New stock news | TOP TOY applies to the Hong Kong Stock Exchange for the second time. The compound annual growth rate of GMV in the past three years exceeds 50%.

According to the disclosure by the Hong Kong Stock Exchange on March 31, TOP TOY International Group Limited (TOP TOY) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with J.P. Morgan and UBS as its joint sponsors. This is the second time the company has submitted an application to the Hong Kong Stock Exchange, having previously submitted a listing application on September 26, 2025. Company Overview The prospectus shows that TOP TOY is the largest and fastest-growing collectible toy brand in China. The company focuses on maximizing the value of intellectual property (IP) and has built an integrated platform covering all key aspects of the industry value chain. Its product matrix includes action figures, 3D assembly models, and plush toys. During the reporting period, the majority of the company's revenue came from mainland China. In 2025, the company achieved a GMV of RMB 4.2 billion in mainland China, with over 55% of revenue from self-developed products, making it the highest among Chinese collectible toy brands. The company's IP portfolio is based on its ability to develop its own IP and attract collaborations with renowned IP partners. Currently, the company owns 24 proprietary IPs and has 42 licensed IPs. According to Frost & Sullivan, from 2023 to 2025, the company's GMV compound annual growth rate exceeded 50%, making it the fastest-growing collectible toy brand in China. Through a diversified IP strategy, the company has built a rich and high-quality IP resource pool, creating a multi-level and continuously expanding IP matrix that includes self-owned IP, licensed IP, and third-party IP. By continuously launching self-owned IPs and collaborating with well-known licensors such as Sanrio, Disney, and Crayon Shin-chan, the company aims to meet the diverse needs of all consumer groups. The core of the company's products is self-developed products based on its own IP and collaborations with well-known IP licensors. In addition, the company directly procures products through supplier agreements to enrich its product range. These products are sold directly or co-created with suppliers with the necessary IP licenses. The company's customers mainly include TOP TOY partners, distributors, and consumers. As of the end of the fiscal years 2023, 2024, and 2025, the revenue from the top five customers in each respective period accounted for 76.5%, 66.2%, and 59.5% of the company's total revenue for those periods. Financial Data Revenue In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 1.461 billion, RMB 1.909 billion, and RMB 3.587 billion respectively. Profit In the fiscal years 2023, 2024, and 2025, the company recorded annual profits of RMB 212 million, RMB 294 million, and RMB 101 million respectively. Gross Profit Margin In the fiscal years 2023, 2024, and 2025, the company's gross profit margin was 31.4%, 32.7%, and 32.1% respectively. Industry Overview The entertainment goods industry refers to a series of industries centered around physical goods based on IP. The global market size of the entertainment goods industry grew from USD 49.8 billion in 2020 to USD 106.5 billion in 2025, with a compound annual growth rate of 16.4%. Looking ahead, the industry is expected to benefit from the continued global expansion of IP, the deepening of category diversification, and a deeper market penetration among a diversified customer base. The market size is expected to reach USD 314.8 billion by 2030, with a compound annual growth rate of 20.5% from 2026 to 2030. China is one of the fastest-growing and most dynamic markets. The market share of the Chinese entertainment goods industry in the global market increased from 11.5% in 2020 to 16.9% in 2025. Looking ahead, with the continued rise of local IPs and the ongoing innovation in e-commerce and immersive retail, the market share of the Chinese entertainment goods industry in the global market is expected to reach 20.8% by 2030. Collectible toys with high value are referred to as "trendy toys." Categorized by product type, trendy toys can be divided into action figures, 3D assembly models, plush toys, and others. The Chinese trendy toy industry is experiencing rapid growth, with retail sales increasing from RMB 24.9 billion in 2020 to RMB 87.5 billion in 2025, achieving a strong compound annual growth rate of 28.6%. As IPs penetrate into diverse product categories, consumer experiences are gradually evolving into immersive, multi-sensory interactive experiences. The industry is expected to grow from RMB 126.4 billion in 2026 to RMB 331 billion in 2030, with a compound annual growth rate of 27.2%. Plush toys and action figures are the core growth segments. The growth of plush toys is mainly driven by emotional resonance and visual appeal in daily life scenes, while their multifunctional use drives this growth trend. The growth of action figures is due to their collectible value, exquisite craftsmanship, and emotional connection with well-known characters. 3D assembly models will remain a mainstream category in the Chinese trendy toy industry. These products usually have a high level of creativity and re-play value, so 3D assembly models are expected to maintain their core market position in the future trendy toy industry. Therefore, in terms of retail sales, the market share of plush toys in the Chinese trendy toy industry is expected to increase from 20.0% in 2025 to 41.7% in 2030. By GMV in 2025, the market size of the Chinese trendy toy industry reached RMB 87.5 billion. Among the top five trendy toy retailers in China by GMV, the market share of the top five players collectively reached 32.5%, indicating a relatively fragmented market landscape. In 2025, the company ranked second in the Chinese trendy toy industry with a GMV of RMB 4.2 billion, holding a market share of 4.8%. Among the top five trendy toy retailers in the Chinese trendy toy industry by GMV, from 2020 to 2025, the company ranked first in terms of GMV growth and store count growth. Board of Directors Information The company's board of directors consists of 7 members, including 2 executive directors, 2 non-executive directors, and 3 independent non-executive directors. Ownership Structure As of March 22, 2026, MNSO owns equity in 880,000,000 shares, representing approximately 86.9% of the total issued share capital of the company. Mr. Ye (Chairman of the Board, Executive Director and Chief Executive Officer of MNSO) and Ms. Yang Yunyun (Mr. Ye's spouse) jointly hold equity and control in 789,541,061 of MNSO's ordinary shares through various offshore holding vehicles (Mini Investment Limited, YGF MC Limited, YGF Development Limited, YGF MN Limited, YY Capital Ltd., YYY MC Limited, and YYY Development Limited), accounting for 63.7% of the total issued shares of MNSO. Therefore, Mr. Ye, Ms. Yang, Mini Investment, YGF MC, YGF Development, YGF MN, YY Capital, YYY MC, and YYY Development will be considered the controlling shareholders of the company after compilation, together with MNSO. Intermediary Team Joint sponsors: UBS Securities Hong Kong Limited, J.P. Morgan Securities (Far East) Limited Company's Legal Advisors: Sidley Austin LLP (Hong Kong and U.S. law), JunHe Law Office (China law), Maples and Calder (Hong Kong) LLP (Cayman Islands law) Legal Advisors to the Joint Sponsors: Clifford Chance (Hong Kong and U.S. law), King & Wood Mallesons (China law) Reporting Accountant and Independent Auditor: KPMG Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch Compliance Advisor: SOMERLEY CAP Limited