<p>香港，2026 年 4 月 9 日 -（ACN Newswire）- 近年來，年輕消費者的偏好迅速演變，個性化和體驗消費的需求日益突出。年輕消費者的選擇深刻重塑了行業競爭的內在邏輯，他們所追求的不僅是產品，還有情感價值和文化共鳴。這在以潮玩為代表的精神消費領域尤為明顯。市場對結合設計美學、情感深度和社會屬性的高質量產品的需求持續增長。</p>
<p>在眾多新興品牌中，TOP TOY 以 Z 世代消費者、家庭客户和忠實品牌粉絲為核心受眾。憑藉多樣化的產品組合、強大的知識產權運營能力和良好的財務表現，它在市場上被廣泛認可為潮玩行業的標杆，具有高增長潛力和顯著的品牌影響力。根據 Frost &amp; Sullivan 的報告，TOP TOY 是中國最大、增長最快的潮玩多品牌連鎖店，2025 年在中國大陸的 GMV 達到 42 億元人民幣。</p>
<p>在財務方面，TOP TOY 近年來實現了快速的收入增長。收入從 2023 年的 146.1 億元人民幣增長到 2025 年的 358.7 億元人民幣，年均增長率達到 56.7%，標誌着規模的飛躍。毛利率從 2023 年的 31.4% 穩步提升至 2025 年的 32.1%，反映出整體盈利能力的逐步提升。受股權結算的股份支付費用和贖回負債公允價值變動等一次性非現金項目的影響，公司在 2025 年實現淨利潤 1.01 億元人民幣。調整後的淨利潤達到 5.23 億元人民幣，同比增長 77.5%，展現出強勁的增長勢頭。</p>
<p>全價值鏈佈局：在潮玩行業構建競爭護城河</p>
<p>潮玩行業的核心競爭力不僅在於知識產權的創造，還在於將內容轉化為可持續的商業系統，以最大化知識產權的價值。TOP TOY 的獨特之處在於它構建了一個覆蓋行業價值鏈所有關鍵環節的綜合平台。TOP TOY 是行業中僅有的兩個實現潮玩全產業鏈全覆蓋的品牌之一，從知識產權孵化和運營到直接與消費者互動，同時在整個鏈條中保持領先地位。這使得公司能夠構建獨特的競爭護城河。</p>
<p>在知識產權孵化和產品研發階段，TOP TOY 專注於自有產品，並採用 “自有 + 授權 + 第三方” 知識產權的並行策略，形成多樣化的知識產權資源池。截至 2026 年 3 月底，TOP TOY 已建立了一個包含 24 個自有知識產權、42 個授權知識產權和 660 多個第三方知識產權的知識產權矩陣。其中，自有產品佔收入的 55% 以上，確立了其在行業中作為一個高度競爭的潮玩品牌的地位。</p>
<p>在產品研發方面，TOP TOY 專注於三個核心類別——模型人物、3D 積木和乙烯基毛絨玩具。其中，乙烯基毛絨玩具已成為最顯著的增長類別，其收入份額從 2024 年的 3.5% 顯著增加至 2025 年的 31.6%，全年收入達到 11.02 億元人民幣。同時，通過其 “X 類” 機制，開發跨多類別的產品，以靈活把握市場機會。</p>
<p>在渠道銷售階段，TOP TOY 構建了一個深度和廣度兼具的全渠道網絡，使其能夠深入接觸全球潮流文化消費者。在線下，它採用 “旗艦店 + 主流店 + 快閃店” 的分層佈局，截至 2025 年 12 月 31 日，門店數量達到 334 家。通過提供沉浸式互動體驗，實現有效的品牌曝光，並使公司能夠及時收集第一手用户反饋，為公司的產品設計和渠道選擇策略提供信息。在線上，它覆蓋主要電商平台，並通過山姆會員店、Don Don Donki 等大型零售商以及其他多樣化的零售渠道分銷產品。這種全渠道佈局不僅擴大了消費者的覆蓋範圍，還形成了 “線下體驗 - 線上復購” 的消費閉環。截至 2025 年 12 月 31 日，公司擁有 1200 萬註冊會員，成為潮玩行業中會員基礎最大的公司之一。</p>
<p>藉助全價值鏈的綜合運營，TOP TOY 在各個環節實現了協同——其豐富的知識產權組合確保了產品的吸引力，渠道的廣泛性擴大了市場覆蓋並與消費者建立了情感聯繫，公司還建立了強大的生態系統合作伙伴關係。這三者的聯動推動了知識產權價值的最大化，形成了國內潮流玩具企業中罕見的全產業鏈競爭力。</p>
<p>以自有知識產權矩陣為核心：構建長期增長的核心引擎</p>
