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 ...

机构：国盛证券 研究员：徐程颖/陈思琪 事件：公司发布2025 年半年报。公司2025H1 实现营业总收入13.38 亿元，同比增长27.89%；实现归母 净利润2.97 亿元，同比大幅扭亏；经调整期间净利润3.2 亿元，同比增加9.6%。 中国市场增长稳健，加速海外扩张。分区域：中国、亚洲（除中国）、北美、其他收入分别同比增长 19%、652%、2136%、595%，公司加快国际市场拓展；分品类：拼搭玩具占比99.1%，积木玩具占比 0.9%。 扩充客群及性价比产品，IP持I续P拓情展况。：截至 25H1，公司共有 19个 IP，925 个 sku；上半年13 新个签署IP，新推出 273 个 sku。前四大IP 各自收入占比超10%，合计占比83.1%，去年同期前三大IP 占比92.3%。客群：16 岁以上年龄段产品收入占比14.8%，同比增长4.4pct；6-16 岁年龄段产品仍为主要 收入来源，占总收入的82.6%。价格：9.9 元产品收入215.5 百万元（去年同期无此类产品），销量48.6 百万盒。 盈利能力波动较大。毛利率：2025H1 公司毛利率同比-5pct 至48%。主要系1）产品结构变化 ...

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 | 半年报点评 gszqdatemark 2025 08 25 年 月 日 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | 限拓展可期》 2025-06-19 | | --- | --- | --- | --- | --- | --- | --- | | 营业收入(百万人民币) | 877 | 2,241 | 2,801 | 4,202 | 5,462 | | | 增长率 yoy（%） | 169.3 | 155.6 | 25.0 | 50.0 | 30.0 | | | 归母净利润(百万人民币) | -206 | -401 | 700 | 1,109 | 1,519 | | | 增长率 yoy（%） | 50.9 | -94.6 | 274.5 | 58.4 | 37.0 | | | EPS 最新摊薄（元/股） | -0.83 | -1.61 | 2.81 | 4.45 | 6.09 | | | 净资产收益率（%） | 12.8 | 25.1 | -77.9 | 523.5 | 87.7 | | | P/E（倍） | -142.1 | -73.0 ...

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% ...

Core Viewpoint - The article discusses the impact of the recent suspension of tariffs between China and the U.S. on the foreign trade industry, highlighting the uncertainty and adjustments made by businesses in response to changing trade policies [5][11]. Group 1: Tariff Suspension and Its Effects - On August 12, a 90-day suspension of a 24% tariff was announced, while a remaining 10% tariff and an additional 20% tariff on certain products remain in effect, resulting in a total of 30% tariffs on Chinese exports to the U.S. [5][11]. - The initial announcement of "reciprocal tariffs" in April caused significant disruptions in trade, with tariffs on some products exceeding 100%, leading many businesses to halt production [5][11]. Group 2: Changes in Business Operations - August is typically a busy season for foreign trade operators, but this year, many businesses are ending their busy season earlier due to the uncertainty surrounding tariffs [15][19]. - Companies have reported an increase in workload, with some factories experiencing a 20% increase in production to meet urgent orders before the tariff deadline [19][20]. Group 3: Market Dynamics and Trade Behavior - Despite a brief surge in shipping demand, the overall shipping rates did not rise as expected, indicating a cautious approach from both suppliers and buyers [22][24]. - Many Chinese suppliers are opting for smaller, more frequent shipments to manage risks associated with tariffs, reflecting a shift in trade behavior [25][26]. Group 4: Consumer Demand and Product Strategy - There is a noticeable shift in consumer demand towards lower-priced products, as higher tariffs have led to increased prices for goods [26][27]. - Companies are focusing on product innovation and cost reduction strategies to remain competitive, with some exploring new markets outside the U.S. [31][32]. Group 5: Future Outlook and Strategic Adjustments - The uncertainty surrounding tariffs has led companies to adopt a wait-and-see approach, with many choosing to maintain current operations rather than aggressively pursuing new markets [30][32]. - Platforms like TikTok Shop and Temu are expanding in Europe while facing declines in the U.S., indicating a potential shift in market focus for e-commerce businesses [32].

