52TOYS冲击港股：市占率仅1.2%，六成营收依赖授权IP

Core Viewpoint - 52TOYS is preparing for an IPO on the Hong Kong Stock Exchange, positioning itself as a competitor in the IP toy market alongside established players like Pop Mart and Blok. The company aims to expand its physical presence and improve its financial performance despite current losses and reliance on licensed IPs [1][2][4]. Company Overview - 52TOYS was founded in 2015 and has positioned itself as a "collectible toy" company, differentiating itself from Pop Mart's focus on "trendy toys." The company offers over 2,800 SKUs across various categories, including static figures, action figures, and plush toys [2]. - The company has received multiple rounds of financing, totaling over 500 million RMB, with notable investors including Aushin Capital and Qiming Venture Partners [2]. Recent Developments - In May 2023, Wanda Film announced a 1.44 billion RMB investment in 52TOYS, acquiring a 7% stake. This move is seen as part of Wanda's strategy to diversify its revenue streams beyond box office sales [3]. - 52TOYS has launched several products in collaboration with popular films, such as "The Wandering Earth 2," which has garnered market attention [3]. Financial Performance - 52TOYS has faced challenges with increasing revenue but declining profitability. Revenue is projected to grow from 463 million RMB in 2022 to 630 million RMB in 2024, with a compound annual growth rate of 16.7%. However, net losses are expected to widen from 1.71 million RMB to 12.2 million RMB during the same period [4][5]. - The company's adjusted net profit for 2023 and 2024 is forecasted to be 19.01 million RMB and 32.01 million RMB, respectively, indicating weak profitability [6]. Revenue Composition - The company heavily relies on licensed IPs, with over 64.5% of its revenue coming from licensed products by 2024. This dependency poses risks, as many core licenses are not exclusive and may face renewal challenges [9][10]. - 52TOYS has a limited number of proprietary IPs, with only 35 out of over 100 IPs contributing to just 24.5% of its revenue, highlighting a significant reliance on external licenses [7][9]. Market Position - In the competitive landscape of the IP toy market, 52TOYS holds a market share of only 1.2%, ranking third behind Pop Mart and Blok. The overall market for IP toys in China is projected to grow significantly, reaching 167.5 billion RMB by 2029 [11][12]. - The company faces intense competition from numerous players in the market, with over 20,800 related enterprises registered in China as of 2024 [11].