---
title: "TOP TOY reapplies for Hong Kong listing, with nearly 70% less profit last year"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/281484532.md"
description: "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"
datetime: "2026-04-02T07:42:23.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281484532.md)
  - [en](https://longbridge.com/en/news/281484532.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281484532.md)
---

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

MNSO (9896.HK) subsidiary trendy toy brand TOP TOY has once again submitted a main board listing application to the Hong Kong Stock Exchange, with joint sponsors being JP Morgan and UBS, and CITIC Securities serving as the overall coordinator.

Financial data shows that TOP TOY recorded revenue of RMB 3.586 billion in 2025, a year-on-year increase of 87.91%; however, affected by industry competition and R&D investment, net profit recorded RMB 92.725 million, a year-on-year decrease of 68.79%.

The business structure continues to optimize, with TOP TOY achieving a total merchandise transaction value (GMV) of RMB 4.2 billion in mainland China in 2025, with self-developed product revenue accounting for over 55%; the contribution of self-developed product revenue increased from 53.6% in 2023 to 56.7% in 2025. The company stated that this is mainly due to the continuous use of a diverse IP matrix for design, development, and launch of self-developed trendy toy products, which is crucial for expanding the revenue base and improving profit margins.

In terms of equity structure, the parent company MNSO holds approximately 86.9% of TOP TOY's equity; early investors include Emei Investment (3.2% stake) under Temasek, True Light Investments (0.8% stake), as well as Oakwise (0.6% stake) and Joint Creation Investment (0.2% stake).

As for the use of funds raised, TOP TOY stated that the funds from the IPO are intended to be mainly used to enhance IP operational capabilities, develop brand building and consumer interaction marketing plans, and expand global omnichannel layout in core business directions

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