<p>香港，2026 年 4 月 9 日 -（ACN Newswire）- 近年来，年轻消费者的偏好迅速演变，个性化和体验消费的需求日益突出。年轻消费者的选择深刻重塑了行业竞争的内在逻辑，他们所追求的不仅是产品，还有情感价值和文化共鸣。这在以潮玩为代表的精神消费领域尤为明显。市场对结合设计美学、情感深度和社会属性的高质量产品的需求持续增长。</p>
<p>在众多新兴品牌中，TOP TOY 以 Z 世代消费者、家庭客户和忠实品牌粉丝为核心受众。凭借多样化的产品组合、强大的知识产权运营能力和良好的财务表现，它在市场上被广泛认可为潮玩行业的标杆，具有高增长潜力和显著的品牌影响力。根据 Frost &amp; Sullivan 的报告，TOP TOY 是中国最大、增长最快的潮玩多品牌连锁店，2025 年在中国大陆的 GMV 达到 42 亿元人民币。</p>
<p>在财务方面，TOP TOY 近年来实现了快速的收入增长。收入从 2023 年的 146.1 亿元人民币增长到 2025 年的 358.7 亿元人民币，年均增长率达到 56.7%，标志着规模的飞跃。毛利率从 2023 年的 31.4% 稳步提升至 2025 年的 32.1%，反映出整体盈利能力的逐步提升。受股权结算的股份支付费用和赎回负债公允价值变动等一次性非现金项目的影响，公司在 2025 年实现净利润 1.01 亿元人民币。调整后的净利润达到 5.23 亿元人民币，同比增长 77.5%，展现出强劲的增长势头。</p>
<p>全价值链布局：在潮玩行业构建竞争护城河</p>
<p>潮玩行业的核心竞争力不仅在于知识产权的创造，还在于将内容转化为可持续的商业系统，以最大化知识产权的价值。TOP TOY 的独特之处在于它构建了一个覆盖行业价值链所有关键环节的综合平台。TOP TOY 是行业中仅有的两个实现潮玩全产业链全覆盖的品牌之一，从知识产权孵化和运营到直接与消费者互动，同时在整个链条中保持领先地位。这使得公司能够构建独特的竞争护城河。</p>
<p>在知识产权孵化和产品研发阶段，TOP TOY 专注于自有产品，并采用 “自有 + 授权 + 第三方” 知识产权的并行策略，形成多样化的知识产权资源池。截至 2026 年 3 月底，TOP TOY 已建立了一个包含 24 个自有知识产权、42 个授权知识产权和 660 多个第三方知识产权的知识产权矩阵。其中，自有产品占收入的 55% 以上，确立了其在行业中作为一个高度竞争的潮玩品牌的地位。</p>
<p>在产品研发方面，TOP TOY 专注于三个核心类别——模型人物、3D 积木和乙烯基毛绒玩具。其中，乙烯基毛绒玩具已成为最显著的增长类别，其收入份额从 2024 年的 3.5% 显著增加至 2025 年的 31.6%，全年收入达到 11.02 亿元人民币。同时，通过其 “X 类” 机制，开发跨多类别的产品，以灵活把握市场机会。</p>
<p>在渠道销售阶段，TOP TOY 构建了一个深度和广度兼具的全渠道网络，使其能够深入接触全球潮流文化消费者。在线下，它采用 “旗舰店 + 主流店 + 快闪店” 的分层布局，截至 2025 年 12 月 31 日，门店数量达到 334 家。通过提供沉浸式互动体验，实现有效的品牌曝光，并使公司能够及时收集第一手用户反馈，为公司的产品设计和渠道选择策略提供信息。在线上，它覆盖主要电商平台，并通过山姆会员店、Don Don Donki 等大型零售商以及其他多样化的零售渠道分销产品。这种全渠道布局不仅扩大了消费者的覆盖范围，还形成了 “线下体验 - 线上复购” 的消费闭环。截至 2025 年 12 月 31 日，公司拥有 1200 万注册会员，成为潮玩行业中会员基础最大的公司之一。</p>
<p>借助全价值链的综合运营，TOP TOY 在各个环节实现了协同——其丰富的知识产权组合确保了产品的吸引力，渠道的广泛性扩大了市场覆盖并与消费者建立了情感联系，公司还建立了强大的生态系统合作伙伴关系。这三者的联动推动了知识产权价值的最大化，形成了国内潮流玩具企业中罕见的全产业链竞争力。</p>
<p>以自有知识产权矩阵为核心：构建长期增长的核心引擎</p>
<p>通过内部原创知识产权孵化团队，TOP TOY 创造了许多受欢迎的自有知识产权角色。公司致力于推广这些自有知识产权，以扩大其在不同市场的影响力，促进更深层次的观众参与，并推动持续增长。另一方面，通过收购多个知识产权设计工作室，如 Sure Fun 和 Sugar Pocket，TOP TOY 将 “Nommi” 和 “Ninimo” 等知识产权整合到其自有知识产权矩阵中，加速其知识产权布局进程。</p>
<p>截至 2026 年 3 月底，TOP TOY 拥有 24 个自主知识产权（IP）。其中，'Nommi' IP 表现突出，2025 年的总交易额超过 2 亿人民币。自主知识产权不仅通过独特的设计和文化内涵吸引消费者，还通过持续推出新产品系列、创造线下体验场景和跨界 IP 合作等多样化运营策略延长其生命周期并放大其价值。</p>
<p>此外，TOP TOY 继续与全球顶级 IP 如三丽鸥、迪士尼和蜡笔小新巩固长期稳定的合作关系。通过对 IP 的再创造，公司的热门产品不仅迅速提升市场知名度，还积累了成熟的 IP 运营经验和消费者洞察，为自有产品的发展奠定了坚实基础。</p>
<p>依托自主知识产权矩阵的持续扩展和与主要 IP 的稳定授权合作，公司继续加大自有产品的布局。随着自有产品比例的稳步增加，其规模效应不断释放，推动整体毛利率持续改善。展望未来，随着自有产品收入贡献的增加和规模经济的影响，公司毛利率预计将进一步上升，释放更大的利润弹性。</p>
<p>加速全球扩张，开辟新的增长空间</p>
<p>值得注意的是，在巩固中国市场优势的同时，TOP TOY 正在将业务拓展到海外市场。目前，公司已进入泰国、马来西亚、印度尼西亚和日本等市场，海外门店数量达到 39 家。在收入方面，TOP TOY 的海外业务比例迅速从 0.6% 上升至 8.2%，充分展示了强劲的海外增长势头。</p>
<p>在市场潜力方面，海外全球流行玩具市场仍有显著的增长空间。以北美和欧洲等成熟消费市场为例，当地消费者在流行玩具上的人均消费金额相对较高，对原创 IP 和文化认同的支付意愿也十分明显。然而，当地市场对新兴流行玩具类别的布局仍相对有限，整体市场渗透率处于低水平，未来有广阔的增量空间和探索潜力。上述市场优势和发展机遇共同构成了 TOP TOY 专注于布局上述发达国家市场的核心逻辑和现实基础。未来，依靠全价值链协同的优势和成熟的 IP 运营经验，海外市场有望成为公司的重要增量引擎。</p>
