Core Insights - TOP TOY has submitted its listing application to the Hong Kong Stock Exchange, marking a significant step for the brand under the ownership of Miniso, which recently acquired Yonghui Supermarket [1] - The founder of Miniso, Ye Guofu, expresses strong confidence in the retail sector, indicating a strategic vision for expanding TOP TOY alongside its other retail ventures [1] - TOP TOY aims to position itself closer to the success of Pop Mart, despite following a different business model, by enhancing its own IP portfolio and expanding overseas [1][4] Business Model Analysis - The collectible toy industry features three primary business models: licensed IP, proprietary IP, and third-party IP [2] - TOP TOY incorporates all three models but is increasing its focus on proprietary IP ahead of its IPO [3] - By 2025, TOP TOY's proprietary IP is expected to contribute 5%-10% of total revenue, compared to Pop Mart's 90% [4] Financial Performance Comparison - In the first half of 2025, Pop Mart reported a profit of approximately 4.6 billion, while TOP TOY's profit was only 180 million, highlighting a significant disparity in revenue scale and profit margins [6] - Pop Mart's gross margin stands at 70.3%, more than double that of TOP TOY, indicating a challenge for TOP TOY in achieving similar profitability [9] Strategic Initiatives - TOP TOY's strategy includes reducing reliance on third-party IP and increasing proprietary product development to enhance profit margins [13] - The company has successfully launched its proprietary IP "Nuomi Er," achieving sales of 50 million within a year and a half, aiming to replicate the success of Pop Mart's Molly [13][21] - TOP TOY is also focusing on expanding its online sales, which currently account for only 8.5% of total sales, compared to Pop Mart's 35.5% [14] Global Expansion Plans - TOP TOY has initiated a global strategy to establish 1,000 overseas stores within five years, leveraging its existing retail network for market penetration [18][19] - The company plans to utilize its extensive offline presence, including nearly 300 brand stores and over 8,000 stores from Miniso and Yonghui, to gather consumer data and refine its IP selection process [19][22] Competitive Landscape - TOP TOY is currently perceived as following Pop Mart's lead rather than innovating, as evidenced by its recent product adaptations [20] - The company recognizes the importance of capital in acquiring successful IPs, with plans to leverage its market position for future growth [21] - The ability to effectively market and distribute IPs through its extensive channels is seen as a critical advantage for TOP TOY [22][23]

名创优品旗下潮玩品牌TOP TOY冲刺港交所。近日，TOP TOY向港交所主板递交上市申请，摩根大通、瑞银、中 信证券为其联席保荐人。而早在三年前，名创优品创始人叶国富就提出，希望三年内TOP TOY能够单独上市。 情绪消费当道，潮玩是当下热门行业，热门IP拉动下泡泡玛特市值一度超过迪士尼。TOP TOY招股书首次披露的 营收数据显示，成立五年来，收入由2022年的6.79亿元增长至去年的19.09亿元，逐年向好。另一方面，其高度依 赖授权IP，自有IP开发的产品收入去年仅680万元，远低于授权IP的8.89亿元。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | 人民幣元 | 人民幣元 | 人民幣元 | 人民幣元 | 人民幣元 | | | | | | (未經審計) | (未經審計) | | | | | (以千計) | | | | 收入 | 678,795 | 1,461,107 | 1,908,825 | 858 ...

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]

Core Viewpoint - TOP TOY, which opened its first store in 2020, is now aiming for an IPO within five years, positioning itself as a platform for various products and IPs, contrasting with Bubble Mart's closed ecosystem approach [2][14]. Market Valuation - As of July 2025, TOP TOY completed a Series A funding round of approximately $60 million, resulting in a post-money valuation of $1.3 billion (approximately HKD 10.2 billion) [2]. - In comparison, Bubble Mart's market capitalization exceeds HKD 350 billion, making it 35 times larger than TOP TOY [2]. Financial Performance - TOP TOY's revenue for 2022, 2023, and 2024 was CNY 679 million, CNY 1.461 billion, and CNY 1.909 billion, respectively, with net profits of -CNY 38.38 million, CNY 212 million, and CNY 294 million [2]. - In the first half of 2025, TOP TOY reported revenue of CNY 1.36 billion and a profit of CNY 180 million, reflecting year-on-year growth of 58.5% and 26.8%, respectively [2][7]. Comparison with Bubble Mart - Bubble Mart's revenue for the first half of 2025 was CNY 13.88 billion, with a year-on-year growth of 204.4%, and a net profit of CNY 4.57 billion, showing a growth of 396.5% [3]. - Bubble Mart's revenue and profit are 10 times and 25 times that of TOP TOY, respectively [3]. Membership and Store Count - As of mid-2025, Bubble Mart had 59.12 million registered members, while TOP TOY had over 10 million [3]. - Bubble Mart operates 571 stores globally, with 443 in China and 128 overseas, in addition to 2,597 vending machines [3]. - TOP TOY has 299 stores, with 15 located overseas, covering markets such as Thailand, Malaysia, Indonesia, and Japan [4]. Revenue Sources - TOP TOY's revenue is primarily generated from franchisees and distributors, accounting for 74.3% of its income in the first half of 2025 [4]. - In contrast, Bubble Mart's revenue is mainly from direct sales [4]. Profitability Metrics - For the first half of 2025, Bubble Mart's gross margin exceeded 70%, and net margin surpassed 30%, while TOP TOY's gross margin was 32% and net margin only 13% [6]. - TOP TOY's self-developed IP products generated CNY 6.1 million in revenue in the first half of 2025, accounting for less than 1% of total revenue [12]. IP Strategy - TOP TOY has 17 proprietary IPs and 43 licensed IPs, while Bubble Mart's proprietary products accounted for 99.1% of its total revenue in the first half of 2025 [8][10]. - The scarcity of Bubble Mart's IPs allows for higher pricing power compared to TOP TOY's broader but less impactful IP portfolio [8][10].

