Bloks Group (0325) H1 2026 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2026, rose 32.7% year-over-year to RMB1,775.7 million, driven by strong growth in assembly character and vehicle toys, and robust expansion in both domestic and overseas markets.

• Adjusted profit for the period increased 25.1% to RMB400.8 million, while profit for the period rose 30.5% to RMB387.1 million, reflecting higher sales volumes and successful product launches.

• The company continued to expand its product portfolio, IP collaborations, and global market presence, with overseas sales surging 228.5% year-over-year, notably in the Americas and Asia.

• Continued investment in R&D, launching 426 new SKUs and expanding both licensed and self-developed IPs.

Financial highlights

• Gross profit increased 21.5% to RMB786.4 million, with gross margin declining by 4.1 percentage points year-over-year due to higher cost of sales and increased depreciation of molds.

• Basic and diluted EPS were both RMB1.56, up from RMB1.22 and RMB1.20, respectively, in the prior year period.

• Adjusted net margin was 22.6%, down from 23.9% a year earlier.

• Inventories increased to RMB431.9 million, with inventory turnover days improving to 73.

• Cash and bank balances stood at RMB3,178.4 million as of June 30, 2026.

Outlook and guidance

• Plans to further enhance R&D, accelerate new product launches, and deepen the Bloks System.

• Will expand channel presence, promote user-driven brand growth, and focus on adult fan product lines and overseas market penetration.

• Continued focus on global brand-building and user engagement.