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 ...

中国领先的IP玩具公司，市场份额排名第三，但连续三年的亏损，且有5.9亿元的流动负债缺口，乐自天成要赴港上市补血？ 智通财经APP了解到，近日乐自天成向港交所主板递交上市申请，花旗和华泰国际为联席保荐。根据灼识谘询，该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，按2024年中国GMV计，市场份额1.2%，为第三大中国IP玩具公 司。 2024年，该公司收入6.3亿元，近三年复合增速16.65%，不过已连续三年亏损，2022-2024年税前亏损分别为0.23亿元、0.68亿元及1.16亿元，亏损有扩大的趋 势，亏损率分别为4.9%、14.1%及18.4%。截止2025年3月，该公司拥有现金及等价物1.68亿元，流动资产/负债净额-5.9亿元。 作为港股IP玩具行业的稀缺标的，乐自天成值得关注吗？ 双轮驱动，授权IP业绩抢眼 智通财经APP了解到，乐自天成以IP为核心，通过"自有IP运营+顶级授权IP合作"构建多元化的产品矩阵，提供包括静态玩偶、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产品。截止2024年底，该公司成 ...

赴港上市前夕，万达投资1.44亿入局 52TOYS成立于2015年，比泡泡玛特晚了5年。那一年，泡泡玛特还处于潮流杂货铺阶段，完成了第四 轮融资，但经典IP"MOLLY"要等到2016年才问世。 同样作为一家IP玩具公司，与泡泡玛特主打"潮流玩具"不同，52TOYS将自身定位为"收藏玩具"，旗下 拥有静态玩偶、可动玩偶、发条玩具、变形机甲及拼装玩具、毛绒玩具、衍生周边等品类。截至目前， 52TOYS产品SKU（库存量单位）超2800个。 据了解，52TOYS的两位创始人都是玩具界的资深玩家。其中，CEO兼总经理陈威早在20世纪末就涉足 玩具行业，曾先后长期获授万代和麦克法兰等国际玩具品牌的经销权；另一位创始人、总裁黄今，拥有 十多年的行业经验，曾联合开发著名桌游《三国杀》。 自成立以来，52TOYS已获得多轮融资。天眼查显示，其交易金额超过5亿元，投资方包括澳银资本、 启明创投、三千资本、新瞳资本、中金资本等。其中，2021年，52TOYS完成了4亿元的C轮融资，由兼 固资本独家投资完成。 周末，汇集多个潮玩店铺的朝阳大悦城颇为热闹。新京报贝壳财经记者看到不少消费者在52TOYS的娃 娃机前抓蜡笔小新，而不远 ...

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]

一、行情回顾 市场全天震荡反弹，北证50、微盘股指数齐创历史新高。宠物经济概念集体爆发，源飞宠物、依依股份等涨停。IP经济概念走强，实丰文化、高乐股份等封 板。医药股盘中拉升，三生国健、华海药业等涨停。并购重组概念股维持强势，天汽模等涨停。下跌方面，航运板块迎来调整，凤凰航运、连云港等跌停。 个股涨多跌少，沪深京三市超3800股飘红，今日成交1.21万亿。 催化上，港股泡泡玛特股价再创历史新高，市值逼近3000亿。 | 股票名称 | 最新价 = | 涨跌幅 = | 涨停时间 = | 换手率 = | 流通市值 ⇒ | | | --- | --- | --- | --- | --- | --- | --- | | 广博股份 | 10.31 | +10.03% | 09:54:57 | 12.03% | 38.88亿 | 国内文具用品龙头1 | | 002103.SZ | | | | | | 侦探柯南等 | | 京华激光 603607.SS | 22.77 | +10.00% | 10:27:49 | 12.23% | 40.65 Z | 卡游多款IP卡牌生7 | | 创源股份 | 19.02 | +20.00% ...

乐自天成自成立以来，核心品牌52TOYS已拥有众多自有IP，并与大量国际知名IP合作授权，产品线丰 富多样，包括静态玩偶、可动玩偶、发条玩具、变形机甲和拼装、毛绒玩具、衍生周边等，是中国少数 实现多品类运营的IP玩具品牌商之一。截至2024年12月31日，乐自天成总资产约5.3亿元、净资产约4.1 亿元；2024年度收入约6.3亿元、净利润约0.3亿元。 公告显示，影时光拟以6898.97万元为对价购买转让方持有的乐自天成37.09万股股份，儒意星辰拟以 5174.23万元为对价购买前述转让方持有的乐自天成约27.82万股股份；另外，影时光拟以1329.60万元认 购乐自天成新增注册资本3.1284万元(即31284股股份)，儒意星辰拟以997.20万元认购乐自天成新增注册 资本人民币2.3464万元(即23464股股份)。 本次股权转让和增资完成后，影时光持有乐自天成4%股权，儒意星辰持有乐自天成3%股权，双方合计 持有乐自天成7%股权。 IP玩具行业快速发展背景下，万达电影（002739）拟通过投资相关公司，强化IP衍生业务布局。 5月12日晚，万达电影公告，公司全资子公司北京影时光电子商务有限公司(下称 ...