Post-80s Entrepreneur Built a "9.99 Dollar" Toy Business, Selling 540 Million in Annual Revenue

China News Service, March 17 — (Zheng Yijia) Bluco Group Co., Ltd. (hereinafter referred to as Bluco) recently released its annual performance report as of December 31, 2025. During the reporting period, Bluco achieved revenue of 2.913 billion yuan, a year-on-year increase of 30%; net profit was 634 million yuan, compared to a loss of 398 million yuan in the same period last year, turning a profit; adjusted annual profit was 675 million yuan, up 15.5% year-on-year.

Bluco stated in the announcement that the main reason for revenue growth in 2025 was the significant increase in sales of building block role-playing toys, which drove the revenue from building block role-playing toys higher.

During the reporting period, Bluco sold 250 million building block role-playing toys, an increase of 85.6% year-on-year; revenue from these toys was 2.843 billion yuan, up 29.1%. Among them, products in the affordable price range (retail price of 9.9 RMB) sold 122 million units, accounting for 47.8% of total sales, with revenue of 541 million yuan, representing 18.6% of total revenue. Based on the above revenue and sales figures, the average revenue per unit for products in the affordable price range in 2025 was 4.42 yuan.

Single-box retail price of 9.9 yuan for the Starry Version DC Heroes Series 1, Source: Bluco Building Blocks Service Account

In addition, Bluco launched 913 new SKUs (Stock Keeping Units) in 2025. Revenue from new SKUs increased by 36.3% to 1.997 billion yuan from 1.465 billion yuan in 2024, becoming another reason for revenue growth.

In terms of IPs, during the reporting period, Transformers, Ultraman, Kamen Rider, and Hero Unlimited were Bluco’s four best-selling product lines, generating revenues of 951 million yuan, 815 million yuan, 331 million yuan, and 264 million yuan respectively.

As of the end of the reporting period, Bluco owned two self-developed IPs: “Variety Bluco” aimed at children and “Hero Unlimited” themed around Chinese culture. The number of licensed IPs increased from 50 at the end of 2024 to 73 at the end of 2025, including Toy Story, Zootopia, Frozen, and others. Several IPs have been successfully renewed or extended, with some like Transformers expanding licensing regions to most countries and regions worldwide.

Regionally, due to accelerated international market expansion, Bluco achieved overseas sales revenue of 319 million yuan in 2025, a significant increase of 396.6% year-on-year. Among these, Asia (excluding China) and the Americas earned 133 million yuan and 150 million yuan respectively, with year-on-year growth rates of 238.1% and 804.1%. The United States and Indonesia became the two countries with the highest overseas market revenues.

On the other hand, as sales volume increased, the cost of goods sold rose by 41.6%, and mold depreciation increased by 120.6%. Bluco’s cost of sales in 2025 grew by 45.9% year-on-year to 1.549 billion yuan.

Bluco stated in the announcement that in 2026, it plans to fully utilize AI tools to improve R&D efficiency and focus on deepening overseas channel expansion, especially in North America and Europe. As of press time, Bluco’s stock price was HKD 66.9 per share, up 9.22%, with a total market value of HKD 16.63 billion.

Data shows that Bluco was founded in 2014 by Zhu Weisong, a post-80s entrepreneur now 44 years old. He previously co-founded Youzu Network, which went public and gradually exited, choosing to cross over from gaming to toys for a new entrepreneurial venture.

(For more information, please contact the author Zheng Yijia: zhengyijia@chinanews.com.cn) (Chinanews App)

Note: The opinions in this article are for reference only and do not constitute investment advice. Investing involves risks; please proceed with caution.

Editor: Chang Tao, Luo Kun