Group 1 - Miniso (09896.HK) plans to spin off its toy brand TOP TOY for an independent listing on the Hong Kong Stock Exchange, aiming to better reflect TOP TOY's value and attract investors interested in the high-growth toy industry [2] - TOP TOY was incubated by Miniso in 2020 and is currently 86.9% owned by Miniso, positioning it as a significant player in the toy market [4] - The toy market in China is projected to grow from RMB 207 billion in 2019 to RMB 587 billion by 2024, with a compound annual growth rate (CAGR) of 23.2% [11] Group 2 - TOP TOY's product focus differs from that of its competitor Pop Mart, as it covers a full range of products including blind boxes, figurines, and 3D models, while Pop Mart primarily focuses on blind boxes [4] - The company relies heavily on licensed IP, with 43 licensed IPs and 17 proprietary IPs, which limits its profit margins due to revenue sharing with IP owners [6][7] - TOP TOY's revenue for 2022, 2023, and 2024 is projected to be RMB 6.79 billion, RMB 14.61 billion, and RMB 19.09 billion respectively, with significant growth in the first half of 2023 reaching RMB 13.60 billion [11][12] Group 3 - Despite its growth, TOP TOY's profitability is challenged by its reliance on licensed IP, leading to lower gross margins compared to Pop Mart, which has a gross margin of 70.3% compared to TOP TOY's 32.4% [13] - The company has seen a decrease in the proportion of revenue from self-developed products, which accounted for 47.2% in the first half of 2023, down from 53.6% in 2024 [13] - TOP TOY's store count reached 293 globally by mid-2023, significantly lower than Pop Mart's 571 stores, indicating slower expansion [8]

Core Viewpoint - Chinese retail brand Miniso is planning to spin off its pop-culture collectibles unit and pursue a separate listing in Hong Kong, aiming to replicate the success of Pop Mart, known for its Labubu figures [1] Company Summary - Miniso intends to leverage the growing market for pop-culture collectibles by establishing a distinct entity for this segment [1] - The strategy reflects a broader trend among retail brands to capitalize on niche markets and enhance shareholder value through focused business units [1] Industry Summary - The collectibles market, particularly in pop culture, has seen significant growth, with companies like Pop Mart achieving notable success [1] - The move by Miniso indicates a competitive landscape where companies are increasingly looking to diversify and specialize in high-demand sectors [1]

Core Insights - TOP TOY, a潮玩 brand under Miniso, has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, marking a significant step in Miniso's dual-brand strategy following its dual listing in 2022 [1] - The company has shown impressive revenue growth, with projected revenues of 679 million, 1.461 billion, and 1.909 billion yuan from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 67.7% [1] - TOP TOY achieved profitability in 2023, with net profits of 212 million and 294 million yuan for 2023 and 2024, respectively [1] Revenue and Profitability - TOP TOY's revenue for the first half of 2023 increased by 58.5% to 1.36 billion yuan compared to the same period in 2024 [1] - The company's gross profit margins have improved, with figures of 19.9%, 31.4%, and 32.7% from 2022 to 2024, and 32.4% for the first half of 2023 [1] Market Position and Growth - Established in December 2020, TOP TOY has become the largest and fastest-growing潮玩 brand in China, with a projected GMV of 2.4 billion yuan in 2024 [2] - As of September 2025, TOP TOY operates 299 stores in China and 15 overseas, covering markets such as Thailand, Malaysia, and Japan [2] - The brand has over 10 million registered members, with a customer demographic primarily consisting of women aged 18-30 [2] Strategic Development - TOP TOY's growth strategy includes a dual approach of self-owned IP and licensed IP, with 30% of its products being self-owned IP, which has a gross margin of 65% [4] - The brand's product matrix includes a diverse range of items, such as figurines and 3D models, and it has successfully built a multi-layered IP matrix [4][5] Competitive Landscape - TOP TOY and Pop Mart represent two distinct business models in the潮玩 market, with TOP TOY focusing on an open platform strategy leveraging licensed IP, while Pop Mart emphasizes a closed ecosystem centered around self-owned IP [8] - The strategic differences between the two companies influence their growth paths and profitability, with TOP TOY rapidly expanding through a "borrowed" strategy while Pop Mart focuses on long-term IP value [9] Future Plans - The funds raised from the IPO will be used to enhance the IP matrix, improve global channel layouts, strengthen brand building, and enhance supply chain capabilities [9]

