Summary of the Conference Call for Bluko Company Industry and Company Overview - The conference call focuses on Bluko Company, which operates in the toy industry, specifically in the segment of building blocks and licensed IP products. Key Points and Arguments - Financial Performance: Bluko Company reported a revenue of 2.2 billion yuan for the fiscal year 2024, representing a year-on-year growth of 186%. The adjusted net profit margin reached 26.1%, an increase of 18 percentage points year-on-year. The core business segment, platform character building blocks, generated 2.2 billion yuan in revenue, accounting for 98% of total revenue, with sales volume reaching 130 million units, a 269% increase year-on-year. The gross margin improved by 5.3 percentage points to 53% [2][3] - IP Growth: Licensed IP products such as Ultraman and Transformers saw revenue growth of 97% and 263%, respectively, while free IP products also experienced over 100% growth, indicating a strong impact from IP-driven sales [2][4] - Cost Control: The company effectively reduced sales and R&D expense ratios by 9 percentage points and 2 percentage points, respectively, demonstrating improved profitability and cost management [2][3] - Market Expansion: Domestic distribution channels performed strongly, while overseas market revenue surged by 518% to 60 million yuan, highlighting the company's potential for expansion in both domestic and international markets [2][4] - Product Strategy: Bluko plans to launch high-value products priced at 9.9 yuan, such as the Transformers series, and expand its product range with premium versions priced between 100 to 200 yuan to attract a broader consumer base, including adult enthusiasts [2][6] - Marketing and User Engagement: The company is enhancing user engagement through diverse marketing strategies, including the BFC mini-program community and building block competitions. It currently has approximately 150,000 domestic outlets and aims to accelerate expansion while targeting more female consumers [2][7] - Competitive Advantage: Bluko's modular design system provides a cost advantage compared to international leaders like Bandai. As downstream demand grows and IP releases increase, the company is expected to maintain a high growth rate, with room for valuation improvement [2][8] Additional Important Insights - Future Development Strategies: Bluko will continue to focus on its IP matrix, product iteration, and channel expansion. The company holds over 5,000 patents, six classic IP series, and more than 600 SKUs, which will strengthen its competitive moat [5] - SKU Growth: The company anticipates increasing its SKU count from over 680 to between 800 and 1,000 by 2025, further contributing to sales growth through targeted product offerings for different demographics [6] - International Market Coverage: Bluko has established a presence in North America with 6,000 terminals and plans to expand to 60,000 terminals in Asia by mid-2025 [7]
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