Group 1 - MSCI announced its quarterly index adjustments for February 2026, effective after the market close on February 27 [2][3] - The MSCI Global Small Cap Index will include 21 new stocks from the China region, such as Anjuke Food (603345), AutoHome (ATHM.US), and Baiaosaitu (02315) [2][3] - The adjustments also include the addition of stocks from Hong Kong, such as Champion REIT (02778) and Longjiang Life Science Technology (00755) [3][4] Group 2 - Stocks removed from the MSCI Global Small Cap Index include Yasheng Service (03319), BOE Technology Group (00710), and Chaince Digital (CD.US) [2][3] - In Hong Kong, stocks like Cafe de Coral (00341) and SuperX AI (SUPX.US) were also removed from the index [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 布魯可集團有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00325 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | | 0.0001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 500,000,000 | USD | | 0.0001 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 5 ...

Core Viewpoint - The article discusses the rise of the "Guzi Economy" in China, particularly focusing on the booming market for collectible toys and related IP products, highlighting the importance of IP in driving growth and competition in this sector [5][7][19]. Group 1: Market Overview - The "Guzi Economy" refers to the market for IP-related products, including toys, comics, and games, which has gained significant traction among young consumers, largely unaffected by macroeconomic conditions [7][19]. - The market size for the Guzi Economy is projected to grow from approximately 1.7 trillion yuan in 2024 to over 2.4 trillion yuan in 2025, and is expected to exceed 3 trillion yuan by 2027 [13][19]. - The number of active users in the broader two-dimensional market is expected to surpass 350 million by 2025, with over 12 million consumers specifically interested in Guzi products [13][19]. Group 2: Key Players and IPOs - Several companies are preparing for IPOs in the Guzi Economy, including 52TOYS, which is closely modeled after Pop Mart, and has received strategic investment from Wanda Film [8][10]. - Other notable companies include Copper Master, which has received investment from Lei Jun, and TOP TOY, a brand spun off from Miniso, which is also pursuing an IPO [10][11]. - The rapid pace of IPOs reflects the growing interest and investment in the Guzi Economy, with companies like 52TOYS and Suplay aiming to capture market share in the collectible toy segment [10][11]. Group 3: Importance of IP - The core of the competitive landscape in the Guzi Economy is the ownership and development of IP, which is essential for driving sales and brand loyalty [19][25]. - Companies like Pop Mart and Card Game have successfully leveraged popular IPs such as Ultraman and My Little Pony to fuel their growth, while also developing their own IPs [19][25]. - The reliance on external IP poses risks, as companies must navigate licensing costs and the potential expiration of IP rights, making the cultivation of proprietary IP increasingly important [25][26]. Group 4: Future Outlook - Upcoming financial reports from major players like Pop Mart and Bluko will be critical in shaping market expectations and investor confidence in the Guzi Economy [29]. - The ability of these companies to maintain the influence of their existing IPs and develop new ones will be pivotal for their continued success and market valuation [29].

Group 1 - The Hong Kong stock market saw a rise in new consumer stocks, with Pop Mart leading the gains at nearly 5% [1] - Other notable performers included Blukoo, Maogeping, and Guming, which all rose over 3% [1] - Companies such as Laopu Gold, Shangmei Group, Mixue Group, Miniso, Weilon Delicious, and others also experienced increases of over 2% [1] Group 2 - Pop Mart's stock rose by 4.81%, reaching a latest price of 248.600, with a total market capitalization of 333.08 billion and a year-to-date increase of 32.45% [2] - Blukoo's stock increased by 3.84%, with a latest price of 72.950 and a market cap of 18.13 billion, showing a year-to-date rise of 8.96% [2] - Maogeping's stock rose by 3.83%, priced at 89.350, with a market cap of 43.798 billion and a year-to-date increase of 9.36% [2] - Guming's stock increased by 3.58%, with a latest price of 29.500 and a market cap of 70.156 billion, reflecting a year-to-date rise of 19.05% [2] - Laopu Gold's stock rose by 2.91%, priced at 759.500, with a market cap of 134.237 billion and a year-to-date increase of 22.90% [2] - Shangmei Group's stock increased by 2.92%, with a latest price of 67.000 and a market cap of 26.673 billion, showing a year-to-date decline of 7.97% [2] - Mixue Group's stock rose by 2.80%, priced at 396.600, with a market cap of 150.557 billion, reflecting a year-to-date decline of 3.22% [2] - Miniso's stock increased by 2.43%, with a latest price of 37.100 and a market cap of 44.916 billion, showing a year-to-date increase of 1.92% [2] - Weilon Delicious's stock rose by 2.63%, priced at 12.470, with a market cap of 30.316 billion and a year-to-date increase of 10.84% [2] - Hushang Ayi's stock increased by 1.28%, with a latest price of 86.750 and a market cap of 9.126 billion, reflecting a year-to-date increase of 1.34% [2] - Chazhidao's stock rose by 1.11%, priced at 6.370, with a market cap of 9.413 billion, showing a year-to-date decline of 3.19% [2] - Wuwu Hen Mang's stock increased by 0.90%, with a latest price of 403.000 and a market cap of 86.851 billion, reflecting a year-to-date increase of 70.33% [2]

