Shaoxing Boss Sells Building Toys, Amasses 8 Billion Yuan Fortune

Ask AI · How does Bluoko balance IP licensing and autonomous innovation risks?

Author: Lei Zitong, Yan Ziwei, Jiang Yiwei Editing: Yan Ziwei Image source: Internet

Shaoxing boss Zhu Weisong turns losses into profits.

On March 13, Zhu’s controlled company Bluoko released its financial report, projecting 2.91 billion yuan in revenue for 2025, with a net profit of 630 million yuan, a 2.6-fold increase year-over-year.

Bluoko, known as the “Chinese version of LEGO,” holds 73 IPs and monetizes through building toys.

Its turnaround from losses was driven by the popularity of “Transformers” building toys, which earned 950 million yuan last year, accounting for 30% of revenue; the original Ultraman IP remains strong, contributing 810 million yuan.

Seizing the momentum, Zhu Weisong added 23 popular IPs in one year, including Toy Story, Zootopia, Frozen, Uproar in Heaven, Nezha Conquers the Sea, etc.

After the earnings release, Bluoko’s stock price rose 8% over two trading days, with a market value reaching HKD 16.6 billion. Zhu’s personal wealth also increased, approaching HKD 8 billion.

Affordable Volume Sales

Founder Zhu Weisong is the soul of Bluoko, serving as Chairman and CEO.

He controls a total of 47.9% of the listed company’s shares through NextBloks and SmartBloks, holding absolute decision-making power.

Under his leadership, Bluoko mainly produces building block role-playing toys, commonly called “block figures.”

Zhu Weisong

This emerging toy leader integrates building blocks and figurines, allowing products to be played with, displayed, and shared with friends. They have a unified skeleton, with interchangeable shells, enabling easy assembly of IP characters.

By 2025, 250 million building role toys are expected to be sold, an 85.6% surge, accounting for over 90% of revenue.

Among them, affordable products priced at 9.9 yuan sold 122 million units, nearly half of total sales. This means that for every two Bluoko toys sold, one costs 9.9 yuan.

Bluoko’s “Starry Version” series features small 5cm building figures, adopting a “good quality but affordable” approach, opening the market and attracting a large number of new users.

For example, the “Hero Mobilization Starry Version” launched in 2025 includes 15 characters and vehicles (including hidden ones), with simple assembly, few parts, suitable for young children, and praised by players as “a good buy without risk of being duped.”

Affordable products mainly focus on volume, earning 540 million yuan in 2025.

Zhu Weisong also employs a multi-version strategy to cover different price tiers: Starry Version (9.9 yuan), Starlight Version (19.9 yuan), and Constellation Version (39 yuan), satisfying various consumer needs.

He is also targeting the high-end market with collectible toys priced above 199 yuan.

In the official flagship store, the most expensive Bluoko toy is the Ultraman Legend Collection — Ultraman Model Figurine, priced up to 249 yuan, with over 30,000 units sold.

Zhu Weisong has also infused internet marketing strategies into the toy industry.

To increase fun and repurchase rates, some Bluoko products are sold in blind box formats. Some “elementary school students” have formed “swap groups” to exchange “fragments” and complete hidden versions.

In early 2026, Bluoko launched a limited edition “Jurassic World” series “Golden Triceratops Skeleton Gift Box,” featuring a “raffle entry” gameplay: only 999 sets worldwide, with 298 via Taobao lottery open to members, requiring purchase of specific boxes or points to qualify.

This approach sold out the limited editions quickly and directed traffic to regular products.

Copyright Dependency

Zhu Weisong, the creator of various toy gameplay innovations, is a veteran in the gaming industry. After graduating from Shanghai Jiao Tong University, he co-founded Youzu Network, which he cashed out of for 1 billion yuan after its IPO.

He used this money to establish Grape Technology in late 2014, and in 2017 launched the original animation “Variety Bluoko” and related building blocks, founding the “Bluoko” brand.

Initially, the original IP market response was lukewarm until 2021, when Ultraman licensing was obtained, leading to a performance explosion.

In 2023-2024, Ultraman IP toys contributed 556 million yuan and 1.096 billion yuan respectively, accounting for 63.5% and 48.9% of total revenue.

By 2025, “Transformers” IP took over as the largest revenue source.

On Taobao, Transformers building block sets are priced at 110 yuan and have become popular. Customer reviews repeatedly mention “high mobility,” “fine parts,” and “excellent cost performance.”

Expanding the IP matrix is a long-term strategy for Zhu Weisong.

Bluoko’s collaborations with giants like Hasbro and Universal Pictures have deepened, with licensing rights for Transformers, Marvel, Star Wars, etc., gradually expanding to most countries and regions worldwide.

By the end of 2025, Zhu Weisong owns 73 licensed IPs. The self-developed IPs are only two: the children’s educational “Variety Bluoko” and the Chinese cultural-themed “Hero Unlimited.”

In 2025, “Hero Unlimited” revenue increased to 264 million yuan, still less than 10% of total revenue. The annual revenue of “Variety Bluoko” building blocks was not separately disclosed; the prospectus shows only 9.57 million yuan in the first half of 2024.

For licensed IPs, Bluoko does not hold copyrights, risking expiration of agreements or price hikes by licensors.

“Our competitiveness partly depends on our ability to acquire, maintain, and protect key IPs,” the prospectus states. There is a risk of being unable to obtain, maintain, or renew IP licenses on favorable terms.

Disclosures show Ultraman licensing in China will expire in 2027; Transformers licensing will expire in 2028.

In-house Factories

Combining popular IPs, Zhu Weisong’s team maintains a high-frequency product release rhythm.

In 2025, Bluoko launched 913 new SKUs, reaching a total of 1,447 SKUs in stock by year-end.

Among them, 1,002 SKUs target consumers aged 6 to 16, covering elementary to middle school levels, mainly male.

Some elementary students find Bluoko toys give a sense of achievement after assembly and can be used to show off to friends.

Zhu Weisong is actively expanding female user base by launching products based on Sanrio’s Hello Kitty, My Melody, and Ye Luoli IPs, simplifying assembly processes, making products portable, and enhancing social features.

“The proportion of products aimed at consumers over 16 is steadily increasing, and we will continue to strengthen our advantage in the adult toy market,” the financial report states.

The rapid SKU updates are supported by Bluoko’s modular R&D capabilities.

Thanks to patents on joint building block components, it can quickly iterate different IP characters on a standard skeleton, maintaining a “monthly release” pace.

Notably, Bluoko does not own its own manufacturing facilities, relying mainly on contract factories.

The prospectus discloses partnerships with six professional OEMs, with manufacturing agreements typically lasting three years, and dedicated staff overseeing production to ensure quality.

In 2025, Bluoko listed on the Hong Kong Stock Exchange, raising HKD 1.79 billion, providing capital for expansion.

He has a clear plan: HKD 448 million for building factories, with about HKD 94 million already spent by the end of 2025.

Self-operated factories are designed to produce 9 million units per month, expected to be completed in 2026.

In the future, controlling production and renewing popular IP licenses at reasonable costs will test Zhu Weisong’s team’s capabilities.