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].

Core Viewpoint - The article discusses the competitive landscape of the IP toy industry in China, focusing on the company Lezi Tiancheng (乐自天成) and its potential IPO amidst a rapidly growing market dominated by Bubble Mart and Blok. The company faces challenges in achieving profitability and creating blockbuster original IPs, which are crucial for its growth and market positioning [1][3][5]. Group 1: Company Overview - Lezi Tiancheng is the third-largest IP toy company in China, with a market share of 1.2%, trailing behind Bubble Mart and Blok, which hold 11.5% and 5.7% market shares respectively [3]. - The company was founded in 2015 and has since developed a significant portfolio of IPs, including both licensed and original creations, with 35 original IPs by the end of 2024 [2][3]. Group 2: Financial Performance - Lezi Tiancheng's revenue from 2022 to 2024 shows a gradual increase, with figures of 4.63 billion, 4.82 billion, and 6.30 billion yuan respectively, but it has not yet achieved profitability, with net losses expanding from 1.7 million to 122 million yuan over the same period [3][5]. - The company relies heavily on licensed IPs for revenue, with licensed IP revenue increasing from 2.33 billion yuan in 2022 to 4.06 billion yuan in 2024, while revenue from original IPs has stagnated [5]. Group 3: Market Strategy and Growth Potential - Lezi Tiancheng has seen significant growth in its overseas market, with revenue increasing from 35.4 million yuan in 2022 to 147 million yuan in 2024, representing a compound annual growth rate of over 100% [6]. - The company plans to allocate 25% of its IPO proceeds to expand its direct sales channels overseas, targeting markets in Southeast Asia, Hong Kong, Taiwan, Japan, and the United States [6][7]. - The management believes in its ability to compete in the global market, citing a threefold increase in GMV in Japan and a fourfold increase in Thailand in 2024 [7].

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].

Core Viewpoint - The rise of the "Guzi Economy" has made trendy toys a hot investment area, with multiple IP toy companies, including 52TOYS, preparing for IPOs in Hong Kong, driven by strong consumer demand from young people [1][3][5]. Industry Overview - The IP toy sector is a significant subfield within the trendy toy industry, focusing on toys associated with intellectual property [3]. - 52TOYS, founded in 2015, offers a variety of IP toy products, including static and movable dolls, wind-up toys, transforming robots, and plush toys [3]. - The company has submitted its prospectus for an IPO, with Citigroup and Huatai International as joint sponsors [3]. Market Dynamics - The investment trend in trendy toys is accelerating, with 52TOYS being the latest in a series of companies, including Pop Mart and TOP TOY, seeking to enter the capital market [5]. - The Chinese trendy toy and cultural creative industry is rapidly advancing towards capital transformation, with a more mature industry ecosystem compared to 2020 [5]. Consumer Behavior - Young consumers are increasingly willing to spend on emotional purchases, as evidenced by their enthusiasm for blind box toys, which are seen as social currency [7][9]. - The emotional connection to trendy toys is highlighted by consumers expressing their feelings through the toys they choose, indicating a shift towards emotional consumption [9]. Financial Performance - 52TOYS reported revenues of 463 million yuan, 482 million yuan, and 630 million yuan for 2022, 2023, and 2024, respectively, with net losses increasing from 1.708 million yuan to 122 million yuan over the same period [11]. - The company's reliance on licensed IP products is significant, with 64.5% of its revenue in 2024 coming from licensed IP, compared to 12.3% for Pop Mart [11]. Competitive Landscape - The competitive environment in the trendy toy market is intensifying, with companies needing to innovate in design and avoid over-reliance on licensed products to maintain user engagement and valuation [11][13]. - Industry experts emphasize the importance of design innovation and caution against unhealthy market practices, such as artificial scarcity and speculation [13].

