来源：市场资讯 （来源：伯虎财经） 泡泡玛特刮起潮玩赛道的风还没停止。 9月26日，名创优品旗下潮玩品牌TOP TOY向港交所递交招股书，正式冲击港股主板上市，计划募资约 3亿美元。公司称，募资的主要用途为丰富IP矩阵、深化全球市场全渠道布局、品牌营销、提升数字化 能力等。 在潮玩行业，TOP TOY是典型的 "晚到者。泡泡玛特、卡游、布鲁可、52TOYS,分别创立于2010年、 2011年、2014年和2015年，而TOP TOY，2020年才开出第一家门店。 但它的增速却不容小觑—— 尽管与行业头部的泡泡玛特仍有差距，但 "中国规模最大、增速最快的潮玩 集合品牌"（泡泡玛特所属品类为 "自有品牌零售商"，二者定位有差异）的标签，已凸显其市场想象空 间。 TOP TOY一路向前 TOP TOY成立于2020年，主要售卖自有IP、授权IP、他牌IP的产品，品类涵盖手办、3D拼装模型、搪 胶毛绒等。 公司旗下拥有17项自有IP，包括卷卷羊、大力招财、尼尼莫等；此外公司还与三丽鸥、米老鼠等经典IP 建立合作授权关系，借助成熟 IP 的粉丝基础快速打开市场。 据招股书披露，2024 年 TOP TOY GMV 达 ...

Core Viewpoint - The article highlights the contrasting performance of Pop Mart and Miniso in the new consumption sector, with Pop Mart continuing to thrive while Miniso faces volatility in its stock price and market perception [1][3]. Group 1: Company Performance - Pop Mart's stock price has increased by 37% since August, with a market capitalization exceeding 400 billion yuan [1]. - Miniso's market capitalization is currently less than 60 billion HKD, with a valuation of only 22 times earnings, indicating a lack of investor enthusiasm [3]. - In the first half of 2025, Miniso reported revenue of 9.393 billion yuan, a year-on-year increase of 21.1%, but its net profit dropped nearly 20% [4]. Group 2: Store Expansion and Revenue - Miniso opened 554 new stores overseas in the first half of 2025, nearly three times the number of new stores opened in mainland China [4]. - As of June 30, 2025, Miniso had a total of 7,612 stores globally, with 3,307 located overseas [5]. - Approximately 75% of Miniso's new stores in the past year were opened overseas, highlighting its focus on international expansion as a key growth driver [5]. Group 3: IP and Brand Strategy - The significant difference in performance between Pop Mart and Miniso can be attributed to their respective approaches to intellectual property (IP) [3]. - Pop Mart's revenue for the first half of 2025 reached 13.876 billion yuan, 1.5 times that of Miniso, with a year-on-year growth of 204.4% [13]. - Pop Mart's gross profit margin was 70.3%, compared to Miniso's 44.3%, showcasing the impact of brand premium and IP operations [14]. Group 4: Challenges and Future Outlook - Miniso's reliance on a retail store model for growth may limit its performance potential, as increasing store density can lead to diminishing returns [6][10]. - The company faces challenges in transforming its business model and effectively leveraging IP to enhance store performance [12][29]. - Miniso has been gradually shifting towards original IP development, with plans to increase investment in this area, which could lead to greater growth if successful [28][31].

Core Viewpoint - The global潮玩 (trendy toy) market is undergoing a significant restructuring, with companies like TOP TOY and泡泡玛特 (Pop Mart) showing remarkable growth, indicating a rapid expansion phase in China's潮玩 industry [1][2][3] Group 1: Company Performance - TOP TOY reported a revenue of 400 million yuan in Q2 2025, marking an impressive year-on-year increase of 87.0%, significantly surpassing the industry average growth rate [2] -泡泡玛特's Labubu IP generated 34.7% of its revenue in the first half of 2025, with a staggering year-on-year growth of 726.6% [2] -泡泡玛特 achieved a gross margin of 70.3%, well above the traditional toy companies' range of 20-30%, due to premium pricing and exclusive strategies [2] Group 2: Market Expansion - TOP TOY has expanded its store count to 293, with 283 located in mainland China, and achieved a total GMV of 1.05 billion yuan in the first half of 2025 [2] -泡泡玛特's overseas revenue surged by 440%, accounting for 40% of its total revenue, with the U.S. and European markets experiencing a growth rate of 480% [2][3] Group 3: Strategic Investments -淡马锡's investment in TOP TOY reflects a long-term investment perspective, recognizing the potential of the Chinese潮玩 market and the global expansion capabilities of名创优品 (Miniso) [3] -名创优品's total revenue reached 4.97 billion yuan in Q2 2025, with a year-on-year growth of 23.1%, and overseas revenue making up 42.6% of its total income [3] Group 4: Future Trends -泡泡玛特 aims to increase its overseas revenue share to 65% by 2027, while also diversifying into new business areas such as theme parks and animation content [6][7] -名创优品 plans to promote 100 Chinese IPs globally, enhancing its brand presence and cultural export [6][7]

