52TOYS冲刺港股：亏损1.22亿，海外营收占比23%

Core Viewpoint - 52TOYS, a cultural development company, has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, showcasing its business model and financial performance in the collectible toy industry, which differs from competitors like Pop Mart. Financial Performance - 52TOYS reported revenues of RMB 463 million, RMB 482 million, and RMB 630 million for the years 2022, 2023, and 2024 respectively, with a declining annual growth rate from approximately 40% to 30% by 2024 [2] - The company incurred losses of RMB 1.71 million, RMB 71.93 million, and RMB 122 million for the same years, with profit margins of -0.4%, -14.9%, and -19.3% respectively [3] - Adjusted profits for 2023 and 2024 were RMB 19.01 million and RMB 32 million, with a gross profit of RMB 251 million and a stable gross margin of around 40% in 2024 [4] Revenue Sources - The primary revenue source for 52TOYS is toy sales, which include self-owned IP products, licensed IP products, and externally sourced items. The company has around 2,800 SKUs and introduces over 500 new SKUs annually [6] - The company owns 35 self-owned IPs, contributing 24.5% of total revenue, with a decline in sales share from 28.5% in 2023 [9] - Licensed IPs, particularly Crayon Shin-chan, are significant revenue drivers, generating a cumulative GMV of RMB 600 million, with nearly 60% of total revenue attributed to this IP [11] Market Expansion - 52TOYS has expanded into overseas markets, including Southeast Asia, Japan, South Korea, and North America, achieving revenues of RMB 35.4 million, RMB 58.6 million, and RMB 147 million from 2022 to 2024, representing 7.6%, 12.1%, and 23.4% of total revenue respectively [12] - The company has established 16 overseas authorized brand stores and utilizes platforms like Amazon, Shopee, and TikTok for sales [12] Sales Channels - The sales network comprises self-operated channels (brand stores, vending machines, major e-commerce platforms) and distributors, with self-operated sales contributing 30-35% of total sales [14] - The number of distributors increased significantly from 295 in 2022 to 426 in 2024, while the number of self-operated brand stores decreased from 19 to 10 during the same period [14][17] Recent Developments - Prior to the IPO submission, 52TOYS completed a C+ round financing of RMB 23.27 million, with a post-financing valuation of RMB 4.27 billion, showing minimal change from the previous round [18] - Wanda Film and its affiliate, Ruyi Holdings, have announced a strategic investment in 52TOYS, focusing on collaboration in IP toy product development and marketing [19][20]