TOP TOY International Group Limited ("TOP TOY"), a collectible toy brand, submitted a listing application to the Main Board of The Stock Exchange of Hong Kong Limited on March 31, 2026. J.P. Morgan and UBS AG are acting as the joint sponsors.
This marks the company's second attempt, following the lapse of its initial application dated September 26, 2025. A successful spin-off listing would establish TOP TOY as an independently listed subsidiary brand under the MINISO Group Holding Limited.
**Core Business Operations**
Established in 2020, TOP TOY operates as a collectible toy brand within the MINISO Group. According to a Frost & Sullivan report, based on 2025 Gross Merchandise Value (GMV) in mainland China, TOP TOY is recognized as the largest and fastest-growing collectible toy retailer in China.
The company's core strategy focuses on maximizing IP value through an integrated platform encompassing IP development, product design, supply chain management, and omni-channel sales. Its product portfolio includes action figures, 3D assembly models, plush toys, and blind boxes, among other categories.
By the end of 2025, TOP TOY achieved a GMV of 4.2 billion yuan in mainland China, with self-developed products contributing over 55% of revenue—the highest proportion among comparable collectible toy retailers in China.
TOP TOY's business model is structured around a three-tier IP matrix comprising proprietary IP, licensed IP, and third-party IPs, catering to diverse consumer segments through a wide array of intellectual property resources.
As of March 2026, the company's IP ecosystem includes 24 proprietary IPs and 42 licensed IPs, supported by a network of over 660 third-party IPs. It maintains deep collaborative relationships with internationally renowned licensors such as Sanrio, Disney, and Crayon Shin-chan, sustaining brand momentum through co-branded product releases.
In the proprietary IP segment, leveraging MINISO's creative capabilities, TOP TOY has achieved notable breakthroughs. The launch of the proprietary IP "YOYO" in June 2024 led to global sales exceeding 100 million yuan within six months of its product release in the latter half of the year. In the first quarter of 2026, YOYO product sales reached 165 million yuan, averaging 50 million yuan monthly. Management projections indicate domestic sales for YOYO could surpass 600 million yuan in 2026, with total global sales potentially entering the "billion-yuan club" when including overseas markets.
Another successful proprietary IP, "NOMMI," has achieved annual sales exceeding 200 million yuan. MINISO has secured a pipeline reserve of 30-40 proprietary IPs sourced globally from regions including South Korea, Japan, and Thailand, with some already progressing from creative design to product development for future market release.
Regarding product structure, action figures constitute the primary revenue source, accounting for approximately 60-70% of total sales revenue. Plush toys represent the fastest-growing category, contributing over 10% of revenue with a continuing upward trend. Frost & Sullivan forecasts the market share of plush toys within China's collectible toy industry to increase from 20.0% in 2025 to 41.7% by 2030, establishing it as the sector's most significant growth segment.
TOP TOY emphasizes secondary creation and localized innovation, collaborating with suppliers to adapt licensed IPs for local markets, thereby unlocking new potential and extending product lifecycles. This "IP plus category innovation" strategy effectively enhances product differentiation and competitiveness.
The company has established an omni-channel sales network centered on physical stores, with offline sales contributing nearly 90% of revenue. By the end of 2025, TOP TOY operated 334 stores, a net increase of 58 from the previous year, comprising 304 locations in mainland China and 30 overseas. Store formats include flagship stores (averaging 870 square meters), standard stores (averaging 240 square meters), and pop-up stores, catering to various commercial districts and consumer scenarios.
TOP TOY employs an efficient partnership model, with 70 partners managing an average of 3.6 stores each as of the first half of 2025. Partner stores and distributors collectively contribute over 70% of the company's revenue. Additionally, TOP TOY has amassed more than 12 million registered members, representing one of the largest membership bases in the collectible toy industry.
Internationally, TOP TOY initiated its global strategy in 2024, expanding into markets including Malaysia, Indonesia, Thailand, and Japan. Overseas revenue for 2024 and the first half of 2025 reached 11.81 million yuan and 52.48 million yuan, respectively. The company plans for overseas sales to constitute over 50% of total revenue within five years, targeting the opening of more than 1,000 stores across 100 key global commercial districts.
**Financial Performance**
Disclosed prospectus figures reveal rapid revenue growth for TOP TOY. Annual revenues for 2023, 2024, and 2025 were approximately 1.461 billion yuan, 1.909 billion yuan, and 3.587 billion yuan, respectively. The 2025 revenue represents a significant acceleration, growing 87.9% year-over-year compared to 30.6% growth in 2024, indicating an accelerated expansion phase.
Collectible toy sales accounted for 3.488 billion yuan, or 97.2% of total revenue in 2025. By sales channel, revenue from offline distributors constituted 2.044 billion yuan (57.0%), franchisees contributed 678 million yuan (18.9%), directly operated stores generated 444 million yuan (12.4%), and online sales accounted for 276 million yuan (7.7%). This structure highlights the business model's heavy reliance on offline distribution and franchise channels, suggesting substantial growth potential for online operations.
