灵魂拷问！真假IP运营？52TOYS的AB面

Core Viewpoint - 52TOYS is attempting to capitalize on the growing trend of collectible toys but faces significant challenges due to its reliance on non-exclusive licensed IPs and a weak direct sales channel compared to competitors like Pop Mart and Blokus [2][8]. Group 1: Company Positioning and Market Comparison - 52TOYS has submitted its IPO application to the Hong Kong Stock Exchange, aiming to leverage the current popularity of collectible toys [2]. - The company claims to be the "third largest IP toy company" by GMV, but its market share is only 1.2%, significantly lower than Pop Mart's 11.5% and Blokus's 7.5% [7][10]. - Despite its positioning as an IP operator, 52TOYS lacks a strong portfolio of proprietary IPs, relying heavily on licensed IPs, which are mostly non-exclusive [4][6]. Group 2: Financial Performance - 52TOYS's revenue from licensed IPs is projected to grow from 233 million RMB in 2022 to 406 million RMB in 2024, increasing its share of total revenue from 50.2% to 64.5% [4][5]. - The company's total revenue is expected to rise from 463 million RMB in 2022 to 630 million RMB in 2024, yet it has been operating at a loss, with losses increasing from 1.71 million RMB to 12.2 million RMB over the same period [8][9]. - The company has spent over 100 million RMB on IP licensing fees in the past three years, which has negatively impacted its gross margin [6]. Group 3: Sales and Distribution Channels - 52TOYS has reduced its number of direct retail stores from 19 in 2022 to only 5 currently, relying more on distributors for sales [10]. - Approximately 66.8% of the company's revenue comes from sales through distributors, while direct sales account for only 30.9% [10]. - The company's strategy of reducing direct retail presence indicates a weaker brand influence in the market [10].