<p>市场对流行玩具公司的关注本质上是对其 IP 运营能力和可持续性的考量。TOP TOY 凭借其两个核心优势：全面整合的平台和多样化的 IP 矩阵，展现了清晰的发展逻辑。在流行玩具行业加速整合和消费者需求上升的背景下，如果 TOP TOY 能够继续深化全价值链的协同效应，加强自主 IP 的影响力，并叠加海外增量市场的逐步增长，预计将能够在碎片化的市场格局中抓住机遇，进一步巩固其行业领导地位，释放长期潜力。</p>
<p>版权 © 2026 ACN Newswire。保留所有权利。</p>

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<p>TOP TOY 正在通过针对 Z 世代和家庭消费者，凭借多样化的产品组合和强大的知识产权能力，确立自己在流行玩具行业的领导地位。该公司报告了显著的收入增长，预计在 2023 年至 2025 年期间的年均增长率为 56.7%，达到 35.87 亿元人民币。TOP TOY 建立了一个全面的价值链，涵盖知识产权孵化到消费者互动，并拥有强大的知识产权矩阵。其全渠道销售策略增强了市场覆盖率，拥有 334 家门店和 1200 万注册会员，推动了强大的品牌参与度和盈利能力</p>

<p>HONG KONG, Apr 9, 2026 - (ACN Newswire) - In recent years, young consumers' preferences have evolved rapidly, with demand for personalization and experiential consumption becoming increasingly prominent. Young consumers' choices are profoundly rewriting the inherent logic of industry competition ' what they seek is not only products, but emotional value and cultural resonance. This is particularly evident in the spiritual consumption space represented by pop toys. The market's appetite for high quality products that combine design aesthetics, emotional depth, and social attributes continues to grow.</p>
<div class="lb-trans"><p>香港，2026 年 4 月 9 日 -（ACN Newswire）- 近年来，年轻消费者的偏好迅速演变，个性化和体验消费的需求日益突出。年轻消费者的选择深刻重塑了行业竞争的内在逻辑，他们所追求的不仅是产品，还有情感价值和文化共鸣。这在以潮玩为代表的精神消费领域尤为明显。市场对结合设计美学、情感深度和社会属性的高质量产品的需求持续增长。</p>
</div><p>Among the many emerging brands, TOP TOY targets Gen Z consumers, family customers, and loyal brand fans as its core audience. Backed by a diverse product portfolio, robust IP operation capabilities, and strong financial performance, it is widely recognized in the market as an industry benchmark in the pop toy sector with both high growth potential and significant brand influence. According to Frost &amp; Sullivan, TOP TOY is the largest and fastest-growing pop toy multi-brand store chain in China, with GMV reaching RMB4.2 billion in mainland China in 2025.</p>
<div class="lb-trans"><p>在众多新兴品牌中，TOP TOY 以 Z 世代消费者、家庭客户和忠实品牌粉丝为核心受众。凭借多样化的产品组合、强大的知识产权运营能力和良好的财务表现，它在市场上被广泛认可为潮玩行业的标杆，具有高增长潜力和显著的品牌影响力。根据 Frost &amp; Sullivan 的报告，TOP TOY 是中国最大、增长最快的潮玩多品牌连锁店，2025 年在中国大陆的 GMV 达到 42 亿元人民币。</p>
</div><p>Financially, TOP TOY has achieved rapid revenue growth in recent years. Revenue rose from RMB1.461 billion in 2023 to RMB3.587 billion in 2025, representing a CAGR of 56.7%, marking a leap forward in scale. Gross margin improved steadily from 31.4% in 2023 to 32.1% in 2025, reflecting a gradual uplift in overall profitability. Affected by one-off non-cash items such as equity-settled share-based payment expenses and fair value changes on redemption liabilities liabilities, the Company posted a net profit of RMB101 million in 2025. Adjusted net profit reached RMB523 million, up 77.5% year-on-year, demonstrating strong growth momentum.</p>
