中國拼搭角色類玩具的領導者
憑藉角色拼搭玩具銷量增長，實現業績顯著增長。
2022至2024年Q1-Q3，公司營收分別為3.26/8.77/16.29億元，同比變化分別為-1.3%/169%/177%，顯示出強勁的收入增長。公司成功將主營業務從積木玩具轉型為角色拼搭玩具，2024年上半年角色拼搭玩具貢獻了98%的收入。毛利率從2022年的38%提升至2024年上半年的53%，經調整凈利率也由負轉正至28%，顯著提高了盈利能力。自有IP英雄無限毛利率高達62%，超過其他IP，展現了公司在自有IP運營管理上的能力。
盡享產業發展優勢
公司IP資源豐富。
公司已成功推出兩個自有IP，包括兒童益智類的百變布魯可和中國傳統文化主題的英雄無限，截至2024年6月30日，公司的百變布魯可及英雄無限動畫系列以推流或點擊方式累計播放量超過152億次，總粉絲量超過500萬，共有103款在售SKU。同時公司已從IP版權方或授權方獲得約50個知名IP的非獨家授權，包括奧特曼、變形金剛、火影忍者等，豐富的IP矩陣使公司能夠觸達多年齡段以及不同性別的全球消費者。
具備基於一體化研發和生產能力。
公司研發以使用者為核心、注重用戶反饋和用戶體驗，將消費者洞察貫穿產品設計到上市的全流程。受益於中國豐富、優質和高性價比的生產資源，公司嚴格篩選和管理生產方，與業內領先的第三方代工廠進行品類獨家的長期合作，打造了技術領先的專業生產拼搭角色類玩具的合作工廠體系。
實施以內容驅動的互聯網行銷策略，助力打造多渠道網路。
利用基於IP的拼搭角色類玩具的獨特特徵，公司採用內容驅動的互聯網營銷策略，使公司能夠有效地接觸並維持廣泛的消費者、粉絲及BFC群體，並收集對公司產品的反饋。公司使用多重傳播管道，如公司官方帳號及社交媒體平臺上的KOL、KOC、粉絲及BFC帳號。
公司的消費者可成為公司在各個電商平臺（如天貓、京東、抖音及拼多多）旗艦店的會員。截至2024年6月30日，公司整個電商旗艦店擁有超過880萬名粉絲。
朝陽行業加速成長
全球玩具市場從2019年的6312億元增長至2023年的7731億元，年均複合增長率為5.2%，預計到2028年將達到9937億元，年均復合增長率為5.1%，拼搭角色類玩具市場是全球玩具行業增速最快、極具發展前景的細分市場。
在全球拼搭角色類玩具市場中，2023年的數據顯示行業集中度較高，前兩大國際玩具品牌佔據了75.4%的市場份額。中國品牌布魯可位列第三，擁有約6%的全球市場佔有率。在中國市場，布魯可作為該領域的領軍企業，2023年GMV達到約18億元，以約30%的市佔率位居榜首，同增超過170%。
Aside from an extensive licensed-IP business, Bloks is building up its own IP business. As the Chinese market leader in assembly toy figures, it could gain market share by tapping its omnichannel advantages. We initiate coverage with a BUY call and target price range of HKD118-135.
The gist: BUY
·Licensed Ultraman toy maker molds a proprietary Chinese IP business
·Magic Blocks and Herospire IPs gaining mindshare in Chinese market
·Assembly figurines: fast-rising segment in a burgeoning global toy market
Newly-HK-listed Shanghai toymaker known for Ultraman molds own IP business
Profile:
Chinese toymaker Bloks, which debuted on HKEX earlier this month, has shown strong sales growth in recent years (details below). The Shanghai-based toymaker started out making building blocks and shifted its core business to assembly figurines, which contributed 98% of revenue in 24H1. Bloks, branded as Blokees, is known for licensed IPs Japan-franchise Ultraman and the US-franchise Transformers. Its proprietary IP collection called Herospire has been gaining ground and beat other IPs with gross margins as high as 62%, underscoring an ability to manage and run a proprietary IP portfolio.
Financials:
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Revenue trended at RMB326m/877m/1.63bn in 2022/23/24Q1-3, changing ‑1.3%/ 169%/177%.
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Gross margin rose from 38% in 2022 to 53% in 24H1, while adjusted net margin left negative territory to reach 28% on a sharp rise in profitability.
Magic Blocks and Herospire IPs make inroads into developing Chinese toy market
IP resources:
Bloks’ two proprietary IPs are a children’s educational game called Magic Blocks, and Herospire, its take on traditional Chinese themes. The Magic Blocks and Herospire animation series have amassed more than 15.2bn views in terms of streaming or clicks as of 30 June 2024, with more than 5m fans and 103 SKUs on sale. Bloks’ licensed-IP business covers over 50 famous IPs (Ultraman, Transformers, Naruto) under non-exclusive rights. In total, the market reach of its rich IP business matrix covers global consumers of both genders and varied ages.
Integrated R&D and production:
the company drives R&D through user feedback and user experience, and incorporates consumer insights into the entire process from product design to market launch. Benefiting from China’s abundant, quality and cost-effective production resources, Bloks conducts rigorous screening and manages its manufacturers to carry out long-term exclusive cooperation with leading third-party OEM factories in the industry. This creates a technologically advanced cooperative factory network specializing in the production of role-playing assembly toys.
Content marketing via multiple sources:
leveraging unique traits of IP characters’ assembly figurine toys, Bloks drives an online content marketing strategy to maximizes its outreach. It woos a diverse network comprising customers, fans and Blokees figure creators (BFC), from whom the company gathers feedback on its products. Its multiple communication channels include the company website, as well as key opinion leaders (KOL), key opinion consumers (KOC), fans and BFC accounts on social media platforms.
Membership:
users can opt for membership of Blokees flagship stores across ecommerce platforms like Tmall, JD.com, Douyin and Pinduoduo, which have more than 8.8m fans in total.
Assembly toy figurines are a fast-rising segment in a burgeoning global market
All toys:
The global toy market size grew from RMB631.2bn in 2019 to RMB773.1bn in 2023, a CAGR of 5.2%, according to statistics from Frost & Sullivan et al. It expects the market will reach RMB993.7bn by 2028E, which implies a CAGR of 5.1%. We believe IP character assembly toys are the fastest-growing segment within the industry and offers the most potential.
Assembly figures:
global market data as of 2023 shows assembly figures are a highly concentrated industry, with the top two toy brands together holding 75.4% of the market. Coming in third is Chinese brand Blokees with a 6% global share; Bloks saw GMV reach around RMB1.8bn in 2023, making it the top producer in China with a roughly 30% share, up more than 170% yoy.
