一个Labubu抵4个52TOYS！这家连亏三年的潮玩公司凭什么冲刺IPO？

Core Viewpoint - The rise of 52TOYS as a potential competitor in the trendy toy market, following the success of Pop Mart and other companies, highlights the growing interest and investment in the sector, despite its current financial challenges [2][3][5]. Group 1: Market Context - 52TOYS has submitted its IPO application in Hong Kong, aiming to capitalize on the booming trendy toy market, which is projected to reach nearly 90 billion RMB by 2024, with a compound annual growth rate of 14% over the next three years [5][10]. - The success of Pop Mart has demonstrated the commercial viability of the trendy toy business model, alleviating previous skepticism from investors and paving the way for new entrants like 52TOYS [3][5]. Group 2: Financial Performance - 52TOYS has shown revenue growth from 463 million RMB in 2022 to an expected 630 million RMB in 2024, reflecting a compound annual growth rate of 16.7% [10][12]. - Despite revenue growth, 52TOYS has faced increasing losses, with projected losses expanding from 1.71 million RMB in 2022 to 122 million RMB in 2024 [10][12]. - The company's reliance on licensed IP products is evident, with revenue from these products increasing from 233 million RMB in 2022 to 406 million RMB in 2024, making up over 64% of total revenue by 2024 [12][18]. Group 3: Competitive Landscape - The competitive environment for trendy toys is intensifying, with over 50,000 related companies currently operating in China, and an additional 3,100 expected to register by 2025 [29]. - 52TOYS is positioned as the "third stock" in the trendy toy sector, but it must prove its profitability and market differentiation to compete effectively against established players like Pop Mart and emerging brands [9][30]. 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 [19][26]. - 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 [23][26].