卡牌潮玩领域正迎来新一轮上市热潮。近期，桑尼森迪、Suplay相继递交港股上市申请，加上此前已在 排队中的卡游、52TOYS、金添动漫等企业，卡牌潮玩领域的上市企业名单正进一步"延长"。 多股"排队"上市 2026年1月初，桑尼森迪、Suplay两家公司递交了港股上市申请。 桑尼森迪是来自湖南的IP玩具企业。2025年初，《哪吒之魔童闹海》上映后，该公司是第一家推出其IP 授权手办的公司，公司也因此名噪一时。 Suplay的收入也处于快速增长中。2023年、2024年，Suplay的收入分别为1.46亿元、2.81亿元，2025年 前三季度，公司的收入为2.83亿元。 招股书显示，根据弗若斯特沙利文的数据，按截至2025年9月30日9个月的销量计算，桑尼森迪是最大的 国潮文创IP玩具企业。按照2024年的销量计算，在定价20元及以下的平价立体IP玩具中，桑尼森迪排名 第一。 2023年、2024年，桑尼森迪的营业收入分别为1.07亿元、2.45亿元。2025年前三季度，受《哪吒之魔童 闹海》等热门IP产品影响，桑尼森迪营业收入实现了大幅增长，其营业收入达到3.86亿元，其中IP玩具 产品收入达到3.03亿元， ...

花九块九就能把一个正版哪吒手办买走，来自湖南湘潭的玩具企业桑尼森迪，凭借国潮文创领域中的蜜 雪冰城的平价定位，叩响了港交所的大门。 虽然产品售价不高，但桑尼森迪却豪掷超5000万元获取IP授权。一边是平价的盲盒产品，一边是高昂的 IP成本，这家价版泡泡玛特的IPO故事成色几何？ (图源：小红书) 一部《哪吒2》捧出的爆款手办 桑尼森迪的崛起和《哪吒之魔童闹海》的爆火紧密相关。2025年，动画电影《哪吒之魔童闹海》上映后 引起观影热潮，桑尼森迪展现出极快的市场反应速度，在电影首映当天就推出了第一批周边产品，三天 里完成全国主要渠道的铺货，成功赶上了IP热度的第一波流量红利。 (图源：小红书) 这波流量红利直观地反映在公司财务报表里。招股书所呈现的数据显示，2025年前三季度，桑尼森迪收 获3.86亿元的营收，远超2024年全年累计的2.45亿元。 | IP玩具產品 | 29,820 | 48.6 75,861 46.1 302,662 78.3 28.0 118,849 | | --- | --- | --- | | IP玩具+ | 76,827 | 72.0 125,774 51.4 88,867 53.9 ...

Core Viewpoint - Sunnysondi (Hunan) Group Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing product competitiveness, expanding sales networks, and seeking strategic investments [1][3] Group 1: Company Overview - Sunnysondi is recognized as the largest national trend cultural IP toy enterprise, leveraging popular IPs like "Nezha" for its products [3][5] - The company has developed a unique technology that allows for multi-color and multi-material integration in a single molding process, making it the only IP toy company globally to apply such technology [4][5] - The company has secured global licensing from FIFA to design and distribute merchandise related to the 2026 FIFA World Cup [4] Group 2: Financial Performance - Sunnysondi's revenue from IP toy business has increased significantly, accounting for 28%, 48.6%, and 78.3% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [5] - The company reported revenues of 107 million, 245 million, and 386 million yuan during the reporting period, with a turnaround to profitability in the first three quarters of 2025 [8] - Despite the profitability, inventory levels surged from 33.5 million yuan at the end of 2023 to 126 million yuan by the end of September 2025, indicating a 276% increase [8] Group 3: Business Model and Risks - The company relies on non-exclusive partnerships with IP licensors, which may lead to increased competition and potential risks of becoming merely an OEM [6][7] - The company has acknowledged that some IP licensors retain the right to produce and sell similar products, posing additional competitive threats [7] - The declining R&D expenditure ratio, from 5.5% in 2023 to 2.2% in the first three quarters of 2025, raises concerns about the company's innovation capabilities [9] Group 4: Recent Developments - A vice president of the company sold shares worth approximately 5.29 million yuan just before the IPO application submission [10] - The company plans to expand its production capacity at its new factory in Zhongshan and establish a new facility in Gansu, with an expected production capacity of 113 million pieces annually [11]

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].

Core Viewpoint - Sunnysondi (Hunan) Group Co., Ltd. is a technology-driven IP toy company aiming to reshape traditional toy manufacturing through patented technology that integrates multiple colors and materials in a single molding process, thereby enhancing production efficiency and maintaining high quality [2]. Group 1: Company Overview - Sunnysondi is positioned as the largest national trend cultural IP toy enterprise based on sales volume for the nine months ending September 30, 2025, according to Frost & Sullivan [2]. - The company collaborates with top national trend cultural IPs such as "Nezha: Birth of the Demon Child," "Wang Wang Mountain Little Monster," and "The King's Avatar," blending traditional Chinese elements with contemporary designs to appeal to younger audiences [2]. Group 2: Financial Performance - For the fiscal years 2023 and 2024, Sunnysondi reported revenues of RMB 106.65 million and RMB 244.62 million, respectively, with net losses of RMB 19.92 million and RMB 0.51 million [3]. - In the first three quarters of 2025, the company achieved revenue of RMB 386.49 million, representing a year-on-year growth of 134.62%, with a net profit of RMB 51.96 million compared to a loss of RMB 16.48 million in the same period the previous year [2][3]. Group 3: Leadership - Yang Jie, the founder and CEO of Sunnysondi, holds a 50.99% stake in the company and has been instrumental in its establishment and growth since November 2015 [5]. - Zhang Yuan, a non-executive director, joined the company in May 2023 and has a background in project management and library assistance [7].

