叶国富又要收获IPO了？

Core Viewpoint - The company is evaluating the potential for a separate IPO of its TOP TOY brand, aiming to optimize shareholder value, although the plan is still in the preliminary stages and dependent on market conditions [1][2]. Group 1: Company Strategy - The company has engaged JPMorgan and UBS to assist with a potential IPO in Hong Kong, although this has not been officially confirmed in their announcements [1][3]. - The founder expressed a desire to achieve a separate listing for TOP TOY within three years, indicating confidence in the brand's future and ongoing planning for independent development and capital operations [3][4]. Group 2: Market Performance - TOP TOY's revenue for 2024 increased by 44.71% to 984 million yuan, with GMV rising by 41.04% to 1.148 billion yuan [3]. - In Q1 2025, TOP TOY's revenue grew by 58.9%, and the number of new stores increased by 120 compared to the same period last year, highlighting the brand's rapid growth [3]. Group 3: Investment and Valuation - The company is looking to attract strategic investors, such as sovereign wealth funds, before selling shares of TOP TOY, which would create favorable conditions for the IPO [4]. - Comparisons with other brands in the industry suggest that TOP TOY's valuation could significantly increase with the progress of its IPO, as seen with competitors like Pop Mart and Blokus [3].