BLOKS (00325) rose more than 10%, and as of the writing of this report, the stock was up 10.34% to HK$64, with a turnover of HK$50.4057 million. Recently, at the 2026 Thailand Toy Fair, BLOKS showcased over 300 products across more than 10 series, including Star Edition, Constellation Edition, Beyond Edition, Legend Edition, Miracle Edition, Nature Collection, and Encounters, spanning two major categories: building block vehicles and building block figures. Additionally, new products from two major IP series, Saint Seiya and DC, made their debut. Analysts at Guoyuan International believe that building block vehicles, as a new core category, are being developed by the company to become the second major pillar following building block figures. The institution expects the company to replicate its successful business model in the building block vehicle category. By deeply integrating top-tier IPs with the building block vehicle line, the company is anticipated to significantly enhance its product competitiveness, consolidate existing advantages, and initiate a new growth cycle. Western Securities noted that looking ahead to 2026, the growth trajectory is clear: overseas markets are expected to maintain rapid growth based on existing layouts and new IP releases. Since its launch, the building block vehicle category has demonstrated potential. In 2026, the company plans to roll out large-scale new releases across three differentiated product lines—C Series, E Series, and S Series—while simultaneously advancing its global expansion. The proportion of revenue from products targeted at consumers aged 16 and above is expected to continue increasing. In terms of profitability, as new products complete their gross margin ramp-up and economies of scale are realized, gross margin is projected to gradually recover. The company is accelerating its transition towards a synergistic growth model characterized by multiple IPs, multiple price points, and globalization.