1月8日，成功打造《哪吒之魔童闹海》食玩盲盒的桑尼森迪（湖南）集团股份有限公司（下称"桑尼森迪"）在港交所提交上市申请。招股书披露，桑尼森 迪2023年、2024年、2025年前9个月营收分别为1.07亿元、2.45亿元、3.86亿元（人民币，下同）；经调整净利润分别为-1992.1万元、-505万元、5278.3万 元。 招股书引用弗若斯特沙利文资料提到，在2024年，桑尼森迪成为中国平价IP玩具行业领先的企业，在单价20.0元及以下的平价立体IP玩具细分领域，销量 位居行业第一；按截至2025年9月30日止九个月的销量计，是最大的国潮文创IP玩具企业。 引言 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 会額 | ਨੂੰ | 金額 | ಜಿ | 要護 | 80 | 金額 | % | | | | | | | | (未經濟計) | | | | | | | | (人民幣千元,百分比除外) | | | | | | 收入 | 106,647 | 100.0 ...

《哪吒之魔童闹海》《浪浪山小妖怪》手办创收约2亿元 估值增长近百倍，中国玩具供应链成长壮大 2026开年，又有一家玩具公司申请上市。昨天（1月8日），香港联合交易所披露了桑尼森迪的招股书，高盛、中金公司为联席保荐人。 2023、2024与2025年前九个月，桑尼森迪的收入分别为1.07亿、2.45亿、3.86亿元，净利润情况分别为亏损1992万元、亏损50万、盈利5196万元。 文创潮多次介绍过这家公司。它主要生产和销售ABS和TPR等材质的注塑玩具，产品价格多数低于每件9.9元，可在下沉市场扩张。 桑尼森迪《哪吒之魔童闹海》系列 桑尼森迪创始人杨杰，2006年毕业于湖南工程学院商务英语专业，2007开始在广东一家台资首饰公司从事客户拓展，2010年在饰品领域创业，2011年开始 与达能合作牛奶促销玩具，后来客户扩展到费列罗、雀巢等。 2015年桑尼森迪落户湖南湘潭，逐渐发展至数百员工；2019年1月获得湘潭国资机构投资，当时的估值是5000万元。 后来，桑尼森迪从代加工出口外贸转向获取授权生产IP玩具、加大国内市场销售。 目前，桑尼森迪在湖南多个城镇开设工厂，在广东中山有黑灯工厂，面积共计约10万平方米，设 ...

Group 1 - The Beijing QDF International Art and Design Toy Exhibition attracted over 300 toy brands, including both leading and niche players, showcasing a variety of popular IPs and new product launches [1] - 52TOYS presented its four major IPs along with a new series called LITTLE BUNS, which quickly generated a buying frenzy upon its debut [2] - The company plans to enhance its own IP portfolio starting in 2024, with new IPs set to launch in 2025, further solidifying its position as a leading IP operation platform [3] Group 2 - 52TOYS is ranked second among multi-category IP toy companies in China based on GMV for 2024, with over 100 owned and licensed IPs [3] - Wanda Film's subsidiary announced plans to acquire a 7% stake in 52TOYS for 144 million yuan, indicating confidence in the growth potential of the IP toy industry [3][4] - The IP toy industry is experiencing rapid growth, with an expanding consumer base and 52TOYS demonstrating a high level of IP and product diversification [4]

招股书显示，乐自天成是中国领先的IP玩具公司，截至2024年12月31日，公司拥有超过100个自有及授权IP。根据灼识谘询，按2024年中国GMV计，公司在 中国多品类IP玩具公司中排名第二，而按相同标准衡量，公司为第三大中国IP玩具公司。 根据灼识咨询，公司是业内为数不多的、实现全产业链运营的中国公司之一，覆盖IP孵化和开发、产品设计到柔性供应链和全域销售渠道各个环节。利用柔 性供应链管理，公司维持了高效、可规模化拓展的运营架构。以"IP中枢"战略、多品类运营能力和全产业链布局为核心，公司持续推出包括蜡笔小新、猫和 老鼠等在内的授权IP热门产品。 北京乐自天成文化发展股份有限公司(简称：乐自天成)5月22日所递交的港股招股书满6个月，于11月22日失效，递表时花旗和华泰国际为联席保荐人。 ...

