Group 1 - 52TOYS is a leading domestic IP toy company established in 2015, with over 100 self-owned and licensed IPs, covering various product categories including static toys, movable toys, and transforming mechas. By the end of 2024, it plans to launch over 160 SKUs and has achieved a cumulative GMV of over 1.9 billion RMB, ranking second among multi-category IP toy companies in China and third overall in the IP toy sector [1][6][24]. - The company's revenue has shown significant growth, increasing from 463 million RMB in 2022 to 630 million RMB in 2024, with a compound annual growth rate (CAGR) of 16.7%. The core revenue driver is licensed IP income, which is expected to account for 64.5% of total revenue in 2024 [2][6][34]. - 52TOYS has successfully expanded its overseas market presence, with overseas revenue growing from 35 million RMB to 147 million RMB from 2022 to 2024, reflecting a remarkable CAGR of 104.1% [2][6][48]. Group 2 - The IP derivative market is continuously expanding, with the global and Chinese markets expected to grow at CAGRs of 8.3% and 15.1% respectively from 2020 to 2024. The IP toy segment is the largest sub-category within this market [2][7][66]. - The Chinese IP toy market is still in its early development stage, with a per capita expenditure of 53.6 RMB in 2024, significantly lower than that of the US and Japan, indicating substantial future growth potential [2][7][73]. - 52TOYS employs a dual-driven strategy of self-owned and licensed IPs, with a diverse product matrix that caters to various price ranges, launching over 500 new products annually. The company has established a comprehensive sales network combining direct sales and distributors, covering both online and offline channels [3][6][39]. Group 3 - The company's adjusted net profit turned positive in 2023, reaching 32 million RMB in 2024, a year-on-year increase of 68%. This improvement is attributed to overseas market expansion, successful product launches, and effective cost control [2][6][49]. - The management team of 52TOYS is experienced and well-rooted in the industry, with key executives having extensive backgrounds in toy and IP operations, which supports the company's long-term strategic goals [2][6][55]. - The competitive landscape of the IP toy industry is becoming increasingly concentrated, with leading companies leveraging their IP reserves and full industry chain capabilities to gain market advantages [2][7][73].

2025年9月8日，东北证券发布文化传媒行业报告，聚焦IP玩具龙头企业52TOYS招股说明书，剖析其业务布局、行业地位及IP玩具市场前景。 52TOYS成立于2015年，是国内领先的IP玩具企业，拥有超100个自有及授权IP，产品涵盖静态玩偶、可动玩偶等多品类，2024年按GMV计在中国多品类IP 玩具公司中排名第二、中国IP玩具公司中排名第三，累计GMV超1.9亿元，推出超160款SKU。发展分两阶段：2015 - 2018年为初创期，推出核心系列并拓展 海外市场；2018年起进入品牌店扩张期，布局电商渠道并加速海外授权店建设，已在东南亚、日韩及北美等地开设多家授权店。 业绩方面，2022 - 2024年公司收入从4.63亿元增至6.30亿元，复合年增长率16.7%，授权IP收入为核心（2024年占比64.5%），海外收入增长迅猛，复合增长 率104.1%，2024年达1.47亿元。盈利上，经调整净利润2023年扭亏为盈，2024年达0.32亿元，同比增68%，毛利率稳步提升，2024年达40.5%。股权结构稳 定，引入苏州启明融科等知名机构投资者，高管团队行业经验丰富。 IP玩具行业潜力大，2020 - ...

