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易建联和腾讯万达入股,这家赴港IPO的潮玩公司能迎来辉煌一刻吗?
Sou Hu Cai Jing· 2025-09-15 16:13
文/刘工昌 2025年5月22日,中国排名第三的潮玩厂家乐自天成(52TOYS)正式递交港股上市申请,联席保荐机构为花旗和华泰国际。 图源:乐自天成官网 而在递交招股书前10天,公司股权结构近期迎来重要变化。万达电影联手腾讯系儒意控股突击入股,斥资1.44亿元拿下7%股权,这不仅为乐自天成带来资 本支持,更重要的是为其打开了影视IP转化和游戏IP联动的想象空间。其中,万达拥有《流浪地球》《唐人街探案》等IP,儒意控股旗下也有《红警OL》 《QQ炫舞》等IP。 四成毛利仍然亏损 天眼查显示,乐自天成成立于2012年7月,是一家IP玩具公司,自2015年品牌推出以来,打着"玩点有趣的"的品牌主张,品牌愿景是"做一家伟大的玩具公 司"。 根据灼识咨询,按2024年中国GMV计,乐自天成在中国多品类IP玩具公司中排名第二,为中国第三大IP玩具公司。乐自天成是业内为数不多的、实现全产 业链运营的中国领先公司之一,覆盖IP孵化和开发、产品设计到柔性供应链和全局销售渠道各个环节,利用柔性供应链管理来维持可规模化拓展的运营架 构。 截至2024年12月31日,公司拥有超过100个自有及授权IP。以"IP中枢"战略、多品类运营 ...
文化传播新范式 52TOYS国博衍艺合作系列亮相2025服贸会
Zhong Guo Jing Ji Wang· 2025-09-13 05:32
中国经济网北京9月13日讯(记者杨秀峰)9月10日至14日,2025年服贸会在首钢园区举办。国内IP玩具品牌52TOYS旗下潮流IP NOOK与CiCiLu打造的大型户 外打卡装置,凭借独特设计吸引众多观众驻足拍照;同时,品牌还携多款玩具及衍生周边亮相服贸会文旅服务专题展区,其中与国家博物馆文创品牌"国博 衍艺"合作的创意玩具是首次对外展示。 在本届服贸会上,52TOYS还首次展示了与中国国家博物馆文创品牌"国博衍艺"合作的多款创意玩具。其中,超活化"文物走两步"系列将国博镇馆之宝中 的"击鼓说唱俑"和"陶鹰鼎",以现代创意进行了全新演绎,通过发条玩具的形式使文物"动"起来,焕发新的生命力。猛兽匣"青龙白虎套装"则以变形机甲玩 具的形式,展示了中国传统文化中的瑞兽形象,旨在通过互动体验激发玩家对传统文化的浓厚兴趣。据52TOYS相关负责人透露,未来将有更多融合国博馆 藏元素的玩具及周边与玩家见面。 52TOYS董事长兼CEO陈威在2025电子商务大会主论坛上表示,52TOYS与首钢园的深度合作即将开启,通过IP联名、打卡地标、主题店铺、内容合作等方 式,实现"IP赋能场景-场景激发情感-情感带动消费"的闭环。 ...
