Chinese toy brands expanding overseas.
Summaries are AI-generated
POP MART's stock has fallen over 40% from its peak, with a market cap loss of HK$200 billion and a 31% drop in institutional holdings. Labubu's hidden figures have seen a premium cut of over 50%, and regular styles are now trading below retail prices on second-hand platforms, with analysts predicting a shift from explosive to sustainable growth.
52TOYS filed a prospectus with the HKEX, planning to raise funds for direct store construction and expansion in Southeast Asia, the US, and Japan. With 2024 revenue of 630 million yuan and a net loss of 122 million yuan, the company has a gross margin of 39.9% and relies heavily on licensed IPs, with core contracts expiring in 2026-2027.
Kayou's prospectus expired on the HKEX website, marking its second failed IPO attempt after January 2024. Despite strong financial performance and leading market share, the company faces regulatory pressure due to its 'gambling-like' business model and concerns over minor protection.
In September, TOP TOY, owned by MINISO, filed its prospectus with the Hong Kong stock exchange, while the trading card company Hitcard was reported to be advancing its IPO process. Earlier this year, 52TOYS and Kayou also filed applications with the Hong Kong stock exchange.
JPMorgan raised the target price to HK$320, expecting 2025 sales and profit to rise 165% and 276% respectively. The company plans to open over 200 new stores and expand overseas to 128 locations.
Kayou and global sports collectibles giant Topps announced a partnership to launch the NBA Match Attax 2025 series in China, jointly developing official NBA-licensed products and leveraging Topps' global distribution network.
China's third-largest IP toy company 52TOYS filed a prospectus with the HKEX, reporting 630 million yuan in revenue and 32.01 million yuan in adjusted net profit in 2024, showing a significant gap with market leaders. The company seeks growth by expanding licensed IP and accelerating overseas expansion, but faces challenges including low gross margins, high channel dependency, and bottlenecks in developing its own IPs.
52TOYS filed for a Hong Kong IPO on May 22, targeting a Main Board listing, with Citi and Huatai International as joint sponsors. According to the prospectus, 52TOYS is China's second-largest multi-category IP toy company by 2024 GMV. The company relies mainly on licensed IPs, with sales of licensed products rising from 50.2% in 2022 to 64.5% in 2024, but high licensing costs result in lower gross margins than POP MART.
Kayou updated its prospectus for a Hong Kong Main Board listing. Revenue exceeded 10 billion yuan in 2024, with a 71.1% market share in trading cards. The company operates a matrix of 70+ IPs, featuring core products like Ultraman, My Little Pony, and Nezha collab cards.
Kayou filed a prospectus on April 14 to pursue an HK IPO. In 2024, the company reported revenue of approximately 10.057 billion yuan, with TCGs contributing 81.5% of total income and holding a 71.1% market share in the TCG segment of the entertainment toy industry.
Kayou's 2024 revenue exceeded 10 billion yuan, with the Nezha series selling out 4.5 million packs within a week. The company focuses on the TCG sector, operates its own factory, holds dozens of licensed IPs, and plans to expand its TCG gameplay overseas.
Morgan Stanley raised POP MART's target price by 20% to 135 yuan, citing new customer growth from plush bag charms. The report notes POP MART plans to increase US store count to over 40 by 2025.
Kayou secured the Nezha 2 license, and its first batch of products sold out quickly upon release. The second batch's online pre-orders exceeded 10,000 units. The company is ramping up restocks with its supply chain, holding a 70% market share in China's trading card sector.
Blokees Group has filed a prospectus with the Hong Kong Stock Exchange for a main board listing. The company reported 877 million yuan in revenue in 2023 and accumulated losses exceeding 1.1 billion yuan from 2021 to 2023. The prospectus highlights the company's heavy reliance on licensed IPs like Ultraman and Transformers, with some licensing periods expiring soon.
Kayou filed a prospectus on Jan 26 to list on the Main Board. Q3 2023 trading card sales dropped 49.44% YoY to 1.04 billion packs, with revenue of 1.952 billion yuan, heavily reliant on the Ultraman series.
Chinese brand Blokees debuted at Sao Paulo Toy Show with nearly 60 products. Saint Seiya Gold Zodiac full case launched globally in Brazil with 9 characters. Blokees accelerated global expansion in 2024, entering Southeast Asia, Europe, North America, and Latin America.
At the 8th CIIE, POP MART (Booth 5.1C6-02) celebrates its 15th anniversary with SKULLPANDA and CRYBABY, showcasing overseas limited editions and diverse product categories.
In 2025, the Blokees Global Partner Conference themed 'New Starting Point, New Journey' was held, with many industry partners gathering to witness Blokees' innovative results and future layout under the 'Three-All Strategy'.
From Jan 28 to Feb 1, Blokees showcased multi-IP building blocks and BFC creator works at the Nuremberg Toy Fair, highlighting its global strategy.
