证券研究报告 | 首次覆盖报告 gszqdatemark 2025 06 19 年 月 日 布鲁可（00325.HK） 拼搭角色玩具龙头，用户象限拓展可期 ➢ 公司概况：拼搭角色玩具龙头，成长性充足。 公司成立于 2014 年，以拼搭角色类玩具为主，奥特曼为公司最为核心的 授权 IP，同时不断扩充 IP 产品矩阵，通过线下经销渠道覆盖国内市场， 低基数下海外增速更快。公司的股权架构稳定，创始人持股比例较高。股 权激励深度绑定公司核心高管，管理层团队稳定，经验丰富。公司营收高 速增长，盈利能力步入上升通道。 ➢ 行业：谷子经济乘风而起，成长空间广阔。 谷子经济，即二次元文化周边经济，指围绕动漫、游戏、漫画等 IP 衍生的 商品及其市场体系。在新消费蓬勃发展的产业趋势下，具备口红效应+社 交货币属性的谷子精准满足情绪消费需求，供给端优质 IP 增加+渠道扩张 助力谷子进入大众视野。 从细分市场来看，拼搭角色类玩具引领行业发展。在全球市场，2019 至 2023 年拼搭角色类玩具市场规模从 132 亿元增长至 278 亿元，年均复合 增长率为 20.5%。拼搭角色类玩具赛道行业集中度高，布鲁可国内排名第 一，全球排 ...

弘则研究-头部积木人品牌近况调研-反馈 20250613 摘要 布鲁可品牌 2025 年主要增长策略包括：渠道及下沉市场网点拓展、新 品带来的消费人群扩展以及出海战略。这些策略在二季度五一及六一期 间取得较好销量和动销表现。 公司将持续跟踪 6 月份及暑期核心时间节点的发展动态，这些时间段的 销售数据对全年业绩至关重要，可能影响股票交易策略。 数比例。在女性向方面，目前已推出宝可梦、小黄人、柯南等 IP，但表现不如 成人向。宝可梦第二弹产品反馈好于第一弹，名侦探柯南因营销策略问题影响 较大。后续储备有三丽鸥及搭载换装玩法的新产品品类。 布鲁可品牌下半年有哪些新品计划？ 奥特曼 IP 销售占比维持在 40%-50%，变形金刚稳定在 20%左右，假 面骑士和英雄无限各占约 10%。奥特曼通过系列产品延续生命周期，预 计今年推出第 14-17 弹，并储备高端手办。变形金刚星辰版定价 9.9 元， 设计提升复购率。英雄无限上新速度快于其他 IP。 布鲁可通过新 IP 和产品拓展客群，成人向产品如初音未来和 EVA 定价 169 元，表现较好，一季度及四五月份销售占比达大个位数。初音未来 2 号机售罄。女性向产品如宝可 ...

Core Viewpoint - The surge in Bubble Mart's stock price, driven by the popularity of its IP LABUBU, has significantly boosted the Hong Kong IP concept sector, with various related companies experiencing notable stock price increases [1][2][4]. Group 1: Bubble Mart Performance - Bubble Mart's stock has seen a cumulative increase of over 2.05 times since the beginning of the year, reaching a market value of 366.1 billion HKD [2]. - The sales of LABUBU's THE MONSTERS series toys skyrocketed from 368 million CNY in 2023 to 3 billion CNY in 2024, indicating strong consumer demand [2]. - The company has adopted a limited sales strategy, leading to long queues outside its stores, further enhancing its market presence [2]. Group 2: Analyst Ratings - Major investment banks have maintained positive ratings for Bubble Mart, with Citigroup raising its target price from 162 HKD to 308 HKD, reflecting confidence in the company's growth potential [3]. - Morgan Stanley and Credit Lyonnais have also increased their target prices for Bubble Mart, indicating a bullish outlook on its IP strategy and product launches [3]. Group 3: Related Companies - Derlin International, rumored to be a manufacturer for Bubble Mart, has seen its stock price rise by over 1.22 times this year, driven by market speculation about its association with Bubble Mart [3]. - Other companies in the IP concept sector, such as Blokku and Alibaba Pictures, have also experienced significant stock price movements, with Blokku's stock rising by 22.34% after being included in the Hong Kong Stock Connect [4][5]. Group 4: Market Expansion - New entrants like Lezi Tiancheng are expected to join the IP concept sector, having submitted their IPO application to the Hong Kong Stock Exchange, which could further invigorate the market [6]. - Miniso is evaluating a potential spin-off of its toy brand TOP TOY, which has secured licenses for popular IPs like Ultraman and My Little Pony, potentially enhancing its market position [6]. - Card Game Company, focusing on card games and anime IP derivatives, reported a revenue of 10.057 billion CNY in 2024, marking a 277.78% year-on-year increase, showcasing strong growth in the sector [7].