Group 1 - The Hong Kong stock market saw new consumer stocks rise against the trend, with Pop Mart leading the gains at nearly 5% [1] - Other notable gainers included Blukoo, Maogeping, and Gu Ming, which rose over 3% [1] - Additional companies such as Laopu Gold, Shangmei, Mixue Group, Miniso, Weilon Delicious, and others experienced increases of over 2% [1] Group 2 - Pop Mart's stock increased by 4.81%, reaching a latest price of 248.600, with a total market capitalization of 333.08 billion and a year-to-date increase of 32.45% [2] - Blukoo's stock rose by 3.84% to a price of 72.950, with a market cap of 18.131 billion and a year-to-date increase of 8.96% [2] - Maogeping's stock increased by 3.83%, reaching 89.350, with a market cap of 43.798 billion and a year-to-date increase of 9.36% [2] - Gu Ming's stock rose by 3.58% to 29.500, with a market cap of 70.156 billion and a year-to-date increase of 19.05% [2] - Laopu Gold's stock increased by 2.91% to 759.500, with a market cap of 134.237 billion and a year-to-date increase of 22.90% [2] - Shangmei's stock rose by 2.92% to 67.000, with a market cap of 26.673 billion and a year-to-date decrease of 7.97% [2] - Mixue Group's stock increased by 2.80% to 396.600, with a market cap of 150.557 billion and a year-to-date decrease of 3.22% [2] - Miniso's stock rose by 2.43% to 37.100, with a market cap of 44.916 billion and a year-to-date increase of 1.92% [2] - Weilon Delicious's stock increased by 2.63% to 12.470, with a market cap of 30.316 billion and a year-to-date increase of 10.84% [2] - Hushang Ayi's stock rose by 1.28% to 86.750, with a market cap of 9.126 billion and a year-to-date increase of 1.34% [2] - Chabaidao's stock increased by 1.11% to 6.370, with a market cap of 9.413 billion and a year-to-date decrease of 3.19% [2] - Wuwu Hen Mang's stock rose by 0.90% to 403.000, with a market cap of 86.851 billion and a year-to-date increase of 70.33% [2]

Core Viewpoint - In 2025, the company will actively engage in multi-dimensional legal, technical, and channel-based actions to combat counterfeiting and illegal practices, demonstrating a "zero tolerance" attitude towards infringement [1][2] Legal Actions - The company will collaborate with market supervision departments across multiple provinces, including Guangdong, Zhejiang, Fujian, Henan, Jiangsu, and Shandong, to target counterfeiting and illegal sales [1] - It will utilize legal tools such as the Trademark Law and the Anti-Unfair Competition Law to effectively combat the entire chain of infringement activities [1] Technical Measures - The company has launched a "genuine product verification" feature on its official mini-program, allowing consumers to verify authenticity by entering a 16-digit anti-counterfeiting code [1] - Consumers can also check the original configuration of products to avoid the "box reconfiguration" trap, enhancing transparency and consumer confidence [1] Channel Strategies - The company will conduct simultaneous online and offline investigations into infringement, focusing on high-risk areas such as e-commerce platforms and wholesale markets [2] - It encourages consumers to purchase products through official channels and report suspected counterfeit activities via its mini-program [2] Commitment to Consumer Protection - The company emphasizes a commitment to protecting consumer rights and maintaining market order, stating that every act of infringement will be met with serious accountability [2] - Future efforts will include deepening collaboration with law enforcement and continuously improving the regular protection mechanism to ensure that all forms of infringement are addressed [2]

【新华企业资讯1月29日】1月27日至31日，"世界三大玩具展"之一的德国纽伦堡玩具展正式举办。中国 拼搭角色类玩具品牌布鲁可再度亮相，展出了"积木车"品类，以及"积木人"品类的"自然集""绮遇记""星 辰版""群星版""超越版"和"传奇版"等10多个产品系列的240余款产品，覆盖变形金刚、新世纪福音战 士、圣斗士星矢、DC、洛克人、侏罗纪世界、飞天小女警、初音未来等10多个世界知名 IP。通过纽伦 堡玩具展这一国际舞台，布鲁可向全球展示了其满足全球玩家需求的产品矩阵，获得现场参展者的广泛 关注。 布鲁可展台现场 布鲁可积木车变 240余款布鲁可产品集中展出，丰富产品矩阵引众多参观者驻足 本次展会上，布鲁可为了让参观者可以近距离感受布鲁可丰富的产品矩阵，展出了10多个产品系列的 240余款产品。主要面向6至16岁消费群体的"星辰版"与"群星版"两大产品系列带来了多款深受玩家欢迎 的产品以及全新的产品，包括布鲁可积木人变形金刚星辰版第5弹"白刃破晓"、第6弹"战争巨械"、DC 英雄星辰版第1弹"蝠影破晓"，以及变形金刚群星版第9弹"至暗时刻"等。 其中备受关注的是，布鲁可积木人圣斗士星矢群星版第 4 弹"黄金十 ...

