Core Viewpoint - TOP TOY International Group Limited has submitted its IPO application to the Hong Kong Stock Exchange, with expectations of strong growth in the collectible toy market, driven by its unique positioning and expansion strategies [1][2]. Company Performance - TOP TOY's revenue for the years 2022, 2023, and 2024 is projected to be 679 million, 1.461 billion, and 1.909 billion RMB respectively, with operating profits improving from a loss of 37 million RMB in 2022 to a profit of 396 million RMB in 2024 [3]. - In the first half of this year, TOP TOY reported revenue of 1.36 billion RMB and a gross profit of 441 million RMB, indicating a positive trend in operational performance [3]. Market Position and Growth - TOP TOY is recognized as the fastest-growing collectible toy brand in China, with a compound annual growth rate (CAGR) of over 50% in GMV from 2022 to 2024 [3]. - The company has expanded its store count to 299, including 15 overseas locations primarily in Southeast Asia [4]. IP Strategy - TOP TOY currently holds 17 proprietary IPs and 43 licensed IPs, with revenue from licensed IPs significantly surpassing that from proprietary IPs [4][5]. - The company has seen a rise in IP licensing fees, increasing from 8.718 million RMB in 2022 to 32.78 million RMB in 2024, indicating a growing reliance on licensed IPs for revenue [5]. Original IP Development - TOP TOY is focusing on enhancing its original IP portfolio, with successful launches of new IPs this year, such as 'Right Right Sauce,' which generated over 10 million RMB in sales within a month [6]. - The company has made strategic acquisitions of IPs like 'Glutinous Rice' and 'Moldy,' with expectations for significant revenue growth from these assets [7]. Market Outlook - The collectible toy market in China is projected to grow from 20.7 billion RMB in 2019 to 58.7 billion RMB in 2024, with a CAGR of 23.2% [8]. - The potential for growth in the IP sector is substantial, with a significant gap in consumer awareness and engagement compared to markets like Japan and North America [8][9]. - TOP TOY aims to differentiate itself from competitors like Pop Mart by adopting a unique market strategy and expanding its overseas presence, which remains an area of growth potential [9].
叶国富又一个IPO，估值102亿港元