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]

报告共计：25页 52TOYS：从IP玩具标杆到全产业链玩家，如何撬动千亿市场？ 在当下的消费市场中，IP玩具正从 niche 品类走向大众视野，而52TOYS（乐自天成）作为这一领域的代表性企业，正以独特 的"IP中枢"战略和全产业链布局，成为行业关注的焦点。从2015年品牌诞生到如今拥有超100个自有及授权IP，这家公司不仅见 证了中国IP玩具市场的崛起，更以持续增长的业绩展现了其强劲的发展动能。 从本土品牌到行业标杆：52TOYS的成长轨迹 今天分享的是：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，全产业链布局构筑优势 2015年，52TOYS正式推出品牌，彼时中国IP玩具市场还处于培育阶段。但凭借对市场的敏锐洞察，公司在2016年就推出了自主 研发的变形机甲"猛兽匣"系列，这一兼具收藏价值与互动性的产品迅速打开市场，成为其标志性自有IP之一。此后，品牌的发 展脚步不断加快：2017年进军日本市场，2018年登陆美国并与迪士尼达成合作，2020年开设首家品牌店，2023年推出的蜡笔小 新发条玩具更是多次登顶天猫、抖音畅销榜，成为现象级爆款。 如今，52TOYS已成长为行业头部 ...

转自：港湾商业观察 《港湾商业观察》施子夫 近期，北京乐自天成文化发展股份有限公司（以下简称，乐自天成）递表港交所，公司拟港股主板上 市，联席保荐机构为花旗和华泰国际。 或许，乐自天成的另一个名字更被外界所熟知，即"52TOYS"。凭借众多知名IP的吸引力，乐自天成的 营收规模在最近几年实现较快增长，不过公司截至报告期末仍未实现盈利，此外还面临IP授权到期等其 他经营风险问题。 1 毛利率走高但持续亏损 天眼查显示，乐自天成成立于2012年7月，是一家IP玩具公司，截至2024年末，乐自天成拥有超过100个 自有及授权IP。自2015年品牌推出以来，公司凭借"IP中枢"战略，通过对不同消费者群体需求的精准洞 察及全面的产品开发能力，不断开发多品类且引人入胜的IP玩具，从而提升IP的商业价值和影响力。 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，而按相同标准 衡量整体为中国第三大IP玩具公司。 于往绩记录期间，乐自天成的大部分收入来自产品销售，包括自有IP、授权IP的52TOYS品牌产品、向 委托经营的若干第三方品牌及知名国际玩具品牌采购的第三方品牌产品。 随着业务渠道的 ...

智通财经APP获悉，国泰海通发布研报称，全球IP玩具市场规模庞大，其中中国、东南亚未来五年有望 保持高速增长，产业链中IP、产品、渠道三大环节均有望实现蓬勃发展，建议关注泡泡玛特(09992)等 相关标的投资机会。根据乐自天成招股说明书援引灼识咨询数据，2024年全球IP玩具市场GMV达5251 亿元，其中中国、东南亚市场GMV分别达756、181亿元，2024-2029年CAGR有望分别达17.2%、20%。 泡泡玛特的主力IP从2017年的Molly，逐步拓展至2022年的Dimoo、Skullpanda，再发展到现在的The Monsters(LABUBU所属系列)、Hirono小野，每个IP均有可观的收入体量。2024年以上五大IP合计创收 80.8亿元，同比增长130.7%，其中The Monsters、Hirono小野、Molly增速最高，分别达到726.6%、 106.9%、105.2%。阿里鱼为阿里旗下IP版权交易平台，是国内领先的第三方IP授权公司，自2016年成立 以来，已签约三丽鸥、宝可梦等数百个国内外优质IP。除了代理IP资源丰富以外，阿里鱼还依托阿里系 电商平台优势对接大量品牌商家及 ...

近期，52TOYS（公司全称：北京乐自天成文化发展股份有限公司，以下简称"乐自天成"）向港交所递 交招股书，正式启动IPO进程。 这家成立于2015年的潮玩企业，在创办第十个年头踏上资本市场征程，延续了中国潮玩公司"十年磨一 剑"的上市默契——2020年泡泡玛特上市时正值创立十周年，2025年1月挂牌的布鲁可同样在成立十年后 登陆港股。 图源：52TOYS官网（下文中出现的图片均来自招股书） 但在打法上，52TOYS和它的竞争对手们不太一样。 多数潮玩公司依赖王牌IP驱动发展，如泡泡玛特的Molly、布鲁可的奥特曼，而52TOYS虽拥有35个自有 IP和80个授权IP，却缺少足够撑起公司业绩增长的爆款。当前的52TOYS更多依靠向上游购买授权IP， 再通过下游经销商销售分成盈利。 2022年-2024年，公司净利润分别为-170.4万元、-7193.4万元和-1.22亿元，累计亏损约2亿元。经调整净 利润在2023年扭亏，2024年同比增加，但与行业头两名仍有显著差距。 与此同时，公司还面临高管大额套现、9亿对赌协议持续利润空间、运营效率落后等诸多问题。 CEO陈威等高管递表前套现近6000万元，高于公司一年 ...