<div class="lb-trans"><p>在财务方面，TOP TOY 近年来实现了快速的收入增长。收入从 2023 年的 146.1 亿元人民币增长到 2025 年的 358.7 亿元人民币，年均增长率达到 56.7%，标志着规模的飞跃。毛利率从 2023 年的 31.4% 稳步提升至 2025 年的 32.1%，反映出整体盈利能力的逐步提升。受股权结算的股份支付费用和赎回负债公允价值变动等一次性非现金项目的影响，公司在 2025 年实现净利润 1.01 亿元人民币。调整后的净利润达到 5.23 亿元人民币，同比增长 77.5%，展现出强劲的增长势头。</p>
</div><p>Full Value Chain Layout: Building Competitive Moats in the Pop Toy Industry</p>
<div class="lb-trans"><p>全价值链布局：在潮玩行业构建竞争护城河</p>
</div><p>The core competitiveness of the pop toy industry lies not only in IP creation, but also in the ability to turn content into a sustainable business system that maximizes IP value. What makes TOP TOY unique is that it has built an integrated platform covering all key links of the industry value chain. TOP TOY is one of only two brands in the industry that have achieved full coverage of the pop toy full industry chain, from IP incubation and operation to direct consumer interaction, while holding a leading position across the entire chain. This allows the Company to build a distinctive competitive moat.</p>
<div class="lb-trans"><p>潮玩行业的核心竞争力不仅在于知识产权的创造，还在于将内容转化为可持续的商业系统，以最大化知识产权的价值。TOP TOY 的独特之处在于它构建了一个覆盖行业价值链所有关键环节的综合平台。TOP TOY 是行业中仅有的两个实现潮玩全产业链全覆盖的品牌之一，从知识产权孵化和运营到直接与消费者互动，同时在整个链条中保持领先地位。这使得公司能够构建独特的竞争护城河。</p>
</div><p>In the IP incubation and product R&amp;D stage, TOP TOY focuses on self-developed products and adopts a parallel strategy of 'proprietary + licensed + third-party' IPs, forming a diverse IP resource pool. As of the end of March 2026, TOP TOY has built an IP matrix comprising 24 proprietary IPs, 42 licensed IPs, and over 660 third-party IPs. Among these, its self-developed products accounted for over 55% of revenue, establishing it as a highly competitive trendy toy brand in the industry.</p>
<div class="lb-trans"><p>在知识产权孵化和产品研发阶段，TOP TOY 专注于自有产品，并采用 “自有 + 授权 + 第三方” 知识产权的并行策略，形成多样化的知识产权资源池。截至 2026 年 3 月底，TOP TOY 已建立了一个包含 24 个自有知识产权、42 个授权知识产权和 660 多个第三方知识产权的知识产权矩阵。其中，自有产品占收入的 55% 以上，确立了其在行业中作为一个高度竞争的潮玩品牌的地位。</p>
</div><p>In terms of product R&amp;D, TOP TOY focuses on three core categories ' model figures, 3D building blocks, and vinyl plush toys. Among these, vinyl plush toys have emerged as the most prominent growth category, with its revenue share increasing significantly from 3.5% in 2024 to 31.6% in 2025, generating RMB1.102 billion for the full year. Meanwhile, through its 'X-category' mechanism, it develops products across diverse categories to flexibly seize market opportunities.</p>
<div class="lb-trans"><p>在产品研发方面，TOP TOY 专注于三个核心类别——模型人物、3D 积木和乙烯基毛绒玩具。其中，乙烯基毛绒玩具已成为最显著的增长类别，其收入份额从 2024 年的 3.5% 显著增加至 2025 年的 31.6%，全年收入达到 11.02 亿元人民币。同时，通过其 “X 类” 机制，开发跨多类别的产品，以灵活把握市场机会。</p>
