从TOP TOY看我国潮玩行业发展趋势：构建多元化IP矩阵，深化全渠道布局

Investment Rating - The report rates the investment outlook for the toy industry as positive, highlighting the growth potential of TOP TOY as a leading player in the market [3]. Core Insights - TOP TOY, a brand under Miniso, has established a comprehensive integrated platform for the toy industry, achieving significant growth since its inception in 2020. The company has expanded its store count to 293 and increased its self-developed product ratio to 47.2%, resulting in substantial revenue and profit growth [3][4]. - The Chinese toy industry is experiencing rapid growth, with retail sales projected to rise from 207 billion yuan in 2019 to 587 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 23.2%. This growth is driven by consumer demand for identity recognition and emotional resonance through products [3][4]. - TOP TOY has built a diverse IP matrix and a robust multi-channel sales strategy, enhancing its competitive advantage. The company has developed 17 proprietary IPs and collaborates with 43 licensed IPs, alongside over 600 external IPs, to strengthen its market presence [3][4]. Summary by Sections Company Performance - TOP TOY has demonstrated strong performance, with revenue increasing from 6.79 billion yuan in 2022 to 19.09 billion yuan in 2024, achieving a record growth rate of 115.3% in 2023. The company turned a profit in 2023 with a net profit of 2.12 billion yuan, and further growth is expected in 2024 [18][21]. - The company's gross margin improved significantly, reaching 32.4% in the first half of 2025, driven by an increase in self-developed products [21][24]. Industry Growth - The global entertainment merchandise industry is expanding, with the market size projected to grow from $44.8 billion in 2019 to $82.2 billion in 2024, and further to $194.8 billion by 2030, indicating a CAGR of 12.9% [35][36]. - The Chinese toy industry is expected to grow rapidly, with retail sales projected to reach 2.133 trillion yuan by 2030, driven by emotional connections and social interactions among consumers [35][36]. IP and Product Strategy - TOP TOY has developed a comprehensive IP matrix, including proprietary, licensed, and external IPs, enhancing its product offerings and market reach. The company has successfully launched popular self-developed IPs, contributing significantly to its revenue [53][57]. - The product matrix includes diverse categories such as figurines, 3D models, and plush toys, with figurines expected to dominate the market share, projected to reach 51.2% by 2030 [43][60]. Sales Channels and Marketing - The company has established a mature multi-channel sales network, with significant contributions from offline distributors and franchisees. Online sales are also growing rapidly, with a notable increase in revenue from e-commerce platforms [66][70]. - TOP TOY employs a comprehensive marketing strategy that includes immersive in-store experiences and online engagement through social media and e-commerce, enhancing customer interaction and brand loyalty [84][90].