3 6 Ke·2025-06-04 03:37Core Viewpoint - The article discusses the rise of 52TOYS as a potential competitor in the trendy toy market, following the success of Pop Mart and other companies, highlighting the similarities and differences in their business models and market conditions [1][2][3]. Group 1: Market Context - The trendy toy market is experiencing significant growth, with the Chinese market expected to reach nearly 90 billion RMB by 2024, maintaining a compound annual growth rate of 14% over the next three years [5][6]. - 52TOYS is entering the market at a favorable time, capitalizing on the growing popularity of emotional consumption trends such as blind boxes and collectible toys [6][7]. Group 2: Company Performance - 52TOYS has shown revenue growth, with projected revenues of 463 million RMB, 482 million RMB, and 630 million RMB for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 16.7% [15]. - Despite revenue growth, 52TOYS has faced continuous losses, with losses increasing from 1.71 million RMB in 2022 to 122 million RMB in 2024 [15][18]. - The company's profitability is challenged by high costs associated with IP licensing, which accounted for 12.1% of sales costs in 2024, leading to a decline in gross margin from 40.5% in 2023 to 39.9% in 2024 [21][22]. Group 3: Competitive Landscape - 52TOYS is compared unfavorably to competitors like Pop Mart and Blucol, which have demonstrated stronger financial performance, with Blucol achieving over 1 billion RMB in revenue in the first half of 2024 [17][18]. - The company relies heavily on licensed IP products, which constituted 64.5% of its total revenue by 2024, raising concerns about sustainability and profitability [18][23]. Group 4: Growth Strategies - 52TOYS aims to leverage film IP derivatives and international expansion as key growth strategies, having entered over 10 countries since 2017, with a focus on Southeast Asia [31][33]. - The company has had some success with film-related products, such as the collaboration with "The Wandering Earth 2," which generated significant pre-sale revenue [27][30]. Group 5: Future Outlook - The company faces intense competition in the trendy toy market, with over 50,000 related enterprises in China, making differentiation and successful IP development crucial for its future success [34]. - 52TOYS needs to develop its own successful IPs to compete effectively and achieve the same level of market recognition as Pop Mart's labubu [34].