大牛股造就大富豪。 福布斯实时富豪榜显示，目前，泡泡玛特(09992.HK)创始人王宁家族以208亿美元的身家高居全球富豪榜第101位，这一身家已超过牧原股份（002714） (002714.SZ)创始人秦英林(163亿美元，排名第133位)，正式成为河南新首富。 值得注意的是，王宁家族的财富规模在过去短短一年中暴涨，在福布斯2024中国富豪榜100人中，当时王宁家族的身家仅有55亿美元左右，在国内富豪中 排名第68位。 而若以王宁家族目前208亿美元的身家粗略比较，其在2024年的国内富豪榜中的排名有望排进前10。 王宁家族身家暴涨的原因并不复杂，在过去一年多时间中，泡泡玛特股价持续暴涨，2024年以来，其股价暴涨超11倍。若以其间最低价和最高价计算，股 价最高涨幅超过1400%。 在2024年年报中，泡泡玛特表示，2024年集团旗下IP表现十分优异，首次实现THE MONSTERS、MOLLY、SKULLPANDA和CRYBABY四大IP营收超过 10亿元，13大IP营收破亿元。去年LABUBU爆火全球，推动THE MONSTERS收入突破30亿元，SKULLPANDA"温度"系列成为历史上最好的潮玩产品 ...

Core Viewpoint - The global economic recovery by 2025 is revitalizing the Hong Kong stock market, with the IP toy industry being a focal point for capital market attention, highlighted by 52TOYS' IPO plans and valuation of 4.273 billion RMB [1][6]. Company Overview - 52TOYS, the third-largest IP toy company in China, has adopted an "IP hub" strategy since its brand launch in 2015, focusing on diverse consumer needs and extensive product development [1][3]. - The company has launched various product lines, including blind boxes and transformable mechas, and has developed its first original IP, "Beast Box" [3][12]. - As of 2024, 52TOYS has 35 proprietary IPs and 80 licensed IPs, with a total of 2,800 SKUs and over 500 new products introduced annually [3][12]. Financial Performance - Revenue from 2022 to 2024 shows growth from 462.9 million RMB to 630.1 million RMB, with a notable increase in sales cost and a fluctuating gross margin [10][11]. - The company reported a net loss of 1.22 billion RMB in 2024, with adjusted net profits showing a gradual improvement [12]. - The revenue structure is increasingly reliant on licensed IPs, which accounted for 64.5% of total revenue in 2024, while proprietary IPs contributed only 24.5% [12]. Market Position and Challenges - Despite its growth, 52TOYS faces challenges in creating blockbuster proprietary IPs comparable to competitors like Pop Mart's MOLLY [8][12]. - The company has seen a significant shift in its distribution strategy, reducing direct stores from 19 in 2022 to 5 by early 2025, while increasing reliance on distributors [12][14]. - The competitive landscape is intensifying, particularly in overseas markets, where 52TOYS has seen over 100% CAGR in revenue since 2022 [13][14]. Strategic Partnerships - Recent strategic investments from Wanda Film and Ru Yi Holdings have increased 52TOYS' valuation and provided a 7% stake to these investors, indicating confidence in the company's growth potential [5][6]. - A strategic partnership with Wanda Film aims to leverage both companies' strengths in IP toy product development and marketing [6]. Future Outlook - The company's future success hinges on its ability to innovate and develop impactful proprietary IPs while navigating the competitive landscape of the global toy market [16][18]. - The ongoing global economic recovery is expected to enhance consumer demand for IP toys, presenting opportunities for growth [1][16].

