淡马锡，投了叶国富

Core Viewpoint - The article highlights the booming trend of trendy toys, particularly focusing on the strategic financing of TOP TOY, a brand under Miniso, which has received significant investment from Temasek, leading to a post-investment valuation of approximately 10 billion HKD [2][5]. Group 1: TOP TOY's Growth and Market Position - TOP TOY reported a revenue of 400 million RMB in Q2 this year, marking an 87% year-on-year increase, and its total revenue for the first half of 2025 reached 740 million RMB, a 73% increase [8]. - The brand has expanded its store count to 293, with 98 new stores opened year-on-year, and plans to continue its aggressive expansion strategy [6][8]. - TOP TOY is exploring the possibility of a separate IPO, with aspirations to achieve this within three years, indicating a strong growth trajectory [9]. Group 2: Market Dynamics and Comparisons - The trendy toy market is experiencing significant growth, with competitors like Pop Mart achieving record performance, reporting a 204.4% year-on-year revenue increase to 13.88 billion RMB in the first half of 2025 [15]. - TOP TOY differentiates itself from Pop Mart by focusing on the secondary creation of major IPs, while Pop Mart primarily develops its own IPs [16]. - The article notes a growing consensus in the investment community that capturing the Z generation market is crucial for future success, as evidenced by various new entrants and IPOs in the trendy toy sector [18].