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没有LABUBU的52TOYS,距离泡泡玛特还有多远?
Hu Xiu· 2025-06-10 23:58
当LABUBU从上海人民广场火到法国巴黎卢浮宫,泡泡玛特持续刷新着潮玩的市场热度。凭借 LABUBU等现象级IP,泡泡玛特已经是当下港股市场炙手可热的公司,市值接近3500亿港元,带动潮玩 赛道成为资本市场的新宠。 在这股热潮之下,潮玩行业的另一"种子选手"52TOYS近日向港交所递交了招股书。在赴港上市前, 52TOYS已获得包括万达电影旗下子公司影时光、儒意星辰等机构在内的新一轮融资。 根据灼识咨询数据,按2024年中国GMV计算,乐自天成(52TOYS母公司)跻身中国IP玩具公司前三。 在泡泡玛特的光环效应下,52TOYS能否成为下一个"资本宠儿"? 一、"爆款"缺席的困局 作为较早进入潮玩市场的品牌,2017年至今,52TOYS已完成六轮融资,得到了20余家知名投资机构的 支持。今年5月又引入了万达电影及其全资子公司影时光、儒意星辰等新股东。多轮融资和资本助推, 也反映出外界对"下一个泡泡玛特"的热切期待。 然而,热度与关注的背后,52TOYS距离真正成为潮玩领域新的"现象级公司"仍有距离。招股书数据显 示,在中国IP玩具公司里,52TOYS去年的GMV排名第三,居于泡泡玛特、布鲁可之后。尽管排名靠 ...
新家办前线 | 泡泡玛特最大对手赴港IPO:万达腾讯突击入股
Sou Hu Cai Jing· 2025-06-06 07:10
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].
年营收超6亿,北京潮玩公司 52TOYS 赴港 IPO
Jing Ji Guan Cha Wang· 2025-05-29 08:25
基于招股书披露的信息不完全统计,52TOYS至少有12份版权协议将在近两年内到期,与迪士尼、迪士尼(20世纪工作室)和《流浪地球》的合作关系将于 年内结束,"主力军"蜡笔小新在中国内地的版权也将在2027年届满。 近日,北京乐自天成文化发展股份有限公司(以下简称"52TOYS")向港交所递交招股说明书,计划通过港股主板上市募资1亿至2亿美元,联席保荐人为花 旗集团和华泰国际。若上市成功,这家被称为"泡泡玛特门徒"的潮玩企业将成为继泡泡玛特、布鲁可之后第三家登陆港股的本土IP玩具公司,其估值与业绩 表现引发市场高度关注。 52TOYS成立于2015年,以"玩点有趣的"为品牌主张,业务覆盖IP玩具研发、生产与销售,旗下拥有猛兽匣、Panda Roll等35个自有IP,并与蜡笔小新、迪士 尼、哆啦A梦等80个国际IP达成合作。 招股书显示,2024年公司营收达6.3亿元,同比增长30.7%,其中授权IP收入占比64.5%,核心IP"蜡笔小新"当年创造GMV超3.8亿元,贡献了近六成营收。另 一大授权IP"草莓熊"累计GMV达2.7亿元,成为业绩增长的重要引擎。 过度依赖授权IP隐患显著 2022年至2024年,52 ...