潮玩资本热潮持续，又一家公司要赴港上市。 近日，名创优品集团旗下潮玩品牌TOP TOY International Group Limited（下称 "TOP TOY"）正式向港 交所递交上市申请，摩根大通、瑞银集团及中信证券共同担任联席保荐人。 名创优品在同日公告中确认了此次分拆上市建议，并指出，TOP TOY分拆完成后仍将是名创优品的附 属公司。 来源：市场资讯 今年3月，市场首次传出TOP TOY计划上市的消息，到如今正式递交招股书仅过去三个多月。名创优品 创始人叶国富曾在2022年7月就公开表示过，希望TOP TOY能在3年内单独上市。 今年是潮玩消费大年，泡泡玛特市值飙升、卡游也已递交招股书。业内人士认为，若TOP TOY成功上 市，有机会以潮玩企业身份获得更高估值溢价。 自有IP影响力不足 TOP TOY成立于2020年12月，按照弗若斯特沙利文的数据，其是中国规模最大、增速最快的潮玩合集 品牌，2024年公司GMV为24亿元。 谈到潮玩，大多数消费者首先想到的是泡泡玛特。 两者的区别在于，TOP TOY像是一个集市，售卖来自四面八方的IP玩具手办；泡泡玛特则更有品牌属 性，有能力自己孵化出Mol ...

近日，名创优品集团旗下潮玩品牌TOP TOY International Group Limited（下称 "TOP TOY"）正式向港 交所递交上市申请，摩根大通、瑞银集团及中信证券共同担任联席保荐人。 名创优品在同日公告中确认了此次分拆上市建议，并指出，TOP TOY分拆完成后仍将是名创优品的附 属公司。 今年3月，市场首次传出TOP TOY计划上市的消息，到如今正式递交招股书仅过去三个多月。名创优品 创始人叶国富曾在2022年7月就公开表示过，希望TOP TOY能在3年内单独上市。 今年是潮玩消费大年，泡泡玛特市值飙升、卡游也已递交招股书。业内人士认为，若TOP TOY成功上 市，有机会以潮玩企业身份获得更高估值溢价。 自有IP影响力不足 TOP TOY成立于2020年12月，按照弗若斯特沙利文的数据，其是中国规模最大、增速最快的潮玩合集 品牌，2024年公司GMV为24亿元。 谈到潮玩，大多数消费者首先想到的是泡泡玛特。 两者的区别在于，TOP TOY像是一个集市，售卖来自四面八方的IP玩具手办；泡泡玛特则更有品牌属 性，有能力自己孵化出Molly、小野、Labubu等人气IP，且门店都是直营店，希望 ...

潮玩资本热潮持续，又一家公司要赴港上市。 近日，名创优品集团旗下潮玩品牌TOP TOY International Group Limited（下称 "TOP TOY"）正式向港交所递交上市申请，摩根大通、瑞银集团及中信证 券共同担任联席保荐人。 名创优品在同日公告中确认了此次分拆上市建议，并指出，TOP TOY分拆完成后仍将是名创优品的附属公司。 今年3月，市场首次传出TOP TOY计划上市的消息，到如今正式递交招股书仅过去三个多月。名创优品创始人叶国富曾在2022年7月就公开表示过，希望 TOP TOY能在3年内单独上市。 今年是潮玩消费大年，泡泡玛特市值飙升、卡游也已递交招股书。业内人士认为，若TOP TOY成功上市，有机会以潮玩企业身份获得更高估值溢价。 自有IP影响力不足 谈到潮玩，大多数消费者首先想到的是泡泡玛特。 两者的区别在于，TOP TOY像是一个集市，售卖来自四面八方的IP玩具手办；泡泡玛特则更有品牌属性，有能力自己孵化出Molly、小野、Labubu等人气 IP，且门店都是直营店，希望消费者能通过空间陈列感受到情绪价值。 TOP TOY业绩增长显著，过去三年营收规模由6.79亿元跃升至1 ...