Core Viewpoint - TOP TOY International Group Limited has submitted its IPO application to the Hong Kong Stock Exchange, with expectations of strong growth in the collectible toy market, driven by its unique positioning and expansion strategies [1][2]. Company Performance - TOP TOY's revenue for the years 2022, 2023, and 2024 is projected to be 679 million, 1.461 billion, and 1.909 billion RMB respectively, with operating profits improving from a loss of 37 million RMB in 2022 to a profit of 396 million RMB in 2024 [3]. - In the first half of this year, TOP TOY reported revenue of 1.36 billion RMB and a gross profit of 441 million RMB, indicating a positive trend in operational performance [3]. Market Position and Growth - TOP TOY is recognized as the fastest-growing collectible toy brand in China, with a compound annual growth rate (CAGR) of over 50% in GMV from 2022 to 2024 [3]. - The company has expanded its store count to 299, including 15 overseas locations primarily in Southeast Asia [4]. IP Strategy - TOP TOY currently holds 17 proprietary IPs and 43 licensed IPs, with revenue from licensed IPs significantly surpassing that from proprietary IPs [4][5]. - The company has seen a rise in IP licensing fees, increasing from 8.718 million RMB in 2022 to 32.78 million RMB in 2024, indicating a growing reliance on licensed IPs for revenue [5]. Original IP Development - TOP TOY is focusing on enhancing its original IP portfolio, with successful launches of new IPs this year, such as 'Right Right Sauce,' which generated over 10 million RMB in sales within a month [6]. - The company has made strategic acquisitions of IPs like 'Glutinous Rice' and 'Moldy,' with expectations for significant revenue growth from these assets [7]. Market Outlook - The collectible toy market in China is projected to grow from 20.7 billion RMB in 2019 to 58.7 billion RMB in 2024, with a CAGR of 23.2% [8]. - The potential for growth in the IP sector is substantial, with a significant gap in consumer awareness and engagement compared to markets like Japan and North America [8][9]. - TOP TOY aims to differentiate itself from competitors like Pop Mart by adopting a unique market strategy and expanding its overseas presence, which remains an area of growth potential [9].

Core Viewpoint - TOP TOY International Group Limited has submitted its IPO application to the Hong Kong Stock Exchange, with expectations of strong growth in the collectible toy market, driven by its unique positioning and expansion strategy [1][6]. Company Overview - TOP TOY is a collectible toy brand under Miniso Group, established to tap into the "interest consumption" trend amid Miniso's financial struggles [5]. - The company has shown significant revenue growth, with projected revenues of 6.79 billion, 14.61 billion, and 19.09 billion RMB for 2022, 2023, and 2024 respectively [6]. Financial Performance - TOP TOY's operating profit has improved from a loss of 0.37 billion RMB in 2022 to a profit of 2.90 billion RMB in 2023 and 3.96 billion RMB in 2024 [6]. - The company reported a revenue of 13.6 billion RMB in the first half of this year, with a gross profit of 4.41 billion RMB [6]. Market Position and Growth - TOP TOY is recognized as the fastest-growing collectible toy brand in China, with a compound annual growth rate (CAGR) of over 50% from 2022 to 2024 [6]. - The company has expanded its store count to 299, including 15 overseas locations primarily in Southeast Asia [6]. IP Strategy - TOP TOY relies heavily on licensed IP for revenue, with licensing fees increasing from 8.72 million RMB in 2022 to 32.78 million RMB in 2024 [7]. - The company is focusing on developing its own IP, with successful launches of original IPs that have garnered significant consumer interest [7][8]. Market Potential - The collectible toy market in China is projected to grow from 207 billion RMB in 2019 to 587 billion RMB by 2024, with a CAGR of 23.2% [10]. - There is a significant growth opportunity for IP consumption in China, with current penetration rates much lower than in developed markets [11]. Competitive Landscape - The market is expected to remain competitive, with no single player dominating, and TOP TOY aims to differentiate itself from competitors like Pop Mart [11]. - The company is also exploring international markets, with revenue from outside mainland China increasing from 0 to 52.5 million RMB in the first half of 2025 [12].