Core Insights - TOP TOY's first store in Japan opened in Ikebukuro, Tokyo, achieving sales of over 11 million yen (approximately 530,000 RMB) on its first day, indicating strong overseas expansion momentum [1] - The company recently completed a strategic financing round led by Temasek, resulting in a post-investment valuation of 10 billion HKD [1] - TOP TOY is enhancing its proprietary IP matrix through strategic acquisitions, including well-known IPs Nommi and MayMei, which is crucial for building a "professional trendy toy IP ecosystem" [1][2] Financial Performance - The first-day sales of TOP TOY's Japan store reached over 11 million yen, showcasing the brand's potential in international markets [1] - Nommi, launched in September last year, has already generated over 100 million RMB in revenue [1] Strategic Initiatives - The acquisition of Nommi and MayMei strengthens TOP TOY's capabilities in proprietary IP operation and content innovation [2] - Leveraging its mature supply chain, multi-channel sales network, and brand operation experience, TOP TOY aims to accelerate the productization and commercialization of these IPs [2] - This move reinforces TOP TOY's "IP + industry" dual-driven model and provides essential content support for building a more competitive trendy toy ecosystem [2]

Core Insights - TOP TOY's first store in Japan opened in Ikebukuro, Tokyo, achieving sales of over 11 million yen (approximately 530,000 RMB) on its first day, indicating strong overseas expansion momentum [1] - The company completed a strategic financing round led by Temasek, achieving a post-investment valuation of 10 billion HKD, reflecting market confidence in its business model and future prospects [1] - TOP TOY is enhancing its proprietary IP matrix through strategic acquisitions, including well-known IPs like "Nommi" and "MayMei," to strengthen its market position in the toy industry [2] Company Strategy - The acquisition of IPs is part of a long-term strategy to build a professional toy IP ecosystem, consolidating TOP TOY's leading position in the industry [2] - The company is focusing on integrating quality IP resources and creative capabilities to enhance its control over the entire process from design to commercialization [2] - TOP TOY's internal incubation efforts have successfully identified regional cultural IP values, exemplified by the "卷卷羊" IP, which has gained popularity in both domestic and international markets [3] Market Performance - The "Nommi" and "MayMei" IPs have accumulated significant market traction, with over 5 million units sold, showcasing their appeal to the target demographic of 18-25-year-old females [2] - The company's global toy product launch events exceeded 170 in the first half of 2025, featuring popular IP products that lead market trends [4] - The opening of the Ikebukuro store is positioned in a key cultural district, attracting significant consumer interest and validating TOP TOY's strategy of combining global and local IPs [5] Future Outlook - The recent financing will be used to expand the proprietary IP matrix, strengthen the supply chain, and accelerate global market expansion [6] - TOP TOY plans to continue its "incubation + acquisition + collaboration" strategy to create a comprehensive ecosystem covering IP creation, production, sales, and fan engagement [6]

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]

Core Insights - MINISO has officially entered the潮玩 (trendy toy) IP market, signaling a strategic shift from a retail company to an IP operation platform [3][5][15] - The company's Q2 revenue increased by 23.1% year-on-year to 4.97 billion yuan, with adjusted net profit rising by 10.6% to 690 million yuan [5][6] - The rise in stock prices, with a 6.38% increase in the US market and a 20.58% surge in Hong Kong, reflects strong market confidence in MINISO's new direction [6][19] Strategic Leap - MINISO's transformation involves a dual approach of leveraging top-tier licensed IPs and developing proprietary IPs, enhancing its market position [14][15] - The company has collaborated with over 150 globally recognized IPs, including Disney and Hello Kitty, since 2016, significantly boosting its brand value [10][11] - The launch of MINISO LAND stores, which provide immersive shopping experiences, has contributed to substantial sales growth, with one store achieving over 100 million yuan in sales within nine months [16][17] Value Reconstruction - MINISO's self-owned IP development has become a key focus, with successful launches like the "吉福特家族" series generating over 200 million yuan in sales [12][15] - The company has established a comprehensive global supply chain and channel operations, allowing for effective IP value release [15][16] - The strategic shift towards self-owned IPs is expected to enhance MINISO's valuation, potentially aligning it with the success of competitors like Pop Mart [19][20] Future Outlook - The潮玩 market is anticipated to grow significantly over the next decade, driven by consumer demand for emotional value over functional attributes [20][25] - MINISO and Pop Mart are positioned to jointly promote Chinese潮玩 culture globally, expanding the consumer base and market education [21][22] - The evolution of MINISO from a retail-focused entity to an IP ecosystem platform reflects a broader trend in the Chinese market, moving from low-cost manufacturing to cultural premiumization [24][25]