布鲁可靠奥特曼和变形金刚等顶级IP，在半年里猛赚13亿，海外销量暴涨近九倍，简直开了印钞机。但 这泼天富贵都是租来的，80%收入靠授权IP，奥特曼一个就贡献一半。 ...

Core Insights - The core focus of the articles is on Pop Mart's strategy for globalizing its IP operations and enhancing cultural integration through diverse product offerings and experiences [1][2][4]. Group 1: IP Operations and Global Strategy - Pop Mart emphasizes that IP is the core driving force behind its operations, serving as an emotional connection with global consumers [1]. - The company has expanded its product categories from collectible toys to include building blocks, jewelry, desserts, and theme parks, showcasing a multidimensional approach to IP [1]. - As of June 2025, Pop Mart plans to have over 550 direct stores and 2,500 robot stores globally, with e-commerce networks covering over 30 countries, achieving over 100% growth in regions like the Americas, Asia-Pacific, Europe, and Greater China [2]. Group 2: Cultural Integration and Localized Marketing - Pop Mart actively integrates cultural elements into its products, launching region-specific items such as the UK punk-style SKULLPANDA and the Thai-dressed LABUBU, which reflect local cultural expressions [2]. - The company employs a "cultural adaptation + scene co-creation" strategy to penetrate different markets, participating in events like the 50th anniversary of China-Thailand diplomatic relations [3]. - Pop Mart's online and offline channels are continuously being enhanced to provide diverse consumer experiences, with its official online channels covering 37 countries and supporting multiple languages and currencies [3]. Group 3: Future Aspirations - The company aims to leverage IP as a core element to bring joy to global consumers through trendy toys and engaging experiences, with a vision to become a leading global cultural entertainment company [4].

Core Insights - The article highlights the innovative approach of a couple, Jiang Buting and his wife, in using building blocks to create intricate models of Chinese cultural landmarks, thereby promoting Chinese culture through a popular medium [3][4][6]. Group 1: Company Overview - The couple operates a building block studio named "Fat Xiao Qi," which started as a hobby and has evolved into a business focused on architectural models [3][4]. - Their first viral project was a video of a model of the Forbidden City, which garnered over 2 million views and 200,000 likes on Bilibili [3]. Group 2: Key Projects - Significant projects include collaborations with major media and cultural institutions, such as the Central Radio and Television Station and the People's Daily, creating models like the "News Broadcast Vehicle" and "Silu Treasure Ship" [4][6]. - A standout project is the "Central Axis" model, which took four months to complete and involved 130,000 building blocks to recreate 15 iconic buildings along Beijing's central axis [4][6]. Group 3: Cultural Impact - The couple aims to support the application for UNESCO World Heritage status for the Central Axis by showcasing its architectural beauty through their building block models [6]. - They plan to continue expanding their portfolio by creating models of traditional Chinese architecture, such as the Yinxian Wooden Pagoda, to further tell Chinese stories through building blocks [6][8].

Core Insights - Company "Tanwan" (09890.HK) has secured exclusive rights to develop and sell Garfield family IP products in Greater China, marking a strategic move into the collectible toy market [1][2] - The partnership aims to create a comprehensive IP ecosystem, leveraging the popularity of the Garfield brand, which has a global fanbase of nearly 300 million and a market value exceeding $10 billion [1][2] Group 1: Company Strategy - The exclusive licensing agreement with Garfield family IP is a significant breakthrough in Tanwan's IP ecosystem strategy, which focuses on creativity and fun as core brand values [2] - Tanwan plans to build a "virtual-physical" value-added system for IP, transforming game characters and cultural symbols into collectible toys, thereby extending the IP's lifecycle [2][4] - The company has previously attempted to diversify its business model by venturing into food and other consumer products but faced challenges in establishing a clear operational framework [4] Group 2: Financial Performance - Tanwan has experienced a decline in net profit from 615.9 million yuan in 2021 to a loss of 3.624 million yuan in 2024, indicating ongoing financial struggles [3] - Revenue peaked in 2022 at 8.817 billion yuan but has since decreased, with 2024 revenue dropping to 5.580 billion yuan, reflecting a 37.86% year-on-year decline in the first half of 2025 [3] - The collectible toy segment has contributed minimally to overall revenue, accounting for only 2.6% in the first half of 2025, despite the rapid growth of the collectible toy market in China [3]