Core Viewpoint - 52TOYS, a Chinese toy manufacturer established in 2015, is set to go public on the Hong Kong Stock Exchange, becoming the third mainland toy company to list after Pop Mart and Bloks [2]. Company Overview - 52TOYS has established long-term partnerships with over 30 globally recognized brands, including Disney's Toy Story series, and has developed its own intellectual properties (IPs) [2]. - As of December 31, 2024, 52TOYS owns over 100 IPs, including 35 proprietary and 80 licensed IPs, with its Crayon Shin-chan and Tom and Jerry product lines ranking first in China for similar IP products [2]. Competitive Advantage - The company's core competitive advantage lies in its unique "IP Hub" strategy, offering various types of IP toys, including static figures, movable figures, wind-up toys, transforming mechas, assembly toys, plush toys, and related merchandise [4]. - 52TOYS has a rare multi-category operational capability in the IP toy industry, launching over 500 new SKUs annually and having nearly 2,800 SKUs available for sale as of the last feasible date [6]. Financial Performance - Revenue has grown from 463 million RMB in 2022 to 630 million RMB in 2024, with a compound annual growth rate (CAGR) of 16.7% [6]. - The sales composition includes 64.5% from licensed IP products, 24.5% from proprietary IP products, and 10.8% from externally sourced products [6]. Sales Network - 52TOYS has established a comprehensive sales network, reaching 4.7 million registered members, with 336 domestic distributors and 90 overseas distributors, and over 20,000 retail outlets [7]. - The sales channels consist of 66.8% from distributors, 30.9% from direct sales, and 2.1% from consignment sales [6]. Strategic Partnerships - Recently, Wanda Film announced an investment in 52TOYS, raising its valuation to over 4.2 billion RMB. This partnership aims to leverage both companies' strengths in IP toy product development, marketing, and other related areas [8]. International Expansion - 52TOYS is focusing on international markets for future growth, having entered Japan and the U.S. in 2016 and 2018, respectively, and establishing authorized brand stores in Southeast Asia, North America, and other regions [9]. - The company reported a 250% year-on-year increase in overseas sales in the first half of the year, with North American sales quadrupling and Southeast Asian sales increasing tenfold compared to the previous year [9]. Market Potential - The IP toy market in Southeast Asia is projected to grow from 18.1 billion RMB in 2024 to 45.1 billion RMB by 2029, with a CAGR of 20% [9]. - Compared to mature markets, the top three companies in Japan and the U.S. hold 72.2% and 49.3% market shares, respectively, while the top ten companies in China only account for 46.1%, indicating significant consolidation potential in the industry [11].

Core Viewpoint - 52TOYS is preparing for an IPO on the Hong Kong Stock Exchange, positioning itself as a competitor in the IP toy market alongside established players like Pop Mart and Blok. The company aims to expand its physical presence and improve its financial performance despite current losses and reliance on licensed IPs [1][2][4]. Company Overview - 52TOYS was founded in 2015 and has positioned itself as a "collectible toy" company, differentiating itself from Pop Mart's focus on "trendy toys." The company offers over 2,800 SKUs across various categories, including static figures, action figures, and plush toys [2]. - The company has received multiple rounds of financing, totaling over 500 million RMB, with notable investors including Aushin Capital and Qiming Venture Partners [2]. Recent Developments - In May 2023, Wanda Film announced a 1.44 billion RMB investment in 52TOYS, acquiring a 7% stake. This move is seen as part of Wanda's strategy to diversify its revenue streams beyond box office sales [3]. - 52TOYS has launched several products in collaboration with popular films, such as "The Wandering Earth 2," which has garnered market attention [3]. Financial Performance - 52TOYS has faced challenges with increasing revenue but declining profitability. Revenue is projected to grow from 463 million RMB in 2022 to 630 million RMB in 2024, with a compound annual growth rate of 16.7%. However, net losses are expected to widen from 1.71 million RMB to 12.2 million RMB during the same period [4][5]. - The company's adjusted net profit for 2023 and 2024 is forecasted to be 19.01 million RMB and 32.01 million RMB, respectively, indicating weak profitability [6]. Revenue Composition - The company heavily relies on licensed IPs, with over 64.5% of its revenue coming from licensed products by 2024. This dependency poses risks, as many core licenses are not exclusive and may face renewal challenges [9][10]. - 52TOYS has a limited number of proprietary IPs, with only 35 out of over 100 IPs contributing to just 24.5% of its revenue, highlighting a significant reliance on external licenses [7][9]. Market Position - In the competitive landscape of the IP toy market, 52TOYS holds a market share of only 1.2%, ranking third behind Pop Mart and Blok. The overall market for IP toys in China is projected to grow significantly, reaching 167.5 billion RMB by 2029 [11][12]. - The company faces intense competition from numerous players in the market, with over 20,800 related enterprises registered in China as of 2024 [11].

