TOP TOY International Group Limited

ZHONGSHENJIANYE

FAMEGLOW

TJCD

HINSANG GROUP

JOLIMARK

ZXZN QI-HOUSE

MEGAIN

NEW GONOW RV

HAICHANG HLDG

SV VISION

25247

TOP TOY is positioning itself as a leader in the pop toy industry by targeting Gen Z and family consumers with a diverse product portfolio and strong IP capabilities. The company reported significant revenue growth, with a CAGR of 56.7% from 2023 to 2025, reaching RMB3.587 billion. TOP TOY has built a comprehensive value chain, covering IP incubation to consumer interaction, and boasts a robust IP matrix. Its omni-channel sales strategy enhances market reach, with 334 stores and 12 million registered members, driving strong brand engagement and profitability.

Asian Corporate Newswire

Proprietary IP Drives Growth, Overseas Business Accelerates Expansion - TOP TOY Vies for New Leadership in Pop Toy Industry

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Playmates Toys Sets 2026 AGM With Share Buyback and Issuance Mandates on Agenda

Tip Ranks

PLAYMATES TOYS

Playmates Toys Sets 2026 AGM With Share Buyback and Issuance Mandates on Agenda

09896

TOP TOY, a trendy toy brand under MNSO, has once again applied for listing on the Hong Kong Stock Exchange, with joint sponsors being JP Morgan and UBS. In 2025, TOP TOY's revenue reached 3.586 billion yuan, a year-on-year increase of 87.91%, but due to industry competition and R&D investment, net profit fell by 68.79% to 92.725 million yuan. The company stated that optimizing the business structure is crucial, with self-developed product revenue accounting for over 55%, which is vital for revenue and profit margin improvement. MNSO holds approximately 86.9% equity in TOP TOY

Tasty Money

MNSO

TOP TOY reapplies for Hong Kong listing, with nearly 70% less profit last year

TOP TOY plans to list on the Hong Kong Stock Exchange, expecting revenue to reach 3.6 billion in 2025, with net profit declining by 66% year-on-year. The company was established in 2020 and has expanded to over 80 cities, with a projected GMV of 4.2 billion in 2025, of which self-developed products account for 55%. Revenue from 2023 to 2025 is expected to be 1.461 billion, 1.9 billion, and 3.587 billion, with gross profit of 459 million, 624 million, and 1.152 billion. The decline in profit in 2025 is mainly due to increased share-based payment expenses

腾讯新闻 - 财经

TOP TOY rushes to the Hong Kong stock market: 2025 revenue of 3.6 billion, net profit down 66% year-on-year, valuation of 10 billion

07500

Hong Kong is experiencing a surge in IPO applications, with 16 new and refiled submissions, including Top Toy, indicating a strong push to attract capital despite competition. The filings, disclosed by HKEX, highlight a focus on hard-tech sectors like integrated circuits and robotics. Hong Kong ranked first globally for IPO proceeds in Q1, raising $13.3 billion. Despite market volatility, investor sentiment remains positive, with expectations of around 100 new listings in the first half of the year, potentially raising $10 billion. However, only half of the active applications may proceed to pricing due to a selective environment.

SCMP

SPDR S&P Semicon

VG Financial

FI2 CSOP HSI

Hong Kong Exchanges and Clearing (HKEX)

HKEX

Yinhua CSI All Share Investment Banking & Brokerage ETF

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

Invesco Semiconductors ETF

CSOP HSI ETF

ChinaAMC Guozheng Semiconductor Chip ETF

GTJA Allianz SSE STAR Chip Design Thematic ETF

Guotai CES Semiconductor Chip Industry ETF

Guotai CSI All Share Investment Banking & Brokerage ETF

China Southern CSI Semiconductor Industry Custom ETF

VanEck Semiconductor ETF

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Direxion Semicon Bull 3X

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

Guotai CSI Computer Theme ETF

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

ISHARESHSI

iShares Semiconductor ETF

Hong Kong tightens grip on IPO crown as filings surge and pipeline grows

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Pop Mart International Group Limited (735) has received a Buy rating from Huachuang Securities, with a price target of HK$319.85, while its shares closed at HK$216.20. Additionally, TipRanks also issued a Buy rating for the company, although TipRanks – Google maintained a Hold rating on the same day.

HKAIT

Pop Mart International Group Limited (735) Receives a Buy from Huachuang Securities

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CICC has reaffirmed a Buy rating on Pop Mart International Group Limited (735) with a price target of HK$370.00. This follows a similar Buy rating from Morgan Stanley's Wei Dustin on January 23. However, TipRanks reiterated a Hold rating on January 21.

- CICC analyst maintained a Buy rating on Pop Mart International Group Limited and set a price target of HK$370.00.  
- Morgan Stanley's Wei Dustin also issued a Buy rating for the company on January 23.  
- Conversely, TipRanks reiterated a Hold rating on January 21.

POP MART

CICC Reaffirms Their Buy Rating on Pop Mart International Group Limited (735)

TOP TOY International Group Limited(N25247.HK)

Proprietary IP Drives Growth, Overseas Business Accelerates Expansion - TOP TOY Vies for New Leadership in Pop Toy Industry

Playmates Toys Sets 2026 AGM With Share Buyback and Issuance Mandates on Agenda

TOP TOY reapplies for Hong Kong listing, with nearly 70% less profit last year

TOP TOY rushes to the Hong Kong stock market: 2025 revenue of 3.6 billion, net profit down 66% year-on-year, valuation of 10 billion

Hong Kong tightens grip on IPO crown as filings surge and pipeline grows