Investment Trends in the Toy Industry - The card game industry has seen significant investment, with Shanhun completing a financing round of several hundred million yuan led by Hillhouse Capital [1] - The toy industry is experiencing a surge in mergers and acquisitions, primarily driven by listed companies acquiring startups [2][6] - Investment institutions are increasingly focusing on niche markets such as card games and blind boxes, with companies like 52TOYS and TOPTOY receiving new funding this year [2][3] Market Dynamics and Company Performance - Shanhun's business model is similar to that of Kayo, focusing on card products and collaborating with gaming IPs from Tencent, NetEase, and Mihayou [3][5] - The toy industry is witnessing a new wave of mergers, with companies like Quantum Song acquiring startups to boost their market presence [6] - Bubble Mart's market capitalization soared to over 300 billion yuan, with a reported revenue of 13.88 billion yuan in the first half of the year, reflecting a year-on-year growth of 204.4% [7] Competitive Landscape and Future Prospects - The investment landscape is competitive, with firms looking to identify the next potential billion-dollar toy company [8][11] - The card game sector is seen as having more opportunities for growth compared to blind boxes, due to its diverse gameplay and interaction [11] - Companies with strong IP resources are at an advantage in the toy market, leading to strategic investments in upstream and downstream businesses to enhance their supply chains [12] Challenges and Market Saturation - Despite the excitement in the toy sector, many companies rely heavily on single IPs, which poses risks regarding sustainability and long-term success [9] - Retail channels for toy sales, such as Jiuwu Zawushe and Cool Toy, are facing challenges, with limited financing news and profitability concerns [13][15] - The competitive nature of the market is intensifying, with companies aggressively expanding their market share through various strategies [17]

Group 1: Company Overview - TOP TOY, a潮玩 brand under Miniso Group, recently received investment from Temasek, resulting in a post-investment valuation of approximately HKD 10 billion [1] - Established in December 2020, TOP TOY positions itself as a "global潮玩 collection store," offering over 10,000 SKUs across eight categories, with price ranges from 39 yuan to tens of thousands [1] - The company has adopted a dual-driven model of "licensed IP + original IP," with significant growth expected from its exclusive IP "Nommi糯米儿," projected to generate over 1 billion yuan in revenue across all channels in 2024 [1] Group 2: Industry Growth - The潮玩 market in China is in a rapid growth phase, with projections indicating that the industry scale will reach 110.1 billion yuan by 2026 [2] - A preliminary "IPO ladder" is forming in the潮玩 industry, with brands like 布鲁可 and 卡游 making significant strides towards public offerings, attracting substantial investor interest [2] - 布鲁可's IPO was notably successful, achieving a subscription rate of 6000 times during its offering phase, while 卡游 is expected to surpass 10 billion yuan in revenue in 2024 [2] Group 3: International Expansion - Leading潮玩 companies are prioritizing international expansion, with 泡泡玛特 establishing a localized global operation since 2018, achieving overseas revenue of 5.593 billion yuan in the first half of 2025, a year-on-year increase of 439.6% [3] - TOP TOY is expanding into Southeast Asia through a dual model of "store-in-store + independent stores," with its搪胶毛绒 series contributing 35% to overseas sales in Q1 2025 [3] - 布鲁可's overseas revenue share increased from 2% in 2024 to over 1 billion yuan in the first half of 2025, representing 8.3% of total revenue [3]

Group 1 - TOP TOY has completed Series A financing, with Temasek as the investor [1] - The financing will enhance TOP TOY's market expansion and product innovation in the trendy toy sector [1] - TOP TOY was established on November 5, 2020, and offers products across seven core categories including blind boxes, art toys, anime figures, comic figures, doll models, assembly models, and building blocks [1]