Everything about TOP TOY: releases, IPs and collaborations, business and retail.
Summaries are AI-generated
The co-created toy IP CHOUCHOU, featuring an 'imperfect' image, has garnered market attention. With Li Yuchun deeply involved in the design, it is seen as a new sample for Chinese original IPs going global.
China's designer toy market is projected to exceed 100 billion yuan in 2026, with brands like POP MART and TOP TOY increasing original IP investment. The industry faces homogenization in categories like vinyl plush, requiring brands to balance industrialization with continuous innovation.
Miniso founder Ye Guofu stated that the store's daily sales have exceeded POP MART's, which is just 10 meters away. Miniso is transforming into a toy retailer through large-format stores and affordable IP products, directly competing with POP MART.
On September 7, Pop Mart's IP YOYO launched a collaboration with Luckin Coffee featuring rich merchandise. YOYO, an in-house artist IP, generated nearly 500 million in revenue in the first half of 2026, with monthly sales exceeding 100 million.
TOP TOY opened its first US store in Times Square on June 26, 2026, becoming the first Chinese designer toy brand to operate locally. The 158-square-meter store features themed zones for Nommi, Disney, and Sanrio, adopting a 'global IP + local adaptation' strategy.
Miniso faced criticism for forcing membership to buy daily goods, with its TOP TOY purchase limits reflecting the market's popularity. The article notes that fast-moving brands like KFC, McDonald's, and Luckin are collectively 'toy-ifying' to sell emotions, but face thin profits from licensed IPs, high costs for self-owned IPs, and compliance pressure from new national standards.
On March 31, TOP TOY, a Miniso subsidiary, refiled for a Hong Kong stock market listing with JPMorgan and UBS as joint sponsors. This marks the company's second attempt to list on the HKSE after its first application failed last September.
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.
In August 2025, POP MART reported 13.88 billion yuan in revenue, with its stock hitting a record high. The same month, TOP TOY, backed by MINISO, secured investment from Temasek at a post-money valuation of about 10 billion HKD. Major Chinese art toy brands like POP MART, Blokees, Kayou, and 52TOYS are rushing to list or file IPOs, accelerating their expansion into Southeast Asia.
After its IPO, POP MART applied for defensive trademarks like 'PaoPao MaTe' to cope with the crowded toy market. The article compares the store expansion plans, IP strategies, and challenges faced by TOP TOY, 52TOYS, and X11.
On September 17, TOPTOY launched the new collaborative IP SISI at Shenzhen Bay MixC and Shanghai People's Square Raffles City, testing a new content-and-scenario strategy through pop-up activities.
RealFX Disney Stitch Puppetronic won Toy of the Year, and Story Time Backgammon won People's Choice. Hasbro's Transformers One Power Flip Optimus Prime (Orion Pax) won Action Figure of the Year.
