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]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Consumer** sector, particularly the evolving consumer psychology and its implications for various industries and companies in China [1][2]. Core Insights on Consumer Psychology 1. **Shift from Materialism to Meaning**: Chinese consumers are prioritizing experiences over ownership, valuing emotional resonance and identity signaling in their purchases [2][3][10]. 2. **Social Signaling**: Consumption is increasingly viewed as a means of expressing identity and building community, with purchases serving as status symbols [3][11]. 3. **Merit over Maker**: There is a growing preference for quality and value over brand origin, leading to the rise of domestic brands like Laopu Gold and Pop Mart [3][12][59]. Market Implications - The psychological shifts translate into opportunities in three high-growth sectors: 1. **Freshly-Made Beverages**: Brands like Heytea and Mixue are transforming beverage consumption into lifestyle experiences, with a focus on social media engagement [5][63]. 2. **IP-Driven Experiential Retail**: Companies like Pop Mart and Miniso are leveraging intellectual property to create emotional connections and community engagement [5][96]. 3. **Wellness and Active Lifestyle**: There is a strong emphasis on health, with consumers willing to maintain or increase spending on health-related products despite economic fluctuations [115]. Key Companies and Their Performance - **Amer Sports**: Rated Outperform with a price target of 46 USD [7]. - **ANTA Sports**: Rated Market-Perform with a price target of 95 HKD [7]. - **Li Ning**: Rated Underperform with a price target of 12 HKD [7]. - **Giant Biogene**: Rated Outperform with a price target of 70 HKD [7]. - **Proya**: Rated Market-Perform with a price target of 97 RMB [7]. Additional Insights - **Emotional Resonance**: Consumers are increasingly drawn to products that evoke personal identity and cultural pride, leading to a rise in domestic brands that incorporate local elements [19][60]. - **Dopamine-Driven Consumption**: The popularity of blind box retail models reflects a consumer desire for surprise and social validation [43][99]. - **Health Consciousness**: 94% of Chinese consumers prioritize health, indicating resilience in the health sector despite economic challenges [115]. Sector Dynamics - The freshly-made beverage sector is highly competitive, with brands like Mixue and Heytea catering to different consumer segments through unique experiences [63][76]. - The pop toy market is projected to grow significantly, with Pop Mart leading the charge through innovative IP strategies [107][116]. Conclusion - The evolving consumer landscape in China presents significant opportunities for companies that can adapt to the new psychological shifts, focusing on meaningful engagement, community building, and health consciousness.

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]

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]

Group 1 - TOP TOY International Group Limited has submitted a listing application to the Hong Kong Stock Exchange, indicating plans for an independent public offering [4] - The company is a subsidiary of Miniso Group, focusing on trendy toy products, which suggests a strategic move to separate its toy business from the parent company [4] - Joint sponsors for the listing include JPMorgan, UBS, and CITIC Securities, highlighting strong financial backing for the IPO process [4]

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]

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, seeking approval for its shares to be listed and traded on the main board [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 company focused on the design, development, procurement, and sales of trendy toys [1]