2024年泰国GMV增长四倍 52TOYS泰国七号店盛大开业
Sou Hu Wang· 2025-08-05 11:39
Company Overview - 52TOYS opened its seventh store in Thailand at Seacon Square Srinagarindra, Bangkok, on August 1, 2025, attracting hundreds of fans [1] - The brand's first store in Thailand was established in December 2023 at THE EMSPHERE, a high-end shopping mall in Bangkok [3] - The company has seen a fourfold year-on-year growth in GMV in Thailand for 2024 [3] Product Launch and Reception - The new store features the debut of the NOOK "OOTD" series and CiCiLu "Ocean Messenger" series, which have received positive feedback from consumers [5] - CiCiLu is a new self-owned trendy IP launched by 52TOYS, representing a character in a post-apocalyptic world who conveys people's wishes and secrets [5] - The NOOK character, introduced in 2022, has also gained a significant following in the Thai market [5] Market Dynamics - The rapid growth of 52TOYS in Thailand is attributed to the brand's long-term strategy in Southeast Asia, targeting a young consumer base that seeks creative and personalized products [7] - A report indicates that China and Southeast Asia are the fastest-growing regions for IP toys from 2020 to 2024, with a projected compound annual growth rate of 20% for Southeast Asia's IP toy market from 2025 to 2029 [7] - The company has been actively participating in various events and exhibitions to enhance brand awareness and consumer engagement, including pop-up events and major toy conventions [8] Future Strategy - 52TOYS plans to continue focusing on Southeast Asia, Japan, and North America as key overseas markets, aiming to deliver innovative products and diverse channels for consumer engagement [8]
中国IP玩具受追捧 企业加速“出海”
Zheng Quan Ri Bao· 2025-07-29 15:48
本报记者 李豪悦 杨怀玉认为,泡泡玛特在海外市场迸发出的潜力将使其在全球市场中的竞争力得到提升。"面对全球IP玩具竞争趋势,中 国企业未来与全球巨头正面对抗不可避免,品牌大规模'出海'也成为必然。" 国内品牌直面全球竞争 7月28日,高盛发布研究报告称,对比北美、日本等成熟市场,中国当前的IP支出规模仍显著偏低,但情感价值赋予IP更 高溢价,短视频、直播等便捷媒体渠道亦扩大受众。 "中国IP玩具市场仍是蓝海一片。"上海夏至良时咨询管理有限公司高级研究员、大消费行业分析师杨怀玉对《证券日报》 记者表示,"中国本土IP玩具品牌呈现充分竞争局面。市场前五大IP玩具公司市场份额合计仅占20.8%,剩余的都分散在中小厂 商,这也意味着行业仍有弯道超车的爆发机会。" 中国市场潜力巨大 高盛研报认为,中国IP玩具市场具备进一步增长的潜力,供需两端均出现更强劲的驱动因素。供应端方面,多样化IP矩阵 有望持续拓宽客户群,而精心设计的产品与品类扩张则为IP变现提供了载体。 从国内产品侧来看,潮玩品类已经从盲盒向毛绒玩具、可动玩偶、大娃等更多类型蔓延。与此同时,原创IP出新速度加 快。例如,52TOYS今年陆续推出CiCiLu、P ...
布鲁可、52TOYS进军港股,IP玩具企业迎来上市热
Sou Hu Cai Jing· 2025-07-09 13:54
Core Insights - The Chinese潮玩 (trendy toy) industry is experiencing an IPO boom, with companies like Pop Mart leading the way, having seen significant stock price increases since their listings [1][3] - The market is gradually accepting潮玩 as a new consumption model, with capital increasingly favoring IP toy companies [3] - The future success of these companies will depend on their ability to create real value through IP development and operational strategies [3] Company Summaries - **Pop Mart**: - Successfully listed on the Hong Kong Stock Exchange in December 2020 at a price of 38.5 HKD, with a current stock price of 266.8 HKD as of July 9, 2025, representing a sixfold increase and a market capitalization of 354.268 billion HKD [1] - By 2024, Pop Mart had seven IPs generating over 100 million RMB in revenue, with self-owned IPs accounting for over 70% of its income, establishing a complete business loop from IP incubation to product design and sales [5] - **Blokus**: - Launched with a stock price increase of 81.61% on its first day, achieving a market capitalization of over 26.5 billion HKD [3] - Focuses on building block toys, with 30.3% of its products being proprietary, but relies on non-exclusive licensed IPs, which poses stability risks [6] - Recognizing its IP limitations, Blokus is gradually developing its own IPs [6] - **52TOYS**: - As of 2024, 52TOYS had 35 self-owned IPs and 80 licensed IPs, with sales from self-owned IPs contributing 24.5% of total revenue, while licensed IPs accounted for 64.5% [8] - The company is heavily reliant on licensed IPs, with sales from these IPs increasing significantly over the