52TOYS招股书揭秘：授权IP为主，如何撑起20亿估值上市梦？

Core Viewpoint - 52TOYS has submitted its IPO prospectus to the Hong Kong Stock Exchange, having previously secured an investment of 140 million RMB from Ru Yi Investment. The company reported revenues of 630 million RMB and a net profit of approximately 30 million RMB in 2024 [1]. Financial Performance - 52TOYS' revenue from 2022 to 2024 was 463 million RMB, 482 million RMB, and 630 million RMB respectively [1][2]. - The company recorded net losses of 1.708 million RMB and 71.934 million RMB in 2022 and 2023, with a further loss of 121.514 million RMB in 2024. However, adjusted net profits (non-IFRS) showed improvement, moving from -56.754 million RMB in 2022 to 32.013 million RMB in 2024 [2]. - The adjusted net profit margins (non-IFRS) improved from -12.3% in 2022 to 5.1% in 2024 [2]. Valuation and Revenue Sources - The valuation of 52TOYS has exceeded 2 billion HKD, reflecting an increase from the valuation at the time of Ru Yi Investment [2]. - In 2024, revenue from licensed IP accounted for 64.5% of the company's total revenue, indicating a significant reliance on this revenue stream [2]. IP Operations and Market Position - As of December 31, 2024, 52TOYS has incubated and operated 35 proprietary IPs and holds 80 licensed IPs across various fields such as animation, film, comics, and games [3]. - The company ranks second among multi-category Chinese IP toy companies and seventh in the overall Chinese IP toy market based on GMV in 2024, showcasing its competitive position [3]. Shareholding Structure - The largest shareholders, Chen Wei, Huang Jin, and Bai Jie, collectively hold approximately 36.81% of 52TOYS' shares as concerted actors [3]. - Prior to the IPO, the investment from Ru Yi allowed Chen Wei and partners to cash out nearly 60 million RMB [3].