本报记者 李豪悦 杨怀玉认为，泡泡玛特在海外市场迸发出的潜力将使其在全球市场中的竞争力得到提升。"面对全球IP玩具竞争趋势，中 国企业未来与全球巨头正面对抗不可避免，品牌大规模'出海'也成为必然。" 国内品牌直面全球竞争 7月28日，高盛发布研究报告称，对比北美、日本等成熟市场，中国当前的IP支出规模仍显著偏低，但情感价值赋予IP更 高溢价，短视频、直播等便捷媒体渠道亦扩大受众。 "中国IP玩具市场仍是蓝海一片。"上海夏至良时咨询管理有限公司高级研究员、大消费行业分析师杨怀玉对《证券日报》 记者表示，"中国本土IP玩具品牌呈现充分竞争局面。市场前五大IP玩具公司市场份额合计仅占20.8%，剩余的都分散在中小厂 商，这也意味着行业仍有弯道超车的爆发机会。" 中国市场潜力巨大 高盛研报认为，中国IP玩具市场具备进一步增长的潜力，供需两端均出现更强劲的驱动因素。供应端方面，多样化IP矩阵 有望持续拓宽客户群，而精心设计的产品与品类扩张则为IP变现提供了载体。 从国内产品侧来看，潮玩品类已经从盲盒向毛绒玩具、可动玩偶、大娃等更多类型蔓延。与此同时，原创IP出新速度加 快。例如，52TOYS今年陆续推出CiCiLu、P ...

Core Viewpoint - The article discusses the IPO prospects of Lezi Tiancheng, the parent company of 52TOYS, and compares its market position and performance with competitors like Pop Mart and Blokus, highlighting its challenges in achieving significant revenue growth and brand recognition [3][4][12]. Group 1: Company Overview - Lezi Tiancheng submitted its IPO application to the Hong Kong Stock Exchange on May 22, becoming the fourth toy company to pursue an IPO after Pop Mart, Blokus, and Kayo [3]. - In 2024, Lezi Tiancheng's GMV is projected to be 930 million RMB, with operating revenue of 630 million RMB and adjusted net profit of 32 million RMB [3]. Group 2: Brand Positioning and Product Strategy - Lezi Tiancheng's brand philosophy emphasizes interaction with users, contrasting with Pop Mart's focus on emotional connections and cultural entertainment [4]. - The company has a diverse product line, including static dolls, movable figures, and licensed IPs, with a total of over 115 IPs, surpassing Pop Mart's 80 IPs [4][5]. Group 3: Financial Performance - From 2022 to 2024, Lezi Tiancheng's total revenue grew from 463 million RMB to 630 million RMB, with a compound annual growth rate (CAGR) of approximately 16% [5]. - The revenue from licensed IPs increased significantly, from 233 million RMB to 406 million RMB, with a CAGR of about 32%, indicating a stronger growth in licensed products compared to self-owned IPs [5]. Group 4: Sales Channels and Market Expansion - In 2024, direct sales accounted for 30.9% of revenue, while distribution channels made up 66.8% [6]. - Lezi Tiancheng's overseas revenue grew from 35 million RMB in 2022 to 147 million RMB in 2024, with the overseas revenue share increasing from 7.6% to 23.4% [9][10]. Group 5: Competitive Landscape - Lezi Tiancheng's revenue growth has lagged behind competitors like Pop Mart and Blokus, with the latter surpassing Lezi Tiancheng in revenue since 2023 [12][13]. - The company has struggled to establish a flagship product that can drive significant revenue, leading to a lack of clear brand recognition [15]. Group 6: Profitability and Cost Management - Lezi Tiancheng's adjusted net profit improved from a loss of 57 million RMB in 2022 to a profit of 32 million RMB in 2024, with a net profit margin increasing from -12.3% to 5.1% [18]. - The company has successfully reduced its expense ratio, particularly in sales expenses, by cutting down on the number of physical stores [18]. Group 7: Valuation and Market Outlook - Lezi Tiancheng's valuation remained relatively stable, with a slight increase from 4.25 billion RMB in 2021 to 4.273 billion RMB in 2025, reflecting the overall market sentiment towards the toy industry [19]. - The company's price-to-sales (P/S) ratio is approximately 6.5 times, significantly lower than Pop Mart's 24 times and Blokus's 14 times, indicating a valuation discount due to its weaker performance [19][20].

