.5% [8] - The company is heavily reliant on licensed IPs, with sales from these IPs increasing significantly over the years [9] Market Trends - The潮玩 industry is shifting from being overlooked to becoming a major focus for capital investment, indicating a potential "stronger getting stronger" trend as more companies enter the market [11] - Companies are expanding their overseas presence, with Pop Mart's international business contributing 5.07 billion RMB in revenue in 2024, a 375% increase year-on-year, accounting for 38.9% of total revenue [10] - Blokus's overseas sales surged from 104 million RMB in 2023 to 642 million RMB in 2024, marking a 518% increase [10] - 52TOYS's overseas revenue grew from 35.4 million RMB in 2022 to 147.4 million RMB in 2024, with significant growth in markets like Japan and Thailand [10] Financial Performance - Pop Mart's total revenue for 2024 reached 630.13 million RMB, with a gross profit margin of 39.99% [11] - The company has seen a consistent increase in revenue and a decrease in the proportion of sales and marketing expenses over the years [11] - Despite the growth, Pop Mart reported a net loss of 121.514 million RMB in 2024, indicating challenges in profitability [11]

Group 1 - The report emphasizes the importance of grasping the layout rhythm of new consumption sectors while paying attention to structural opportunities in traditional light industry, as the valuation of traditional light industry is at historical lows [2][8] - The new consumption sector is expected to lead the market in H1 2025, with a focus on new tobacco and trendy toys, while traditional light industry should be gradually increased in H2 2025 [2][12] - The report suggests that the new tobacco market is set for expansion due to the increasing global penetration rate and the easing impact of illegal products on the market [2][29] Group 2 - The paper highlights the structural opportunities in the paper and packaging sector, recommending a focus on companies with stable positions and high dividends, as well as those benefiting from industry consolidation [2][6] - The two-wheeler sector is expected to see improved market conditions due to new national standards and policies promoting trade-in programs, making it a favorable investment area [2][6] - The domestic home goods sector is projected to benefit from trade-in policies and resilient demand in the second-hand housing market, with a focus on companies with strong retail capabilities [2][6] Group 3 - The report indicates that the export sector is facing mixed risks and opportunities, with a recommendation to focus on companies with unique advantages or those showing marginal improvements [2][6] - The analysis of the new consumption sector identifies key areas such as light consumer goods, AI glasses, and pet food, with a focus on companies that can innovate and differentiate their products [2][12] - The report provides a detailed comparison of various segments within the new consumption sector, highlighting their market penetration rates and competitive dynamics [14][20]

Company Overview - The company, established in 2014, focuses on building block character toys, with Ultraman as its core licensed IP, and is continuously expanding its IP product matrix [1] - The company has a stable shareholding structure with a high proportion of shares held by the founder, and the management team is experienced and stable due to deep equity incentives [1] - The company is experiencing rapid revenue growth and has entered an upward trajectory in profitability [1] Industry Insights - The "Guzi Economy," which refers to the secondary economy surrounding two-dimensional culture, is thriving, driven by the demand for emotional consumption and the expansion of quality IPs [1] - The building block character toy market has seen significant growth, with the market size increasing from 13.2 billion to 27.8 billion from 2019 to 2023, representing a compound annual growth rate of 20.5% [1] - The building block character toy sector is highly concentrated, with the company ranked first in China and third globally [1] Core Competitiveness - The company has a rich IP matrix, significant supply chain scale effects, and excellent channel marketing capabilities [2] - The company enhances the building block system by integrating the advantages of character toys and building block gameplay, providing new choices for consumers [2] - The product design, research and development, and production systems are standardized, with high interchangeability of components [2] - The company is expanding its offline presence while leveraging online content marketing to enhance brand influence through the BFC event system [2] Investment Outlook - The company is expected to achieve significant growth in net profit from 1.188 billion to 2.663 billion from 2025 to 2027, with year-on-year growth rates of 396.2%, 61.0%, and 39.3% respectively [2] - The company is rated as "Buy" due to its leading position in the market, rich IP matrix, rapid SKU iteration, and efficient channel management [2]