叶国富又要IPO

Core Viewpoint - Miniso is considering a potential spin-off of its TOP TOY brand to enhance shareholder value, with the decision dependent on various factors including market conditions [1][2]. Financial Performance - TOP TOY's revenue for Q1 increased by 58.9% year-on-year, reaching 340 million RMB, contrasting with Miniso's main brand revenue growth of only 16.5% [1][2]. - For the fiscal year ending December 31, 2024, TOP TOY's GMV was 1.148 billion RMB, a 41.04% increase from 814 million RMB in the previous year [3]. - The average transaction value for TOP TOY decreased to 109.5 RMB in 2024 from 121.3 RMB in 2023, indicating a drop in overall customer spending [3]. Store Expansion - As of Q1 2024, TOP TOY had 280 stores, a net increase of 120 stores year-on-year, including 240 partner stores and 40 direct stores [1][4]. - The company plans to add 150 new stores in 2025, with 100 of those located in China [4]. Market Strategy - TOP TOY focuses on high cost-performance products, differentiating itself from competitors like Pop Mart, which emphasizes developing popular proprietary IPs [2][5]. - The company aims for overseas sales to exceed 50% of total sales, having already opened stores in Indonesia and Thailand [5]. IP Development - TOP TOY is in the process of cultivating its own IPs, such as "Twinkle," but still lags behind competitors like Pop Mart in terms of brand recognition and IP strength [6].