文/刘工昌 2025年5月22日，中国排名第三的潮玩厂家乐自天成（52TOYS）正式递交港股上市申请，联席保荐机构为花旗和华泰国际。 图源：乐自天成官网 而在递交招股书前10天，公司股权结构近期迎来重要变化。万达电影联手腾讯系儒意控股突击入股，斥资1.44亿元拿下7%股权，这不仅为乐自天成带来资 本支持，更重要的是为其打开了影视IP转化和游戏IP联动的想象空间。其中，万达拥有《流浪地球》《唐人街探案》等IP，儒意控股旗下也有《红警OL》 《QQ炫舞》等IP。 四成毛利仍然亏损 天眼查显示，乐自天成成立于2012年7月，是一家IP玩具公司，自2015年品牌推出以来，打着"玩点有趣的"的品牌主张，品牌愿景是"做一家伟大的玩具公 司"。 根据灼识咨询，按2024年中国GMV计，乐自天成在中国多品类IP玩具公司中排名第二，为中国第三大IP玩具公司。乐自天成是业内为数不多的、实现全产 业链运营的中国领先公司之一，覆盖IP孵化和开发、产品设计到柔性供应链和全局销售渠道各个环节，利用柔性供应链管理来维持可规模化拓展的运营架 构。 截至2024年12月31日，公司拥有超过100个自有及授权IP。以"IP中枢"战略、多品类运营 ...

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].

Group 1 - 52TOYS showcased three new proprietary trendy IPs, CiCiLu and PoukaPouka, at the "2025 TOY HEART EXPO," enhancing its product matrix alongside the previously launched NOOK [1] - Since 2019, 52TOYS has been continuously developing its proprietary trendy IPs, including NOOK, Sleep, and Lilith, and plans to have 35 proprietary IPs by the end of 2024 [1] - The company has also established a sci-fi IP called "Beast Box" and a cultural IP named "Super Activation," indicating a diverse portfolio [1] Group 2 - 52TOYS emphasizes the diversity and differentiation of IP styles, creating various products based on the characteristics of each IP, which include static dolls, movable dolls, wind-up toys, transforming mechas, assembly toys, plush toys, and derivative peripherals [2] - By the end of 2024, 52TOYS will have 80 licensed IPs and has formed long-term stable partnerships with internationally recognized IPs like Disney, while also focusing on nurturing its proprietary IPs across trendy, sci-fi, and cultural categories [2] - The company announced the creation of a content ecosystem for the "Beast Box" IP, which includes novels, comics, and animations, facilitating cross-industry value-added opportunities [2]

Core Viewpoint - The article discusses the rise of 52TOYS as a significant player in the IP toy market, drawing comparisons to Pop Mart and highlighting its growth potential in the context of the "Guzi economy" [3][4][8]. Company Overview - 52TOYS was founded in 2015 by Chen Wei and Huang Jin, who have extensive experience in the toy and gaming industries [4][6]. - The brand emphasizes cultural and collectible attributes, launching various product lines, including the "Beast Box" series and collaborations with numerous IPs [6][8]. Market Position - As of 2024, 52TOYS is the third-largest IP toy company in China, holding a market share of 1.2%, following Pop Mart (11.5%) and Blokus (5.7%) [9][11]. - The Chinese IP toy market remains fragmented, with the top ten brands accounting for only 46.1% of the GMV, indicating significant growth opportunities [8]. Financial Performance - 52TOYS has shown impressive revenue growth, with figures of 463 million yuan, 482 million yuan, and 630 million yuan from 2022 to 2024, respectively [8]. - The company has also seen a rise in overseas revenue, which accounted for 7.6%, 12.1%, and 23.4% of total revenue during the same period [8]. Strategic Partnerships and Expansion - 52TOYS has established a diverse distribution strategy, collaborating with over 400 distributors and covering more than 20,000 retail points [16]. - Recent investments from Wanda Film and its parent company, China Ruyi, are expected to enhance 52TOYS's market reach and IP development capabilities [16][20]. IP Development Strategy - The company employs a multi-faceted approach to IP development, collaborating with creators to expand its IP ecosystem through comics, animations, and novels [13]. - 52TOYS has secured licenses for popular franchises, including Disney and various film IPs, which positions it well for future growth [19][20].