Core Viewpoint - Miniso (09896.HK) is considering a potential spin-off of its "TOP TOY" brand for independent listing to optimize shareholder value, although the plan is in preliminary stages and dependent on various factors including market conditions [1][4]. Company Summary - Miniso has engaged JPMorgan and UBS to assist with the potential IPO of TOP TOY in Hong Kong, aiming to attract new investments from sovereign wealth funds and other potential investors before selling shares [4]. - TOP TOY, established in December 2020, operates as a trendy toy collection store, offering licensed IP toys, proprietary IP toys, and third-party brand toys, with approximately 11,000 SKUs as of the end of last year [4][6]. - In 2024, TOP TOY's revenue is projected to grow by 44.71% to 984 million yuan, with GMV increasing by 41.04% to 1.148 billion yuan, and the company has achieved profitability for the year [6]. Industry Summary - The toy market is experiencing heightened interest, with competitors like Pop Mart and Blokus achieving significant market valuations, indicating a competitive landscape for TOP TOY [7]. - TOP TOY aims to open over 1,000 stores in 100 key global business districts within the next five years, with a target of 150 new stores in 2025, 100 of which will be in China [7].
将分拆TOP TOY上市？名创优品回应：正在进行初步评估