Xin Lang Cai Jing·2025-09-29 17:00Core Viewpoint - TOP TOY International Group Limited, a subsidiary of Miniso Group, has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on the booming collectible toy market in China [1][11]. Company Overview - TOP TOY was established in December 2020 and is recognized as the largest and fastest-growing collectible toy brand in China, with a projected GMV of 2.4 billion RMB for 2024 [1][4]. - The company currently holds 17 proprietary IPs, 43 licensed IPs, and over 600 third-party IPs, but its revenue heavily relies on external IPs, with proprietary IPs contributing less than 1% of total revenue [4][5]. Financial Performance - TOP TOY's revenue has significantly increased from 679 million RMB to 1.909 billion RMB over the past three years, with a revenue of 1.36 billion RMB and a net profit of approximately 180 million RMB in the first half of this year, resulting in a net profit margin of about 13.2% [4][7]. - In 2023, approximately 47% of the company's revenue, around 889 million RMB, came from popular licensed IPs such as Sanrio and Disney [4]. Market Position and Strategy - TOP TOY operates 293 stores nationwide, benefiting from Miniso's extensive distribution network, which includes over 4,300 stores in mainland China [7][9]. - The company plans to open 100 new stores domestically this year, aiming for a total of 380 to 400 stores by year-end, and has set a goal to expand internationally to 1,000 stores across 100 countries within five years [11]. Future Outlook - With a reserve of 10 billion RMB for ongoing expansion, TOP TOY is positioned to leverage the current collectible toy trend and potentially achieve a higher valuation upon successful listing [11].