<p>通過內部原創知識產權孵化團隊，TOP TOY 創造了許多受歡迎的自有知識產權角色。公司致力於推廣這些自有知識產權，以擴大其在不同市場的影響力，促進更深層次的觀眾參與，並推動持續增長。另一方面，通過收購多個知識產權設計工作室，如 Sure Fun 和 Sugar Pocket，TOP TOY 將 “Nommi” 和 “Ninimo” 等知識產權整合到其自有知識產權矩陣中，加速其知識產權佈局進程。</p>
<p>截至 2026 年 3 月底，TOP TOY 擁有 24 個自主知識產權（IP）。其中，'Nommi' IP 表現突出，2025 年的總交易額超過 2 億人民幣。自主知識產權不僅通過獨特的設計和文化內涵吸引消費者，還通過持續推出新產品系列、創造線下體驗場景和跨界 IP 合作等多樣化運營策略延長其生命週期並放大其價值。</p>
<p>此外，TOP TOY 繼續與全球頂級 IP 如三麗鷗、迪士尼和蠟筆小新鞏固長期穩定的合作關係。通過對 IP 的再創造，公司的熱門產品不僅迅速提升市場知名度，還積累了成熟的 IP 運營經驗和消費者洞察，為自有產品的發展奠定了堅實基礎。</p>
<p>依託自主知識產權矩陣的持續擴展和與主要 IP 的穩定授權合作，公司繼續加大自有產品的佈局。隨着自有產品比例的穩步增加，其規模效應不斷釋放，推動整體毛利率持續改善。展望未來，隨着自有產品收入貢獻的增加和規模經濟的影響，公司毛利率預計將進一步上升，釋放更大的利潤彈性。</p>
<p>加速全球擴張，開闢新的增長空間</p>
<p>值得注意的是，在鞏固中國市場優勢的同時，TOP TOY 正在將業務拓展到海外市場。目前，公司已進入泰國、馬來西亞、印度尼西亞和日本等市場，海外門店數量達到 39 家。在收入方面，TOP TOY 的海外業務比例迅速從 0.6% 上升至 8.2%，充分展示了強勁的海外增長勢頭。</p>
<p>在市場潛力方面，海外全球流行玩具市場仍有顯著的增長空間。以北美和歐洲等成熟消費市場為例，當地消費者在流行玩具上的人均消費金額相對較高，對原創 IP 和文化認同的支付意願也十分明顯。然而，當地市場對新興流行玩具類別的佈局仍相對有限，整體市場滲透率處於低水平，未來有廣闊的增量空間和探索潛力。上述市場優勢和發展機遇共同構成了 TOP TOY 專注於佈局上述發達國家市場的核心邏輯和現實基礎。未來，依靠全價值鏈協同的優勢和成熟的 IP 運營經驗，海外市場有望成為公司的重要增量引擎。</p>
<p>市場對流行玩具公司的關注本質上是對其 IP 運營能力和可持續性的考量。TOP TOY 憑藉其兩個核心優勢：全面整合的平台和多樣化的 IP 矩陣，展現了清晰的發展邏輯。在流行玩具行業加速整合和消費者需求上升的背景下，如果 TOP TOY 能夠繼續深化全價值鏈的協同效應，加強自主 IP 的影響力，併疊加海外增量市場的逐步增長，預計將能夠在碎片化的市場格局中抓住機遇，進一步鞏固其行業領導地位，釋放長期潛力。</p>
<p>版權 © 2026 ACN Newswire。保留所有權利。</p>

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<p>TOP TOY 正在通過針對 Z 世代和家庭消費者，憑藉多樣化的產品組合和強大的知識產權能力，確立自己在流行玩具行業的領導地位。該公司報告了顯著的收入增長，預計在 2023 年至 2025 年期間的年均增長率為 56.7%，達到 35.87 億元人民幣。TOP TOY 建立了一個全面的價值鏈，涵蓋知識產權孵化到消費者互動，並擁有強大的知識產權矩陣。其全渠道銷售策略增強了市場覆蓋率，擁有 334 家門店和 1200 萬註冊會員，推動了強大的品牌參與度和盈利能力</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）- 近年來，年輕消費者的偏好迅速演變，個性化和體驗消費的需求日益突出。年輕消費者的選擇深刻重塑了行業競爭的內在邏輯，他們所追求的不僅是產品，還有情感價值和文化共鳴。這在以潮玩為代表的精神消費領域尤為明顯。市場對結合設計美學、情感深度和社會屬性的高質量產品的需求持續增長。</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>在眾多新興品牌中，TOP TOY 以 Z 世代消費者、家庭客户和忠實品牌粉絲為核心受眾。