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复刻泡泡玛特资本神话?潮玩老三52TOYS 谋上市,3年累亏近2亿,自有IP盈利乏力
Sou Hu Cai Jing· 2025-06-19 09:16
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].