New Stock News | Bruco can attend the hearing at the Hong Kong Stock Exchange. The product relies heavily on third-party licensed IP.

According to the disclosure by the Hong Kong Stock Exchange on December 15th, Bluco Group Limited (hereinafter referred to as "Bluco") has conducted a hearing through the Hong Kong Stock Exchange, with Goldman Sachs and Huatai International acting as its joint sponsors. The prospectus shows that Bluco is a leader in the Chinese construction role-playing toy industry. With over 500 patented layouts, original IP capabilities, and non-exclusive partnerships with about 50 well-known IPs, the company focuses on providing consumers with a wide range of high-quality and affordable construction role-playing toy products and has experienced rapid growth. The company's construction role-playing toys highly replicate the essence of IP characters. Through the combination of strong product power and supply chain capabilities, the company is able to maintain cost advantages and continuously expand the toy category. The company has established a multi-channel sales network in China, forming a comprehensive and widely covered consumer reach. With the launch of construction role-playing toys in 2022, the company is shifting towards a distributor-centered offline sales channel. According to data from Frost & Sullivan, the company is the largest and leading construction role-playing toy company in China, achieving approximately 1.8 billion yuan in GMV in 2023. The company is also a rapidly growing toy company, with GMV growth exceeding 170% in 2023. In 2023, by GMV calculation, the company's market share in the Chinese construction role-playing toy sub-market and the Chinese construction toy market were 30.3% and 7.4% respectively. The market size of Chinese construction role-playing toys was 5.8 billion yuan in 2023, accounting for 5.5%, 14.3%, and 24.4% of the overall Chinese toy market, role-playing toy market, and construction toy market in 2023 respectively. In terms of industry development, Frost & Sullivan data shows that the global and Chinese role-playing toy market sizes reached 345.8 billion yuan and 40.3 billion yuan, respectively, in 2023, and are projected to reach 540.7 billion yuan and 91.1 billion yuan in 2028, with an annual compound growth rate of 9.3% and 17.7%. The market size of construction role-playing toys globally and in China reached 27.8 billion yuan and 5.8 billion yuan, respectively, in 2023, and is expected to reach 99.6 billion yuan and 32.5 billion yuan in 2028, with an annual compound growth rate of 29.0% and 41.3%. The market penetration rate of construction role-playing toys globally and in China is projected to increase from 8.0% and 14.3% in 2023 to 18.4% and 35.6% in 2028. In 2023 and for the six months ending June 30, 2024, most of the company's revenue came from sales of products based on the Ultraman IP, accounting for 63.5% and 57.4% of the company's revenue, respectively. In 2021, the company entered into an authorization agreement with the IP licensor to develop and sell Ultraman IP products, and has maintained a good relationship since then. This indicates that the company's Ultraman IP authorization in China has been extended until 2027 before the expiry date. Financially, the company recorded revenues of approximately 330 million yuan, 326 million yuan, 877 million yuan, 310 million yuan, and 1.046 billion yuan in 2021, 2022, 2023, the first half of 2023, and the first half of 2024, respectively; with losses of approximately 507 million yuan, 423 million yuan, 207 million yuan, 203 million yuan, and 255 million yuan during the same periods.