Results, operating data, funding and IPOs.
Summaries are AI-generated
Kayou became the first card partner of the Spring Festival Gala, launching the 'Galloping Steed Collection' gift boxes. The Gala distributed cards and announced an online sale, with 20,000 sets selling out instantly.
Mattel's stock fell 25% after its disappointing holiday earnings report, and the company announced the acquisition of the remaining stake in Mattel163 held by NetEase.
New toy brand OHKU achieved nearly 10 million yuan in monthly revenue and over 50% gross margin within a year of founding, securing a 100 million yuan first-round funding in late 2025. With 80% of revenue from overseas markets and 4,000+ sales points globally, it focuses on its own IP 'Fuzzy Monster'.
Sunsunny and Suplay have filed HK IPO applications, joining previously queued companies like Kayou and 52TOYS. Sunsunny ranks first in the affordable 3D IP toy market, while Suplay leads the non-battle card market.
2025年国内非对战式卡牌市场规模达235亿元，同比收缩26.8%。卡游、集卡社等头部品牌热销品数量下滑，但TCG、球星卡及影视综收藏卡等细分赛道表现亮眼，资本与出海布局持续加码。
Sunny submitted a prospectus to the HKEX on January 8, backed by Hillhouse Capital and targeting affordable designer toys priced between 3.9 and 19.9 yuan. Relying on licensed IPs, the company's gross margins are lower than peers like POP MART, and it plans to use IPO funds to strengthen its in-house IP capabilities.
Over 15 major funding events worth hundreds of millions occurred in China's designer toy sector in 2025. Listed companies like Wanda Movie, Tencent Literature, and Quantum Song entered via investment or M&A, while Kaiyuan Network launched AI toys and Yuanlong Yatu expanded retail channels, with Pop Mart seeing significant overseas growth.
Jason Entertainment, the parent company of Jikashe, secured a new round of hundreds of millions in strategic funding from investors including CCTV Media Fusion Fund and Game for Peace. Meanwhile, Card Kingdom's Hong Kong IPO application lapsed as its prospectus expired. Experts note the market's growth potential but stress the need for companies to expand boundaries to overcome development ceilings.
POP MART's Q3 2025 revenue grew 245%–250%, while TOP TOY's Q3 revenue increased 111.4% to 575 million yuan. KK Group's IPO attempts failed four times, with cumulative losses of 7.636 billion yuan from 2020 to 2022.
POP MART's stock has fallen over 40% from its peak, wiping out 200 billion HKD in market cap. Despite a massive 365% overseas revenue surge in Q3, declining Labubu popularity has caused resale premiums to shrink, leading to fund sell-offs and analyst downgrades as the company transitions from explosive to sustainable growth.
POP MART's stock has fallen over 40% from its peak, with a market cap loss of HK$200 billion and a 31% drop in institutional holdings. Labubu's hidden figures have seen a premium cut of over 50%, and regular styles are now trading below retail prices on second-hand platforms, with analysts predicting a shift from explosive to sustainable growth.
POP MART's stock price has fallen by over 1/3 from its yearly high, with short sellers citing slowing growth and high IP concentration. The company boosted production and implemented purchase limits to curb scalpers, aiming to return to product value, yet prices for hot items like Labubu have collapsed on the secondary market, raising concerns about IP value and quality control.
52TOYS filed a prospectus with the HKEX, planning to raise funds for direct store construction and expansion in Southeast Asia, the US, and Japan. With 2024 revenue of 630 million yuan and a net loss of 122 million yuan, the company has a gross margin of 39.9% and relies heavily on licensed IPs, with core contracts expiring in 2026-2027.
Kayou's prospectus expired on the HKEX website, marking its second failed IPO attempt after January 2024. Despite strong financial performance and leading market share, the company faces regulatory pressure due to its 'gambling-like' business model and concerns over minor protection.
