1H26 Preview: Growth Story Intact, Margin Recovery Delayed

研报英文原文证据摘录

1H26 Preview: Growth Story Intact, Margin Recovery Delayed

China (PRC) | China Consumer

Bloks Group EquityJulyResearch2, 2026

TARGET | ESTIMATE CHANGE1H26 Preview: Growth Story Intact, Margin

RATING BUYRecovery Delayed

PRICE HK$44.60^

We expect 1H26 sales growth of 30% YoY, in line with guidance, while

HK$64.00 (HK$79.00) |

earnings growth moderates to 2.4% YoY (NP of RMB304mn) as product PRICE TARGET | % TO PT +43%

mix shifts toward lower-ASP SKUs and new categories with lower initial 52W HIGH-LOW HK$154.50 - HK$39.20

margins. We lower FY26-28 earnings forecasts on a slower margin recovery FLOAT (%) | ADV MM (USD) 30.7% | 26.79

outlook and cut our PT to HKD64. Maintain Buy. MARKET CAP HK$11.1B | $1.4B

TICKER 325 HK

1H26 performance: topline tracking in line with guidance, while margins remain under ^Prior trading day's closing price unless otherwise

pressure. We expect Bloks to report 1H26 sales growth of 30% YoY and NP growth of 3% YoY. noted.

Key growth drivers include:

1. strong overseas expansion, with revenue expected to double YoY to RMB225m, FY (Dec) CHANGE TO JEFe JEF vs CONS

supported by the launch of popular IPs in North America, including Marvel and Star Wars; 2026 2027 2026 2027

2. an accelerated product rollout, encompassing both new categories such as vehicles and REV NM NM -3% -4%

dinosaurs as well as new IP partnerships. The company launched over 300 new SKUs in EPS -3% -6% NA NA

1H26 versus 273 SKUs in 1H25 (+~20% YoY); and

3. continued solid growth in China, where we expect sales to increase 23% YoY. Our channel 2026 (RMB) 1Half 2Half FY

checks indicate Bloks' e-commerce GMV grew 25% YoY during Jan–May. We also believe EPS -- -- 2.58

the company has proactively cleared channel inventory, reducing distributor inventory PREV 2.67