万达下注的52TOYS，为何难成下一个泡泡玛特？

Core Viewpoint - The "Guzi Economy" trend is driving more toy companies towards IPOs, with 52TOYS being the latest to file for listing in Hong Kong, although it lags significantly behind leading players like Pop Mart in terms of scale and profitability [1][2][3][4]. Company Performance - In 2024, 52TOYS achieved a revenue of 630 million yuan, which is less than one-twentieth of Pop Mart's revenue [3]. - The adjusted net profit for 2024 was only 32.01 million yuan, approximately one percent of Pop Mart's profit [4]. - 52TOYS's valuation is estimated at 4.289 billion yuan, showing little change compared to three and a half years ago [6]. Market Position and Challenges - The industry is experiencing a diminishing period of growth, making it difficult for latecomers like 52TOYS to replicate the success of Pop Mart [7]. - 52TOYS's self-developed IP products have not gained significant traction, with its flagship "Beast Box" series generating only 190 million yuan in GMV over three years, which is less than one-third of the sales from its licensed IP products [11]. Product Strategy - The proportion of licensed IP products in 52TOYS's sales increased from 50% two years ago to 65% in 2024, while self-developed IP products accounted for less than a quarter [12]. - In 2024, 52TOYS had a total of 80 licensed IPs, an increase of 25 from the previous year, but faced challenges in maintaining successful licensing agreements due to increased competition [15][13]. Sales Channels - 52TOYS's offline sales have been negatively impacted, with a net loss of 8.25 million yuan in operating cash flow in 2024, compared to net inflows in the previous two years [22]. - The number of self-operated stores decreased from 19 to 5, with 13 closures over the past three years [26][27]. - Online sales growth has stagnated, with online revenue of 139 million yuan in 2024, only a 20 million yuan increase from two years prior [28]. International Expansion - 52TOYS is capitalizing on the overseas market, with a compound annual growth rate of over 100% in international revenue from 2022 to 2024, now accounting for 23.4% of total revenue [31]. - The company has opened 10 stores in Thailand, with the market's GMV growing fourfold year-on-year [31]. Future Opportunities - The integration trend in the industry presents opportunities for 52TOYS, as it collaborates with major players like Wanda Pictures to develop new IP products [33]. - The company is exploring partnerships beyond traditional IP sources, including museums and tourist attractions, to diversify its revenue streams [37]. IP Development - 52TOYS remains committed to developing its own IP, with detailed world-building and plans for derivative works, including novels and animations [40]. - The company aims to establish a collaborative model for IP development that integrates all aspects of production and marketing [40].