想做低价版泡泡玛特?桑尼森迪:模式不稳、品控存疑

凤凰网财经01-10

来源丨凤凰网财经《IPO观察哨》港股IPO热潮中，又一潮玩公司亮相。近日，桑尼森迪集团股份有限公司（下称“桑尼森迪”）向港交所递交招股书，联席保荐人为高盛与中金公司。虽然主营IP玩具，但和2025年递表的52TOYS、TOP TOY等潮玩公司不同，在动辄售价几十、上百的市场里，桑尼森迪以9.9元平价产品为主打，有打造“蜜雪冰城版”泡泡玛特的野心。招股书显示，2023年、2024年及2025年前九个...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260110215547a70aff4b&s=b><strong>凤凰网财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>来源丨凤凰网财经《IPO观察哨》港股IPO热潮中，又一潮玩公司亮相。近日，桑尼森迪集团股份有限公司（下称“桑尼森迪”）向港交所递交招股书，联席保荐人为高盛与中金公司。虽然主营IP玩具，但和2025年递表的52TOYS、TOP TOY等潮玩公司不同，在动辄售价几十、上百的市场里，桑尼森迪以9.9元平价产品为主打，有打造“蜜雪冰城版”泡泡玛特的野心。招股书显示，2023年、2024年及2025年前九个...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260110215547a70aff4b&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1770036033.HKD","symbol_name":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) 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Sonny Sendi: Unstable model and questionable quality control","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09992":1.86,"PMRTY":1.86},"content_text":"来源丨凤凰网财经《IPO观察哨》港股IPO热潮中，又一潮玩公司亮相。近日，桑尼森迪集团股份有限公司（下称“桑尼森迪”）向港交所递交招股书，联席保荐人为高盛与中金公司。虽然主营IP玩具，但和2025年递表的52TOYS、TOP TOY等潮玩公司不同，在动辄售价几十、上百的市场里，桑尼森迪以9.9元平价产品为主打，有打造“蜜雪冰城版”泡泡玛特的野心。招股书显示，2023年、2024年及2025年前九个月，桑尼森迪收入分别为1.07亿元、2.45亿元和3.86亿元；净利润则分别为-1992万元、-50万元及5196万元，在2025年才实现扭亏为盈。在高速增长背后，桑尼森迪的问题不少。相比于主流潮玩公司，它手握的IP不多，且业务过度依赖单一热门IP，客户集中度高，甚至盈利模式也尚未稳固。桑尼森迪以食品附赠玩具代工起家。2023年，其“IP玩具+”业务（即玩具与食品、饮料等绑定的销售模式）收入占比达72%。到2024年，“IP玩具产品”与“IP玩具+”业务各占半壁江山。而2025年前九个月，IP玩具产品收入占比大幅攀升至78.3%，成为主力。2025年之所以能从代工转向品牌运营，还是因为押中了《哪咤之魔童闹海》《浪浪山小妖怪》两大热门动画电影，据媒体报道，仅这两大IP就贡献约2亿元收入。这为桑尼森迪带来了资本的青睐。同年10月，桑尼森迪获得高瓴资本注资约2.35亿元，投后估值达34亿元；12月再获Aurora Management投资约4858万元，投后估值升至40亿元，是2019年估值的80倍。这家公司，创始人杨杰持股50.99%，其配偶张元持股4.14%，二人合计控制55.13%股权。现年41岁的杨杰履历不算光鲜，创业前曾在一家饰品公司担任业务经理，负责市场拓展与客户开发。资本之所以选中桑尼森迪，是看中了其供应链快速反应和IP平价变现的能力，但摆在它眼前的问题很直接。首先可持续性就是难题。影视行业波动较大，类似《哪咤2》级别的爆款可遇不可求，《浪浪山小妖怪》这类成功IP也属稀缺。公司也在招股书中坦言，IP授权协议通常仅为一至两年，且不自动续签，若未能持续获取或维持IP，业务将遭受重大影响。相比于代工，面向消费者的IP玩具业务市场竞争更激烈，对企业的库存管理能力和品牌建设提出了更高要求。桑尼森迪的打法里，“低价”是法宝，但平价玩具市场进入门槛低、仿制品多，桑尼森迪的先发优势并不牢固。更重要的是，平价不意味着消费者对产品质量放弃要求。品控依旧是悬在桑尼森迪头上的一把剑。来源/小红书截图","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2602580352","isCrawlerRequest":true}