years [9] Market Trends - The潮玩 industry is shifting from being overlooked to becoming a major focus for capital investment, indicating a potential "stronger getting stronger" trend as more companies enter the market [11] - Companies are expanding their overseas presence, with Pop Mart's international business contributing 5.07 billion RMB in revenue in 2024, a 375% increase year-on-year, accounting for 38.9% of total revenue [10] - Blokus's overseas sales surged from 104 million RMB in 2023 to 642 million RMB in 2024, marking a 518% increase [10] - 52TOYS's overseas revenue grew from 35.4 million RMB in 2022 to 147.4 million RMB in 2024, with significant growth in markets like Japan and Thailand [10] Financial Performance - Pop Mart's total revenue for 2024 reached 630.13 million RMB, with a gross profit margin of 39.99% [11] - The company has seen a consistent increase in revenue and a decrease in the proportion of sales and marketing expenses over the years [11] - Despite the growth, Pop Mart reported a net loss of 121.514 million RMB in 2024, indicating challenges in profitability [11]
2025轻工制造行业专题研究报告:乐自天成招股书梳理多品类IP玩具标杆,
Sou Hu Cai Jing· 2025-07-06 06:27
Core Insights - 52TOYS is positioned as a leading player in the IP toy market, leveraging its "IP Central" strategy and comprehensive industry chain layout to enhance its competitive advantage and market presence [1][19]. Group 1: Company Overview - 52TOYS was established in 2015 and has rapidly grown to become a significant player in the IP toy sector, with over 100 proprietary and licensed IPs by the end of 2024 [2][19]. - The company has achieved impressive revenue growth, with sales increasing from 463 million yuan in 2022 to 630 million yuan in 2024, reflecting a compound annual growth rate (CAGR) of 16.7% [2][27]. - The adjusted net profit turned from a loss in 2022 to a profit of 32.01 million yuan in 2024, indicating strong operational resilience [2][27]. Group 2: Market Dynamics - The global IP derivative market is valued at 1.4056 trillion yuan in 2024, with the IP toy segment accounting for 525.1 billion yuan, representing 37.4% of the total market [4][19]. - China's IP derivative market is growing rapidly, with a CAGR of 15.1% from 2020 to 2024, significantly outpacing the global growth rate of 8.3% [4][19]. - The Chinese IP toy market is projected to grow from 43.5 billion yuan in 2020 to 75.6 billion yuan in 2024, with a CAGR of 11.7% [4][19]. Group 3: Competitive Advantages - 52TOYS employs an "IP Central" strategy that integrates IP-driven collaboration across departments, enhancing product design, content insight, and commercialization [6][19]. - The company operates a dual-driven model with both proprietary and licensed IPs, having 35 proprietary IPs and 80 licensed IPs by the end of 2024 [6][19]. - Product innovation is a key pillar of 52TOYS' strategy, with over 500 new SKUs launched annually across various categories, including static figures, movable toys, and mechanical toys [7][19]. Group 4: Distribution and Sales Channels - 52TOYS has established a comprehensive distribution network, combining online and offline channels, with over 400 distributors covering 20,000 retail points [8][19]. - The company has successfully expanded its overseas market presence, with international revenue growing from 35 million yuan in 2022 to 147 million yuan in 2024, achieving a CAGR of over 100% [9][19]. - The sales revenue from distributors accounted for 66.8% of total revenue in 2024, with online sales contributing 22.1% and offline sales 8.8% [39][19]. Group 5: Consumer Engagement and Community Building - 52TOYS has built a robust fan community with over 4.7 million registered members by the end of 2024, enhancing customer loyalty and engagement [10][19]. - The company is transitioning from a focus on single products to developing a content ecosystem around its IPs, which includes novels and comics to extend the lifecycle of its products [10][19].
