IPO前夕聘安永合伙人任CFO！《哪吒2》玩具厂商冲击港交所！

Core Viewpoint - Sunny & Sandy (Hunan) Group Limited has submitted an application for listing on the Hong Kong Stock Exchange, with Goldman Sachs and CICC as joint sponsors, and Ernst & Young as the auditor [2]. Company Overview - Sunny & Sandy is a technology-driven IP toy company focused on reshaping traditional toy manufacturing methods. The company utilizes patented technology to integrate multiple colors and materials in a single molding process, enhancing production efficiency and maintaining high quality [10]. - The company has adopted environmentally friendly materials such as ABS and TPR, replacing traditional PVC, and has minimized the use of painting processes to comply with food contact safety standards. Its "black light factory" operates 24/7, significantly improving production efficiency and scalability [10]. - Sunny & Sandy has received global recognition for its commitment to food contact safety standards and its leading manufacturing capabilities. The company obtained global licensing from FIFA in September 2025 to design, develop, manufacture, and distribute merchandise for the 2026 FIFA World Cup in over 60 countries [12]. Financial Performance - The company reported revenues of RMB 106.6 million and RMB 244.6 million for 2023 and 2024, respectively, with gross profits of RMB 18 million and RMB 56.9 million, resulting in gross margins of 16.9% and 23.3% [14]. - For the first nine months of 2025, revenues reached RMB 386.5 million, compared to RMB 165 million in the same period the previous year, with a profit of RMB 51.9 million, a significant turnaround from a loss of RMB 16.5 million in the prior year [14][15].