MNSO(US:MNSO) Sou Hu Cai Jing·2025-11-21 14:26Group 1 - TOP TOY brand under Miniso reported a revenue increase of 111.4% to 575 million yuan in Q3 2025 [1] - For the first three quarters of 2025, TOP TOY's revenue rose by 87.9% to 1.317 billion yuan [1] - As of September 30, 2025, TOP TOY had 307 stores, with a net increase of 73 stores year-on-year [4] Group 2 - TOP TOY is recognized as the largest and fastest-growing trendy toy collection brand in China [4] - In 2024, the company achieved a GMV of 2.4 billion yuan in mainland China, with nearly 50% of revenue coming from self-developed products, the highest among Chinese trendy toy brands according to Frost & Sullivan [4] - The compound annual growth rate of GMV from 2022 to 2024 exceeded 50%, making TOP TOY the fastest-growing trendy toy collection brand in China and the quickest to surpass a GMV of 1 billion yuan [4] Group 3 - On September 26, 2025, TOP TOY submitted its prospectus to the Hong Kong Stock Exchange, with J.P. Morgan, UBS, and CITIC Securities serving as joint sponsors [4]