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].