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LeiDi Wang, Lei Jianping, April 1
MINISO's trendy toy brand TOP TOY recently updated its prospectus and is preparing to list on the Hong Kong Stock Exchange.
In July 2025, TOP TOY completed its Series A financing round with Temasek and other independent investors, raising approximately $59.4 million, with a post-money valuation of about $1.3 billion (approximately HKD 10.2 billion).
TOP TOY's GMV from mainland China in 2025 was RMB 4.2 billion, of which the revenue from self-developed products accounted for 55%.
Annual revenue of 3.587 billion, net profit down 66% year-on-year
TOP TOY was established in December 2020, creating a trendy toy experience and consumption venue for deep communication with young people, and has launched the Sanrio series. In 2024, TOP TOY achieved a GMV of RMB 2.4 billion in mainland China, with self-developed product revenue accounting for nearly 50%.
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Since opening its first store in December 2020 at the Zhengjia Plaza in Guangzhou, TOP TOY has rapidly expanded in over 80 cities across the country; it has established a presence in more than 80 cities including Beijing, Shanghai, Guangzhou, Shenzhen, and Chengdu, covering over 100 major core business districts.
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In August 2025, TOP TOY further enriched its IP portfolio by acquiring multiple designer IPs (such as Nini Mo).
The prospectus shows that TOP TOY's revenues for 2023, 2024, and 2025 are projected to be RMB 1.461 billion, RMB 1.9 billion, and RMB 3.587 billion, respectively; gross profits are projected to be RMB 459 million, RMB 624 million, and RMB 1.152 billion, respectively;
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TOP TOY's operating profits for 2023, 2024, and 2025 are projected to be RMB 290 million, RMB 396 million, and RMB 443 million, respectively; net profits during the period are projected to be RMB 212 million, RMB 294 million, and RMB 101 million, respectively
TOP TOY's revenue grew by 89% in 2025, while profit for the year decreased by 66%, mainly due to increased equity-settled share-based payment expenses and changes in the carrying amount of redemption liabilities arising from preferred shares.
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TOP TOY's adjusted net profits for 2023, 2024, and 2025 are projected to be 213 million, 294 million, and 522 million yuan, respectively.
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As of December 31, 2025, TOP TOY held cash and cash equivalents of 391 million yuan.
Miniso holds 86.9%
The executive directors of TOP TOY are Sun Yuanwen and Yan Xiaojiao, while the non-executive directors are Ye Guofu and Chang Yuliang; the independent non-executive directors are Wu Lihua, Wang Xiaomei, and Wang Yaqin.
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Before the IPO, Miniso held 86.9%, SunYW holding held 3.9%, TOPTOY MANAGEMENT held 3.7%, and YXJ Holding held 0.8%.
Miniso's founder and CEO Ye Guofu and Ms. Yang Yunyun (Ye Guofu's wife) hold interests and control a total of 789,541,061 shares of Miniso's ordinary shares through several offshore holding vehicles (i.e., Mini Investment, YGF MC Limited, YGF Development, YGF MN Limited, YY Capital, YYY MC Limited, and YYY Development), accounting for approximately 63.7% of Miniso's total issued shares.
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Emei Investment, a subsidiary of Temasek, holds 3.2%, True Light, also a subsidiary of Temasek, holds 0.8%, Oakwise holds 0.6%, and Xie Guohua holds 0.2% through Joint Creation Investment
Once TOP TOY goes public, Ye Guofu will have another listed company under his name.
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Leidi was founded by media person Lei Jianping. If reprinted, please indicate the source

25247

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

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