[Guotai Haitan Light Industry Liu Jiakun] Bloks Surges: Overseas + New Product Growth Logic Resonates, Ample Room for Valuation Recovery

English summary

Reason for surge: Today HK consumer sector performed strongly. Bloks' overseas high growth delivered (overseas doubled in 26H1), gross margin inflection point landed, multi-IP + new products open growth curve, fundamentals solid, sector liquidity recovery drives capital adding positions. US region growth impressive: According to Sorftime, Bloks' Amazon US station GMV growth in 26H1 as high as 1712%, mainly driven by Marvel/War new IP products, US region accounted for over 50% of overseas revenue since 2026. Growth target clear: 26 revenue target growth 30%+, CAGR maintained at 30% for next three years, profit growth slower than revenue. Profit inflection emerges: H1 gross margin slightly pressured by low-price products and building block cars ramping, Q2 improved QoQ, H2 expected to be flat YoY; efficiency improvement drives annual expense ratio optimization. IP structure optimization: Ultraman narrowed decline; Transformers became largest IP with good growth; Disney/Marvel/Star Wars series sell well in US. New product ramp: Building block cars expected to contribute 300 million revenue for full year, Jurassic target 100 million; ...