早间快照：港股与中国市场每日报告

HongKong&ChinaMarketDaily 14 August 2026 What’s Hot Today: ►Bloks(325 HK, HK$71.00, HK$14.8bn)–Overseasexpansion drives growth 1H26growthgainedmomentum–BloksGroup,amanufacturerofassemblycharactertoys,deliveredrobust1H26results,withrevenuegrowing32.7%YoYtoRMB1.78bn,sustainingthestrongmomentumfromFY25(30%YoYgrowth).Toplineexpansionwasdrivenbyitscontinuouslyexpandingproductportfolio.Atotalof426newSKUswerelaunchedduringtheperiod,representingnearlyaquarterofthe1,851SKUscurrentlyavailableforsale.BestsellingIPs,includingTRANSFORMERS,ULTRAMAN,andKAMENRIDER,remainedkeyrevenuedrivers. Onanadjustedbasis,profitfortheperiodstoodatRMB401mn(+25.1%YoY).However,GPMcameinat44.3%(down410bpsYoY)andnetmarginat22.6%(down130bpsYoY).Thismarginpressureprimarilystemmedfromahighersalesmixoflowermarginproducts.Thevaluepricesegment(RMB9.90/item)nowaccountsfor19.5%oftotalrevenue,upfrom18.6%atendFY25.AninterimdividendofHK$0.3247persharewasdeclaredfortheperiod. Overseaschannel contributed higher mix–Overseas sales emerged as apowerfulnewgrowthdriver,surgingnearly2.3xYoYtoRMB364mn,alreadyexceedingthefullyearcontributioninFY25andnowrepresenting20.6%oftotalrevenue(vs.11.0%atendFY25and2.9%atendFY24).TheUnitedStatesandIndonesiawerethetoptwocontributingmarkets.ItisexpectedthatoverseascontributionwillcontinuerisingasthecompanydeepensitspresenceinNorthAmerica,SoutheastAsia,andEurope. IPportfoliodiversificationdeepens–ThetopsixbestsellingproductseriestogethergeneratedRMB1.38bn,accountingfor77.6%oftotalrevenue.Thisrepresentsasignificantdeclineinconcentrationfrom88.8%forthetopsixseriesinthesameperiodlastyear,indicatingamorediversifiedIPportfolio.Amongthem,TRANSFORMERSremainedthelargestcontributor(approximately35%oftotalrevenue)andstillachieved59.2%revenuegrowthevenonarelativelyhighbase,demonstratingstrongbrandsustainability. Ourview:BloksGroupdeliveredsolidoverallgrowth,withoverseasexpansionstandingoutasakeypositive.Althoughmarginsareunderpressureduetotheproductmix shift towards value price items,we view this as an effectivecustomeracquisitionstrategythatshouldbroadentheuserbase.Afewkeycatalystsincludesustainedmomentuminoverseasmarkets,successfulrenewalofkeyIPlicenses,andmarginstabilizationasnewproductsmature.Inaddition,thepremiereoficonicMarvelmoviesin2H26couldprovideadditionalexposureforBloks'products.Thecounteriscurrentlytradingat18.6xFY26EP/E.(AmeliaDeng) So urce: B lo o mberg Kingsway Research Team Phone No.(852) 2283 7307(852) 2283 7306(852) 2283 7618 Disclaimer Thisdocumentisnotanoffertosellorthesolicitationofanoffertobuyorsubscribeforanysecurities.Thesecuritiesreferredtointhisdocumentmaynotbeeligibleforsaleincertainjurisdiction.Neitherthisdocumentnoranyportionhereofmaybetakendistributedortransmitteddirectlyorindirectlyintosuchjurisdictionnortoanyresidentsthereof.Anyfailuretocomplywiththisrestrictionmayconstituteaviolationoftheapplicablelawsandregulationsandpersonsintowhosepossessionthisdocumentcomesshouldinformthemselvesabout,andobserve,anysuchrestrictions.Thisdocumenthasbeenproducedforprivatecirculationandmaynotbecopied,photocopied,duplicated,orredistributed without thepriorwrittenconsent ofKingswayFinancial Services GroupLimited(“KFS”)anditsaffiliatedcompanies(collectively,“KingswayGroup”). ThisreportisdistributedinHongKongSpecialAdministrativeRegionofthePeople’sRepublicofChina(“HongKong”)byKFSwhichisregisteredasalicensedcorporationundertheSecuritiesandFuturesOrdinance(Cap.571ofTheLawsofHongKong)withtheSecuritiesandFuturesCommissionofHongKong(“SFC”)anditsSFCCEnumberisADF346. Theinformationcontainedinthisreporthas been takenfrom sourcesbelievedtobe reliablebut norepresentationor warrantyexpressedorimpliedismadeastotheiraccuracyorcorrectness.Thisreportispublishedfortheassistanceofrecipientsbutisnottoberelieduponasauthoritativeortakeninsubstitutionfortheexerciseofjudgmentbyanyrecipient.Itisnottobeconstruedasanoffer,invitation or solicitation to buy or sell anysecurities of the company or companies covered herein.Anyrecommendationcontainedinthisreportdoesnothaveregardtothespecificinvestmentobjectives,financialsituationandtheparticularneedsofanyspecificaddressee.Allopinionsandestimatesreflectourjudgmentonthedateofthisreportandaresubjecttochangewithoutnotice. KFS,includingitsparent,subsidiariesand/oraffiliates,mayactasleadorco-managerinanofferingofthesecuritiesofanyissuerdiscussedherein,mayfromtimetotimeperformfinancialservicesorotheradvisoryservicesfor,orsolicitfinancialservicesorotherbusinessfrom,anyissuer. Withinthepastyear,KFS,includingitsparent,subsidiariesand/oraffiliates,mayhaveactedasmarketmakerortradedonaprincipalbasisinthefinancialinstrumentsofanyissuerdiscussedhereinandmayactasunderwriter,placementagent,advisororlendertosuchissuer. KFS,includingitsparent,subsidiaries,affiliates,shareholders,officers,directors,andemployeesmayhavelongorshortpositionsin,andbuyorsell,thesecurities,commoditiesorderivatives(includingoptions)oranyotherfinancialinstrumentsthereof,ofanyissuers. AnemployeeofKFS,includingitsparent,subsidiaries