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].

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]

Core Viewpoint - Sunnysondi (Hunan) Group Co., Ltd. is a technology-driven IP toy company aiming to reshape traditional toy manufacturing through patented technology that integrates multiple colors and materials in a single molding process, thereby enhancing production efficiency and maintaining high quality [2]. Company Overview - Sunnysondi is positioned as the largest national trend cultural IP toy enterprise based on sales volume as of September 30, 2025, according to Frost & Sullivan [2]. - The company collaborates with top national trend cultural IPs such as "Ne Zha: Birth of the Demon Child" and "The King's Avatar" to blend traditional Chinese elements with contemporary designs, targeting both the Chinese youth and global audiences [2]. Financial Performance - For the fiscal years 2023 and 2024, Sunnysondi reported revenues of RMB 106.65 million and RMB 244.62 million, respectively, with net losses of RMB 19.92 million and RMB 0.51 million [3]. - In the first three quarters of 2025, the company achieved a revenue of RMB 386.49 million, representing a year-on-year growth of 134.62%, with a net profit of RMB 51.96 million compared to a loss of RMB 16.48 million in the same period the previous year [2][3]. Cost Structure - The cost of sales for 2023 was RMB 88.64 million, accounting for 83.1% of revenue, while the gross profit margin was 16.9% [3]. - By 2025, the cost of sales is projected to decrease to 64.7% of revenue, indicating improved efficiency and profitability [3]. Leadership - Yang Jie, the founder and CEO, holds a 50.99% stake in the company and has been instrumental in its establishment and growth since 2015 [5]. - Zhang Yuan, a non-executive director, joined the company in May 2023 and has a background in project management and library assistance [7][12].

Core Viewpoint - Sunnysondi (Hunan) Group Co., Ltd. is a technology-driven IP toy company aiming to reshape traditional toy manufacturing through patented technology that integrates multiple colors and materials in a single molding process, thereby enhancing production efficiency and maintaining high quality [2]. Company Overview - Sunnysondi is positioned as the largest national trend cultural IP toy enterprise based on sales volume for the nine months ending September 30, 2025, according to Frost & Sullivan [2]. - The company collaborates with top national trend cultural IPs such as "Nezha: Birth of the Demon Child," "Wang Wang Mountain Little Monster," and "The King's Avatar," blending traditional Chinese elements with contemporary designs to appeal to younger audiences both domestically and globally [2]. Financial Performance - For the fiscal years 2023 and 2024, Sunnysondi reported revenues of RMB 106.65 million and RMB 244.62 million, respectively, with net losses of RMB 19.92 million and RMB 0.51 million [3]. - In the first three quarters of 2025, the company achieved revenue of RMB 386.49 million, representing a year-on-year growth of 134.62%, with a net profit of RMB 51.96 million compared to a loss of RMB 16.48 million in the same period the previous year [2][3]. Management Team - Yang Jie, the founder and CEO, holds a 50.99% stake in the company and has been instrumental in its establishment since November 2015 [5]. - Zhang Yuan, a non-executive director, joined the group in May 2023 and has held various roles within the organization [7][9].

Core Viewpoint - Sunnysondi (Hunan) Group Co., Ltd. is positioned as a leading player in the IP toy industry, focusing on technology-driven solutions and aiming for an IPO on the Hong Kong Stock Exchange in January 2026 [3][4]. Group 1: Company Overview - Sunnysondi was established in 2015 and aims to reshape traditional toy manufacturing by providing high-quality, cost-effective IP toys and solutions to global customers [3]. - The company has established a leading position in the IP toy and solution industry, becoming the second-largest Chinese company in this sector by total sales volume in the first three quarters of 2025 [3]. Group 2: Market Position and Growth - According to Frost & Sullivan, Sunnysondi ranks first in the affordable 3D IP toy segment priced at 20.0 RMB or below, and is the fastest-growing company among the top five in the affordable IP toy industry in China from 2023 to 2024 [4]. - The affordable IP toy market in China is projected to reach approximately 29 billion RMB in 2024, with a compound annual growth rate of 27.7% from 2024 to 2030, indicating significant growth potential [11]. Group 3: Product Development and Innovation - Sunnysondi has collaborated with over 20 IP partners, including well-known international and Chinese IPs, allowing for rapid product development and distribution [5][7]. - The company can complete product development and mass production within 8 weeks, significantly faster than the industry average of 3 to 6 months, enhancing its operational capabilities [7]. Group 4: Financial Performance - Sunnysondi's revenue for 2023 and 2024 was 107 million RMB and 245 million RMB, respectively, representing a year-on-year growth of 129.5%. For the first three quarters of 2025, revenue increased by 134.7% to 386 million RMB [14]. - The gross profit margins for 2023, 2024, and the first three quarters of 2025 were 16.9%, 23.3%, and 35.3%, respectively, showing a continuous upward trend [15]. Group 5: Manufacturing and Technology - The company holds 48 patents for its manufacturing technology, which allows for high-quality, efficient mass production, achieving a defect rate of over 99.9%, significantly higher than the industry average of 90% to 95% [12]. - Sunnysondi operates five production facilities with a daily capacity exceeding 1 million units, and its fully automated factory in Zhongshan, Guangdong, is among the first to achieve 24/7 production [12]. Group 6: Future Plans and Funding - The net proceeds from the IPO will be primarily used to enhance product competitiveness, strengthen intelligent manufacturing and digital capabilities, expand the sales network, and seek strategic investments and acquisitions [18].