以下文章来源于投中网 ，作者鲁智高 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识和洞见，在私募股权投资行业和创新商业领域拥有权 威影响力。官网：www.chinaventure.com.cn 不做"泡泡玛特第二"，这家想成为 "中国版万代" 的北京公司要上市了。 近日，52TOYS申请在港上市。在陈威和黄今的带领下，这家IP玩具公司 拥有蜡笔小新、猫和老鼠等授权IP产品，以及猛兽匣变形机甲系列、胖哒幼 （Panda Roll）熊猫系列和Sleep系列等自有IP产品。 随着他们踏上IPO之路，再加上已经在港上市并持续爆火的泡泡玛特和布鲁可，以及不久前继续选择在港交所递交招股书的卡游，"谷子经济"正在众人的 看好中变得越发火热。 两位"玩咖"，要做"中国版万代" 因为非常热爱"玩"，没打过工的陈威和黄今最终选择一起创业。 大学毕业后，学习设计的陈威于1999年在北京鼓楼附近开了一家游戏店，并将自己珍藏的各种手办摆在店里。发现买东西的顾客对手办更感兴趣，于是他 选择去做衍生品生意，成为国内最早涉足这个行业的玩家。 在将日本万代、美国麦克法兰等国际知名收藏玩具 ...

随着他们踏上IPO之路，再加上已经在港上市并持续爆火的泡泡玛特和布鲁可，以及不久前继续选择在港交所递交招股书的卡 游，"谷子经济"正在众人的看好中变得越发火热。 两位"玩咖"，要做"中国版万代" 因为非常热爱"玩"，没打过工的陈威和黄今最终选择一起创业。 大学毕业后，学习设计的陈威于1999年在北京鼓楼附近开了一家游戏店，并将自己珍藏的各种手办摆在店里。发现买东西的顾 客对手办更感兴趣，于是他选择去做衍生品生意，成为国内最早涉足这个行业的玩家。 将投中网设为"星标⭐"，第一时间收获最新推送 IP玩具里面的大生意。 作者丨鲁智高 来源丨 投中网 不做"泡泡玛特第二"，这家想成为"中国版万代"的北京公司要上市了。 近日，52TOYS申请在港上市。在陈威和黄今的带领下，这家IP玩具公司拥有蜡笔小新、猫和老鼠等授权IP产品，以及猛兽匣 变形机甲系列、胖哒幼（Panda Roll）熊猫系列和Sleep系列等自有IP产品。 在将日本万代、美国麦克法兰等国际知名收藏玩具品牌引入国内的同时，陈威还做起了广告、影视、网吧、餐饮等相关的生 意。意识到给品牌做代理的价值不高后，他逐渐萌生了做一家涵盖潮玩、盲盒、手办、机甲、拼装模型 ...

Core Viewpoint - 52TOYS, a Chinese toy company, is planning to go public in Hong Kong, but its financial performance raises concerns about its competitiveness in the rapidly growing IP toy market [2][4]. Financial Performance - 52TOYS reported a revenue of 630 million RMB in 2024, representing a year-on-year growth of 68%, but its net profit growth was only 12%, which is significantly lower than its peers [2][7]. - The company's gross margin decreased from 58% to 52% over the same period, indicating a decline in profitability [2][9]. - From 2022 to 2024, 52TOYS experienced a cumulative loss of 195 million RMB, with annual losses increasing each year [7][8]. Revenue Sources - 64.5% of 52TOYS' revenue comes from licensed IP, while its own IP revenue share is declining, raising concerns about sustainability if licenses are lost [2][9]. - The company has spent over 100 million RMB on licensing fees for IPs from 2022 to 2024, indicating a heavy reliance on external IPs [9][11]. Market Position - The Chinese IP toy market is expected to grow from 486 billion RMB in 2020 to 756 billion RMB in 2024, with 52TOYS lagging behind competitors like Pop Mart and TOPTOY, which have shown stronger revenue growth [5][6]. - 52TOYS' revenue growth rate from 2022 to 2024 is 16.7%, significantly lower than competitors like Card Game at 55% and Bluku at over 150% [6][9]. Ownership and Investment - The founder and partners of 52TOYS have cashed out a total of 57.73 million RMB prior to the IPO, raising questions about their confidence in the company's future [3][4]. - Major shareholders include Suzhou Qiming Rongke and CICC Cultural Consumption Fund, with the founder holding approximately 36.81% of the shares [5][6]. Competitive Landscape - 52TOYS aims to differentiate itself by focusing on collectible toys rather than becoming a second Pop Mart, but analysts suggest it still operates within a similar framework [12]. - The company faces challenges in establishing a unique market position, as its reliance on licensed IPs and distributors limits its control over brand representation and pricing [11][12].