A blind box enthusiast stands beside Labubu figures at a Pop Mart store in Shenzhen, Guangdong province, on March 3. GE ZIWEN/FOR CHINA DAILY
China’s collectible toymakers are entering a more competitive and more dynamic phase of growth, as companies race to scale intellectual property, expand globally and move beyond simple product design.
As industry leader Pop Mart International, known for its Labubu character, is pushing deeper into film and immersive entertainment, rival 52toys is betting on product and IP breadth and so-called “hardcore” categories to capture a wider base of collectors and consumers.
At a partner conference in Beijing on March 12, 52toys founder Chen Wei laid out an aggressive roadmap for 2026, which includes the launch of more than 1,000 new products. The company will increase investment in proprietary intellectual property and higher-complexity toy segments.
The event drew distributors and partners from more than 40 countries and regions, highlighting growing overseas interest in Chinese-designed IP toys. “We offer partners certainty — proven hit-making capabilities and mature long-term operations. This year, our focus on IP product development and marketing will further boost our global influence, ensuring we provide maximum support to our partners,” said Chen.
Scaling IP with logic
Founded in 2015, 52toys has expanded rapidly, becoming one of the country’s largest players in the segment before filing for a Hong Kong initial public offering in May 2025. According to its prospectus, 52toys ranks as China’s third-largest IP toy company by gross merchandise value, with a 1.2 percent market share.
The company reported 630 million yuan ($91.44 million) in revenue for 2024 and an adjusted profit of 32 million yuan. Margins, however, remain under pressure. Licensing costs reached about 45.8 million yuan — roughly 7 percent of revenue — while gross margins stood at 39.9 percent, reflecting the rising cost of securing premium IP in an increasingly crowded market.
At the core of the strategy is an “IP Hub” model spanning more than 100 proprietary and licensed properties. Chen described 2026 as a year of “blockbuster-driven” growth, aligning product development with major entertainment milestones. These include the 40th anniversary of Pixar, the 10th anniversary of Zootopia and the upcoming release of Minions 3. The company also previewed products tied to films such as Inside Out and Coco.
Tanks to chinadaily.com.cn
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