年营收超6亿，北京潮玩公司 52TOYS 赴港 IPO

Core Viewpoint - 52TOYS is seeking to raise between $100 million to $200 million through an IPO on the Hong Kong Stock Exchange, aiming to become the third local IP toy company listed after Pop Mart and Blokus, with significant market attention on its valuation and performance [2] Company Overview - Founded in 2015, 52TOYS focuses on IP toy development, production, and sales, boasting 35 proprietary IPs and collaborations with 80 international IPs, including Crayon Shin-chan and Disney [2] - The company projects a revenue of 630 million yuan in 2024, a 30.7% year-on-year increase, with licensed IP revenue accounting for 64.5% of total revenue [2] Financial Performance - Despite revenue growth, 52TOYS has not achieved sustained profitability, reporting net losses of 1.708 million yuan, 71.934 million yuan, and 122 million yuan from 2022 to 2024 [3] - The adjusted net profit is expected to turn positive in 2024, reaching 32.013 million yuan, indicating initial business optimization [3] - The gross margin for 2024 is projected at 39.9%, significantly lower than Pop Mart's 66.8%, primarily due to high IP licensing costs [3] Market Position and Competition - The IP toy market in China is projected to grow from 75.6 billion yuan in 2024 to 167.5 billion yuan by 2029, with 52TOYS ranking third in GMV among local IP toy companies [4] - In 2024, 52TOYS is expected to generate a GMV of 930 million yuan, with a market share of 1.2%, compared to Pop Mart's 11.5% and Blokus's 5.7% [4] Valuation and Market Sentiment - The market is closely watching 52TOYS's valuation, which is set at 4.273 billion yuan, leading to discussions about its high price-to-earnings ratio of 133 times based on projected profits [5] - Strategic partnerships with Wanda Film and Ru Yi Holdings are expected to enhance 52TOYS's market presence and product distribution [5][6] Industry Challenges - The competitive landscape is intensifying, with established players like Pop Mart maintaining a stronghold due to their proprietary IPs and distribution networks [7] - 52TOYS faces the challenge of balancing its reliance on licensed IPs while enhancing its original IP capabilities to avoid being seen as merely "working for IPs" [7]