Industry52TOYS Files HK IPO, Revenue and Profit Only 1/10 of POP MART
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.