Core Points - Recent scams have emerged in online shopping, where fraudsters intentionally send incorrect items and lure victims into fraudulent tasks under the guise of customer service [1][2] - The scams involve fake customer service interactions that lead victims to private chats, where they are promised refunds and rewards for completing tasks [1][2] - The number of reported scams has increased, with many fraudulent shops operating under personal business licenses, selling various low-cost items [2] Summary by Sections Fraudulent Practices - Scammers send incorrect products to customers, then entice them to engage in tasks for refunds or rewards [1][2] - Victims are often led to believe they can earn money or receive compensation by completing simple tasks, such as watching short videos [1] Victim Experiences - One victim, Mr. Li, was tricked into transferring thousands of yuan after being promised refunds and earnings through task completion [1] - Another victim, Ms. Wang, was lured into investing in a fake gold investment scheme after being promised high returns for her initial investment [2] Police Warnings - Authorities have noted a rapid increase in reported scams across various online shopping and social platforms [2] - Consumers are advised to avoid engaging with customer service outside official platforms and to be wary of any requests for upfront payments or task completion for refunds [2]

Group 1 - A new type of online shopping scam has emerged, where fraudsters set up online stores to deliberately send incorrect or low-quality products, luring consumers into private transactions under the guise of "after-sales compensation" [1][2] - The number of reported cases of this scam is rapidly increasing, prompting police to warn consumers to remain vigilant [1] - Scammers often use tactics such as enticing consumers with small refunds or commissions initially, only to later demand larger sums under various pretexts, leading to significant financial losses [1][2] Group 2 - Fraudsters typically operate by registering as individual businesses on platforms like Douyin, Kuaishou, and Taobao, selling everyday items and intentionally sending wrong or inferior products to provoke complaints [2] - The scams follow a clear pattern: after receiving complaints, they guide consumers to private communication channels, where they employ both enticing offers and threats to extract money [2] - Police emphasize that legitimate businesses will never require consumers to transfer money, perform tasks, or download unfamiliar software for after-sales service [2][3] Group 3 - Authorities are calling for e-commerce and social media platforms to enhance store monitoring and prominently display anti-fraud warnings in customer service interfaces [3] - Consumers are advised to report suspected scams immediately by calling the police [3]

Core Viewpoint - Recent reports indicate a rise in online shopping scams where fraudsters exploit after-sales service as a means to lure victims into financial traps [1][2][3] Group 1: Scam Techniques - Fraudsters intentionally send incorrect or low-quality products to customers, prompting them to contact customer service, which leads to a scam under the guise of after-sales compensation [1][2] - Victims are often directed to scan QR codes or add customer service representatives on private messaging platforms, allowing scammers to evade platform oversight [2][3] - Scammers use various tactics, including promising refunds, additional compensation for positive reviews, and investment opportunities, to manipulate victims into transferring money [2][3] Group 2: Victim Experiences - One victim, Mr. Li, was lured into a scam after receiving the wrong product and was promised compensation through a series of tasks, ultimately losing tens of thousands of yuan [1] - Another victim, Ms. Wang, was convinced to invest in a fraudulent scheme after being promised high returns, resulting in a loss of 50,000 yuan [2] - A third victim, Ms. Zhang, faced threats of legal action and family repercussions, which pressured her into transferring a significant amount of money to the scammers [3] Group 3: Law Enforcement Response - Beijing police have identified a surge in fraudulent online shops across various platforms, with a wide range of products being sold [3] - Authorities emphasize that legitimate businesses will never require customers to transfer money or perform tasks for after-sales service [3][4] - Police urge social media and e-commerce platforms to enhance monitoring and provide clear warnings to consumers about potential scams [4]