以下文章来源于尺度商业 ，作者尺度商业 易建联持股， IPO前估值42.73亿元 尺度商业 . 以价值为尺、投资有度的视角，观察和洞见商业文明、科技创新（原德林社更名） 作者 | 董武英 来源 | 尺度商业 导语 ：从市场份额来看，行业第三的乐自天成与前两名差距较大，并与第四和第五名未能拉 开差距。 今年以来，IP玩具行业获得了资本市场高度关注。港股市场上，泡泡玛特股价持续创出新高，截 至6月3日收盘，年内股价涨幅已经达到163.6%，最新市值高达3142亿港元。今年1月上市的布鲁 可，虽然仍处于亏损状态，但年内股价大涨了173%，最新市值高达410.8亿港元。 在这种火热行情下，又一家IP玩具公司向港交所递交了招股书，它就是52TOYS的母公司乐自天成。 乐自天成是国内第三大IP玩具企业，市占率仅次于泡泡玛特和布鲁可。与布鲁可一样，目前的乐自 天成仍处于亏损状态。它能顺利IPO并复制泡泡玛特和布鲁可的暴涨故事吗？ 2015年，陈威和黄今在一番畅谈后，一拍即合，联合创办了乐自天成，推出了52TOYS这一IP玩具品 牌。也是在2015年前后，已经创办了五六年之久的泡泡玛特发现了起源于日本的盲盒模式，随后拿 下了 ...

Core Viewpoint - 52TOYS, a Chinese toy company, is planning to go public in Hong Kong, but its financial performance raises concerns about its competitiveness in the rapidly growing IP toy market [2][4]. Financial Performance - 52TOYS reported a revenue of 630 million RMB in 2024, representing a year-on-year growth of 68%, but its net profit growth was only 12%, which is significantly lower than its peers [2][7]. - The company's gross margin decreased from 58% to 52% over the same period, indicating a decline in profitability [2][9]. - From 2022 to 2024, 52TOYS experienced a cumulative loss of 195 million RMB, with annual losses increasing each year [7][8]. Revenue Sources - 64.5% of 52TOYS' revenue comes from licensed IP, while its own IP revenue share is declining, raising concerns about sustainability if licenses are lost [2][9]. - The company has spent over 100 million RMB on licensing fees for IPs from 2022 to 2024, indicating a heavy reliance on external IPs [9][11]. Market Position - The Chinese IP toy market is expected to grow from 486 billion RMB in 2020 to 756 billion RMB in 2024, with 52TOYS lagging behind competitors like Pop Mart and TOPTOY, which have shown stronger revenue growth [5][6]. - 52TOYS' revenue growth rate from 2022 to 2024 is 16.7%, significantly lower than competitors like Card Game at 55% and Bluku at over 150% [6][9]. Ownership and Investment - The founder and partners of 52TOYS have cashed out a total of 57.73 million RMB prior to the IPO, raising questions about their confidence in the company's future [3][4]. - Major shareholders include Suzhou Qiming Rongke and CICC Cultural Consumption Fund, with the founder holding approximately 36.81% of the shares [5][6]. Competitive Landscape - 52TOYS aims to differentiate itself by focusing on collectible toys rather than becoming a second Pop Mart, but analysts suggest it still operates within a similar framework [12]. - The company faces challenges in establishing a unique market position, as its reliance on licensed IPs and distributors limits its control over brand representation and pricing [11][12].

52TOYS成立于2015年，目前主要提供静态玩偶、可动玩偶、发条玩具、变形机甲及拼装玩具、毛绒玩具及衍生周边等多品类IP玩具产品。该公司联合创始 人、CEO陈威拥有二十余年玩具行业经验，曾在北京鼓楼开设玩具专卖店，并先后拿到过日本万代、孩之宝等国际玩具品牌的代理及经销权。 "谷子经济"掀起的热浪，让潮玩成为风口。继"小马宝莉"卡牌生产商卡游公司港交所递表后，近日，IP玩具企业北京自天成文化发展股份有限公司（以下简 称"52TOYS"）也拟赴港上市。多家IP玩具企业抢滩港股IPO的背后，是年轻人热衷为情绪买单迸发出的澎湃消费动力。 值得一提的是，递交招股书之前的一周，万达电影公告，其旗下全资子公司北京影时光电子商务有限公司拟与关联方上海儒意星辰企业管理有限公司共同投 资52TOYS，合计投资约1.44亿元。 潮玩这股消费新势力正扎堆登陆资本市场。除了52TOYS，今年3月，名创优品旗下潮玩品牌TOP TOY传出筹备上市消息。"中国潮玩及文创产业正快速推进 资本化转型。"业内人士表示，与2020年泡泡玛特IPO时期相比，如今行业生态日趋完善，市场潜力持续释放，但同时也面临着更为白热化的市场竞争态 势。 年轻人热 ...