TOP TOY赴港上市，上半年营收超13亿元

Group 1 - TOP TOY aims to become the largest and most comprehensive global trendy toy brand, enhancing communication with young consumers through its offerings [2] - TOP TOY has submitted its main board listing application to the Hong Kong Stock Exchange, with joint sponsors including JPMorgan, UBS, and CITIC Securities [2] - The trendy toy market in China is experiencing significant growth, with the market size projected to increase from 20.7 billion yuan in 2019 to 58.7 billion yuan by 2024, reflecting a compound annual growth rate (CAGR) of 23.2% [2] Group 2 - As of September 19, 2025, TOP TOY operates 299 stores, including 15 overseas locations, and has developed 17 proprietary IPs and 43 licensed IPs [3] - Revenue from TOP TOY's proprietary IP products reached 6.8 million yuan in 2024 and 6.1 million yuan in the first half of 2025, while licensed IP revenue was 888.9 million yuan and 615 million yuan, respectively [3] - TOP TOY's revenue has shown consistent growth, with figures of 679 million yuan, 1.461 billion yuan, and 1.909 billion yuan for the years 2022 to 2024, and a revenue of 1.36 billion yuan in the first half of this year [3] Group 3 - The funds raised from the IPO will be used to diversify the IP matrix, enhance IP operational capabilities, and strengthen global omnichannel strategies [4] - The number of trendy toy-related companies in China has surged to 20,700 by June 2025, a tenfold increase from 1,760 in 2020, indicating a rapidly expanding market [4] - The trendy toy market is currently undergoing a "structural differentiation" phase, with consumers shifting towards rational consumption and higher expectations for product design and brand quality [5] Group 4 - TOP TOY leverages the mature supply chain and global retail network of its parent company, Miniso, to achieve rapid expansion at low costs [6] - The company's "collection store" model reduces reliance on single IPs, aligning with market demand for high cost-performance and diverse choices [6] - TOP TOY is transitioning from a "channel operator" to a "brand operator" by enhancing its proprietary IP matrix through acquisitions, reflecting a shift in the industry's value chain [6]