灵魂拷问！真假IP运营？52TOYS的AB面

Core Viewpoint - 52TOYS aims 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 distribution channel, which may hinder its profitability even if it successfully goes public [1][4][14]. Group 1: Company Positioning and Market Comparison - 52TOYS is positioning itself as a third-largest IP toy company by GMV, but its market share is only 1.2%, compared to 11.5% for Pop Mart and 7.5% for Blok [13]. - The company reported revenue growth 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 [13]. - Despite its claims of being an IP operator, 52TOYS has few proprietary IPs and relies heavily on licensed IPs, which are mostly non-exclusive, including well-known brands like Crayon Shin-chan and Disney [5][10]. Group 2: Revenue and Cost Structure - Revenue from licensed IPs is projected to grow from 233 million RMB in 2022 to 406 million RMB in 2024, constituting 50.2%, 59.3%, and 64.5% of total revenue respectively [5][6]. - The company has spent over 100 million RMB on IP licensing fees in the past three years, with costs rising significantly, which has negatively impacted its gross margin [10]. - The reliance on distributors for 66.8% of revenue indicates a weak brand presence, as direct sales only account for 30.9% [14]. Group 3: Strategic Challenges - 52TOYS is reducing its direct retail presence, with only 5 stores remaining from 19 at the end of 2022, which limits its market reach [13]. - The company’s strategy of allocating 70% of resources to market-driven products, 20% to forward-looking designs, and 10% to creative designs raises concerns about its ability to innovate and develop proprietary IPs [10]. - Upcoming expirations of key IP contracts in the next two to three years pose a risk to sustaining revenue, as the current proprietary IPs are not yet profitable enough to support the business [10].