Core Viewpoint - The company 52TOYS, a leading IP toy manufacturer in China, has submitted its IPO application for listing in Hong Kong, with significant changes in its shareholder structure and ongoing financial challenges despite a growing revenue base [1][3][22]. Company Overview - Founded in July 2012, 52TOYS is recognized as the third-largest IP toy company in China, focusing on a full industry chain operation model that includes IP incubation, product design, and flexible supply chain management [4][22]. - As of December 31, 2024, the company has successfully incubated and operated 35 proprietary IPs and holds 80 licensed IPs, with revenue heavily reliant on licensed IPs [5][12]. Financial Performance - The company reported revenues of 457 million, 478 million, and 629 million RMB from 2022 to 2024, with a significant portion derived from licensed IPs, which accounted for 50.2%, 59.3%, and 64.5% of total revenue respectively [5][9]. - Despite achieving gross profits of 134 million, 195 million, and 252 million RMB during the same period, the company recorded net losses of 1.71 million, 71.93 million, and 122 million RMB, indicating a troubling trend of increasing losses [6][12]. Shareholder Structure - The largest shareholder group includes key individuals holding a combined 37.06% stake, with notable investments from Wanda Film and Tencent-backed Ru Yi Holdings, which acquired a 7% stake for 144 million RMB [3][7][8]. Market Position and Competition - 52TOYS ranks third in the Chinese IP toy market with a market share of 1.2%, significantly trailing behind competitors like Pop Mart and Blok, which hold 11.5% and 5.7% market shares respectively [22][23]. - The company faces challenges in maintaining its competitive edge due to a fragmented market and reliance on licensed IPs, with over 60% of its revenue at risk from expiring licenses [12][22]. Operational Challenges - The company has experienced a decline in direct store numbers, from 19 in 2022 to only 5 projected for 2025, indicating difficulties in expanding its retail presence [16][22]. - High inventory levels and increasing accounts receivable have led to negative cash flow, raising concerns about the company's liquidity and financial stability [10][11]. Future Outlook - The Chinese IP toy market is projected to grow at a compound annual growth rate of 17% over the next five years, presenting potential growth opportunities for 52TOYS if it can effectively leverage its IP portfolio and improve operational efficiency [22][25].

Core Insights - The 2025 China International Fair for Trade in Services (CIFTIS) is being held from September 10 to 14, showcasing various innovative products and collaborations in the toy industry [1][3] - 52TOYS is prominently featuring its collaboration with the National Museum of China, presenting creative toys that reinterpret cultural relics through modern designs [3][5] Company Developments - 52TOYS has launched a series of creative toys in partnership with the National Museum, including the "Cultural Relics Walk" series, which brings ancient artifacts to life through mechanical toys [3][5] - The company aims to create an emotional consumption loop by transforming industrial landmarks into playable forms through IP collaborations and themed stores [7] Market Trends - The toy industry is evolving beyond traditional children's products, targeting a broader market across all age groups, with an expected market size reaching hundreds of billions to trillions [5] - There is a growing demand for emotional value and companionship in consumer products, positioning IP toys as a key medium to fulfill these needs [5][7] Global Expansion - 52TOYS has seen significant growth in its overseas market revenue, increasing from 35.4 million yuan in 2022 to 147 million yuan in 2024, with a compound annual growth rate exceeding 100% [7] - The brand is enhancing its global influence through collaborations with renowned artists, participation in major toy and design exhibitions, and innovative marketing strategies [7][8]

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]

Group 1 - Goldman Sachs reports that China's current IP spending is significantly lower compared to mature markets like North America and Japan, indicating a potential for growth in the IP toy market [1] - The Chinese IP toy market is characterized by a competitive landscape, with the top five companies holding only 20.8% market share, suggesting opportunities for smaller players to capture market share [1] - The supply side of the market is driven by a diversified IP matrix and product design, with new original IPs being launched, such as those from 52TOYS and Letsvan [1] Group 2 - China's share of the overseas toy market has surged from 3% in 2020 to an expected 18% by 2025, showcasing rapid international expansion [2] - Leading global IP toy companies like LEGO, Bandai Namco, and Sanrio are projected to generate significant revenues in 2024, with LEGO at 78.6 billion yuan, Bandai Namco at approximately 60 billion yuan, and Sanrio at around 7.1 billion yuan [2] - Chinese company Pop Mart is expected to achieve 13 billion yuan in revenue for 2024, surpassing Sanrio, and is projected to see substantial growth in the first half of 2025 [2] Group 3 - The acceleration of Chinese companies' international expansion is evident, with Pop Mart's overseas sales expected to grow by 234% in 2025 [3] - The acceptance of Chinese brands in international markets, particularly in Thailand, is increasing, driven by the success of Pop Mart [3] - Companies like Quantum Song and Card Game are actively pursuing overseas markets, focusing on localized operations and adapting their IP offerings to meet regional preferences [3]

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]

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].