Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6]. Core Insights - The company is focusing on product iteration and membership operations to build a competitive moat, emphasizing the creation of an innovative product ecosystem [1]. - The company plans to expand its product offerings with new series featuring major global IPs such as Harry Potter and Hatsune Miku, alongside upgrades to its classic series [2]. - The company is committed to user-driven brand building, engaging over 24 million users through various platforms and global events, enhancing interaction with its community [3][4]. Summary by Sections Product Ecosystem - The company introduced the concept of a "product ecosystem" at its 2025 Global Partner Conference, highlighting its commitment to product development and market expansion [1]. - The ecosystem is likened to a tree, with over 500 patents, six classic series, and a diverse product matrix as its foundation [1]. New Product Series - The company showcased six classic series and announced three new series that will include popular global IPs, indicating a strategic move to capture new consumer segments [2]. Brand Engagement - The company has successfully connected with over 240 million fans globally through its BFC (Bricks Creator) initiatives, which include various creative competitions and events [3][4]. - The BFC community is seen as a vital driver for brand growth, fostering creativity and connection among users [4]. Financial Projections - The company forecasts revenues of 3.8 billion RMB, 5.3 billion RMB, and 7 billion RMB for the years 2025 to 2027, with net profits projected at 960 million RMB, 1.48 billion RMB, and 2.08 billion RMB respectively [5].
布鲁可（00325）：产品迭代+会员运营，构建护城河