Core Viewpoint - The article discusses the competitive landscape of the collectible toy market, focusing on TOP TOY's strategies and growth in comparison to its competitor, Pop Mart. It highlights TOP TOY's unique approach of leveraging existing popular IPs for product development rather than creating its own IPs, which has proven to be a more viable business model. Group 1: Company Performance - Pop Mart has reported a revenue exceeding 10 billion yuan, with profits increasing by over 180%, achieving a market capitalization of over 200 billion HKD [4] - TOP TOY, under Miniso, opened its first flagship store in Shanghai and plans to expand globally, targeting 1,000 stores in 100 countries over the next five years [4] - TOP TOY's revenue reached 980 million yuan last year, marking a 45% year-on-year growth, and the number of stores increased from 148 to 276 [6] Group 2: Business Strategy - TOP TOY's founder, Sun Yuanwen, emphasizes that the company does not view Pop Mart as a direct competitor, as they operate in different segments of the market [8] - The company initially attempted to develop its own IP but faced significant losses, leading to a strategic pivot towards creating products based on established IPs [9][12] - TOP TOY aims to become a global brand by expanding its store presence worldwide, similar to its parent company Miniso [9][10] Group 3: Market Positioning - Sun believes that the uniqueness of an IP is less important than its design, focusing on reimagining popular IPs rather than using original designs [19][21] - The company has shifted its product sourcing strategy from a 70-30 split (self-developed vs. sourced products) to a 50-50 split, with plans to move towards a 70-30 model favoring self-developed products in the future [36][37] - TOP TOY's approach is likened to an Android model, allowing for a diverse range of products, while Pop Mart is compared to an iOS model with a closed ecosystem [40][47] Group 4: Future Outlook - The company plans to focus on store openings and product development, continuously engaging with consumers to explore new IP opportunities [52] - There is a shared concern within the industry about consumer fatigue towards collectible toys, which could impact future sales [54]

Core Viewpoint - The article highlights the rapid growth and strategic positioning of TOP TOY in the collectible toy market, emphasizing its differentiation from competitors like Pop Mart through a focus on large IP adaptations rather than developing proprietary IPs [3][5][7]. Group 1: Company Performance - Pop Mart reported a revenue exceeding 10 billion yuan, with profits increasing by over 180%, achieving a market capitalization of over 200 billion HKD [3]. - TOP TOY's revenue reached 980 million yuan in the previous year, marking a 45% year-on-year growth, and the number of stores increased from 148 to 276 [5]. - TOP TOY plans to expand its international presence, aiming for over 50% of sales to come from overseas markets [6]. Group 2: Strategic Direction - TOP TOY's founder stated that the company does not view Pop Mart as a direct competitor, as they operate in different segments of the market [7]. - The company initially attempted to create its own IP but faced significant losses, leading to a strategic pivot towards adapting existing large IPs [8][11]. - The focus on large IP adaptations is seen as a more certain path to success, leveraging established user bases and market recognition [8][25]. Group 3: Market Positioning - TOP TOY aims to become a global brand, similar to its parent company, Miniso, with plans to open over 1,000 stores in 100 countries within five years [5][8]. - The company emphasizes the importance of unique design in its products, even when working with established IPs, to differentiate itself in the market [15][17]. - The competitive landscape is viewed as an opportunity for collaboration rather than direct competition, with a desire for multiple brands to thrive in the collectible toy space [41][42]. Group 4: Future Outlook - The company is focused on product development and store expansion as its primary objectives for the next 1 to 3 years [46]. - There is a recognition of the potential risks associated with consumer interest in collectible toys, which could impact the market as a whole [48].