</div><p>In the channel sales stage, TOP TOY has constructed an omni-channel network with both depth and breadth, enabling in-depth access to global trendy culture consumers. Offline, it adopts a hierarchical layout of 'flagship + mainstream + pop-up', with the number of stores reaching 334 as of December 31, 2025. By providing immersive interactive experiences, it achieves effective brand exposure and enables the Company to promptly collect first-hand user feedback, providing information for the Company's product design and channel selection strategies. Online, it covers major e-commerce platforms and distributes products through large retailers such as Sam's Club and Don Don Donki, as well as other diversified retail channels. This omni-channel layout not only expands the scope of consumer reach but also forms a consumption closed loop of 'offline experience - online repurchase'. As of December 31, 2025, the Company had 12 million registered members, making it one of the companies with the largest member base in the trendy toy industry.</p>
<div class="lb-trans"><p>在渠道销售阶段，TOP TOY 构建了一个深度和广度兼具的全渠道网络，使其能够深入接触全球潮流文化消费者。在线下，它采用 “旗舰店 + 主流店 + 快闪店” 的分层布局，截至 2025 年 12 月 31 日，门店数量达到 334 家。通过提供沉浸式互动体验，实现有效的品牌曝光，并使公司能够及时收集第一手用户反馈，为公司的产品设计和渠道选择策略提供信息。在线上，它覆盖主要电商平台，并通过山姆会员店、Don Don Donki 等大型零售商以及其他多样化的零售渠道分销产品。这种全渠道布局不仅扩大了消费者的覆盖范围，还形成了 “线下体验 - 线上复购” 的消费闭环。截至 2025 年 12 月 31 日，公司拥有 1200 万注册会员，成为潮玩行业中会员基础最大的公司之一。</p>
</div><p>Leveraging the integrated operation of full value chain, TOP TOY has achieved synergy across all links ' the richness of its IP portfolio ensures product appeal, the extensiveness of its channels expands market coverage and establishes emotional connections with consumers, and the Company has also built strong ecosystem partnerships. The linkage of these three elements drives the maximization of IP value, forming a rare full-industry-chain competitiveness among domestic trendy play enterprises.</p>
<div class="lb-trans"><p>借助全价值链的综合运营，TOP TOY 在各个环节实现了协同——其丰富的知识产权组合确保了产品的吸引力，渠道的广泛性扩大了市场覆盖并与消费者建立了情感联系，公司还建立了强大的生态系统合作伙伴关系。这三者的联动推动了知识产权价值的最大化，形成了国内潮流玩具企业中罕见的全产业链竞争力。</p>
</div><p>Taking the Proprietary IP Matrix as the Core: Building a Core Engine for Long-term Growth</p>
<div class="lb-trans"><p>以自有知识产权矩阵为核心：构建长期增长的核心引擎</p>
</div><p>Through its in-house original IP incubation team, TOP TOY has created many popular proprietary IP characters. The Company is dedicated to promoting these proprietary IPs to expand their reach across diverse markets, foster deeper audience engagement, and drive sustained growth. On the other hand, through the acquisition of multiple IP design studios such as Sure Fun and Sugar Pocket, TOP TOY has integrated IPs like 'Nommi' and 'Ninimo ' into its proprietary IP matrix, accelerating its IP layout process.</p>
