新年开新局｜“哪吒”冲击港交所！湖南或增加一家上市公司

Core Viewpoint - Sunny&Sandy (Hunan) Group Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to enter the international capital market with its popular domestic IP toys like "Nezha" [1][4]. Company Overview - Sunny&Sandy is a toy company based in Xiangtan Free Trade Zone, founded by Yang Jie and his daughter, with a current valuation of 4 billion RMB following its latest financing round in 2025 [4]. - The company has received investments from institutions such as Xiangtan Agricultural Development Fund and Hillhouse Capital [4]. Unique Selling Proposition - The company utilizes a patented technology that integrates multiple colors and materials into a single injection molding process, making it the only IP toy company globally to apply this technology [7]. - Its products meet food contact safety standards and are made from environmentally friendly materials, ranking first in sales for affordable 3D IP toys priced below 20 RMB in 2024 [7]. Financial Performance - Revenue is projected to grow from 107 million RMB in 2023 to 245 million RMB in 2024, representing an increase of approximately 130%. For the first three quarters of 2025, revenue further increased by 135% to 386 million RMB [7][9]. - The company's domestic and international revenue ratio is expected to shift from 30:70 in 2023 to 80:20 by 2025, indicating a significant increase in domestic market share [11]. Market Expansion - Sunny&Sandy is actively expanding its market presence, operating five production facilities and serving over 20 countries, with more than 32,000 retail terminals in China [8]. - The company has secured global licensing from FIFA to design, develop, manufacture, and distribute merchandise for the 2026 FIFA World Cup in over 60 countries and regions [11]. Technological Advancements - The company has launched a fully automated "black light factory" in Zhongshan, Guangdong, capable of 24/7 production with an initial annual capacity of approximately 95.4 million units [11]. Industry Context - The listing of Sunny&Sandy on the Hong Kong Stock Exchange is expected to enhance the global positioning of Hunan's manufacturing sector in the toy industry [12]. - There has been a notable trend of Hunan enterprises accelerating their listings in Hong Kong, with around 10 companies already listed, including notable names like Zoomlion and Lens Technology [12].