Results, operating data, funding and IPOs.
Summaries are AI-generated
Kotobukiya announced that the cumulative global shipments of its bishōjo plastic model series surpassed 8.4 million units as of June 2025. The series includes titles such as Frame Arms Girl, Megami Device, Sōsai Shōjo Teien and Arcana Dia. The company said it will continue to develop new models to meet worldwide fans’ expectations.
52TOYS plans to list on the Hong Kong stock exchange, becoming China's third toy company to go public after POP MART and Blokees. The article compares POP MART's stock surge of over 11 times since February 2024 and its market cap exceeding 300 billion yuan, discussing the balance between IP monetization efficiency and incubation speed.
Blokees achieved 10 billion yuan in revenue in just two and a half years, but relies heavily on Ultraman. New IPs like Pokémon underperformed. The company expanded via low-price products and all channels, causing declining gross margins and lower channel efficiency, facing transition pains.
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's 2024 revenue exceeded 100 billion yuan, with trading card sales of 8.2 billion yuan and a 71.1% market share. The company is diversifying into stationery and dolls to reduce reliance on single card products and build a comprehensive merchandising brand.
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 Limited updated its IPO prospectus, reporting 2024 revenue of 10.059 billion yuan and adjusted net profit of 4.466 billion yuan, up 378.16% year-on-year. The company holds a 71.1% market share in China's trading card sector with a 67.3% gross margin, ranking second only to MINISO and POP MART in scale.
Kayou filed for IPO, with revenue rising from 4.13 billion yuan to 10.057 billion yuan and net profit reaching 4.466 billion yuan from 2022 to 2024. Trading card business accounts for over 80% of revenue with a gross margin of about 67%.
Blokees' stock is up over 108% this year, with a gross margin of 52.9% in the first half of 2024. Relying on over 50 IP licenses, full-channel layout, and tech innovation, the company is transforming from a toy manufacturer to an IP ecosystem operator, though it faces IP dependency and overseas challenges.
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.
Market Decipher reports the trading cards market was valued at $13 billion in 2024 and is projected to reach $21 billion by 2034, growing at an 8.5% CAGR, driven by nostalgia and digital platforms.
Kotobukiya announced that its ARTIST SUPPORT ITEM hand model series has now shipped over 100,000 units worldwide. Since its 2022 debut, the figures have been praised for near‑human joint articulation and detailed realism, earning accolades such as the Makuake Of The Year 2023 SILVER award and a special prize at the AmiAmi Figure Awards. Kotobukiya also revealed a new web service, ‘Jizaiten – Free‑Angle Manga Asset Collection’, slated for early 2025 to further aid creators.
As of August 2024, Guangdong has over 20,000 toy manufacturing companies, ranking first nationwide. In 2023, the province's toy exports reached USD 15.43 billion, with 8 listed companies including POP MART.
Blind box sales on Tmall grew the fastest at 29.5% in the first half of 2024. POP MART's toy business revenue exceeded 6 billion yuan, far surpassing other toy companies. Qianzhan Industry Research Institute forecasts that China's designer toy market will exceed 180 billion yuan by 2029.
Kayou Limited filed a prospectus for listing on the Main Board of the HKSE on January 26, 2024, with Morgan Stanley, CICC, and JPMorgan as joint underwriters.
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 Limited filed a prospectus with the HKEX on January 26, 2024, for listing on the Main Board. While its 2019 revenue exceeded 4 billion yuan, card business revenue fell 46.55% year-on-year in the first nine months of 2023, and stationery business revenue dropped 51.87%.
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.
Shares of Mattel and Hasbro plummeted in early trading on Thursday as the two toymakers warned of soft sales during the key holiday shopping season.
Domestic brands like Blokees, Senbo, and Pinqi have received multiple rounds of funding, with Senbo securing over 100 million yuan in January. The article compares sales on JD and Taobao, noting LEGO dominates the high-end market while domestic brands still lag in price and brand recognition.
ToyCity recently closed a nearly 100 million yuan A+ round led by Meic Capital, with Unison Capital following. The brand focuses on wearable devices and operates its own factory, planning to use funds for IP incubation and brand promotion.
Bandai Namco reported consolidated net sales of ¥1.35 trillion for FY2026, up 8.6% year-on-year. Operating profit reached ¥189.5 billion, and the company maintained a 17% return on equity and a 14.1% operating margin.
Companies like Aofei Entertainment, Starry Sky Entertainment, and Tomcat are key players in China's AI toy sector. Aofei Entertainment's toy revenue exceeded 1 billion yuan in 2024, with firms focusing on AI technologies like multi-turn dialogue.
Funko faces a tough sales environment with U.S. retail sales down double digits and retailers hesitant to take on inventory. The analyst downgrades FNKO stock to sell, citing thin gross margins, tariff threats, and tight liquidity.
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'.
The article summarizes business layouts, performance comparisons, and future plans of major listed toy companies including Aofei Entertainment, Starry Sky Entertainment, POP MART, and MINISO.
