Sou Hu Cai Jing·2025-10-10 07:51Core Viewpoint - TOP TOY, a trendy toy brand under Miniso, has submitted its listing application to the Hong Kong Stock Exchange, aiming for independent listing after three years of establishment, driven by the popularity of emotional consumption and trendy toys [1][4]. Financial Performance - TOP TOY's revenue has shown significant growth, increasing from 678.79 million RMB in 2022 to 1.46 billion RMB in 2023, and projected to reach 1.91 billion RMB in 2024, reflecting a strong upward trend [2][4]. - The gross profit for the same period has also improved, with figures of 135.07 million RMB in 2022, 458.83 million RMB in 2023, and 624.37 million RMB in 2024, indicating a gross margin increase from 19.9% to 32.7% [2][4]. - In the first half of 2023, TOP TOY achieved a record revenue of 1.36 billion RMB, marking a year-on-year growth of 58.5% [3][5]. Business Model and Market Position - TOP TOY operates as a platform for trendy toys, focusing on licensed IP toys, proprietary IP toys, and third-party brand toys, with a strong emphasis on figurines, 3D models, and plush toys [4][8]. - The brand has expanded its store count to 293 by mid-2025, with a notable increase in overseas stores from 4 to 10, primarily in Southeast Asia [5][6]. Revenue Sources - The revenue from sales to franchisees and distributors has increased, with sales to distributors rising from 43.9% in 2022 to 55.3% in 2024 [5][6]. - The sales revenue from proprietary IP products remains low, with only 680,000 RMB generated in 2023 compared to 8.89 billion RMB from licensed IPs, highlighting a heavy reliance on licensed products [8][10]. IP Strategy - TOP TOY has a diverse IP portfolio, with 17 proprietary IPs and 43 licensed IPs, but its revenue is predominantly driven by licensed IPs [8][10]. - The company is actively acquiring designer IPs to enhance its proprietary offerings, with recent acquisitions increasing its proprietary IP count from 8 to 17 [10].