Annual profits for 2023, 2024, and 2025 were 212 million yuan, 294 million yuan, and 101 million yuan, respectively. The 2025 profit declined 65.6% compared to 2024. The prospectus attributes this decrease primarily to increased share-based payment expenses and changes in the carrying value of redemption liabilities related to preferred shares, characterizing these as pre-listing accounting adjustments not indicative of a deterioration in core operational performance.
Gross profit margins remained relatively stable at 31.4%, 32.7%, and 32.1% for 2023, 2024, and 2025, respectively. Maintaining margins around 32% is considered reasonable within the industry, with potential for further optimization as the proportion of proprietary IP increases and scale effects materialize.
Customer concentration is notably high. Revenue from the top five customers accounted for 76.5%, 66.2%, and 59.5% of total revenue for the years ending December 31, 2023, 2024, and 2025, respectively. The largest customer, MINISO Group, contributed 53.5%, 48.3%, and 45.5% of revenue during the same periods. While concentration shows a yearly declining trend, it remains elevated, underscoring a significant reliance on the affiliated company MINISO.
According to Frost & Sullivan, China's collectible toy industry reached a market size of 87.5 billion yuan by GMV in 2025, with the top five retailers holding a combined market share of 32.5%, indicating a relatively fragmented landscape. TOP TOY ranks second in the Chinese collectible toy industry with a 4.8% market share. Among the top five retailers, TOP TOY leads in both GMV and store count growth based on the compound annual growth rate from 2020 to 2025.
**Ownership Structure**
As of March 22, 2026, MINISO holds 880,000,000 shares in TOP TOY, representing approximately 86.9% of the total issued share capital. This confers absolute controlling interest, with TOP TOY expected to continue operating as a controlled subsidiary of MINISO post-listing.
Ultimate control of MINISO, and consequently TOP TOY, rests with Mr. Ye Guofu and his spouse, Ms. Yang Yunyun, through a series of offshore holding vehicles. The couple collectively holds approximately 63.7% of MINISO's issued shares via entities including Mini Investment Limited, YGF MC Limited, YGF Development Limited, YGF MN Limited, YY Capital Ltd., YYY MC Limited, and YYY Development Limited. Therefore, Mr. Ye, Ms. Yang, their controlled offshore entities, and MINISO are considered a single group of controlling shareholders. Mr. Ye serves as Chairman and CEO of MINISO and Chairman of TOP TOY.
Beyond MINISO, TOP TOY has attracted other strategic investors. The company secured approximately $59.4 million in investment from institutions including Temasek in July 2025, resulting in a post-money valuation of around $1.3 billion. Additional shareholders include an employee equity incentive platform (approx. 3.7%), founder Mr. Sun Yuanwen (approx. 3.9%), and CFO Ms. Yan Xiaojiao (approx. 0.8%), contributing broader resources and governance structure.
**Management and Governance**
TOP TOY's board comprises seven directors: two executive directors, two non-executive directors, and three independent non-executive directors. The board primarily consists of core management from the MINISO Group, reflecting parental dominance at the governance level.
Founder and CEO Mr. Sun Yuanwen, aged 34, leveraged prior operational experience at Uniqlo to establish the TOP TOY brand in October 2020. Under his leadership, the brand grew to become China's largest and fastest-growing collectible toy retailer within five years.
CFO Ms. Yan Xiaojiao, 39, brings experience from KPMG audits and financial management roles at MINISO. Her expertise in financial management and listing compliance is expected to support TOP TOY's independent listing and subsequent capital operations.
In a recent earnings presentation, Mr. Ye emphasized MINISO's dual-strategy of pursuing both international and proprietary IPs for parallel development. He summarized the company's approach to third-party and proprietary IPs as "multi-IP, multi-category, globalization." Mr. Ye also disclosed the establishment of a dedicated IP business team responsible for end-to-end IP management, covering creative incubation, product development, and omni-channel operations.
**Professional Advisors**
For the listing, TOP TOY appointed J.P. Morgan Securities (Far East) Limited and UBS Securities Hong Kong Limited as joint sponsors.
Legal advisors include Skadden, Arps, Slate, Meagher & Flom LLP (Hong Kong and U.S. law counsel for the company), JunHe LLP (PRC law counsel for the company), and Maples and Calder (Hong Kong) LLP (Cayman Islands law counsel for the company). Clifford Chance acts as Hong Kong and U.S. law counsel for the joint sponsors, with King & Wood Mallesons serving as PRC law counsel for the joint sponsors.
KPMG serves as the reporting accountant and independent auditor, while Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch acts as the industry consultant. SBP Capital Limited is the compliance advisor.
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