乐自天成收入向好仍持续亏损:负债率高企现金流转负,市场份额偏弱
Xin Lang Cai Jing· 2025-07-01 00:57
Core Viewpoint - Beijing Lezitiancheng Cultural Development Co., Ltd. (also known as "52TOYS") is seeking to list on the Hong Kong Stock Exchange, with rapid revenue growth but still facing challenges in profitability and IP licensing risks [1]. Financial Performance - Lezitiancheng's revenue from product sales has increased from 457 million yuan in 2022 to 629 million yuan in 2024, accounting for over 98% of total revenue during this period [2][4]. - The company reported revenues of 463 million yuan, 482 million yuan, and 630 million yuan for the years 2022, 2023, and 2024, respectively, with gross profits of 134 million yuan, 195 million yuan, and 252 million yuan, leading to gross margins of 28.9%, 40.5%, and 39.9% [4][5]. - Despite revenue growth, the company recorded net losses of 1.71 million yuan, 71.93 million yuan, and 122 million yuan for the same years, with adjusted net profits showing a similar trend [5][6]. Revenue Sources - Over 50% of Lezitiancheng's revenue comes from licensed IP products, with sales from licensed IP increasing from 233 million yuan in 2022 to 406 million yuan in 2024 [9][10]. - The company has diversified its sales channels, with significant contributions from distributors and direct sales, accounting for over 90% of total revenue [3][4]. Market Position - Lezitiancheng ranks second among multi-category IP toy companies in China by GMV, with a market share of 1.2% in the overall IP toy market, significantly lower than the leading competitors [6][13]. - The Chinese IP toy market is expected to grow at a compound annual growth rate of 17% over the next five years, indicating potential for future expansion [6]. Operational Challenges - The company faces high operational costs, with total expenses for sales, marketing, and administration accounting for approximately 34.17% of total revenue in 2024 [6][7]. - Inventory and accounts receivable management pose risks, as the company has seen an increase in inventory and trade receivables, leading to negative cash flow in 2024 [7][8]. Future Plans - The IPO proceeds will be allocated to diversifying and strengthening the IP matrix (20%), expanding domestic and international direct sales channels (25%), improving marketing activities (15%), potential investments or acquisitions (10%), and general corporate purposes (10%) [15].
国泰海通:中国及东南亚IP玩具市场高增 关注三大环节投资机会
智通财经网· 2025-06-30 06:24
Group 1: Market Overview - The global IP toy market is expected to reach a GMV of 525.1 billion yuan in 2024, with China and Southeast Asia projected to achieve GMVs of 75.6 billion yuan and 18.1 billion yuan respectively, and CAGRs of 17.2% and 20% from 2024 to 2029 [1] Group 2: Upstream IP Development - Pop Mart's original IPs have gained global popularity, expanding from Molly in 2017 to multiple successful IPs by 2022, with projected revenues of 8.08 billion yuan from the top five IPs in 2024, a year-on-year increase of 130.7% [1] - The fastest-growing IPs include The Monsters, Hirono, and Molly, with growth rates of 726.6%, 106.9%, and 105.2% respectively [1] - Alibaba's IP licensing platform, Aliyu, has signed contracts with hundreds of quality IPs since its establishment in 2016, leveraging Alibaba's e-commerce platform to connect brands and consumers [1] Group 3: Midstream Development - KAYOU leads the domestic card game industry with a GMV of 18.7 billion yuan in 2024, capturing a market share of 71.1% [2] - BLUKO has emerged as the top player in the building block toy sector with a GMV of 1.7 billion yuan in 2023, holding a market share of 30.3% [2] - Copper Master, a leading brand in copper cultural and creative products, is projected to exceed 500 million yuan in GMV in 2024, with a market share of 35% [2] - 52TOYS operates with both proprietary and licensed IPs, planning to have 35 proprietary IPs and 80 licensed IPs by the end of 2024, with over 500 new SKUs launched annually [2] Group 4: Downstream Channels - Pop Mart has set a benchmark for direct sales models, increasing its number of stores from 329 to 401 between 2022 and 2024, while TOPTOY's stores grew from 8 to 40 [3] - In 2024, the GMV for Pop Mart and TOPTOY stores in mainland China is expected to be 3.83 billion yuan and 1.15 billion yuan respectively, with single-store revenues of 10.02 million yuan and 5.42 million yuan [3] - The success of Pop Mart is attributed to the strong sales of its proprietary IP products like The Monsters and Molly, resulting in significantly higher store efficiency [3]
52TOYS 流血赴港上市:三年累亏2亿,难阻CEO陈威等高管递表前套现近6000万,9亿对赌高悬持续拖累盈利
Jin Rong Jie· 2025-06-12 12:23
