转自：港湾商业观察 《港湾商业观察》施子夫 近期，北京乐自天成文化发展股份有限公司（以下简称，乐自天成）递表港交所，公司拟港股主板上 市，联席保荐机构为花旗和华泰国际。 或许，乐自天成的另一个名字更被外界所熟知，即"52TOYS"。凭借众多知名IP的吸引力，乐自天成的 营收规模在最近几年实现较快增长，不过公司截至报告期末仍未实现盈利，此外还面临IP授权到期等其 他经营风险问题。 1 毛利率走高但持续亏损 天眼查显示，乐自天成成立于2012年7月，是一家IP玩具公司，截至2024年末，乐自天成拥有超过100个 自有及授权IP。自2015年品牌推出以来，公司凭借"IP中枢"战略，通过对不同消费者群体需求的精准洞 察及全面的产品开发能力，不断开发多品类且引人入胜的IP玩具，从而提升IP的商业价值和影响力。 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，而按相同标准 衡量整体为中国第三大IP玩具公司。 于往绩记录期间，乐自天成的大部分收入来自产品销售，包括自有IP、授权IP的52TOYS品牌产品、向 委托经营的若干第三方品牌及知名国际玩具品牌采购的第三方品牌产品。 随着业务渠道的 ...

Core Viewpoint - The toy brand 52Toys, operated by Lezi Tiancheng, has filed for an IPO in Hong Kong, aiming to become the third trendy toy company listed on the Hong Kong Stock Exchange. However, it faces significant challenges compared to its competitor, Pop Mart, in terms of revenue, profitability, and store count [4][10][27]. Group 1: Company Overview - Lezi Tiancheng is recognized as the third-largest IP toy company in China, often compared to Pop Mart, but it lags behind in revenue, profitability, and store presence [4][7]. - As of 2024, Lezi Tiancheng operates only 5 stores, a significant reduction from 19 stores in 2022, while Pop Mart has over 400 stores [7][10]. Group 2: Financial Performance - From 2022 to 2024, Lezi Tiancheng's revenue increased from 463 million to 630 million, but its losses also grew from 1.74 million to 12.2 million [10][11]. - In contrast, Pop Mart's revenue surged from 4.617 billion to 13.038 billion during the same period, with net profits increasing from 476 million to 3.125 billion, marking a 6.5-fold increase [10][11]. Group 3: Sales Channels and Revenue Sources - Lezi Tiancheng relies heavily on distributors, which contributed over 60% of its revenue from 2022 to 2024 [11][12]. - The company has 336 domestic and 90 overseas distributors, but its products have limited visibility in retail stores compared to competitors [12][13]. Group 4: IP Strategy - Lezi Tiancheng's growth is centered around its proprietary and licensed IPs, with over 100 IPs as of 2024, including 35 proprietary and 80 licensed [17][18]. - The revenue contribution from licensed IPs has increased from 50.2% in 2022 to 64.5% in 2024, with the character Crayon Shin-chan alone accounting for over 60% of total revenue [17][18]. Group 5: Competitive Landscape - The domestic trendy toy market is highly competitive, with multiple brands vying for consumer attention, making it challenging for Lezi Tiancheng to stand out [16][27]. - The company faces risks related to the expiration of licensing agreements for key IPs, which could significantly impact its revenue if not renewed [18][24].

泡泡玛特出海欧洲，Labubu火了，但难题也来了。 据追风交易台消息，6月11日，在高盛最新研报中，一位拥有20年欧洲玩具市场经验、现为泡泡玛特分 销商的行业专家，分享了他对欧洲潮玩市场的观察。 专家表示，欧洲潮玩市场约在十年前起步，如今正快速增长，泡泡玛特正好搭上了这趟顺风车，其中最 火IP毫无疑问是Labubu。 泡泡玛特最初在欧洲是通过亚裔社群传播开来的，但在明星、TikTok网红宣传和门店开设的推动下，已 经受到欧洲本地年轻人欢迎，目前主要消费人群是15至25岁的女性。 不过，专家也提醒，爆红很快，守住更难。泡泡玛特眼下面临的最大挑战就是供应不足，这不仅会让消 费者和分销商体验变差，还可能导致假货滋生、被竞品趁虚而入。 从行业逻辑来看，潮玩本质上是一个"供给驱动"的市场，持续的产品创新是推动增长的核心动力。尽管 泡泡玛特在IP矩阵扩展上表现出色，但如果想持续发力，不仅需要持续"上新"，还需在内容生态建设上 加大投入，才能与用户建立更深层次的情感连接。 毕竟，一个IP如果背后有故事、有影视、有书籍支撑，就更容易让用户长期入坑，从而延长IP的生命周 期。 目前，高盛对泡泡玛特的评级为"中性"，并给予其12 ...