Core Insights - The IP toy market in China is experiencing rapid growth, with the market size projected to reach 756 billion yuan in 2024, up from 486 billion yuan in 2020, representing a compound annual growth rate (CAGR) of 11.68% [1][8][10] - The overall IP derivative market in China is also expanding, with a projected size of 1,742 billion yuan in 2024, growing from 994 billion yuan in 2020, at a CAGR of 15.1%, surpassing the global growth rate of 8.3% [6][8] Industry Overview - IP derivatives are physical goods based on characters, scenes, and storylines from various entertainment works, with IP toys being the largest segment [1][6] - Common types of IP toys include static dolls, movable dolls, building and assembly toys, and plush toys [1][4] Market Dynamics - The growth of the IP toy market is driven by factors such as rising consumer spending, the emergence of Generation Z and senior consumers, and increasing awareness of IP derivative products [1][8] - The highest market share within the IP toy segment is held by building and assembly toys, accounting for 36.4% in 2024, followed by static toys (22.5%), plush toys (18.9%), and movable toys (10.3%) [10] Competitive Landscape - Key players in the IP toy market include companies like Shifeng Culture, Aofei Entertainment, Pop Mart, and Blok, which compete through various product strategies and market positioning [12][16] - Pop Mart has shown strong performance in the trendy toy market, while other companies like Miniso and Aofei Entertainment also hold significant market shares [12] Future Trends - The IP toy market is expected to continue expanding, with projections indicating it will exceed 911 billion yuan by 2025, driven by consumer upgrades and increased awareness of IP products [18] - Innovations in smart toys and digital marketing are reshaping consumer experiences, with examples including AI-powered toys and augmented reality products [19][20] - The industry is also accelerating its globalization efforts, with brands expanding into international markets through e-commerce and cultural collaborations [21]

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 - The Chinese collectible toy company 52TOYS has submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on the booming market for IP-based toys and collectibles [1][3]. Group 1: Company Overview - 52TOYS, founded in 2015, has established itself as the third-largest player in the domestic collectible toy market, with a revenue of approximately 6 billion RMB [6][11]. - The company has undergone several funding rounds, raising 1 billion RMB in 2018 and 4 billion RMB in 2021, demonstrating steady growth despite challenges such as the pandemic [6][7]. Group 2: Financial Performance - 52TOYS reported revenues of approximately 4.6 billion RMB, 4.8 billion RMB, and 6.3 billion RMB for the years 2022, 2023, and 2024, respectively, reflecting a compound annual growth rate of about 16.7% [7][8]. - The company has faced losses for three consecutive years, with a projected loss exceeding 1 billion RMB in 2024, but expects adjusted profits of 19.1 million RMB and 32.1 million RMB in 2023 and 2024, respectively [8][25]. Group 3: Market Position and Competition - As of May 27, 2023, 52TOYS has an estimated valuation of approximately 1.87 billion RMB based on a recent investment from Wanda Film, which holds a 7% stake in the company [5][3]. - The market capitalization of leading competitors, such as Pop Mart and Blok, is significantly higher, with Pop Mart valued at 313.17 billion HKD and Blok at 38.46 billion HKD [5][25]. Group 4: IP Strategy - 52TOYS generates a substantial portion of its revenue from licensed IPs, with the proportion of revenue from licensed IPs increasing from 50.2% in 2022 to 64.5% in 2024 [14][11]. - The company has developed over 30 proprietary IPs and collaborates with 85 experienced designers and 40 artists to enhance its product offerings [16][11]. Group 5: Future Plans - 52TOYS aims to expand its retail presence significantly, planning to establish over 100 self-operated stores in China and internationally within the next three to five years [26][25]. - The company is also focusing on increasing its overseas market revenue, which has grown from 7.6% in 2022 to 23.4% in 2024 [26][25].

