TOP TOY冲刺港交所：中国规模最大、增速最快的潮玩集合品牌，上半年营收超13亿

Core Viewpoint - TOP TOY is set to go public on the Hong Kong Stock Exchange, showcasing significant growth in the collectible toy market in China, with a strong emphasis on self-developed products and a diverse IP strategy [3][6]. Group 1: Company Overview - TOP TOY International Group Limited submitted its IPO application on September 26, 2025, with joint sponsors including JPMorgan, UBS, and CITIC Securities [3]. - The company opened its first store in 2020 and has since become the largest and fastest-growing collectible toy brand in China, achieving a GMV of 2.4 billion yuan in 2024 [3]. - From 2022 to 2024, TOP TOY's GMV compound annual growth rate (CAGR) exceeded 50%, making it the fastest-growing collectible toy brand in China [3]. Group 2: Product and IP Strategy - TOP TOY has established a multi-layered IP matrix consisting of 17 proprietary IPs and 43 licensed IPs, creating a diverse product matrix that includes figurines, 3D models, and plush toys [5]. - The company emphasizes the importance of self-developed products, which account for nearly 50% of its revenue, the highest among collectible toy brands in China [5][6]. - TOP TOY collaborates with well-known IP licensors like Sanrio and Disney to ensure its product offerings are attractive and responsive to market trends [5]. Group 3: Financial Performance - TOP TOY's revenue from 2022 to 2024 was 679 million yuan, 1.461 billion yuan, and 1.909 billion yuan, with a CAGR of 67.7% [6]. - In the first half of 2025, the company's revenue increased by 58.5% year-on-year to 1.36 billion yuan [6]. - The gross profit margins for 2022, 2023, and 2024 were 19.9%, 31.4%, and 32.7%, respectively, with a net profit of 212 million yuan in 2023 and 294 million yuan in 2024 [6]. Group 4: IPO Fund Utilization - The net proceeds from the IPO will be primarily used to enhance the IP matrix, improve global omnichannel operations, strengthen brand building and consumer engagement, and enhance supply chain capabilities [7].