In today’s briefing:
- Pre-IPO Bloks Group (PHIP Updates) – Some Points Worth the Attention
Pre-IPO Bloks Group (PHIP Updates) – Some Points Worth the Attention
- The assembly character toy segment market size is not big and Bloks is already China’s largest player. So, there will be a day when the growth ceiling is reached.
- Bloks’ business model is more similar to Pop Mart, rather than LEGO, but Bloks’ profitability is lagging behind both of them. The current high revenue growth may not be sustainable.
- Pre-IPO valuation of Bloks reached RMB7.2 billion. Valuation of Bloks should be lower than Pop Mart. If Bloks’ valuation could reach the industry average after IPO, it is already good.
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