Core Viewpoint - Beijing Lezi Tiancheng Cultural Development Co., Ltd. (referred to as "Lezi Tiancheng") has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on the growing IP toy market in China, where it ranks as the third-largest player in the sector [1][3]. Group 1: Company Overview - Lezi Tiancheng, founded in 2015, operates under the brand 52TOYS and has over 100 proprietary and licensed IPs as of December 31, 2024 [3]. - The company has achieved revenues of 4.63 billion, 4.82 billion, and 6.3 billion RMB for the years 2022, 2023, and 2024 respectively, with a compound annual growth rate (CAGR) of 16.7% [6]. - The latest funding round before the IPO valued the company at 4.273 billion RMB, with a total of 3.85 billion RMB raised across five funding rounds since 2018 [15]. Group 2: Revenue Breakdown - In 2024, 64.5% of Lezi Tiancheng's revenue came from licensed IP products, with significant contributions from popular IPs like Crayon Shin-chan, which generated over 600 million RMB in GMV [6][10]. - The revenue from proprietary IP products accounted for 24.5% in 2024, while external procurement products contributed 10.8% [6]. - The company has seen overseas revenue grow from 35.4 million RMB in 2022 to 147 million RMB in 2024, reflecting a CAGR of over 100% [6]. Group 3: Market Potential - The Chinese IP toy market is projected to reach a GMV of 756 billion RMB in 2024, with a rapid growth rate of 17.2% CAGR expected until 2029 [10]. - Lezi Tiancheng is positioned to capture a significant share of this market, similar to the market structures seen in developed regions like Japan and the USA, where a few operators dominate [10][11]. Group 4: Competitive Landscape - The company faces competition from both international and domestic brands, with major competitors including Pop Mart and Blokus, which have significantly larger revenue scales [12][13]. - Lezi Tiancheng's competitive edge lies in its diverse IP management capabilities and product development strategies [17]. Group 5: Future Plans - Approximately 20% of the IPO proceeds will be allocated to diversifying and strengthening the IP matrix, while another 20% will focus on product design and development [18]. - The company aims to enhance brand awareness and consumer reach through increased marketing efforts and expansion of self-operated channels [18].

Group 1 - 52TOYS, a trendy toy company, submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with Citigroup and Huatai International as joint sponsors [1] - The company is the third IP toy company to pursue a listing in Hong Kong, following Pop Mart and Blokus [1] - Wanda Film announced an investment of approximately 144 million yuan in 52TOYS through its subsidiary and an affiliated company [1] Group 2 - 52TOYS was founded in 2015 and offers a variety of IP toy products, including static and movable dolls, wind-up toys, transforming mechas, assembly toys, plush toys, and related merchandise [1] - The CEO, Chen Wei, has over 20 years of experience in the toy industry and has previously held distribution rights for international toy brands [1] - The company's revenue for 2022, 2023, and 2024 is projected to be 463 million yuan, 482 million yuan, and 630 million yuan, respectively, with losses of 1.71 million yuan, 71.93 million yuan, and 122 million yuan [1] Group 3 - The main business model of 52TOYS combines self-owned IP operations with collaborations with top licensed IPs, such as Crayon Shin-chan and Strawberry Bear [2] - As of the end of 2024, the company has 35 self-owned IPs and 80 licensed IPs, with licensed IPs currently being the main sales driver [2] - The company's overseas revenue grew significantly from 35 million yuan in 2022 to 147 million yuan in 2024, with a compound annual growth rate exceeding 100% [2]

