Core Insights - The report highlights the rise of interest-based consumption among younger generations, particularly post-90s and post-00s, leading to significant market growth in high emotional value products like trendy toys and building blocks, with a compound annual growth rate exceeding 10% over the past five years [1] - Pop Mart, known as the "first stock of trendy toys," has seen its market value rebound to the "billion club" after a two-year downturn, with its stock price surging over 400% in the past year [1] - The performance of Pop Mart and Blokko in 2024 shows significant revenue growth, but market reactions differ, with Pop Mart's stock recovering while Blokko's stock has faced a decline [2] Company Performance - Pop Mart achieved total revenue of 13.038 billion yuan in 2024, a year-on-year increase of 106.9%, with adjusted net profit rising by 185.9% to 3.403 billion yuan [2] - Blokko's revenue reached approximately 2.241 billion yuan, a substantial year-on-year growth of 155.6%, but reported an annual loss of 398 million yuan [2] - Blokko's adjusted annual profit, excluding certain expenses, surged by 702.1% to 585 million yuan [2] Market Dynamics - Blokko's revenue growth is hindered by a decline in its core IP, Ultraman, which generated 1.096 billion yuan, accounting for 48.9% of total revenue, with a 17.6% decrease in the second half of the year [3][5] - The reliance on a single IP, Ultraman, poses risks as its licensing agreement is set to expire in 2027, with other key IPs also nearing expiration [5] - Pop Mart's strategy of collaborating with independent designers has reduced reliance on costly licensing fees, leading to a significant increase in revenue from artist IP products [6] Pricing and Profitability - Blokko's average product price has dropped significantly, with a 74.2% decrease from 89 yuan to 23 yuan between 2021 and 2023, impacting its profitability [7] - In contrast, Pop Mart's pricing strategy targets a higher-end market, resulting in a gross margin increase to 66.8% in 2024 [8] International Expansion - Pop Mart's international revenue reached approximately 5.067 billion yuan, a 375.2% increase from 2023, with a significant portion of revenue coming from overseas markets [10] - Blokko's international sales, while growing by 518.2%, remain small at about 64.221 million yuan, with challenges in establishing a competitive presence abroad [10] Strategic Differences - The fundamental differences in business models between Pop Mart and Blokko are evident, with Pop Mart focusing on self-owned IP and emotional resonance, while Blokko relies heavily on licensed IP and low-margin sales [11]
布鲁可首份年报藏隐忧：陷IP依赖症和低价瓶颈双重困局 为何难成第二个泡泡玛特？