来源：美通社 上海2026年1月29日 /美通社/ -- 1 月 27 日至 31 日，"世界三大玩具展"之一的德国纽伦堡玩具展正式举 办。中国拼搭角色类玩具品牌布鲁可再度亮相，展出了「积木车」品类，以及「积木人」品类的「自然 集」、「绮遇记」、「星辰版」、「群星版」、「超越版」和「传奇版」等 10 多个产品系列的 240 余 款产品，覆盖变形金刚、DC、洛克人、侏罗纪世界、飞天小女警等 10 多个世界知名 IP。通过纽伦堡 玩具展这一国际舞台，布鲁可向全球展示了其满足全球玩家需求的产品矩阵，获得现场参展者的广泛关 注。 （现场人流图） 240 余款布鲁可产品集中展出，丰富产品矩阵引众多参观者驻足 本次展会上，布鲁可为了让参观者可以近距离感受布鲁可丰富的产品矩阵，展出了 10 多个产品系列的 240 余款产品。主要面向 6 至 16 岁消费群体的「星辰版」与「群星版」两大产品系列带来了多款深受 玩家欢迎的产品以及全新的产品，包括布鲁可积木人变形金刚星辰版第 5 弹「白刃破晓」、第 6 弹「战 争巨械」，DC 英雄星辰版第 1 弹「蝠影破晓」，以及变形金刚群星版第 9 弹「至暗时刻」等。 其中备受关注的是，布鲁 ...

打造行业级品质标杆与极致性价比，构建强大品牌壁垒 国元国际发布研报称，首次覆盖给予布鲁可(00325)"买入"评级，公司通过创新的产品设计、强大的IP运 营能力和全渠道分销网络，迅速成长为细分市场龙头企业，商业模式整合了IP运营、设计研发、生产和 渠道打通，形成完整价值链，未来海外市场的增长潜力值得期待。目前该行采用PE估值法，考虑到预 计公司高质量增长及海外市场的拓展，给予公司对应2026年26倍PE目标估值，约238亿港元市值目标， 对应目标价95.5港元，相较于现价预计有21.1%的升幅。 随着中国科技水平进步，特别是材料学、机床、注塑等领域突破，目前中国玩具产品质量开始向世界顶 尖水平发起冲击。公司这几年产品销售快速增长与制造工艺持续改进密不可分，目前现有产品可以在特 定价格区间内，提供第一梯队的工艺品质与拼装体验。因此公司产品具备性价比、精美、正版IP的综合 优势，这种极致性价比构建了强大的品牌壁垒，支撑公司收入增速持续领先于行业平均水平。 国元国际主要观点如下： 公司拥有深度下沉的行业标杆级立体渠道体系 公司构建了堪称行业标杆的、深度下沉且高效可控的立体渠道体系，线下网点超14万个，经销商网络在 ...

公司构建了堪称行业标杆的、深度下沉且高效可控的立体渠道体系，线下网点超14万个，经销商网络在 三年内实现数量级增长，已全面渗透至三线及以下城市，形成了强大的市场覆盖与触达能力，同时经销 商网络已经高效地覆盖了中国所有一线和二线城市，并在三线及以下城市的覆盖率超过80%，形成强大 的品牌销售矩阵，能够持续不断地对潜在消费者进行潜移默化影响。另外公司渠道类型上是多样且立体 的模式，既包括了如玩具反斗城、孩子王、酷乐潮玩、沃尔玛等全国性大型商超和连锁渠道，同时也涵 盖了大量的专业玩具店、文具店、精品店等。 打造行业级品质标杆与极致性价比，构建强大品牌壁垒 智通财经APP获悉，国元国际发布研报称，首次覆盖给予布鲁可(00325)"买入"评级，公司通过创新的产 品设计、强大的IP运营能力和全渠道分销网络，迅速成长为细分市场龙头企业，商业模式整合了IP运 营、设计研发、生产和渠道打通，形成完整价值链，未来海外市场的增长潜力值得期待。目前该行采用 PE估值法，考虑到预计公司高质量增长及海外市场的拓展，给予公司对应2026年26倍PE目标估值，约 238亿港元市值目标，对应目标价95.5港元，相较于现价预计有21.1%的升幅 ...