弘则研究 - 头部积木人品牌近况调研 20250612 摘要 奥特曼 IP 热度回落，一季度市场占比降至 40%-50%，新品上市后销量 有所提升。布鲁可专注原创和专业化推广，在拼搭类赛道保持领先地位， 但需关注万代等竞争对手在奥特曼品类的竞争。 变形金刚销量占比约为 20%，目标是今年达到 28%-31%，总销售额 10 亿元。五月新推出的两弹产品动销表现良好，9.9 元大力神款式在高 线城市受欢迎，但需关注低价产品对品牌形象的影响。 英雄无限一季度销售额波动较大，三月达 0.6 亿元，占比 18%，但四月 降至 0.4 亿元。今年目标 20 亿元，需快速更新 SKU，但目前投入与产 出不成正比。 假面骑士作为新 IP，去年销售额 2 亿元，但排名靠后，客户群与奥特曼 重合。3 月和 4 月销售额分别为 0.1 亿元和 0.3 亿元，预计 5 月不会超 过 0.3 亿元，市场表现低于预期。 EVA 和初音未来等 IP 在终端断货情况下，月销售额均超千万元，接近整 体销量的 10%。五月 EVA 新出的 2 号机未在关键 KA 渠道出现，主要受 产能限制，供应链问题亟待解决。 Q&A 今年奥特曼的销售目标是多 ...

2025 年 4 月和 5 月布鲁可的销量情况如何？ 弘则研究- 头部积木人品牌近况调研 20250611 摘要 布鲁可 2025 年第二季度销售额略超 6 亿元，较去年同期显著增长，主 要得益于零售网点增加和经销商分销加速。四五月份奥特曼系列占比 50%-55%，变形金刚占比 15%-20%，柯南和假面骑士各占 8%- 10%，原创系列也占 8%-10%。 奥特曼系列占比内部数据显示下降约 10%，公司目标逐步降低对其依赖， 通过其他 IP 平衡业务结构。奥特曼系列价格带未来有拔高趋势，或将推 出售价 499-1,299 元的手办款。 第 14 档新品市场表现好于预期，与第 12、13 档相比表现较好。一代 产品黄金生命周期约为三个月，通常六个月以上停止生产和下架，主要 针对盲盒类产品。 变形金刚系列 5 月新产品销量占比维持在公司内部 20%左右，公司希望 各 IP 合理化发展，预计年底控制在 25%以内。9.9 元低价位产品因终端 接受度较低，销售占比不足 2%。 名侦探柯南系列受舆情影响，动销率低于预期，新品推出可能延迟。三 丽鸥 IP 预计 7 月中下旬发布女性向产品。王者荣耀授权 IP 有望在下半 ...

在"全人群、全价位、全球化"策略引领下，布鲁可凭借创新研发实力、丰富多元的产品矩阵、精准的营 销策略、BFC品牌文化的全球渗透，已在东南亚、欧洲、北美、拉美等全球市场实现多点突破。此次亮 相CCXPMéxico2025，该行认为布鲁可将进一步深耕拉美市场，以优质产品和独特品牌文化，为全球更 多玩家带来精彩的拼搭体验，传递拼的快乐。 BFC创作赛席卷全国，社区活力与粘性显著增强 6月初公司首发小黄人萌酷版(萌变庆典)，集结最受欢迎的国王鲍勃、酷爱摇滚的士兵斯图尔特、成熟 稳重的高尔夫提姆、聪明调皮的骑士戴夫、爱打扮的女仆菲尔与机智勇敢的原始人凯文6大人气角色， 精准还原小黄人动画中的体型特征与经典造型形象，全面展现角色各自鲜明的个性与魅力。在可动性 上，实现全身11处可动设计，支持多种姿势展示与配件抓握，带来高度还原的互动体验。 在还原角色形象的基础上，布鲁可同时增加"换装"等互动玩法，并内置可爱骷髅架提升产品结构创新 性;此外，布鲁可小黄人同步开启5个月6城巡展，同步设置BFC作品展示区，通过增强用户运营提升品 牌形象。 全球布局深化，携众多IP亮相拉美文化盛会 公司全球化战略持续推进，5月30日公司亮相CC ...

根据公司官方公众号，布鲁可5月上新9款产品，包括柯南、英雄无限、变形金刚(传奇版、群星版第7 弹、星辰版第3弹)、奥特曼(传奇版)、超级战队、英雄总动员(星辰版第2弹)、宝可梦(经典版s)。公司新 品密集推出及迭代，该行预计Q2有望延续可观增长。 小黄人新品亮相，互动玩法与巡展助力用户运营及品牌形象提升 6月初公司首发小黄人萌酷版(萌变庆典)，集结最受欢迎的国王鲍勃、酷爱摇滚的士兵斯图尔特、成熟 稳重的高尔夫提姆、聪明调皮的骑士戴夫、爱打扮的女仆菲尔与机智勇敢的原始人凯文6大人气角色， 精准还原小黄人动画中的体型特征与经典造型形象，全面展现角色各自鲜明的个性与魅力。在可动性 上，实现全身11处可动设计，支持多种姿势展示与配件抓握，带来高度还原的互动体验。 智通财经APP获悉，天风证券发布研报称，维持布鲁可(00325)盈利预测，维持"买入"评级。该行预计公 司25-27年归母净利9.6亿元、14.8亿元、20.8亿元;PE分别为50/32/23。在"全人群、全价位、全球化"策略 引领下，布鲁可凭借创新研发实力、丰富多元的产品矩阵、精准的营销策略、BFC品牌文化的全球渗 透，已在东南亚、欧洲、北美、拉美等全球市 ...