Core Viewpoint - TOP TOY International Group Limited has submitted its IPO application to the Hong Kong Stock Exchange, with expectations of strong growth in the collectible toy market, driven by its unique positioning and expanding IP portfolio [2][9]. Company Overview - TOP TOY is a subsidiary of MINISO Group, focusing on collectible toys and operates independently from MINISO, which emphasizes daily consumer goods [3]. - The company was established in 2020, with its first store opening in Guangzhou, aiming to tap into the "interest consumption" trend amid MINISO's financial struggles [3][4]. Financial Performance - TOP TOY's revenue for 2022, 2023, and 2024 is projected to be 679 million, 1.461 billion, and 1.909 billion RMB, respectively, with operating profits turning positive in 2023 and 2024 [5]. - In the first half of this year, the company reported revenue of 1.36 billion RMB and a gross profit of 441 million RMB, indicating a positive trend in operational performance [5]. Market Position and Growth - TOP TOY is recognized as the fastest-growing collectible toy brand in China, with a compound annual growth rate (CAGR) of over 50% in GMV from 2022 to 2024 [5]. - As of September 2025, the company plans to operate 299 stores, including 15 overseas, primarily in Southeast Asia [6]. IP Strategy - The company relies heavily on licensed IP for revenue, with licensing fees increasing from 8.718 million RMB in 2022 to 32.78 million RMB in 2024, and further rising to 19.711 million RMB in the first half of this year [7]. - TOP TOY is actively developing its own IP, with successful launches in 2023, including the "Yoyo" series, which generated over 10 million RMB in sales within a month [8]. Market Outlook - The collectible toy market in China is expected to grow from 20.7 billion RMB in 2019 to 58.7 billion RMB by 2024, with a CAGR of 23.2% [9]. - The market is anticipated to continue expanding, with significant potential for new entrants and diverse IP offerings [10].

Group 1: H&M Q3 Performance - H&M reported Q3 net sales of 57 billion Swedish Krona and operating profit of 4.9 billion Swedish Krona, exceeding analyst expectations of 3.7 billion Krona [1] - The profit growth was attributed to improved customer service, increased gross margin of 52.9%, and effective cost control, which helped mitigate macroeconomic uncertainties [1] - H&M opened three significant new stores in China, including a flagship store in Shenzhen and the first brand experience center in Shanghai [1] Group 2: H&M Stock Reaction and Future Outlook - Following the earnings report, H&M's stock surged over 10% [2] - The company expects September sales to remain flat compared to the previous year, which is a challenging benchmark due to a prior 11% sales increase [2] - H&M's autumn collection has received positive market reception [2] Group 3: Costco Q4 Performance - Costco reported Q4 net sales of $84.432 billion, a year-on-year increase of 8% [3] - Total revenue reached approximately $86.156 billion (about 614.32 billion RMB), also up 8.1% year-on-year [3] - Excluding gasoline and foreign exchange fluctuations, same-store sales grew by 6.4%, surpassing analyst expectations [3] Group 4: Costco's Market Performance - U.S. comparable sales increased by 5.1% in Q4, with a full-year growth of 6.2% [3] - Canadian market saw a 6.3% increase in Q4, while other international markets grew by 8.6% [3] - E-commerce sales grew by 13.6% in Q4, maintaining double-digit growth [3] Group 5: Supply Chain and Inflation Insights - Costco's management noted stable supply chains and confidence in inventory levels for the holiday season [4] - The company is working closely with suppliers to adjust production locations and reduce costs to mitigate tariff impacts [4] - Inflation rates for non-food items have risen for the second consecutive quarter, primarily driven by imported goods [4] Group 6: Upcoming IPOs - Wanchen Group submitted a listing application to the Hong Kong Stock Exchange on September 23 [4] - The group anticipates significant revenue growth, projecting total income to rise from 9.3 billion RMB in 2023 to 32.33 billion RMB in 2024, a 247.9% increase [5] - Miniso's TOP TOY brand has initiated its IPO process, reporting substantial revenue growth and profitability in recent periods [6]

