9.9元“哪吒”和“大圣”手办能否支撑IPO，“文创界蜜雪冰城”桑尼森迪递表港交所

Core Viewpoint - The company, Sunny Sandy, has submitted its application to the Hong Kong Stock Exchange, focusing on affordable IP toys with a retail price typically at or below RMB 9.9, and aims to achieve profitability by the third quarter of 2025 [1][3] Group 1: Company Overview - Sunny Sandy's brand name is derived from the founder Yang Jie (Sunny) and his daughter Sandy [3] - The company primarily generates revenue from sales of IP toy products and providing IP toy solutions to corporate clients [3] - By the third quarter of 2025, the company has successfully turned a profit after previous losses [1][9] Group 2: Financial Performance - The total revenue for 2023, 2024, and the first three quarters of 2025 is projected to be RMB 107 million, RMB 240 million, and RMB 386 million respectively [5] - Revenue from IP toy products is expected to be RMB 29.82 million, RMB 119 million, and RMB 303 million for the same periods, with the proportion of IP toy revenue increasing from 28% in 2023 to 78.3% in 2025 [5] - The gross profit margins for 2023, 2024, and the first three quarters of 2025 are 16.9%, 23.3%, and 35.3% respectively [9] Group 3: Market Position and Strategy - Sunny Sandy has established partnerships with popular IPs such as "Nezha: Birth of the Demon Child" and "The King's Avatar," positioning itself as a leading player in the domestic IP toy market [3][5] - The company plans to expand its production capacity significantly, with new production bases and a workforce increase from 600 to over 1500 employees by 2025 [8] - The company utilizes a patented multi-color and multi-material injection molding technology, achieving a high quality rate of over 99.9% [8] Group 4: Industry Context - The Chinese IP toy industry is projected to reach a market size of RMB 95.5 billion by 2024, with a compound annual growth rate (CAGR) of 22.1% from 2024 to 2030 [7] - The affordable IP toy segment is expected to grow at a CAGR of 27.7% during the same period, indicating strong market potential [7] - The competitive landscape is intensifying, with multiple companies in the sector also seeking to list on the Hong Kong Stock Exchange [7]