Core Viewpoint - Huaxi Securities initiates coverage on Blukoo (00325) with a "Buy" rating, highlighting the company's rapid market capture through pricing strategy and frequent product launches, alongside long-term growth potential from IP development and overseas market expansion [1] Company Overview - Blukoo is the largest building block character toy manufacturer in China, achieving explosive growth through product transformation and channel expansion [2] - In 2023, Blukoo's GMV reached approximately 1.8 billion yuan, capturing 30.3% of the Chinese building block character toy market and 7.4% of the overall building block toy market [2] - The company is projected to have a revenue CAGR of 89% from 2021 to 2024, with expected revenue of 2.24 billion yuan in 2024 and a gross margin of 52.9% [2] - The core revenue driver is building block character toys, which account for 98.2% of total revenue, with major IPs like Ultraman, Transformers, and Hero Infinite contributing over 90% of gross profit [2] Industry Opportunities - The Chinese building block character toy market is expected to grow at a CAGR of 41.3% from 2023 to 2028, with the market size projected to exceed 32.5 billion yuan by 2028 [2] - The share of building block character toys within the overall character toy market in China is anticipated to increase from 14.3% in 2023 to 35.6% in 2028 [2] Competitive Landscape - The domestic building block character toy market is highly concentrated, with the top five companies holding a combined market share of 77% in 2023, while Blukoo leads with a 30.3% share [3] - Globally, the market is dominated by Bandai (39.5%) and LEGO (35.9%), presenting challenges for local companies to overcome technical and IP barriers [3] Competitive Advantages - Blukoo's success with the Ultraman IP demonstrates its ability to replicate core advantages across other IPs [4] - The company's growth strategy is supported by a combination of high cost-performance, deep IP operations, technical patents, channel penetration, and user co-creation [4] - Blukoo has established an IP matrix with over 50 popular licensed IPs and its own IP "Hero Infinite," achieving broad age group coverage [4] - The company boasts over 500 patents that support a standardized parts system, reducing new product development cycles to 6-7 months, compared to the industry average of 10-12 months [4] - The distribution network includes 511 dealers covering second-tier cities and over 80% of third-tier and below cities, with offline revenue expected to account for 92% in 2024 [4] Financial Projections - Revenue projections for 2025-2027 are 3.907 billion, 5.606 billion, and 7.403 billion yuan, representing year-on-year growth rates of 74%, 43%, and 32% respectively [5] - Net profit attributable to the parent company is expected to be 963 million, 1.468 billion, and 1.986 billion yuan for the same years, with growth rates of 340%, 52%, and 35% respectively [5] - EPS estimates for 2025-2027 are 3.87, 5.89, and 7.97 yuan, with corresponding PE ratios of 39.2, 25.7, and 19.0 based on the latest stock price [5]

证券研究报告|港股公司深度研究报告 [Table_Date] 2025 年 06 月 04 日 [Table_Title] 中国拼搭角色类玩具龙头，IP+渠道双轮驱动 [Table_Title2] 布鲁可(0325.HK)深度报告 [Table_Summary] 核心观点: ► 布鲁可作为中国第一大拼搭角色类玩具商，凭借 产品转型与渠道扩张实现爆发式增长： 根据弗若斯特沙利文数据，2023 年公司实现 GMV 约 18 亿元， 按 GMV 计算，布鲁可在中国拼搭角色类玩具市场及中国拼搭类 玩具市场的份额分别为 30.3%及 7.4%。2021-2024 年公司收入 CAGR 为 89%，24 年为 22.4 亿元，毛利率 52.9%。核心驱动为 拼搭角色类玩具（占收入 98.2%），其中奥特曼、变形金刚、英 雄无限三大 IP 贡献超 90%毛利，盲盒产品收入占比升至 63% （2023 年），驱动规模跃升。 ► 行业机遇：中国拼搭角色玩具市场 CAGR 预计 41.3%（2023-2028 年）。 中国拼搭角色类玩具市场正处高速增长期，2023-2028 年预 计CAGR达41.3%（弗若斯特沙利文），202 ...

Investment Rating - The report initiates a "Buy" investment rating for the company [10] Core Insights - The company leverages IP to expand its role-playing toy market, focusing on the female user demographic [5][6] - The company has established a strong brand recognition at a low cost, aided by the legacy of LEGO [5] - The dual strategy of utilizing licensed IP and proprietary IP has positioned the company as a leader in the building block industry [6] - The company plans to launch 800 new SKUs in 2025, with a strong emphasis on role-playing toys and expanding its female product offerings [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 39.6 billion, 55.9 billion, and 72.8 billion respectively, with corresponding net profits of 11.01 billion, 15.08 billion, and 20.41 billion [10][12] - The company is expected to achieve an EPS of 4.42, 6.05, and 8.19 for the years 2025, 2026, and 2027 respectively, with a current PE ratio of 28.34, 20.69, and 15.28 for the same years [10][12]