Company Dynamics - Miniso (09896.HK) plans to spin off its trendy toy brand TOP TOY and list it independently on the Hong Kong Stock Exchange, with the proposal confirmed by the exchange [2] - TOP TOY, established in 2020, focuses on the design, development, procurement, and sales of trendy toys, building a comprehensive platform for the entire trendy toy industry chain [2] - The brand has developed a multi-layered IP matrix, combining self-owned IP, licensed IP, and third-party IP, while offering a diverse product range to meet consumer demands [2] IP Structure and Risks - As of June 30, 2025, TOP TOY has only 17 self-owned IPs, while licensed IPs total 43 and third-party IPs exceed 600, indicating a reliance on external IPs for revenue [3] - The potential expiration of key licenses or a decline in popularity of core licensed IPs could significantly impact product appeal and market performance [3] Financial Performance - TOP TOY's revenue has shown steady growth, with figures of 680 million RMB, 1.46 billion RMB, and 1.91 billion RMB from 2022 to 2024, alongside an increase in gross profit from 140 million RMB to 620 million RMB [4] - The gross margin improved from 19.9% to 32.7%, and the company transitioned from a loss of 38.38 million RMB in 2022 to net profits of 210 million RMB and 290 million RMB in 2023 and 2024, respectively [4] Significance of Spin-off - The spin-off is crucial for TOP TOY as it will enhance its market expansion capabilities, strengthen independent operational capacity, and improve its ability to attract investment for future growth and IP development [4]

Group 1: TOPTOY IPO and Financial Performance - TOP TOY submitted an IPO application, with self-developed products accounting for nearly 50% of GMV[1] - TOP TOY's revenue for 2022, 2023, 2024, and the first half of 2025 was RMB 679 million, RMB 1.461 billion, RMB 1.909 billion, and RMB 1.360 billion respectively, with corresponding net profits of RMB -38 million, RMB 212 million, RMB 294 million, and RMB 180 million[1] - In 2024, TOP TOY achieved a GMV of RMB 2.4 billion in mainland China, with self-developed product revenue close to 50%[1] Group 2: Jihong Co. Q3 Performance Forecast - Jihong Co. expects net profit for the first three quarters of 2025 to be between RMB 256.74 million and RMB 270.21 million, a year-on-year increase of 95.07% to 105.31%[2] - The net profit attributable to shareholders is projected to be between RMB 208.74 million and RMB 222.21 million, with a year-on-year growth of 55.00% to 65.00%[2] - For Q3 2025, net profit is expected to be between RMB 120.11 million and RMB 133.58 million, a year-on-year increase of 83.03% to 103.55%[2] Group 3: Investment Recommendations - Focus on AI technology upgrades, with beneficiaries including Keri International, Jiao Dian Technology, and Lan Sheng Co.[3] - New retail sector expected to perform beyond expectations, with beneficiaries including Miniso and Pop Mart[3] - Consumption recovery and cyclical sectors are anticipated to rebound, benefiting companies like Misu Group and Haidilao[3]

Core Viewpoint - TOP TOY International Group Limited is planning to go public on the Hong Kong Stock Exchange, highlighting its rapid growth and significant market position in the collectible toy industry in China [1] Company Overview - TOP TOY is the largest and fastest-growing collectible toy brand in China, with a projected GMV of 2.4 billion yuan in 2024, where nearly 50% of its revenue comes from self-developed products [1] - Since opening its first store in December 2020, TOP TOY has established a comprehensive platform for the collectible toy industry, creating a multi-layered matrix of proprietary, licensed, and third-party IPs [1] Market Position and Growth - According to a report by Frost & Sullivan, TOP TOY's GMV is expected to have a compound annual growth rate (CAGR) of over 50% from 2022 to 2024, making it the fastest-growing collectible toy brand in China [1] - TOP TOY achieved the milestone of surpassing 1 billion yuan in GMV in the shortest time among Chinese collectible toy brands [1] Product Diversification - The company offers a diverse product matrix, including figurines and 3D assembly models, to meet varied consumer demands and expand its customer base [1]