TOP TOY是名创优品集团(09896.HK)旗下潮玩集合品牌，对于TOP TOY拆分赴港IPO一事，市场早有预 期。 据港交所9月26日披露，TOP TOY International Group Limited（简称：TOP TOY）向港交所主板递交上 市申请，摩根大通、瑞银、中信证券为其联席保荐人。 今年6月，名创优品曾发布公告回应称正对该业务拆分上市可能性进行初步评估；7月，TOP TOY宣布 完成A轮融资，金额约5942.6万美元（约合人民币4.27亿元），对应持股比例4.8%，估值13亿美元（相 当于102亿港元）；9月26日晚，正式递表港交所，此时距TOP TOY在广州正佳广场开出第一家门店过 去五年时间。 潮玩赛道上狂奔 区别于名创优品门店，专攻潮玩IP是叶国富给TOP TOY的定位。 2020年，TOP TOY首家门店在广州正佳广场亮相，当时已经在纽交所上市的名创优品连续两年录得亏 损，压力之下，叶国富提出"兴趣消费"概念，决定成立 TOP TOY，借此入局潮玩赛道寻找增量。 据招股书显示，截至2025年9月19日，TOP TOY共拥有299家门店，并已在海外开设15家门店。海外门 店主要 ...

据港交所9月26日披露，TOP TOY International Group Limited（简称：TOP TOY）向港交所 主板递交上市申请，摩根大通、瑞银、中信证券为其联席保荐人。 TOP TOY是名创优品集团(09896.HK)旗下潮玩集合品牌，对于TOP TOY拆分赴港IPO一事， 市场早有预期。 今年6月，名创优品曾发布公告回应称正对该业务拆分上市可能性进行初步评估；7月，TOP TOY宣布完成A轮融资，金额约5942.6万美元（约合人民币4.27亿元），对应持股比例4.8%， 估值13亿美元（相当于102亿港元） ；9月26日晚，正式递表港交所，此时距TOP TOY在广州 正佳广场开出第一家门店过去五年时间。 潮玩赛道上狂奔 据招股书显示，2022—2024三个年度，TOP TOY的营收分别为6.79亿、14.61亿、19.09亿 元；经营利润分别为-0.37亿元、2.90亿元、3.96亿元。今年上半年，TOP TOY营收为13.6亿 元，毛利为4.41亿元，经营状况逐年向好。 根据弗若斯特沙利文报告，公司在2022年至2024年GMV复合年增长率超过50%，是中国增长 最快的潮玩集合品牌，亦是 ...

区别于名创优品门店，专攻潮玩IP是叶国富给TOP TOY的定位。 2020年，TOP TOY首家门店在广州正佳广场亮相，当时已经在纽交所上市的名创优品连续两年录得亏 损，压力之下，叶国富提出"兴趣消费"概念，决定成立 TOP TOY，借此入局潮玩赛道寻找增量。 从这五年的业绩表现上来看，叶国富押对了赛道。 据招股书显示，2022-2024三个年度，TOP TOY的营收分别为6.79亿、14.61亿、19.09亿元；经营利润分 别为-0.37亿元、2.90亿元、3.96亿元。今年上半年，TOP TOY营收为13.6亿元，毛利为4.41亿元，经营 状况逐年向好。 根据弗若斯特沙利文报告，公司在2022年至2024年GMV复合年增长率超过50%，是中国增长最快的潮 玩集合品牌，亦是年GMV突破人民币10亿元大关历时最短的中国潮玩品牌。 据港交所9月26日披露，TOP TOY International Group Limited（简称：TOP TOY）向港交所主板递交上 市申请，摩根大通、瑞银、中信证券为其联席保荐人。 TOP TOY是名创优品集团(09896.HK)旗下潮玩集合品牌，对于TOP TOY拆分赴港IP ...

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]

自 2020 年 12 月开出首家门店以来，TOP TOY 已搭建潮玩全产业链平台，构建起自有、授权、他牌 IP 协同的多层次矩阵，及手办、3D 拼装模型等多样化产品矩阵，可满足多元消费需求并延展客群。 作为中国规模最大、增速最快的潮玩集合品牌，TOP TOY 2024 年内地 GMV 达 24 亿元，其中自研产品 收入占比近 50%，居国内潮玩集合品牌首位。据弗若斯特沙利文报告，2022 至 2024 年其 GMV 复合年 增长率超 50%，不仅是中国增长最快的潮玩集合品牌，也是年 GMV 突破 10 亿元耗时最短的中国潮玩 品牌。 2025 年 9 月 26 日，总部位于广东广州海珠区的 TOP TOY International Group Limited（简称 "TOP TOY"）向港交所递交招股书，拟在香港主板挂牌上市。 ...

来源：市场资讯 文丨刘静汐 编辑丨高梦阳 叶国富又将拥有一家港股上市公司！ 据港交所9月26日披露，TOP TOY International Group Limited(简称：TOP TOY)向港交所主板递交上市 申请，摩根大通、瑞银、中信证券为其联席保荐人。TOP TOY是名创优品集团旗下潮玩品牌，此举意 味着集团将旗下潮玩业务独立拆分上市。 （来源：21Style） ...

0:00 名创优品9月26日于港交所公告，公司拟以TOPTOY股份于香港联交所主板独立上市的方式分拆附属公 司TOPTOY。公司已根据第15项应用指引就建议分拆向香港联交所提交分拆建议，且香港联交所已确认 公司可进行建议分拆。于2025年9月26日，TOPTOY透过其联席保荐人向香港联交所提交上市申请表格 （A1表格），申请批准TOPTOY股份于香港联交所主板上市及买卖。 ...

Group 1 - The company Miniso (09896) plans to spin off its subsidiary TOP TOY through an independent listing on the Hong Kong Stock Exchange [1] - The company has submitted a spin-off proposal to the Hong Kong Stock Exchange, which has confirmed that the proposed spin-off can proceed [1] - TOP TOY submitted its listing application form (A1 form) to the Hong Kong Stock Exchange on September 26, 2025, through its joint sponsors [1] Group 2 - The proposed spin-off will be conducted through a global offering and distribution, and TOP TOY will remain a subsidiary of the company after the spin-off is completed [1] - TOP TOY was registered in the Cayman Islands on April 24, 2025, and is a trendy toy collection company primarily engaged in the design, development, procurement, and sales of trendy toys [1]