2月8日，52TOYS首都机场店开业，作为首都机场内首家大型IP玩具品牌门店，其依托于"第一国门"独 特区位优势，凭借独具匠心的空间设计、丰富多元的产品矩阵以及贴心周到的服务，为往来旅客精心构 筑起一个集品牌展示、互动体验与便捷购物于一体的沉浸式玩具体验空间。 三大特色主题区亮相 沉浸式体验点亮航旅时光 52TOYS首都机场店位于T3航站楼C区29登机口旁，门店总面积超200平方米，精心规划出"猛兽匣区 域""52引力波航站基地""潮流IP乐园"三大主题空间。契合机场出行场景，门店将飞机舷窗、行李传送 带等航空元素巧妙融入整体设计，使得三大空间既各具特色又有机联动，让旅客在穿梭游览中尽享流畅 的IP沉浸式体验。 踏入猛兽匣区域，炫酷的光效交织，结构造型错落有致，勾勒出极具视觉冲击力的硬核机甲风格。区域 中心是傲然挺立的机械恐龙狄奥，瞬间抓住来往旅客的目光。该区域兼顾产品展示、互动体验与便捷购 买等多重功能于一体，尤其是大屏互动、沙盘演示、产品试玩等多元体验形式，让旅客在短暂的机场停 留时间里，快速感受到猛兽匣系列的魅力。 52引力波航站基地则采用复古航站楼的独特设计，从空间设计到材质选用，再到航站元素融合，打 ...

Core Viewpoint - 52TOYS is seeking to raise between $100 million to $200 million through an IPO on the Hong Kong Stock Exchange, aiming to become the third local IP toy company listed after Pop Mart and Blokus, with significant market attention on its valuation and performance [2] Company Overview - Founded in 2015, 52TOYS focuses on IP toy development, production, and sales, boasting 35 proprietary IPs and collaborations with 80 international IPs, including Crayon Shin-chan and Disney [2] - The company projects a revenue of 630 million yuan in 2024, a 30.7% year-on-year increase, with licensed IP revenue accounting for 64.5% of total revenue [2] Financial Performance - Despite revenue growth, 52TOYS has not achieved sustained profitability, reporting net losses of 1.708 million yuan, 71.934 million yuan, and 122 million yuan from 2022 to 2024 [3] - The adjusted net profit is expected to turn positive in 2024, reaching 32.013 million yuan, indicating initial business optimization [3] - The gross margin for 2024 is projected at 39.9%, significantly lower than Pop Mart's 66.8%, primarily due to high IP licensing costs [3] Market Position and Competition - The IP toy market in China is projected to grow from 75.6 billion yuan in 2024 to 167.5 billion yuan by 2029, with 52TOYS ranking third in GMV among local IP toy companies [4] - In 2024, 52TOYS is expected to generate a GMV of 930 million yuan, with a market share of 1.2%, compared to Pop Mart's 11.5% and Blokus's 5.7% [4] Valuation and Market Sentiment - The market is closely watching 52TOYS's valuation, which is set at 4.273 billion yuan, leading to discussions about its high price-to-earnings ratio of 133 times based on projected profits [5] - Strategic partnerships with Wanda Film and Ru Yi Holdings are expected to enhance 52TOYS's market presence and product distribution [5][6] Industry Challenges - The competitive landscape is intensifying, with established players like Pop Mart maintaining a stronghold due to their proprietary IPs and distribution networks [7] - 52TOYS faces the challenge of balancing its reliance on licensed IPs while enhancing its original IP capabilities to avoid being seen as merely "working for IPs" [7]

Core Viewpoint - 52TOYS has submitted its IPO prospectus to the Hong Kong Stock Exchange, having previously secured an investment of 140 million RMB from Ru Yi Investment. The company reported revenues of 630 million RMB and a net profit of approximately 30 million RMB in 2024 [1]. Financial Performance - 52TOYS' revenue from 2022 to 2024 was 463 million RMB, 482 million RMB, and 630 million RMB respectively [1][2]. - The company recorded net losses of 1.708 million RMB and 71.934 million RMB in 2022 and 2023, with a further loss of 121.514 million RMB in 2024. However, adjusted net profits (non-IFRS) showed improvement, moving from -56.754 million RMB in 2022 to 32.013 million RMB in 2024 [2]. - The adjusted net profit margins (non-IFRS) improved from -12.3% in 2022 to 5.1% in 2024 [2]. Valuation and Revenue Sources - The valuation of 52TOYS has exceeded 2 billion HKD, reflecting an increase from the valuation at the time of Ru Yi Investment [2]. - In 2024, revenue from licensed IP accounted for 64.5% of the company's total revenue, indicating a significant reliance on this revenue stream [2]. IP Operations and Market Position - As of December 31, 2024, 52TOYS has incubated and operated 35 proprietary IPs and holds 80 licensed IPs across various fields such as animation, film, comics, and games [3]. - The company ranks second among multi-category Chinese IP toy companies and seventh in the overall Chinese IP toy market based on GMV in 2024, showcasing its competitive position [3]. Shareholding Structure - The largest shareholders, Chen Wei, Huang Jin, and Bai Jie, collectively hold approximately 36.81% of 52TOYS' shares as concerted actors [3]. - Prior to the IPO, the investment from Ru Yi allowed Chen Wei and partners to cash out nearly 60 million RMB [3].

