海外市场持续发力，北美贡献较大增量 2025年上半年公司海外收入同比增长898.6%达1.11亿元，其中北美市场收入为4282万元，收入占比高达 38.6%。主要是公司西方IP产品（变形金刚）具备本土化吸引力，同时公司注重全渠道铺设，线下销售 渠道包括经销销售及委托销售，线上包括TikTok、Shopee、Lazard等。此外公司在海外社媒积极搭建品 牌营销矩阵，如在YouTube平台发布变形金刚IP相关定格动画内容，精准触达本土受众，目前频道粉丝 已破百万。考虑到海外市场广阔，且公司前期收入较低，海外市场有望成为新增长点。 华鑫证券发布研报称，考虑到中国潮玩行业仍处于上升通道，布鲁可(00325)作为拼搭积木人玩具的头 部企业，将充分受益于行业扩容，同时集团不断新增合作IP且节奏化推出新品，业绩稳步增长，维 持"买入"投资评级。 华鑫证券主要观点如下： 拼搭积木细分行业扩容，头部企业加速发展 兼具角色化与拼搭玩法的积木人玩具在玩具市场中成为新焦点，该品类是全球玩具市场增长最快的细分 类目：2019-2023年年均复合增长率高达20.5%，预计2023-2028年年均复合增长率将达到29.0%，2028年 全 ...

2025年10月12日，THE MONSTERS诞生十周年全球展览首站在上海正式开幕 ◎记者 罗茂林 2025年的最后两周，在上海徐汇区西岸梦中心，一场以"眼泪"为主题的展览吸引了无数年轻人驻足。主 角是来自泡泡玛特旗下的IP形象——眼泪汪汪的Crybaby。用主办方的话来说，这是一场围绕"哭泣与勇 气"的叙事。 不少投资人坦言，不理解为什么一个小玩具会这么火？而事实也是如此，泡泡玛特标榜的"潮流玩具"， 在很长一段时间都只是一个艺术圈的小众概念。 潮流玩具，无疑是这一消费心理变迁的见证者。 从风靡全球的LABUBU，到象征情绪稳定的"卡皮巴拉"，伴随情绪经济的风靡，一批IP受到年轻人追 捧，一批潮玩公司也站在了资本的聚光灯下。 潮玩产业迈向千亿元大关 2025年8月，港股泡泡玛特发布2025年上半年财报，彼时LABUBU正在全球范围内掀起一场热潮。财报 显示：在2024年高基数的背景下，2025年上半年泡泡玛特营收为138.8亿元，同比增长204.4%；经调整 净利润为47.1亿元，同比增长362.8%。董事长兼CEO王宁笑称："预计今年收入能达到300亿元。" 然而在2024年之前，外界对于这家"潮玩"公 ...

Group 1 - Tianfeng Securities maintains the profit forecast for Blokko, expecting net profits of 960 million, 1.48 billion, and 2.08 billion yuan for 2025-2027, with corresponding PE ratios of 50, 32, and 23 [1] - The company has launched 9 new products in May, indicating a strong growth momentum expected to continue into Q2 [1] - Blokko's global strategy has led to breakthroughs in Southeast Asia, Europe, North America, and Latin America, driven by innovation, diverse product offerings, and effective marketing [1][3] Group 2 - The launch of the Minions product line features 6 popular characters with 11 points of articulation, enhancing user interaction and brand image through a 5-month, 6-city tour [2] - Blokko showcased various global IPs at the CCXP Mexico event, reinforcing its commitment to deepening its presence in the Latin American market [3] - The BFC creation competition has gained significant traction, with nearly 8,000 events held across 120 cities, and a projected 20,000 events planned for 2025 [4]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [9][12]. Core Insights - The company is positioned as the largest player in China and the third largest globally in the building character toy market, with a strong IP matrix and a focus on high-quality, cost-effective products [8][16]. - The building character toy industry is experiencing rapid growth, with a projected CAGR of 41.3% in China from 2023 to 2028, significantly outpacing the overall toy industry growth [8][10]. - The company's revenue is expected to grow significantly, with forecasts of 39.19 billion, 54.97 billion, and 67.44 billion CNY for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 75%, 40%, and 23% [9][12]. Company Overview - The company, originally founded in 2014 as a children's educational technology firm, has transitioned to focus on building toys and character toys, launching its first character toy line in 2022 [16][17]. - The company has developed a robust IP portfolio with over 50 self-owned or licensed IPs, including popular franchises like Ultraman and Transformers [8][16]. Financial Analysis - The company has shown impressive revenue growth, achieving 22.41 billion CNY in 2024, a year-on-year increase of 155.6% [4][29]. - The adjusted net profit is projected to reach 9.95 billion CNY in 2025, with a staggering growth rate of 348% compared to the previous year [4][12]. - The gross margin has been steadily increasing, reaching 52.6% in 2024, driven by the strong performance of character toys [42][43]. Industry Insights - The global toy industry is expected to grow at a CAGR of over 5% from 2023 to 2028, with the character toy segment showing even higher growth potential [8][10]. - The competitive landscape is concentrated, with the company holding a 30.3% market share in China, leading over competitors like Bandai and LEGO [8][10]. Competitive Advantages - The company has established a comprehensive system that integrates product design, research, and production, allowing for efficient and high-quality product offerings [10][11]. - The marketing strategy focuses on content-driven engagement, leveraging social media and influencer partnerships to enhance brand visibility and consumer interaction [3][10].

