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]

Group 1 - The core viewpoint of the article is that Miniso suggests spinning off its TOP TOY business and independently listing it on the main board of the Hong Kong Stock Exchange [1] Group 2 - The proposal indicates a strategic move by Miniso to enhance its market presence and potentially unlock value from its subsidiary [1] - The independent listing could provide TOP TOY with greater operational flexibility and access to capital markets [1] - This decision reflects Miniso's broader strategy to focus on its core business while allowing its subsidiaries to thrive independently [1]

Core Viewpoint - Miniso (09896.HK) announced its plan to spin off its subsidiary TOP TOY through an independent listing on the Hong Kong Stock Exchange, with the proposal already submitted and confirmed by the exchange [1] Group 1: Company Structure and Plans - The spin-off will allow TOP TOY to operate as an independent entity while remaining a subsidiary of Miniso after the completion of the proposed separation [1] - TOP TOY was established on April 24, 2025, in the Cayman Islands and focuses on the design, development, procurement, and sales of trendy toys [1] Group 2: Listing Process - On September 26, 2025, TOP TOY submitted its listing application form (A1 form) to the Hong Kong Stock Exchange through its joint sponsors, seeking approval for its shares to be listed and traded on the main board [1] - The proposed spin-off will be executed through a global offering and distribution, although the specifics regarding the scale and structure of the global offering and distribution are yet to be finalized [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購證券之邀請或要約，亦不擬邀請任何有關要約或 邀請。尤其是，本公告並不構成亦並非在香港、美利堅合眾國或其他地方銷售任何證券之要約 或購買或認購任何證券之任何要約的邀請或招攬。 名創優品集團控股有限公司（「本公司」）過往及現時均無意根據1933年美國證券法（經修訂） （「美國證券法」）辦理本公告所述任何證券的登記，如並非根據美國證券法辦理登記或根據美國 證券法或美利堅合眾國任何適用州的證券法獲得適用豁免遵守登記規定，則上述證券不可於美 利堅合眾國發售或出售。於美利堅合眾國公開發售任何證券將刊發招股章程或發售備忘錄，而 有關招股章程或發售備忘錄可向發行人或出售證券的持有人索取，且當中將載列發行人及其管 理層的詳盡資料以及財務報表。本公司無意於美利堅合眾國登記發售之任何部分或於美利堅合 眾國公開發售證券。 MINISO Group Holding Limited 名創優品集 ...

Core Viewpoint - The company is experiencing a turning point in its main business operations, with preliminary verification of mid-year performance, and is expected to see continued improvement in domestic and international performance driven by the optimization of the large store model and proprietary IP strategy [1][2]. Group 1: Financial Performance - In Q2, the company achieved revenue of 4.966 billion, a year-on-year increase of 23.1%, exceeding the previous guidance of 18%-21% [2]. - Adjusted net profit for Q2 was 0.692 billion, a year-on-year increase of 10.6%, with an adjusted net profit margin of 13.9%, down 1.6 percentage points year-on-year [2]. - The company has raised its full-year guidance, expecting Q3 overall revenue growth of 25%-28% and adjusted operating profit to be between 3.65 billion and 3.85 billion [2]. Group 2: Domestic Brand Performance - Domestic revenue for the MINISO brand in Q2 was 2.62 billion, a year-on-year increase of 13.6%, with same-store sales turning positive [3]. - The company opened 30 new stores in Q2, reversing the trend of net store closures from the first quarter [3]. - Key drivers for same-store growth include improved organizational structure, enhanced product supply, and optimized store operations during holidays [3]. Group 3: International Brand Performance - Overseas revenue for the MINISO brand reached 1.94 billion, a year-on-year increase of 28.6%, with a net addition of 94 stores in Q2 [4][5]. - The North American market strategy focuses on large stores and cluster openings, with new stores achieving 1.5 times the sales efficiency of older stores [5]. - The company plans to continue expanding its overseas presence, with a target of adding over 500 new stores this year [4]. Group 4: TOPTOY Brand Performance - TOPTOY achieved revenue of 0.4 billion in Q2, a year-on-year increase of 87%, with a net addition of 13 stores [6]. - The brand's gross margin has significantly improved, and same-store sales have shown single-digit growth [6]. - Future plans include enhancing sales contributions from proprietary brands and IP, focusing on markets with high potential for toy consumption [6]. Group 5: Strategic Initiatives - The company is implementing a dual strategy of opening large stores and developing proprietary IP, with significant progress in both domestic and international markets [7]. - The MINISO LAND and flagship stores are designed to enhance customer experience and increase sales per square meter [7]. - The proprietary IP strategy includes collaborations with artists and the launch of new products, aiming for a total GMV of 1 billion from proprietary IP products this year [7].