Core Viewpoint - The market for IP toys in China is experiencing significant growth, with companies like Pop Mart and Blok increasing in value, while 52TOYS is preparing for an IPO despite its smaller market share and revenue compared to its competitors [1][5]. Company Overview - 52TOYS ranked third in GMV among Chinese IP toy companies in the previous year, with a GMV of approximately 0.93 billion RMB, which is about 1/9 of Pop Mart's GMV [5][6]. - The company was founded in 2015 by Chen Wei and Huang Jin, focusing on developing toys based on various IPs, including static figures, movable figures, and plush toys [3][5]. Financial Performance - 52TOYS has shown steady growth over the past three years, with revenues of 0.463 billion RMB in 2022, 0.482 billion RMB in 2023, and projected revenues of 0.630 billion RMB in 2024 [6][18]. - The company reported a net loss of 0.170 million RMB in 2022, 0.719 million RMB in 2023, and is projected to incur a net loss of 1.22 billion RMB in 2024 [6][18]. Market Position - In 2024, the GMV for Pop Mart, Blok, and 52TOYS is projected to be 8.72 billion RMB, 4.30 billion RMB, and 0.93 billion RMB respectively, indicating a significant gap between 52TOYS and its competitors [5][7]. - 52TOYS relies heavily on licensed IPs, with over 64.5% of its revenue coming from licensed products, particularly from the Crayon Shin-chan IP, which contributed over 40% of its GMV [10][12]. Sales Channels - The majority of 52TOYS' sales come from distribution channels, with over 66.8% of revenue generated through distributors, while direct sales account for 30.9% [14][15]. - The company has reduced its number of physical stores from 19 at the end of 2022 to 5 as of May 2024, while planning to open over 100 new stores in the coming years [15][17]. International Expansion - 52TOYS has been expanding its international presence since 2017, with a focus on establishing over 100 self-operated stores globally to enhance brand influence and profitability [19]. - The revenue from overseas markets has been increasing, with projections showing a rise from 0.353 billion RMB in 2022 to 1.47 billion RMB in 2024, accounting for 23.4% of total revenue [18].

2022年至2024年，乐自天成分别实现收入4.6亿元、4.82亿元、6.3亿元。与泡泡玛特不同的是，乐 自天成主打授权IP产品的开发及销售。该公司授权IP蜡笔小新相关产品2022年至2024年GMV（商 品交易总额）超6亿元，占2022年至2024年三年总收入比重近40%。 在行业激烈竞争格局下，如何多元布局授权IP、授权IP和自有IP如何平衡、自有IP产品如何提升市 场占有率等，或许是乐自天成需要思考的问题。 01 授权IP营收占比逐年提升 根据灼识咨询，按2024年国内市场GMV计算，乐自天成在国内多品类IP玩具公司中排名第二位。乐 自天成提供如静态玩偶、可动玩偶、发条玩具、变形机甲及拼装玩具等多品类不同形态产品。 IP方面，乐自天成产品IP主要分为授权IP（如猫和老鼠、蜡笔小新）和自有IP（如猛兽匣变形机 甲、胖达幼）。截至2024年末，乐自天成授权IP为80个，自有IP为35个。截至2025年5月19日，乐 自天成SKU（最小存货单位）数量近2800个。 来源|中国证券报 5月22日，乐自天成（又称"52TOYS"）向港交所递交招股书，计划赴港上市。这是继泡泡玛特、布 鲁可之后，又一家奔赴港股的知名 ...