Core Viewpoint - 52TOYS is projected to achieve a revenue of 630 million RMB and a net profit of approximately 30 million RMB in 2024, indicating growth in its financial performance [1][2]. Financial Performance - Revenue for 52TOYS from 2022 to 2024 is reported as 463 million RMB, 482 million RMB, and 630 million RMB respectively, while net losses are recorded at 1.71 million RMB, 71.93 million RMB, and 122 million RMB [2][3]. - Adjusted net profit (non-IFRS) shows a recovery from -56.75 million RMB in 2022 to 32.01 million RMB in 2024, reflecting a positive trend [4][12]. - The gross profit margin for 2024 is 39.9%, with a notable increase in gross profit from 133.65 million RMB in 2022 to 251.53 million RMB in 2024 [12][14]. Revenue Sources - The majority of 52TOYS' revenue comes from licensed IP, contributing 64.5% of total revenue in 2024, while self-owned IP sales are 1.54 billion RMB [6][10]. - The company has developed and operates 35 self-owned IPs, with significant contributions from popular IPs like Sleep and Beast Box [8][10]. Market Position - The IP derivative market in China is projected to grow from 174.2 billion RMB in 2024 to 335.7 billion RMB by 2029, with the IP toy market expected to reach 756 billion RMB in 2024 [6]. - 52TOYS ranks third among Chinese IP toy companies and second among multi-category IP toy companies based on GMV in 2024 [17]. Sales Channels - 52TOYS primarily relies on distributors for sales, with distributor sales accounting for 66.8% of total revenue in 2024, while direct sales contribute only 30.9% [15][16]. - The company has expanded its sales channels to Southeast Asia, Japan, South Korea, and North America, with domestic revenue making up 76.6% of total revenue in 2024 [17][18]. IP Licensing and Costs - 52TOYS has invested over 100 million RMB in licensing fees for IPs over the past three years, with significant upcoming expirations for major IPs like Disney and Crayon Shin-chan [10][13]. - The cost of goods sold for 52TOYS' products has been increasing, with a notable rise in costs associated with licensed IP [14].

Core Viewpoint - Wanda Film's subsidiary, Beijing Yingshiguang E-commerce Co., Ltd., plans to acquire a 7% stake in Beijing Lezitiancheng Cultural Development Co., Ltd. for a total consideration of 144 million yuan, indicating a strategic shift towards the "Guzi Economy" and targeting the younger market [1][2][3] Group 1: Investment Details - The investment involves Yingshiguang subscribing to 3.69% of shares for 68.99 million yuan and Ru Yi Xing Chen subscribing to 2.77% for 51.74 million yuan, along with additional shares totaling 1.44 billion yuan [1] - The estimated valuation of Lezitiancheng is approximately 4.29 billion yuan based on new registered capital, and about 1.87 billion yuan based on share transfer valuation [1] Group 2: Market Context - The "Guzi Economy" is closely linked to the younger demographic, with Lezitiancheng's core brand, 52TOYS, being a leading player in this sector [2][6] - The film industry is experiencing a decline in box office revenues, prompting companies like Wanda to explore non-box office income sources, such as IP derivative products [3][4] Group 3: Financial Performance - Wanda Film reported a revenue of 12.36 billion yuan in 2024, but faced a net loss exceeding 900 million yuan, reflecting a 203.05% decline year-on-year [3][4] - In Q1 2025, Wanda Film's net profit rebounded to 830 million yuan, driven by a successful film release [3] Group 4: Strategic Shift - The investment in 52TOYS aligns with Wanda's strategy to enhance revenue stability by diversifying income sources beyond traditional box office earnings [5][11] - Wanda has initiated the "Shiguangli" brand to enhance cinema space utilization and has opened 30 art shops nationwide, contributing significantly to non-box office revenue [5][11] Group 5: Industry Trends - Other film companies, such as Hengdian Film and Light Media, are also investing in the "Guzi Economy," indicating a broader industry trend towards IP licensing and derivative product development [9][15] - The potential for growth in the IP derivative market is evident, with significant pre-sale figures for products linked to popular films, showcasing the increasing consumer interest [11][13]