【New Stock IPO】Miniso's trendy toy brand TOP TOY files for listing again. Last year, net profit plummeted 69%, affected by redemption liabilities from preferred shares.

Miniso Miniso (09896) under the umbrella of the trend toy brand TOP TOY submitted a new application for a Hong Kong listing on Tuesday (March 31), with JPMorgan and UBS as the joint sponsors and overall coordinators, while China CITIC Securities did not serve as a joint sponsor for TOP TOY again and only served as the overall coordinator.

Mainland China’s TCG/collectible toy market share ranking second; revenue surged by nearly 90% last year

TOP TOY said that in 2025, it achieved GMV (gross merchandise value) of RMB 4.2 billion in mainland China, ranking second in China’s collectible toy industry, with a market share of 4.8%. TOP TOY’s revenue last year was RMB 3.587 billion, up 87.9% year on year; operating profit was RMB 443 million, up 12% year on year; net profit was RMB 92.725 million, down 68.8% year on year, mainly attributable to the book value of the redemption liability arising from preferred shares of RMB 158 million

Holds popular licensed IPs such as Chiikawa; own-IP revenue surged 28-fold

In terms of IP operations, TOP TOY has 24 owned IPs and 42 licensed IPs. In 2025, revenue from owned-IP collectible toy products was RMB 199 million, up 28 times year on year; revenue from licensed-IP collectible toy products was RMB 1.778 billion, up nearly 100% year on year.

TOP TOY’s owned IPs include Juanjuan Sheep, Nuomier, Dali Zhao Cai, Nini Mo, and others; licensed IPs number 43, including Disney, Crayon Shin-chan, Chiikawa, and others.

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Store count exceeds 300; IPO proceeds support deepening an omnichannel rollout

As of the end of last year, TOP TOY had a total of 334 stores, a net increase of 58 year on year.

Regarding the use of the raised funds, TOP TOY plans to use the proceeds to further enrich and diversify its IP matrix, strengthen IP operating capabilities; deepen its global omnichannel rollout; brand building, consumer interaction and marketing plans; enhance supply chain strength and strengthen end-to-end digitalization capabilities; and use for working capital and general corporate purposes.

Equity structure: Miniso holds 87%; Temasek is a pre-listing investor

Miniso currently holds 86.9% of TOP TOY; the employee incentive platform holds 3.7%; the company’s Chief Executive Officer Sun Yuanwen holds 3.9%; and the Chief Financial Officer Yan Xiaojiao holds 0.8%.

Other pre-listing shareholders include Temasek, Oakwise, a private investment managed by Wang Fengyu, and Joint Creation Investment by Xie Guohua, holding 4%, 0.6%, and 0.2%, respectively.

Source: Announcement

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