<div class="lb-trans"><p>通过内部原创知识产权孵化团队，TOP TOY 创造了许多受欢迎的自有知识产权角色。公司致力于推广这些自有知识产权，以扩大其在不同市场的影响力，促进更深层次的观众参与，并推动持续增长。另一方面，通过收购多个知识产权设计工作室，如 Sure Fun 和 Sugar Pocket，TOP TOY 将 “Nommi” 和 “Ninimo” 等知识产权整合到其自有知识产权矩阵中，加速其知识产权布局进程。</p>
</div><p>As of the end of March 2026, TOP TOY had 24 proprietary IPs. Among them, the 'Nommi' IP delivered an outstanding performance, with its 2025 GMV exceeding RMB200 million. Proprietary IPs not only attract consumers through unique designs and cultural connotations but also extend their life cycles and amplify their value through diversified operational strategies, such as the continuous release of new product series, the creation of offline experiential scenarios, and cross-over IP collaborations.</p>
<div class="lb-trans"><p>截至 2026 年 3 月底，TOP TOY 拥有 24 个自主知识产权（IP）。其中，'Nommi' IP 表现突出，2025 年的总交易额超过 2 亿人民币。自主知识产权不仅通过独特的设计和文化内涵吸引消费者，还通过持续推出新产品系列、创造线下体验场景和跨界 IP 合作等多样化运营策略延长其生命周期并放大其价值。</p>
</div><p>Furthermore, TOP TOY continues to consolidate long-term, stable cooperative relationships with top global IPs such as Sanrio, Disney and Crayon Shin-chan. By creating hit products through IP reinvention, the Company not only rapidly broadens market awareness but also accumulates mature IP operation experience and consumer insights, laying a solid foundation for the development of its self-developed products.</p>
<div class="lb-trans"><p>此外，TOP TOY 继续与全球顶级 IP 如三丽鸥、迪士尼和蜡笔小新巩固长期稳定的合作关系。通过对 IP 的再创造，公司的热门产品不仅迅速提升市场知名度，还积累了成熟的 IP 运营经验和消费者洞察，为自有产品的发展奠定了坚实基础。</p>
</div><p>Leveraging the continuous expansion of its proprietary IP matrix and stable licensing cooperation with major IPs, the Company continues to intensify its layout of self-developed products. As the proportion of self-developed products steadily increases, its scale effect continues to be unleashed, driving a continuous improvement in the overall gross margin. Looking ahead, with an increasing revenue contribution from self-developed products and the impact of economies of scale, the Company's gross margin is expected to rise further, unlocking greater profit elasticity.</p>
<div class="lb-trans"><p>依托自主知识产权矩阵的持续扩展和与主要 IP 的稳定授权合作，公司继续加大自有产品的布局。随着自有产品比例的稳步增加，其规模效应不断释放，推动整体毛利率持续改善。展望未来，随着自有产品收入贡献的增加和规模经济的影响，公司毛利率预计将进一步上升，释放更大的利润弹性。</p>
</div><p>Accelerating Global Expansion to Open Up New Growth Space</p>
<div class="lb-trans"><p>加速全球扩张，开辟新的增长空间</p>
</div><p>Notably, while consolidating its advantages in the Chinese market, TOP TOY is extending its business reach to overseas markets. To date, the Company has entered markets such as Thailand, Malaysia, Indonesia, and Japan, with the number of overseas stores reaching 39. In terms of revenue, the proportion of TOP TOY's overseas business rapidly increased from 0.6% to 8.2%, fully demonstrating strong overseas growth momentum.</p>