Core Viewpoint - Beijing Lezi Tiancheng Cultural Development Co., Ltd. (Lezi Tiancheng) has submitted its listing application to the Hong Kong Stock Exchange, with Citigroup and Huatai International as joint sponsors [1] Group 1: Company Overview - Lezi Tiancheng is a leading IP toy company in China, owning over 100 proprietary and licensed IPs as of December 31, 2024 [2][3] - According to Zhi Shi Consulting, Lezi Tiancheng ranks second among multi-category IP toy companies in China by GMV for 2024, and third among all IP toy companies in the country [2] Group 2: Business Model and Strategy - The company is one of the few in the industry that operates a full industry chain, covering IP incubation and development, product design, flexible supply chain, and comprehensive sales channels [3] - Lezi Tiancheng employs a "central IP" strategy, multi-category operational capability, and full industry chain layout to continuously launch popular licensed IP products, including Crayon Shin-chan and Tom and Jerry [3] Group 3: Financial Performance - For the fiscal years 2022, 2023, and 2024, Lezi Tiancheng reported revenues of approximately RMB 462.9 million, RMB 482.3 million, and RMB 630.1 million, respectively [4] - The company experienced net losses and total comprehensive expenses of RMB 1.7 million, RMB 71.9 million, and approximately RMB 121.5 million for the same periods [4]

Core Viewpoint - 52TOYS is set to become the latest IP toy company to list on the Hong Kong Stock Exchange, following the success of other companies like Pop Mart and Blokus, highlighting the growing interest in the IP toy market [2][3]. Group 1: Company Overview - 52TOYS, founded in 2015, is the second-largest multi-category IP toy company in China, offering a diverse range of products including static figures, movable figures, wind-up toys, transforming robots, and plush toys [5][6]. - The company is led by co-founders with extensive experience in the toy industry, including CEO Chen Wei, who has over 20 years of experience and has previously held distribution rights for major international toy brands [6]. Group 2: Product and Market Strategy - 52TOYS has developed a unique "IP Central" strategy that drives cross-departmental collaboration around IP, enabling the company to launch innovative products that resonate with consumers [7]. - The company has successfully launched several collaborative products with popular IPs, such as the "Beast Box" series, which has gained significant traction in both domestic and international markets [6][11]. Group 3: IP and Revenue Model - 52TOYS operates a dual-driven model with both proprietary and licensed IPs, boasting 35 proprietary IPs and 80 licensed IPs as of the end of 2024 [14][16]. - The company has established long-term partnerships with IP rights holders, enhancing the value of its products and extending the lifecycle of its IPs [14][16]. Group 4: International Expansion - 52TOYS has seen remarkable growth in overseas markets, with revenue increasing from 35 million to 147 million yuan from 2022 to 2024, reflecting a compound annual growth rate of over 100% [17]. - The company has successfully entered key international markets, including Southeast Asia, Japan, and North America, with its products gaining popularity among overseas consumers [17][18]. Group 5: Market Potential - The global IP toy market is projected to grow significantly, with an expected market size of 771.7 billion yuan by 2029, indicating a compound annual growth rate of 8.0% from 2024 to 2029 [18]. - As China's GDP per capita surpasses $10,000, consumer spending on entertainment products is anticipated to increase, providing a favorable environment for the growth of the IP toy industry [19].

Core Viewpoint - Wanda Film Co., Ltd. is investing in 52TOYS, a leading IP toy brand, with a valuation exceeding 4 billion yuan, as part of a strategic partnership to enhance product development and market presence [2][3]. Group 1: Investment and Valuation - Wanda Film's subsidiary, Beijing Yingshiguang E-commerce Co., Ltd., plans to invest in 52TOYS by acquiring shares from existing shareholders and subscribing to new registered capital, leading to a valuation of over 4 billion yuan for 52TOYS [2]. - The investment involves collaboration with Shanghai Ruyi Xingchen Enterprise Management Co., Ltd. [2]. Group 2: Company Overview - 52TOYS, established in 2015, aims to make life more interesting through innovative product design and a deep understanding of consumer needs, covering markets in China, Southeast Asia, North America, and Japan [3]. - The company has developed numerous proprietary IPs and collaborates with well-known international IPs, offering a diverse product line including static figures, action figures, wind-up toys, transforming mechas, and plush toys [3][4]. Group 3: Financial Performance - For 2024, 52TOYS is projected to generate approximately 630 million yuan in revenue and 30 million yuan in net profit, with total assets around 530 million yuan and net assets about 410 million yuan by December 31, 2024 [4]. Group 4: Strategic Collaboration - The partnership between Wanda Film and 52TOYS will focus on the development and sale of IP toy products, marketing strategies, and other related areas, including channel cooperation and brand promotion [4].