MINISO-owned toy brand TOP TOY has joined the race for a Hong Kong listing, submitting a prospectus to the Hong Kong Stock Exchange on September 26. The move comes after fellow Chinese toy firm 52TOYS filed for its Hong Kong IPO in June, highlighting continued momentum in the global toy sector.
Listing Details & Strategic Role
TOP TOY’s IPO application targets a main board listing, with J.P. Morgan, UBS, and CITIC Securities serving as joint sponsors. This spin-off listing marks a key step in MINISO’s “dual-brand strategy” led by founder Ye Guofu, following MINISO’s dual listings in Hong Kong and the U.S. in 2022. If successful, TOP TOY will become the second publicly traded entity under Ye’s business empire.
Financial Performance
The brand has demonstrated strong growth in recent years. Between 2022 and 2024, its annual revenue rose from RMB 679 million ($93.5 million) to RMB 1.91 billion ($262.4 million), representing a 67.7% compound annual growth rate (CAGR). In the first half of 2025, , based on the latest financial data, revenue jumped 58.5% year-on-year to RMB 1.36 billion ($187.3 million), up from RMB 858 million ($117.8 million) in the same period of 2024.
Profitability turned positive in 2023. TOP TOY posted net profits of RMB 212 million ($29.1 million) in 2023 and RMB 294 million ($40.5 million) in 2024. H1 2025 saw net profit climb to RMB 180 million ($24.7 million), compared to RMB 142 million ($19.5 million) in H1 2024.
Gross margins have also improved steadily, reaching 19.9% (2022), 31.4% (2023), 32.7% (2024), and 32.4% (H1 2025).
Business Scale & Customer Base
Launched in December 2020 as a “global toy collection store,” TOP TOY opened its first outlet in Guangzhou’s Zhengjia Plaza. It has since grown into China’s largest and fastest-growing toy collection brand. In 2024, its gross merchandise volume (GMV) in mainland China hit RMB 2.4 billion ($330.1 million), with a GMV CAGR exceeding 50% from 2022 to 2024—making it the fastest-growing Chinese toy brand to surpass the RMB 1 billion ($137.5 million) GMV mark, per Frost & Sullivan data.
As of September 19, 2025, TOP TOY operates 299 stores in mainland China and 15 overseas locations, covering markets like Thailand, Malaysia, Indonesia, and Japan. It had over 10 million registered members as of June 30, 2025—one of the largest membership bases in the toy industry. Its average customer spend stands at around RMB 56 ($7.7), with a 38% repurchase rate. Core customers are females aged 18-30.
Online sales have expanded, accounting for 8.8% of total revenue in H1 2025, up from less than 5% in 2024. Platforms like Douyin and Tmall drive this growth.
IP Strategy & Product Focus
TOP TOY’s development is tied to MINISO’s strategic layout, with post-90s entrepreneur Sun Yuanwen leading it as founder and CEO since its internal launch in June 2020. Sun, with 8 years in retail, aims to address two industry pain points identified in pre-launch research: niche market positioning and high prices. The brand’s goal is to create an affordable, diverse toy platform for young consumers.
Initially reliant on licensed IP, TOP TOY has shifted to a “self-owned IP + licensed IP” model. As of September 19, 2025, it holds 17 self-owned IPs (e.g., “Juanjuan Yang,” “Nuomi’er,” “Dali Zhaocai”) and 43 licensed IPs (e.g., Disney, Sanrio, Gundam, Honor of Kings). Self-owned IPs contribute 30% of sales with a 65% gross margin, while licensed IPs make up 50%, leveraging established traffic to cut customer acquisition costs.
The brand emphasizes self-developed products, with nearly 50% of revenue coming from items co-designed under its own and licensed IPs— the highest ratio among Chinese toy collection brands, per Frost & Sullivan.
Development Phases
- 2020.12-2021 (Exploration Phase): Launched its 400 sqm flagship store in Guangzhou in December 2020, offering over 4,000 SKUs. By 2021, it expanded to 80+ stores and 130+ unmanned retail outlets across 30+ cities, amassing 3 million members.
- 2022-2023 (Adjustment Phase): Navigated pandemic impacts, turned profitable, and upgraded its Guangzhou Zhengjia store in December 2023 to enhance brand image.
- 2024-Present (High-Growth Phase): Grew store count from 148 to 276 in 2024. Entered Indonesia (August 2024, in-store format) and Thailand (October 2024, standalone store + pop-ups). Opened its global flagship in Shanghai’s Nanjing Road in March 2025.
IPO Fund Usage
TOP TOY plans to use IPO proceeds to expand its IP portfolio, strengthen global omni-channel presence, boost brand marketing, enhance supply chain and digital capabilities, and fund working capital.