<div class="lb-trans"><p>值得注意的是，在巩固中国市场优势的同时，TOP TOY 正在将业务拓展到海外市场。目前，公司已进入泰国、马来西亚、印度尼西亚和日本等市场，海外门店数量达到 39 家。在收入方面，TOP TOY 的海外业务比例迅速从 0.6% 上升至 8.2%，充分展示了强劲的海外增长势头。</p>
</div><p>In terms of market potential, the overseas global pop toy market still has significant growth space. Taking mature consumer markets such as North America and Europe as examples, local consumers have a relatively high per capita consumption amount on pop toy, and their willingness to pay for original IP and cultural recognition are also prominent. However, the layout of emerging pop toy categories in local markets is still relatively limited, and the overall market penetration rate is at a low level, with broad incremental space and potential for exploration in the future. The above market advantages and development opportunities together constitute the core logic and realistic basis for TOP TOY to focus on laying out the above developed country markets. In the future, relying on the advantages of the full value chain synergy and mature IP operation experience, the overseas market is expected to become an important incremental engine for the Company.</p>
<div class="lb-trans"><p>在市场潜力方面，海外全球流行玩具市场仍有显著的增长空间。以北美和欧洲等成熟消费市场为例，当地消费者在流行玩具上的人均消费金额相对较高，对原创 IP 和文化认同的支付意愿也十分明显。然而，当地市场对新兴流行玩具类别的布局仍相对有限，整体市场渗透率处于低水平，未来有广阔的增量空间和探索潜力。上述市场优势和发展机遇共同构成了 TOP TOY 专注于布局上述发达国家市场的核心逻辑和现实基础。未来，依靠全价值链协同的优势和成熟的 IP 运营经验，海外市场有望成为公司的重要增量引擎。</p>
</div><p>The market's attention to pop toy companies is essentially a consideration of their IP operation capabilities and sustainability. TOP TOY has demonstrated a clear development logic by virtue of its two core advantages: the fully integrated platform and a diversified IP matrix. Amid accelerating consolidation in the pop toy industry and rising consumer demand, if TOP TOY can continue to deepen the synergy effect of the full value chain, strengthen the influence of its proprietary IP, and superimpose the gradual growth of the overseas incremental market, it is expected to seize opportunities in the fragmented market pattern, further solidifying its industry leadership and unlocking long-term potential.</p>
<div class="lb-trans"><p>市场对流行玩具公司的关注本质上是对其 IP 运营能力和可持续性的考量。TOP TOY 凭借其两个核心优势：全面整合的平台和多样化的 IP 矩阵，展现了清晰的发展逻辑。在流行玩具行业加速整合和消费者需求上升的背景下，如果 TOP TOY 能够继续深化全价值链的协同效应，加强自主 IP 的影响力，并叠加海外增量市场的逐步增长，预计将能够在碎片化的市场格局中抓住机遇，进一步巩固其行业领导地位，释放长期潜力。</p>
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<div class="lb-trans"><p>版权 © 2026 ACN Newswire。保留所有权利。</p>
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专有知识产权推动增长，海外业务加速扩张 - TOP TOY 争夺潮流玩具行业的新领导地位