Guosen Securities issued a research report maintaining BLOKS' (00325) "Outperform" rating. However, considering the short-term impact of the company's increased proportion of 9.9 yuan affordable products on gross margin and the cultivation period for new IPs, the firm has lowered the company's net profit attributable to shareholders for 2025-2027 to 8.05/11.38/15.06 billion yuan (previous forecasts were 10.31/14.67/18.88 billion yuan respectively). Overall, as a leading company in IP building block toys, the company continues to benefit from the dividends of emotional consumption and IP economy development. The company is also actively promoting IP matrix construction, brand promotion and channel expansion to consolidate the foundation for sustained future growth.

According to official news from BLOKS, the company plans to launch the 3rd wave of "Heroes Assembly" Stellar Edition products on September 12th, as well as the "Kuromi 2nd Wave" products under Sanrio's IP portfolio. The firm believes that the Stellar Edition, as the company's 9.9 yuan price point products, significantly covers the broad sinking market and has become an important driving force for the company's revenue growth. The company's latest announced first-half performance shows overall revenue of 13.38 billion yuan, up 27.9% year-on-year, including 2.16 billion yuan in revenue from 9.9 yuan affordable products including Ultraman Stellar Edition. This new launch will further enrich the Stellar Edition product matrix and meet diversified consumer demands.

Additionally, the company is simultaneously launching Sanrio IP-related products, representing a step in continuously improving its IP matrix. As of the first half of the year, the company has commercialized 19 IPs. In the company's total revenue for the first half of 2025, the top four IPs contributed 83.1%, while the top three IPs contributed 92.3% of revenue in the same period last year, showing further improvement in the contribution from diversified IPs.