公司发布 2025 上半年业绩公告。2025H1 公司实现营业收入 93.9 亿元，同比增长 21.06%，实现 净利润 9.06 亿元，同比下滑 23.1%，实现经调整归母净利润 12.8 亿，同比增长 3%。2025Q2 公司 实现营业收入 49.66 亿元，同比增长 23%，实现净利润 4.9 亿元，同比下降 16.67%，实现经调整 净利润 6.9 亿元，同比增长 10.6%。调整项主要包含收购永辉股权的银行贷款的利息开支、与股 票挂钩证券有关的利息开支以及分占永辉亏损等。 ► 25Q2 收入增长环比提速，国内及海外同店持续向好 证券研究报告|港股公司点评报告 [Table_Date] 2025 年 08 月 25 日 [Table_Title] Q2 盈利能力环比改善，发力自有 IP 矩阵 [Table_Title2] 名创优品(9896.HK) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 9896 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价(港元)： | 51.05/25.05 | | 目标价格(港元 ...

Core Viewpoint - The潮玩 industry remains vibrant, with TOP TOY achieving significant growth and attracting investment, indicating a strong market presence and potential for future expansion [4]. Group 1: Business Performance - In Q2 of this year, TOP TOY reported revenue of 400 million yuan, representing a year-on-year growth of 87.0%, with a total of 293 stores [6]. - TOP TOY has launched over 170 new products globally in the first half of the year, enhancing its product competitiveness and brand influence [6]. - The company has introduced its own IP, Nommi, into its portfolio, joining existing original IPs like卷卷羊, thereby strengthening its IP asset library [6]. Group 2: IP Development - TOP TOY established a joint venture with HITOY to operate IPs like Nommi and Maymei, focusing on unique character designs and storytelling [6]. - Nommi features a healing style with a unique movable eye structure, while Maymei embodies optimism and resilience, appealing to diverse consumer preferences [6][7]. - Since its launch in 2024, the combined global sales of Nommi and Maymei have exceeded 100 million yuan, with Nommi consistently ranking among the top three in sales for TOP TOY's rubber plush series [7]. Group 3: Future Strategy - TOP TOY aims to continue leveraging differentiated products and deep IP operations to attract a loyal and high-spending customer base [7]. - The company is focused on promoting the "Chinese潮玩 paradigm" globally and enhancing the潮玩 industry ecosystem, solidifying its position as a leader in the潮玩 sector [7].

Core Insights - MINISO reported a total revenue of 4.97 billion yuan for Q2 2025, marking a year-on-year increase of 23.1% with a gross margin of 44.3% [1] - The company announced an interim dividend of $0.29 per ADS, with total share buybacks and dividends amounting to approximately 1.07 billion yuan, representing 84% of adjusted net profit [1] Revenue Growth - The MINISO brand achieved total revenue of 4.56 billion yuan in Q2 2025, a 19.5% year-on-year increase, with domestic revenue at 2.62 billion yuan (up 13.6%) and overseas revenue at 1.94 billion yuan (up 28.6%) [2] - The number of domestic stores reached 4,305, with a net increase of 30 stores in the quarter, while overseas stores totaled 3,307, with a net increase of 94 stores [2] Store Performance - Same-store sales in the domestic market showed positive growth, with the number of franchisees reaching a historical high [2] - The MINISO LAND concept stores have achieved significant sales performance, with the flagship store in Shanghai generating over 100 million yuan in sales within nine months [3] Global Expansion - MINISO continues to accelerate its global expansion, opening flagship stores in high-potential markets such as South Korea, Australia, and Thailand [3] - In the U.S. market, new stores have shown a sales performance 1.5 times that of older stores, with revenue growth exceeding 80% year-on-year in Q2 [3] E-commerce Growth - The instant retail channel experienced a 53% year-on-year sales increase in the first half of the year, with 12 product categories exceeding 10 million yuan in sales [4] IP Strategy - The company reported a gross margin of 44.3% in Q2 2025, reflecting enhanced brand strength through diversified IP strategies [5] - MINISO has established partnerships with top international IPs like Disney and Sanrio, while also signing nine emerging original toy artists to expand its IP portfolio [5][6] Future Outlook - The CEO emphasized the importance of deepening IP collaborations and building a sustainable growth model through differentiated and high-impact IP strategies [6]