泡泡玛特劲敌，要IPO了

Core Viewpoint - 52TOYS aims to become the "Chinese version of Bandai" and is preparing for an IPO in Hong Kong, focusing on a diverse range of collectible toys and IP products [2][3][8]. Group 1: Company Overview - 52TOYS has applied for a listing in Hong Kong and is led by founders Chen Wei and Huang Jin, who have developed a portfolio that includes licensed IP products like Crayon Shin-chan and Tom and Jerry, as well as proprietary IP series such as the Beast Box and Panda Roll [3][10]. - The company has over 100 licensed and proprietary IPs and is expanding its market presence internationally, targeting Southeast Asia, Japan, Korea, and North America by the end of 2024 [11][12]. Group 2: Financial Performance - 52TOYS has achieved a valuation exceeding 4.2 billion yuan, with significant investments from various venture capital firms, indicating strong market potential in the collectible toy sector [13][19]. - The company's revenue grew from 463 million yuan in 2022 to 630 million yuan in 2024, reflecting a compound annual growth rate of 16.7%, with an adjusted net profit of over 32 million yuan in 2024 [31]. Group 3: Market Context - The "Guzi Economy" is gaining traction, with other companies like Pop Mart and Blokus achieving significant market success, which has increased investor interest in the collectible toy industry [4][21][27]. - 52TOYS differentiates itself from competitors like Pop Mart by focusing on collectible toys rather than trendy toys, believing that the market for collectibles is larger and more sustainable [28][29]. Group 4: International Expansion - Both 52TOYS and Pop Mart are actively expanding their international operations, with 52TOYS increasing its overseas revenue from 35.4 million yuan in 2022 to 147 million yuan in 2024, achieving a compound annual growth rate of over 100% [33].