本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 市场观点纷繁芜杂，光大研究荟萃本周重点报告，涵盖总量、行业、公司研究，为您筛选有价值的 声音。 每周六早8点，"研选"助您快速厘清投资"点线面"！ 公司研究 聚焦优质IP，打造强产品力拼搭角色类玩具——布鲁可（0325.HK）首次覆盖报告 公司从儿童教育领域成功转型切入拼搭角色类玩具赛道，2 2年正式推出拼搭角色类玩具（积木人） 以 及 自 有 IP" 英 雄 无 限 " ， 2 4 年 实 现 营 收 2 2 . 4 1 亿 元 ， 同 比 增 长 1 5 5 . 6% ， 拼 搭 玩 具 收 入 占 比 达 到 9 8 . 2%。公司规模效应不断凸显，2 1 - 2 4年公司整体毛利率从3 7 . 4%提升至5 2 . 6%，同时营销推广费 大幅下降，2 3年经调整净利润实 ...

Core Viewpoint - The article highlights the significant growth and market position of Blukoo, China's largest building block character toy company, emphasizing its successful transition into the building block character toy segment and the impressive revenue growth achieved in recent years [2][3]. Company Overview - Blukoo has successfully transitioned from the children's education sector to the building block character toy market, launching its building block character toys (block figures) and proprietary IP "Hero Infinite" in 2022. In 2024, the company achieved revenue of 22.41 billion RMB, a year-on-year increase of 155.6%, with building block toy revenue accounting for 98.2% of total revenue [2]. - The company's overall gross margin improved from 37.4% in 2021 to 52.6% in 2024, while marketing expenses significantly decreased. In 2023, the adjusted net profit turned from a loss to a profit, reaching 5.85 billion RMB in 2024, corresponding to an adjusted net profit margin of 26.1% [2]. Industry Insights - The building block character toy segment is the fastest-growing and most promising niche in the toy industry. The global market for character/building/block character toys experienced compound annual growth rates (CAGR) of 7.7%, 11.1%, and 20.5% from 2019 to 2023. In China, the CAGR for character/building/block character toys was 11.9%, 12.7%, and 49.6% during the same period [3]. - Blukoo maintains a strong market position, with a domestic market GMV of approximately 17 billion RMB in 2023, capturing a market share of 30.3%, ranking first in the industry. In the global market, its GMV reached about 18 billion RMB, with a market share of 6.3%, ranking third [3]. Growth Drivers - The growth of Blukoo is driven by a combination of IP strength, robust product offerings, and a primarily offline distribution network. The company has a relatively high concentration of IP, with two proprietary IPs and around 50 licensed IPs. The revenue contribution from the Ultraman IP is expected to decline, with projected sales of 10.96 billion RMB in 2024, a year-on-year increase of 96.8%, but its revenue share is expected to decrease by 14.6 percentage points to 48.9% [4]. - Blukoo has developed a diverse product portfolio with 682 SKUs by the end of 2024, targeting the 6 to 16 age group. The mainstream product price ranges from 9.9 RMB to 399 RMB, with popular products priced around 39 RMB. The company ensures product quality through strict selection and management of production partners, collaborating with leading third-party manufacturers [4]. - The offline distribution network is well-established, with 92.1% of revenue from offline distributors in 2024. The company collaborates with over 450 distributors, effectively covering all first- and second-tier cities and more than 80% of third-tier and below cities, penetrating deeper into the market [4].

引入了景林投资、UBS和富国基金三大基石投资者，累计认购5000万美元。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，Bloks Group Limited（布鲁可集团有限公司，以下简称"布鲁可"）计划于 2025年1月10日正式以"0325"为股票代码在港交所主板挂牌上市。 布鲁可计划在本次IPO中发行24,120,300股股份。其中，香港公开发售2,412,300股股份，国际发 售21,708,000股份。按每股55.65港元至60.35港元的招股区间计算，布鲁可的IPO市值预计介于 134.38亿港元至145.73亿港元。 值得注意的是， 根据交易平台数据，尚处招股过程中的 布鲁可 现已获得了超4 700 倍认购，远超2 024 年年末上市的毛戈平 （超800倍）。 在本次IPO 发行 中 ， 布鲁可引入了景林投资、UBS和富国基金三大基石投资者，累计认购5000万 美元——其中，景林投资和UBS分别认购2000万美元，富国基金及其全资附属公司累计认购1000 万美元。 当然，产品的背后则是IP矩阵——截至目前，布鲁可已成功推出2个自有IP ...