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 ...

从以手办为代表到全品类加速发展，潮玩行业逐渐步入一个全新的阶段。另一方面，在消费者决策变得理性、更注重情感表达的趋势下，潮玩产 品仅凭视觉冲击已难以轻易打动潜在消费者。这推动着潮玩品牌进一步深挖用户喜好，用更多元的品类及价格带选择、更广阔的跨界尝试、更深 的IP内容生态为产品赋能。在这个进程中，情感联结与社交价值的深化，成为推动行业持续增长的重要动力。 品类拓宽：从手办到多元生态 伴随潮玩产业的发展，市场消费端呈现出品类接受边界显著扩张的特征。早期市场以手办等单一品类为主导，而在行业创新驱动下，品类矩阵实 现多维度延伸。其中，毛绒、积木产品、珠宝饰品、卡牌类商品等，均根据品类特点进行设计，逐步形成差异化竞争优势。此外，潮玩概念向生 活消费品领域渗透，涵盖香氛、挂绳、手机壳等细分品类，推动潮玩从传统玩具范畴升级为生活方式载体。 其中，2025年毛绒品类的市场表现尤为突出。以泡泡玛特旗下 IP LABUBU 为例，其第三代搪胶毛绒产品"前方高能" 系列于 4 月全球发售，引发 显著市场反响。产品发售当日，"抢 LABUBU" 话题占据微博热搜榜首，海外实体门店出现长时间排队现象。同期数据显示，泡泡玛特App在美 ...

文丨栗子酒 潮玩市场又有新动作。 近日，北京乐自天成文化发展股份有限公司（以下简称"乐自天成"）正式向港交所递交IPO申请，拟于 主板挂牌上市。值得注意的是，乐自天成的核心品牌为52TOYS，该品牌是伴随着"谷子经济"热潮发展 起来的头部品牌之一。 根据乐自天成招股书援引灼识咨询的数据，按2024年的GMV计算，52TOYS是中国第三大IP玩具公司。 不过，这个头衔的含金量并不算高，因为对应到具体数值上，排在前两位的公司，大概率是已经上市的 泡泡玛特和布鲁可，而排名在第三至第五位的公司，其年度GMV相差不足0.1亿元，且相应的市场份额 都为1.2%。 | 排名 | 集團 | 主要品類 | GMV (人民幣十億元) | 市場份額 | | --- | --- | --- | --- | --- | | 1 | 公司A(1) | 靜態玩偶、可動玩偶、拼搭和 | 8.72 | 11.5% | | | | 組裝玩具、毛絨玩具、其他 | | | | 2 | 公司B(2) | 拼搭和组装玩具 | 4.30 | 5.7% | | 3 | 本公司 | 靜態玩偶 · 可動玩偶 · 拼搭和 | 0.93 | 1.2% | | | ...