Core Insights - TOP TOY, a潮玩 brand under Miniso, has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, marking a significant step in Miniso's dual-brand strategy following its dual listing in 2022 [1] - The company has shown impressive revenue growth, with projected revenues of 679 million, 1.461 billion, and 1.909 billion yuan from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 67.7% [1] - TOP TOY achieved profitability in 2023, with net profits of 212 million and 294 million yuan for 2023 and 2024, respectively [1] Revenue and Profitability - TOP TOY's revenue for the first half of 2023 increased by 58.5% to 1.36 billion yuan compared to the same period in 2024 [1] - The company's gross profit margins have improved, with figures of 19.9%, 31.4%, and 32.7% from 2022 to 2024, and 32.4% for the first half of 2023 [1] Market Position and Growth - Established in December 2020, TOP TOY has become the largest and fastest-growing潮玩 brand in China, with a projected GMV of 2.4 billion yuan in 2024 [2] - As of September 2025, TOP TOY operates 299 stores in China and 15 overseas, covering markets such as Thailand, Malaysia, and Japan [2] - The brand has over 10 million registered members, with a customer demographic primarily consisting of women aged 18-30 [2] Strategic Development - TOP TOY's growth strategy includes a dual approach of self-owned IP and licensed IP, with 30% of its products being self-owned IP, which has a gross margin of 65% [4] - The brand's product matrix includes a diverse range of items, such as figurines and 3D models, and it has successfully built a multi-layered IP matrix [4][5] Competitive Landscape - TOP TOY and Pop Mart represent two distinct business models in the潮玩 market, with TOP TOY focusing on an open platform strategy leveraging licensed IP, while Pop Mart emphasizes a closed ecosystem centered around self-owned IP [8] - The strategic differences between the two companies influence their growth paths and profitability, with TOP TOY rapidly expanding through a "borrowed" strategy while Pop Mart focuses on long-term IP value [9] Future Plans - The funds raised from the IPO will be used to enhance the IP matrix, improve global channel layouts, strengthen brand building, and enhance supply chain capabilities [9]

Core Viewpoint - TOP TOY International Group Limited has submitted its IPO application to the Hong Kong Stock Exchange, with expectations of strong growth in the collectible toy market, driven by its unique positioning and expansion strategies [1][2]. Company Performance - TOP TOY's revenue for the years 2022, 2023, and 2024 is projected to be 679 million, 1.461 billion, and 1.909 billion RMB respectively, with operating profits improving from a loss of 37 million RMB in 2022 to a profit of 396 million RMB in 2024 [3]. - In the first half of this year, TOP TOY reported revenue of 1.36 billion RMB and a gross profit of 441 million RMB, indicating a positive trend in operational performance [3]. Market Position and Growth - TOP TOY is recognized as the fastest-growing collectible toy brand in China, with a compound annual growth rate (CAGR) of over 50% in GMV from 2022 to 2024 [3]. - The company has expanded its store count to 299, including 15 overseas locations primarily in Southeast Asia [4]. IP Strategy - TOP TOY currently holds 17 proprietary IPs and 43 licensed IPs, with revenue from licensed IPs significantly surpassing that from proprietary IPs [4][5]. - The company has seen a rise in IP licensing fees, increasing from 8.718 million RMB in 2022 to 32.78 million RMB in 2024, indicating a growing reliance on licensed IPs for revenue [5]. Original IP Development - TOP TOY is focusing on enhancing its original IP portfolio, with successful launches of new IPs this year, such as 'Right Right Sauce,' which generated over 10 million RMB in sales within a month [6]. - The company has made strategic acquisitions of IPs like 'Glutinous Rice' and 'Moldy,' with expectations for significant revenue growth from these assets [7]. Market Outlook - The collectible toy market in China is projected to grow from 20.7 billion RMB in 2019 to 58.7 billion RMB in 2024, with a CAGR of 23.2% [8]. - The potential for growth in the IP sector is substantial, with a significant gap in consumer awareness and engagement compared to markets like Japan and North America [8][9]. - TOP TOY aims to differentiate itself from competitors like Pop Mart by adopting a unique market strategy and expanding its overseas presence, which remains an area of growth potential [9].

