Core Viewpoint - TOP TOY International Group Limited, a subsidiary of Miniso, has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to independently list its shares [1] Group 1: Business Overview - TOP TOY focuses on trendy toy retail, with a projected GMV of approximately 2.4 billion yuan in 2024, where self-developed products account for nearly 50% of revenue [1] - The company has established a comprehensive IP matrix with 17 proprietary IPs and 43 licensed IPs, collaborating with well-known brands like Sanrio and Disney to enhance product appeal [2][3] - Revenue from self-developed products has increased from below 40% in 2022 to around 50% in 2023, 2024, and the first half of 2025 [3] Group 2: Financial Performance - TOP TOY's revenue for the years 2022, 2023, 2024, and the first half of 2025 was 679 million yuan, 1.461 billion yuan, 1.909 billion yuan, and 1.36 billion yuan respectively, with corresponding net profits of -38 million yuan, 212 million yuan, 294 million yuan, and 180 million yuan [1] Group 3: Market Strategy and Expansion - The company operates through various sales channels, including its Tmall flagship store, other major e-commerce platforms, and physical retail locations, with a total of 293 stores as of June 30, 2025 [3] - The majority of TOP TOY's stores are franchise-operated, with 250 out of 293 being partner-operated [3] - The flagship store in Shanghai opened in March 2025, achieving sales of over 1 million yuan on its opening day and exceeding 7 million yuan in sales by August 2025 [3] Group 4: Future Plans and Funding - The net proceeds from the IPO will be used to diversify the IP matrix, enhance IP operational capabilities, deepen global omnichannel strategies, and strengthen supply chain and digital capabilities [4] - Miniso's investment in TOP TOY has led to a post-investment valuation of approximately 10 billion HKD [4]

Company Dynamics - Miniso (09896.HK) plans to spin off its trendy toy brand TOP TOY and list it independently on the Hong Kong Stock Exchange, with the proposal confirmed by the exchange [2] - TOP TOY, established in 2020, focuses on the design, development, procurement, and sales of trendy toys, building a comprehensive platform for the entire trendy toy industry chain [2] - The brand has developed a multi-layered IP matrix, combining self-owned IP, licensed IP, and third-party IP, while offering a diverse product range to meet consumer demands [2] IP Structure and Risks - As of June 30, 2025, TOP TOY has only 17 self-owned IPs, while licensed IPs total 43 and third-party IPs exceed 600, indicating a reliance on external IPs for revenue [3] - The potential expiration of key licenses or a decline in popularity of core licensed IPs could significantly impact product appeal and market performance [3] Financial Performance - TOP TOY's revenue has shown steady growth, with figures of 680 million RMB, 1.46 billion RMB, and 1.91 billion RMB from 2022 to 2024, alongside an increase in gross profit from 140 million RMB to 620 million RMB [4] - The gross margin improved from 19.9% to 32.7%, and the company transitioned from a loss of 38.38 million RMB in 2022 to net profits of 210 million RMB and 290 million RMB in 2023 and 2024, respectively [4] Significance of Spin-off - The spin-off is crucial for TOP TOY as it will enhance its market expansion capabilities, strengthen independent operational capacity, and improve its ability to attract investment for future growth and IP development [4]

Core Viewpoint - TOP TOY International Group Limited has submitted its listing application to the Hong Kong Stock Exchange, positioning itself as the largest and fastest-growing潮玩 (trendy toy) collection brand in China, with significant revenue growth and a strong market presence [1][3]. Group 1: Company Overview - TOP TOY is recognized as China's largest and fastest-growing潮玩 collection brand, achieving a GMV of RMB 2.4 billion in 2024, with nearly 50% of revenue coming from self-developed products [1]. - The company has established a comprehensive潮玩 industry chain platform since opening its first store in December 2020, demonstrating strong product design and IP operation capabilities [2]. - TOP TOY has built a multi-layered IP matrix driven by proprietary, licensed, and third-party IPs, catering to diverse consumer needs with a wide range of products including figurines, 3D models, and plush toys [2]. Group 2: Market Position and Consumer Engagement - As a leader in the潮玩 collection market, TOP TOY has developed a highly recognized brand influence and a diverse, active customer base, being the preferred潮玩 brand among consumers [3]. - The company engages with customers through private domain operations, multi-platform fan interactions, and content marketing on emerging social platforms, ensuring effective communication of quality content [3]. - TOP TOY has established a membership program with over 10 million registered members by June 30, 2025, making it one of the companies with the largest member base in the潮玩 industry [3]. Group 3: Financial Performance - The company's revenue for the six months ending June 30 for the years 2022, 2023, 2024, and 2025 was approximately RMB 679 million, RMB 1.461 billion, RMB 1.909 billion, and RMB 1.360 billion respectively, with corresponding profits of approximately -RMB 38.38 million, RMB 211.2 million, RMB 294 million, and RMB 180 million [3]. Group 4: Use of Proceeds - The funds raised from the listing are expected to be used for enhancing the IP matrix, strengthening global omnichannel layout, brand building, consumer interaction, marketing plans, supply chain capabilities, and general corporate purposes [4].

Core Viewpoint - TOP TOY International Group Limited has submitted its listing application to the Hong Kong Stock Exchange, with JPMorgan, UBS, and CITIC Securities as joint sponsors [1][3]. Company Overview - TOP TOY is recognized as the largest and fastest-growing潮玩 (trendy toy) collection brand in China, achieving a GMV of RMB 2.4 billion in 2024, with nearly 50% of revenue coming from self-developed products, the highest among Chinese潮玩 brands according to Frost & Sullivan [3][4]. - The company has established a comprehensive潮玩 industry chain platform since opening its first store in December 2020, demonstrating strong product design and IP operation capabilities that resonate with潮玩 enthusiasts [3][4]. Market Position - As a leader in the潮玩 collection brand sector, TOP TOY has built a highly recognized brand influence and possesses a large, active, and diverse customer base. It is the preferred潮玩 collection brand among consumers, as per Frost & Sullivan's consumer research [4]. - The company engages customers through private domain operations, multi-platform fan interactions, and content marketing on emerging social and content platforms, ensuring effective dissemination of quality content [4]. Membership and Customer Engagement - TOP TOY has developed a membership program with rich benefits to enhance customer loyalty and create a unique shopping experience, boasting over 10 million registered members by June 30, 2025, making it one of the companies with the largest member base in the潮玩 industry [4]. Financial Performance - The company reported revenues of approximately RMB 678.8 million, RMB 1.46 billion, RMB 1.91 billion, and RMB 1.36 billion for the six months ending June 30 in 2022, 2023, 2024, and 2025, respectively. The corresponding profits for these periods were approximately RMB -38.4 million, RMB 212.4 million, RMB 293.5 million, and RMB 179.7 million [5][6].