Core Viewpoint - Guosen Securities maintains an "outperform" rating for Blucoco (00325), but has lowered the projected net profit for 2025-2027 due to the increased proportion of 9.9 yuan products potentially impacting gross margins and the ramp-up period for new IPs [1] Group 1: Financial Performance - The company has revised its net profit estimates for 2025, 2026, and 2027 to 8.05 billion, 11.38 billion, and 15.06 billion yuan, respectively, down from previous estimates of 10.31 billion, 14.67 billion, and 18.88 billion yuan [1] - The latest half-year performance shows total revenue of 13.38 billion yuan, representing a year-on-year increase of 27.9%, with revenue from 9.9 yuan products reaching 2.16 billion yuan [1] Group 2: Product Development and Market Strategy - The company plans to launch the "Hero Total Mobilization" Star Version 3rd product and the second product under the Sanrio IP "Kuromi" on September 12, which will enhance its product matrix and cater to diverse consumer needs [1] - As of the first half of the year, the company has commercialized 19 IPs, with the top four IPs contributing 83.1% of total revenue in the first half of 2025, compared to 92.3% from the top three IPs in the same period last year, indicating an increase in the contribution from diversified IPs [2]

Core Viewpoint - Guosen Securities maintains an "outperform" rating for Blucor (00325), but has lowered the projected net profit for 2025-2027 due to the increased proportion of 9.9 yuan products potentially impacting gross margins and the ramp-up period for new IPs [1] Group 1: Financial Performance - The company reported a total revenue of 1.338 billion yuan for the first half of the year, representing a year-on-year increase of 27.9% [1] - Revenue from the 9.9 yuan affordable products, including the Ultraman Star Edition, reached 216 million yuan [1] - The revised net profit projections for 2025, 2026, and 2027 are 805 million yuan, 1.138 billion yuan, and 1.506 billion yuan, respectively, down from previous estimates of 1.031 billion yuan, 1.467 billion yuan, and 1.888 billion yuan [1] Group 2: Product Development and IP Strategy - The company plans to launch the "Hero Total Mobilization" Star Edition product on September 12, along with the second wave of the Sanrio IP "Kuromi" products [1] - As of the first half of the year, the company has commercialized 19 IPs, with the top four IPs contributing 83.1% of total revenue in the first half of 2025, compared to 92.3% from the top three IPs in the same period last year [2] - The introduction of new products is aimed at enhancing the product matrix and meeting diverse consumer demands [1][2]