Core Viewpoint - TOP TOY International Group Limited has submitted its IPO application to the Hong Kong Stock Exchange, with expectations of strong growth in the collectible toy market, driven by its unique positioning and expansion strategy [1][6]. Company Overview - TOP TOY is a collectible toy brand under Miniso Group, established to tap into the "interest consumption" trend amid Miniso's financial struggles [5]. - The company has shown significant revenue growth, with projected revenues of 6.79 billion, 14.61 billion, and 19.09 billion RMB for 2022, 2023, and 2024 respectively [6]. Financial Performance - TOP TOY's operating profit has improved from a loss of 0.37 billion RMB in 2022 to a profit of 2.90 billion RMB in 2023 and 3.96 billion RMB in 2024 [6]. - The company reported a revenue of 13.6 billion RMB in the first half of this year, with a gross profit of 4.41 billion RMB [6]. Market Position and Growth - TOP TOY is recognized as the fastest-growing collectible toy brand in China, with a compound annual growth rate (CAGR) of over 50% from 2022 to 2024 [6]. - The company has expanded its store count to 299, including 15 overseas locations primarily in Southeast Asia [6]. IP Strategy - TOP TOY relies heavily on licensed IP for revenue, with licensing fees increasing from 8.72 million RMB in 2022 to 32.78 million RMB in 2024 [7]. - The company is focusing on developing its own IP, with successful launches of original IPs that have garnered significant consumer interest [7][8]. Market Potential - The collectible toy market in China is projected to grow from 207 billion RMB in 2019 to 587 billion RMB by 2024, with a CAGR of 23.2% [10]. - There is a significant growth opportunity for IP consumption in China, with current penetration rates much lower than in developed markets [11]. Competitive Landscape - The market is expected to remain competitive, with no single player dominating, and TOP TOY aims to differentiate itself from competitors like Pop Mart [11]. - The company is also exploring international markets, with revenue from outside mainland China increasing from 0 to 52.5 million RMB in the first half of 2025 [12].

Core Viewpoint - TOP TOY International Group Limited has submitted its IPO application to the Hong Kong Stock Exchange, with expectations of strong growth in the collectible toy market, driven by its unique positioning and expanding IP portfolio [2][9]. Company Overview - TOP TOY is a subsidiary of MINISO Group, focusing on collectible toys and operates independently from MINISO, which emphasizes daily consumer goods [3]. - The company was established in 2020, with its first store opening in Guangzhou, aiming to tap into the "interest consumption" trend amid MINISO's financial struggles [3][4]. Financial Performance - TOP TOY's revenue for 2022, 2023, and 2024 is projected to be 679 million, 1.461 billion, and 1.909 billion RMB, respectively, with operating profits turning positive in 2023 and 2024 [5]. - In the first half of this year, the company reported revenue of 1.36 billion RMB and a gross profit of 441 million RMB, indicating a positive trend in operational performance [5]. Market Position and Growth - TOP TOY is recognized as the fastest-growing collectible toy brand in China, with a compound annual growth rate (CAGR) of over 50% in GMV from 2022 to 2024 [5]. - As of September 2025, the company plans to operate 299 stores, including 15 overseas, primarily in Southeast Asia [6]. IP Strategy - The company relies heavily on licensed IP for revenue, with licensing fees increasing from 8.718 million RMB in 2022 to 32.78 million RMB in 2024, and further rising to 19.711 million RMB in the first half of this year [7]. - TOP TOY is actively developing its own IP, with successful launches in 2023, including the "Yoyo" series, which generated over 10 million RMB in sales within a month [8]. Market Outlook - The collectible toy market in China is expected to grow from 20.7 billion RMB in 2019 to 58.7 billion RMB by 2024, with a CAGR of 23.2% [9]. - The market is anticipated to continue expanding, with significant potential for new entrants and diverse IP offerings [10].