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 - The company Lezi Tiancheng, a leading IP toy company in China, is seeking to go public in Hong Kong despite facing three consecutive years of losses and a significant liquidity gap of 590 million yuan [1][12]. Company Overview - Lezi Tiancheng ranks third in the Chinese IP toy market with a market share of 1.2% based on 2024 GMV, and it has a comprehensive operational model covering IP incubation, product design, flexible supply chain, and sales channels [1][11]. - The company reported revenues of 630 million yuan in 2024, with a compound annual growth rate (CAGR) of 16.65% over the past three years, but has incurred pre-tax losses of 23 million yuan, 68 million yuan, and 116 million yuan from 2022 to 2024, indicating a trend of increasing losses [1][7]. Business Model - Lezi Tiancheng operates on a dual-driven model focusing on both proprietary IP and licensed IP, with 35 proprietary IPs and 80 licensed IPs successfully incubated and operated by the end of 2024 [2][3]. - The revenue from proprietary IP was 154 million yuan in 2024, growing at a CAGR of 8.14%, while licensed IP revenue reached 406 million yuan, with a CAGR of 32.12%, indicating a significant increase in the contribution of licensed IP to total revenue [2][3]. Financial Performance - The company's gross margin has shown an upward trend, with gross margins of 28.9%, 40.5%, and 39.9% from 2022 to 2024. However, the company has faced continuous losses primarily due to non-recurring items, particularly the fair value changes of financial liabilities related to previous financing agreements [7][12]. - As of March 2025, the company had cash and cash equivalents of 168 million yuan, with a net working capital deficit of 590 million yuan, but it has no interest-bearing debt [7][12]. Market Potential - The IP derivative market in China is projected to reach 1.742 trillion yuan in 2024, with the IP toy segment accounting for 756 billion yuan, representing over 40% of the market [8][11]. - The overseas market, particularly Southeast Asia, has shown significant growth potential, with Lezi Tiancheng's overseas revenue reaching 147 million yuan in 2024, growing at a CAGR of 105% over the past three years [11][12]. Competitive Landscape - The Chinese IP toy market is relatively fragmented, with the top ten players holding a combined market share of 46.1%. Lezi Tiancheng's competitors, such as Pop Mart, are actively expanding their overseas presence and diversifying their product offerings [11][12]. - The company has been increasing its investment in licensed IP, collaborating with well-known IPs like Crayon Shin-chan and Disney, which has contributed to its revenue growth [3][4].

Group 1: Market Performance - A-share market saw active performance in the "Guzi Economy" concept stocks, with companies like Yuanwanggu, Jinghua Laser, and Shifeng Culture hitting the daily limit, while Aofei Entertainment surged over 7% with a trading volume of nearly 2.2 billion yuan [1] - In the Hong Kong market, Pop Mart's stock rose by 0.27%, bringing its total market capitalization to 296 billion HKD, with a year-to-date increase of nearly 146% [1] Group 2: Company Developments - Beijing Lezitiancheng Cultural Development Co., Ltd. (52TOYS) submitted its prospectus to the Hong Kong Stock Exchange, with Citigroup and Huatai International as joint sponsors, marking another toy company entering the Hong Kong market [1] - 52TOYS, founded in 2015, offers a variety of IP toy products including static and movable dolls, wind-up toys, transforming mechas, and plush toys [1] Group 3: Institutional Research Interest - Institutional interest in "Guzi Economy" concept stocks has surged, with 7 companies receiving over 100 institutional research visits this year, led by Shunwang Technology with 228 visits [2] - Companies like Jibite and Mankalon also received over 180 visits, indicating strong institutional engagement in the sector [2] Group 4: IP and Product Development - Aofei Entertainment's stock rose over 7%, supported by its ownership of popular IPs such as "Balala the Fairies" and "Pleasant Goat and Big Big Wolf," and its recent expansion into the trendy toy business [3] - Aofei is collaborating with major companies like Mihayou and Tencent for copyright licensing to develop trendy toy products, focusing on categories like "Didi Le" and "Candy Particles" [3] - The company is also integrating AI with its national IPs, with AI smart toys like "Smart Pleasant Goat" already in mass production and showing a significant growth trend in demand compared to 2024 [3]