Core Viewpoint - 52TOYS has initiated its IPO process, marking its entry into the capital market after nearly a decade of operation, but faces significant challenges in profitability and market position compared to competitors like Pop Mart and Blok. [1][3][7] Financial Performance - 52TOYS reported revenues of 463 million, 482 million, and 630 million RMB for 2022, 2023, and 2024 respectively, with growth rates of 4.10% and 30.70% in 2023 and 2024 [9] - The company has incurred net losses of 1.7 million, 71.9 million, and 122 million RMB from 2022 to 2024, totaling approximately 200 million RMB in losses [3][9] - Adjusted net profits are projected to turn positive in 2023 and increase in 2024, but remain significantly lower than leading competitors [3][9] Market Position - 52TOYS claims to be the "third largest IP toy company" in China, with a GMV of 930 million RMB and a market share of 1.2% in 2024, but is far behind Pop Mart's GMV of 8.72 billion RMB and market share of 11.5% [7][8] - The company relies heavily on licensed IPs, with 50.2%, 59.3%, and 64.5% of its revenue coming from licensed IPs over the past three years, indicating increasing dependency [10] Management and Ownership - CEO Chen Wei and other executives cashed out nearly 60 million RMB before the IPO, exceeding the company's annual profit [4][5] - The company has undergone multiple financing rounds since 2018, raising its valuation from 200 million to over 4.2 billion RMB [5] Operational Efficiency - 52TOYS has faced challenges in operational efficiency, with high inventory levels and accounts receivable impacting cash flow [13][14] - The company's inventory turnover days have improved but still lag behind competitors, indicating potential issues with product movement [14][16] Future Prospects - The company plans to allocate 20% of IPO proceeds to diversify its IP matrix and enhance product design, aiming to develop its own IPs [20] - 52TOYS is expanding into overseas markets, with international revenue growing from 35.36 million RMB in 2022 to 147 million RMB in 2024, but faces stiff competition [23][24] Challenges Ahead - The reliance on licensed IPs poses risks, especially with key contracts nearing expiration, which could affect future revenue [11][10] - The company must navigate a competitive landscape in overseas markets, where established brands like Pop Mart already have a strong presence [24][25]
暴涨1400%牛股,造就“新首富”
Zheng Quan Shi Bao· 2025-06-09 15:14
Company Overview - The founder of Pop Mart, Wang Ning's family, has seen their wealth surge to $20.8 billion, making them the new richest family in Henan, surpassing the founder of Muyuan Foods, Qin Yinglin, who has a net worth of $16.3 billion [1][3] - Over the past year, Wang Ning's family's wealth increased dramatically from approximately $5.5 billion to $20.8 billion, indicating a significant rise in their ranking among China's wealthy [3] Financial Performance - In 2024, Pop Mart achieved record revenue of 13.04 billion yuan, a year-on-year increase of 106.9%, and an adjusted net profit of 3.4 billion yuan, up 185.9% [5] - The company's stock price has skyrocketed over 11 times since the beginning of 2024, with a maximum increase of over 1400% from its lowest to highest price [3][5] Product and IP Development - Pop Mart's IPs, including THE MONSTERS, MOLLY, SKULLPANDA, and CRYBABY, have performed exceptionally well, with four IPs generating over 1 billion yuan in revenue and THE MONSTERS surpassing 3 billion yuan [6] - The LABUBU product line has gained immense popularity, leading to high demand and significant sales, with some limited editions selling for tens of thousands of yuan [5][6] Market Expansion and Strategy - Pop Mart plans to expand its global business, focusing on North America, Southeast Asia, and Europe, by opening physical stores in landmark locations to enhance brand experience and recognition [7] - The company aims to deepen collaborations with artists and cross-industry brands to enrich its product matrix and promote cultural integration [7] Industry Trends - The global toy market is projected to grow at an average rate of 5.34% until 2028, with China's toy market expected to grow at an average rate of 9.27%, reaching a market size that could account for one-sixth of the global market [7][8] - The IP toy market in China is anticipated to grow from 57.8 billion yuan in 2025 to 91.1 billion yuan by 2028, with an average growth rate of 17.02%, outpacing global growth [7] Competitive Landscape - The toy market is characterized by "dual-track competition," with traditional giants like LEGO and Bandai accelerating their presence in collectible products, while Chinese brands like Pop Mart innovate to gain market share [8] - The ability to establish a competitive edge across the entire supply chain, from creative incubation to consumer reach, is crucial for toy companies [8]