Core Viewpoint - Beijing Lezitiancheng Cultural Development Co., Ltd. (referred to as "Lezitiancheng") has officially submitted its IPO application to the Hong Kong Stock Exchange, marking its entry into the public market after months of speculation [1][11] Company Overview - Founded in 2015 by Chen Wei and Huang Jin, Lezitiancheng operates under the brand 52TOYS and has over 100 proprietary and licensed IPs as of December 31, 2024 [4][5] - The company has completed five rounds of financing, raising a total of 385 million yuan, with a post-financing valuation of 4.273 billion yuan [18][20] Financial Performance - Lezitiancheng's revenue is projected to reach 630 million yuan in 2024, with a compound annual growth rate (CAGR) of 16.7% from 2022 to 2024 [8] - The company reported adjusted annual profits of -56.75 million yuan, 19.1 million yuan, and 32.01 million yuan for the years 2022, 2023, and 2024, respectively, indicating continuous growth [8] - Revenue from licensed IP products accounted for 64.5% of total revenue in 2024, up from 50.2% in 2022 [8][9] Market Position - According to a consulting firm, Lezitiancheng ranks second among multi-category IP toy companies in China by GMV and is the third-largest IP toy company overall [4][12] - The Chinese IP toy market is expected to grow significantly, with a projected market size of 756 billion yuan in 2024, growing at a CAGR of 17.2% to reach 1,675 billion yuan by 2029 [12][13] Product Lines and IP Management - Lezitiancheng has developed six major product lines, including blind boxes and action figures, and has long-term collaborations with internationally recognized IPs such as "Tom and Jerry" and "Crayon Shin-chan" [5][6] - The company has successfully launched over 160 SKUs under its proprietary IP "Beast Box," generating a cumulative GMV of over 190 million yuan [6] Competitive Landscape - The company faces competition from both international and domestic brands, with a focus on IP management, product development, and brand marketing [20] - The leading competitor, Pop Mart, has achieved a revenue of 13.04 billion yuan in 2024, with a market valuation exceeding 300 billion HKD [13][15] IPO Fund Utilization - Approximately 20% of the IPO proceeds will be used to diversify and strengthen the IP matrix, while another 20% will focus on product design and development [20]

Core Viewpoint - The article discusses the rise of 52TOYS, a Chinese IP toy company, which aims to replicate the success of Pop Mart in the Hong Kong stock market, highlighting its unique positioning in the collectible toy market and its growth potential [2][12]. Company Overview - 52TOYS was founded in 2015 by Chen Wei and Huang Jin, both experienced in the toy and gaming industries [4][5]. - The company focuses on collectible toys, with over 100 proprietary and licensed IPs, including various forms such as static figures, movable toys, and plush toys [3][6]. Market Position - According to Zrac Consulting, 52TOYS ranks as the third-largest IP toy company in China by GMV in 2024, and second among multi-category IP toy companies [3]. Business Model - 52TOYS generates revenue from three main sources: sales of products from original and licensed IPs, third-party brand management, and self-owned IP licensing and advertising [10]. - The core revenue comes from product sales, with licensed IP sales accounting for a significant portion, projected to be 64.5% in 2024 [10]. Financial Performance - The company's revenue for 2022, 2023, and 2024 is reported as 463 million, 482 million, and 630 million RMB, respectively, reflecting a compound annual growth rate of 16.7% [8]. - The adjusted net profit (non-IFRS) for the same years shows a transition from a loss of 56.75 million RMB in 2022 to a profit of 32.01 million RMB in 2024 [9]. Investment and Valuation - 52TOYS has undergone multiple funding rounds, with the latest in May 2023 raising 144 million RMB, leading to a valuation exceeding 4 billion RMB [7][8]. - The company has a strategic focus on product design and development, with a unique approach to allocating designer resources [6]. Competitive Landscape - The article compares 52TOYS to Pop Mart, emphasizing the need for 52TOYS to develop IPs with lasting appeal and to enhance customer engagement through immersive experiences [12][13]. - The founders believe that the core competitiveness in the industry lies in product quality rather than distribution channels [7].