JAKKS Pacific reported its Q3 2025 results and will hold an analyst call on October 30. The Board declared a quarterly cash dividend of $0.25 per share, payable on December 29.
JAKKS reported net sales of $211.21 million for Q3 2025, down 34% year-over-year. The company achieved net income of $19.892 million, up 38% year-over-year, by cutting costs and restructuring its credit facility.
Dragged down by the broader HK new consumption sector, POP MART fell 8.08% to HK$250.4 on Oct 21. Despite Q3 earnings surging and JPMorgan raising the target price, the stock is down ~15% from its August peak. Meanwhile, new releases like LABUBU show high resale premiums, with the WHY SO SERIOUS hidden figure trading at 13.4x the retail price.
In September, TOP TOY, owned by MINISO, filed its prospectus with the Hong Kong stock exchange, while the trading card company Hitcard was reported to be advancing its IPO process. Earlier this year, 52TOYS and Kayou also filed applications with the Hong Kong stock exchange.
JPMorgan raised the target price to HK$320, expecting 2025 sales and profit to rise 165% and 276% respectively. The company plans to open over 200 new stores and expand overseas to 128 locations.
Miniso is strengthening its IP operations with tailored e-commerce strategies and offline pop-ups like the Harry Potter theme. The company plans to spin off its toy brand TOP TOY for a Hong Kong listing and has shifted its focus to IP-based products.
TOP TOY submitted a prospectus to the Hong Kong Stock Exchange on September 26, 2025, to go public. In the first half of 2025, the company reported revenue of 1.36 billion RMB, gross profit of 441 million RMB, and profit of 180 million RMB. As of June 30, 2025, it operated 293 stores with over 10 million members. In July 2025, it completed an A-round financing of approximately 427 million RMB, valuing the company at 9 billion RMB.
POP MART's H1 2025 revenue reached 13.88 billion yuan, up 204.4%. THE MONSTERS series earned 4.81 billion yuan, driven by LABUBU. Plush category revenue was 6.14 billion yuan, accounting for 44.2%, overtaking figures for the first time.
Collectibles company Funko reported a $41 million loss in the second quarter, with shares plunging more than 35% in reaction to the poor earnings call.
Bandai Namco's Q1 FY2026 earnings show Gundam revenue up 81.2% to 65.4 billion yen, a record high. Other major IPs like Dragon Ball and One Piece saw declines in the same period.
On Aug 7, POP MART's stock rose nearly 6% intraday, hitting a high of HK$293.40. Morgan Stanley maintained a 'Add' rating with a HK$365 target, citing undervalued platform value. 2025 H1 revenue grew over 200% YoY, and net profit increased over 350%.
POP MART reported a revenue growth of at least 200% and a net profit increase of over 100% for the first half of 2025. Despite the strong performance, the market remains unimpressed, reflecting a disconnect between fundamentals and secondary market sentiment.
Kayou resubmitted its IPO prospectus to the HKEX in April 2025. The company is developing film card products like 'Ne Zha 2' and expanding its IP matrix to 70 to reduce reliance on core IPs like Ultraman and My Little Pony, while attracting a broader adult user base.
Kotobukiya announced that the cumulative global shipments of its bishōjo plastic model series surpassed 8.4 million units as of June 2025. The series includes titles such as Frame Arms Girl, Megami Device, Sōsai Shōjo Teien and Arcana Dia. The company said it will continue to develop new models to meet worldwide fans’ expectations.
52TOYS plans to list on the Hong Kong stock exchange, becoming China's third toy company to go public after POP MART and Blokees. The article compares POP MART's stock surge of over 11 times since February 2024 and its market cap exceeding 300 billion yuan, discussing the balance between IP monetization efficiency and incubation speed.
Blokees achieved 10 billion yuan in revenue in just two and a half years, but relies heavily on Ultraman. New IPs like Pokémon underperformed. The company expanded via low-price products and all channels, causing declining gross margins and lower channel efficiency, facing transition pains.
