2 Billion Beijing Trendy Toy Upstart, Launches 1000 Products Like Crazy

How AI · Chen Wei Challenges Industry Giants Through Differentiation Strategy

Author: Xie Zhiying Editor: Chen Xiaoping Image Source: 52TOYS

Beijing Boss Chen Wei Focuses on Trendy Toys IP.

In mid-March, 52TOYS held a partner conference in Beijing. Founder Chen Wei announced plans for new products in 2026, emphasizing increased investment in proprietary IP and hardcore toys.

This year, they plan to launch over 1,000 new products, covering more than 100 IPs across seven major categories.

“Not aiming to be the ‘second Pop Mart’,” Chen Wei defines his company as a collectible toy brand, involving blind boxes, figures, assembled models, transforming mechs, and more.

In May 2025, 52TOYS submitted its IPO prospectus to the Hong Kong Stock Exchange. However, its revenue scale is still small, less than 5% of Pop Mart’s, and Chen Wei currently lacks profitability and a leading proprietary IP.

Primarily Licensing

This year coincides with Pixar’s 40th anniversary, the 10th anniversary of “Zootopia,” and the release of “Minions 3,” with Chen Wei planning corresponding new products aimed at hit titles.

He revealed that new IPs such as “Inside Out,” “Coco,” and G-Dragon’s cat ZOA will be launched gradually within the year.

52TOYS told 《21CBR》 that the company adheres to an “IP Central” strategy, owning over 100 proprietary and licensed IPs.

Chen Wei

“By 2026, we will continue to heavily invest in IP operation, product development, and marketing.” Chen Wei believes that 52TOYS has built a scaled, structured, and sustainable IP matrix.

In its IPO prospectus, 52TOYS describes itself as the “third-largest IP toy company.” Based on domestic GMV, it holds a 1.2% market share, ranking third, with projected 2024 revenue of 630 million yuan and an adjusted profit of 32 million yuan.

Yu Fenghui, an advisor at the Hong Kong Top 100 Research Center, told 《21CBR》 that high licensing costs increase expenses and limit profit margins.

From the start, Chen Wei has pursued a “proprietary IP + licensed IP” approach, with licensing IP as the main revenue source, accounting for 64.5% in 2024.

He also developed a “hit product incubation formula,” focusing on extracting core IP value, secondary creation, user segmentation, and product format adaptation.

“Leveraging product design and development capabilities along with a multi-category product line, establishing and maintaining deep, mutually beneficial long-term collaborations with IP owners and licensors,” the company states.

From 2022 to 2024, just Crayon Shin-chan generated over 600 million yuan GMV, becoming a core performance pillar.

Every year, Chen Wei must pay substantial licensing fees to IP owners.

According to the IPO prospectus, licensing costs in 2024 reached 45.75 million yuan, about 7% of revenue, impacting financial performance, with a gross profit margin of only 39.9%.

In comparison, Pop Mart’s gross profit margin during the same period was as high as 66.8%.

Progressing on Multiple Fronts

Differentiation is a key challenge for Chen Wei to overcome.

52TOYS explained that under the “IP Central” strategy, they plan to promote customized IP products.

Compared to Pop Mart, 52TOYS covers more categories, including blind boxes, static figures, articulated figures, transforming mechs, assembled toys, plush toys, and derivatives.

“Nearly 2,800 SKUs are available for sale, with over 500 new SKUs launched annually,” the company claims.

Starting in 2025, Chen Wei will intensify incubation and operation of proprietary IPs, with over 35 IPs including Nook, Beasts Box, and Pudgy Kids, roughly divided into three categories:

1. Trendy IPs, with self-developed Nook, Sleep, and Lilith, and licensing from external artists like CiCilu, NINNIC, and Pouka Pouka;

2. Sci-fi IPs, exemplified by Beasts Box, featuring dinosaurs, beasts, insects, mainly targeting male consumers, offering transforming mechs, assembled toys, articulated figures, and collectible cards;

3. Cultural IPs, continuously expanding the “Super Activation” series, integrating elements from Tang Dynasty court ladies, Sanxingdui, Terracotta Warriors, and other historical and cultural symbols.

At the partner conference, the company announced a differentiated operational plan for each IP in 2026, including product upgrades, celebrity collaborations, and IP co-branded projects. They also revealed plans for transforming mechs like Beasts Box and articulated figure lines such as “Lightning Dance,” aiming to meet the demand for hardcore toys mainly among male consumers.

Objectively, 52TOYS currently lacks a core proprietary leading IP. Its limited resources are spread across hundreds of IPs and thousands of new products, making it difficult to achieve economies of scale and complicating management and operations.

This IP management model risks producing a “scattergun” effect, limiting the company’s value growth.

Chen Wei openly explained that 52TOYS follows the “721 rule,” allocating 70% of efforts to market-oriented products, 20% to forward-looking designs, and 10% to creative exploration.

“Centered on IP, driving cross-department collaboration, planning, development, and execution around IP, breaking traditional business unit silos,” 52TOYS told 《21CBR》.

Bringing in Allies

Chen Wei is a veteran in Beijing’s toy scene.

His business started in 2000 with a toy store in Beijing’s Gulou. Later, he代理ed brands like Bandai and Hasbro, opening over a dozen derivative stores in Beijing.

Seeing opportunities in collectible toys, in 2015 he partnered with Huang Jin, founder of the tabletop game “Three Kingdoms Kill,” to establish 52TOYS.

“52 is a homophone for ‘I love,’ and also represents the number of weeks in a year. We are a group of people who love playing all year round,” the company states.

Chen Wei focuses on IP operations, especially in film and TV content development. In 2025, he successfully brought in two film partners, Wanda Film and Ruyi Star, acquiring a 7% stake in Lezi Tiancheng (52TOYS’ parent company) for 144 million yuan.

This could bring more film and TV IP opportunities for Chen Wei. According to the latest funding round, the company’s valuation has exceeded 2 billion yuan.

Some analysts believe that 2024-2025 will be a breakout period for the IP industry, with consumers increasingly paying for emotional value. This year marks a phase of market filtering after the explosive growth.

For second-tier players like 52TOYS, it’s a critical period of survival and growth.

“52TOYS’ core strategy is to navigate market cycles through long-term planning,” Chen Wei said. “Our ability to create hit products and sustain long-term operations is the certainty of our ‘long-termism’.”

To stay competitive, Chen Wei’s team must do many things, perhaps starting with actively selecting and prioritizing IPs.