Core Viewpoint - Beijing Lezitiancheng Cultural Development Co., Ltd. (referred to as "Lezitiancheng") has officially submitted its IPO application to the Hong Kong Stock Exchange, marking its entry into the public market after months of speculation [1][11] Company Overview - Founded in 2015 by Chen Wei and Huang Jin, Lezitiancheng operates under the brand 52TOYS and has over 100 proprietary and licensed IPs as of December 31, 2024 [4][5] - The company has completed five rounds of financing, raising a total of 385 million yuan, with a post-financing valuation of 4.273 billion yuan [18][20] Financial Performance - Lezitiancheng's revenue is projected to reach 630 million yuan in 2024, with a compound annual growth rate (CAGR) of 16.7% from 2022 to 2024 [8] - The company reported adjusted annual profits of -56.75 million yuan, 19.1 million yuan, and 32.01 million yuan for the years 2022, 2023, and 2024, respectively, indicating continuous growth [8] - Revenue from licensed IP products accounted for 64.5% of total revenue in 2024, up from 50.2% in 2022 [8][9] Market Position - According to a consulting firm, Lezitiancheng ranks second among multi-category IP toy companies in China by GMV and is the third-largest IP toy company overall [4][12] - The Chinese IP toy market is expected to grow significantly, with a projected market size of 756 billion yuan in 2024, growing at a CAGR of 17.2% to reach 1,675 billion yuan by 2029 [12][13] Product Lines and IP Management - Lezitiancheng has developed six major product lines, including blind boxes and action figures, and has long-term collaborations with internationally recognized IPs such as "Tom and Jerry" and "Crayon Shin-chan" [5][6] - The company has successfully launched over 160 SKUs under its proprietary IP "Beast Box," generating a cumulative GMV of over 190 million yuan [6] Competitive Landscape - The company faces competition from both international and domestic brands, with a focus on IP management, product development, and brand marketing [20] - The leading competitor, Pop Mart, has achieved a revenue of 13.04 billion yuan in 2024, with a market valuation exceeding 300 billion HKD [13][15] IPO Fund Utilization - Approximately 20% of the IPO proceeds will be used to diversify and strengthen the IP matrix, while another 20% will focus on product design and development [20]

证券研究报告 | 公司点评报告 2025 年 05 月 19 日 | 总股本（百万股） | 2112 | | --- | --- | | 已上市流通股（百万股） | 2085 | | 总市值（十亿元） | 22.6 | | 流通市值（十亿元） | 22.3 | | 每股净资产（MRQ） | 3.6 | | ROE（TTM） | -5.7 | | 资产负债率 | 67.7% | | 主要股东 | 北京万达投资有限公司 | | 主要股东持股比例 | 20.64% | 股价表现 相关报告 1、《万达电影（002739）—24 年业 绩承压，投资出品影片《唐探 1900》 和《熊出没》已定档春节档》 2025-01-24 2、《万达电影（002739）—大盘影响 致业绩承压，多部作品蓄势待发》 2024-11-02 3、《万达电影（002739）—二季度受 大盘影响业绩承压，后续内容产品储 备丰富值得期待》2024-09-06 万达电影发布公告，公司全资子公司北京影时光拟与关联方儒意星辰共同投资 北京乐自天成文化发展股份有限公司。本次股权转让和增资完成后，万达电影 和中国儒意分别持有乐自天成 4%、3%的股权，双方合 ...

Group 1 - Wanda Film, known as the "first stock of cinema chains," is seeking new opportunities through an investment in Beijing Lezi Tiancheng Cultural Development Co., Ltd., with a total investment of 144 million yuan for a 7% stake [1][9] - The investment is aimed at enhancing the IP derivative product layout, leveraging the new brand "Shiguangli" to attract younger consumers and increase non-ticket revenue [9][6] - The company reported a significant decline in revenue and net profit for 2024, with total revenue of approximately 12.36 billion yuan, down over 15%, and a net profit loss of 940 million yuan, a decrease of about 203% [2][4] Group 2 - The cinema industry is facing challenges, with a notable drop in audience numbers, particularly among younger viewers, whose attendance decreased from 25.4% in 2023 to 17% during the recent May Day holiday [4][6] - To attract younger audiences, Wanda Film is introducing new products and experiences, including trendy popcorn flavors and partnerships with beverage brands, aiming to open over 300 new stores within its cinemas [6][8] - The investment in 52TOYS, a player in the trendy toy market, is seen as a strategic move to tap into the growing demand for collectible toys, with the global market expected to grow significantly in the coming years [10][12]

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 ...