憑藉多樣化的產品組合、強大的知識產權運營能力和良好的財務表現，它在市場上被廣泛認可為潮玩行業的標杆，具有高增長潛力和顯著的品牌影響力。根據 Frost &amp; Sullivan 的報告，TOP TOY 是中國最大、增長最快的潮玩多品牌連鎖店，2025 年在中國大陸的 GMV 達到 42 億元人民幣。</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>在財務方面，TOP TOY 近年來實現了快速的收入增長。收入從 2023 年的 146.1 億元人民幣增長到 2025 年的 358.7 億元人民幣，年均增長率達到 56.7%，標誌着規模的飛躍。毛利率從 2023 年的 31.4% 穩步提升至 2025 年的 32.1%，反映出整體盈利能力的逐步提升。受股權結算的股份支付費用和贖回負債公允價值變動等一次性非現金項目的影響，公司在 2025 年實現淨利潤 1.01 億元人民幣。調整後的淨利潤達到 5.23 億元人民幣，同比增長 77.5%，展現出強勁的增長勢頭。</p>
</div><p>Full Value Chain Layout: Building Competitive Moats in the Pop Toy Industry</p>
<div class="lb-trans"><p>全價值鏈佈局：在潮玩行業構建競爭護城河</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>潮玩行業的核心競爭力不僅在於知識產權的創造，還在於將內容轉化為可持續的商業系統，以最大化知識產權的價值。TOP TOY 的獨特之處在於它構建了一個覆蓋行業價值鏈所有關鍵環節的綜合平台。TOP TOY 是行業中僅有的兩個實現潮玩全產業鏈全覆蓋的品牌之一，從知識產權孵化和運營到直接與消費者互動，同時在整個鏈條中保持領先地位。這使得公司能夠構建獨特的競爭護城河。</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>在知識產權孵化和產品研發階段，TOP TOY 專注於自有產品，並採用 “自有 + 授權 + 第三方” 知識產權的並行策略，形成多樣化的知識產權資源池。截至 2026 年 3 月底，TOP TOY 已建立了一個包含 24 個自有知識產權、42 個授權知識產權和 660 多個第三方知識產權的知識產權矩陣。其中，自有產品佔收入的 55% 以上，確立了其在行業中作為一個高度競爭的潮玩品牌的地位。</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>在產品研發方面，TOP TOY 專注於三個核心類別——模型人物、3D 積木和乙烯基毛絨玩具。其中，乙烯基毛絨玩具已成為最顯著的增長類別，其收入份額從 2024 年的 3.5% 顯著增加至 2025 年的 31.6%，全年收入達到 11.02 億元人民幣。同時，通過其 “X 類” 機制，開發跨多類別的產品，以靈活把握市場機會。</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>在渠道銷售階段，TOP TOY 構建了一個深度和廣度兼具的全渠道網絡，使其能夠深入接觸全球潮流文化消費者。在線下，它採用 “旗艦店 + 主流店 + 快閃店” 的分層佈局，截至 2025 年 12 月 31 日，門店數量達到 334 家。通過提供沉浸式互動體驗，實現有效的品牌曝光，並使公司能夠及時收集第一手用户反饋，為公司的產品設計和渠道選擇策略提供信息。在線上，它覆蓋主要電商平台，並通過山姆會員店、Don Don Donki 等大型零售商以及其他多樣化的零售渠道分銷產品。這種全渠道佈局不僅擴大了消費者的覆蓋範圍，還形成了 “線下體驗 - 線上復購” 的消費閉環。截至 2025 年 12 月 31 日，公司擁有 1200 萬註冊會員，成為潮玩行業中會員基礎最大的公司之一。</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>藉助全價值鏈的綜合運營，TOP TOY 在各個環節實現了協同——其豐富的知識產權組合確保了產品的吸引力，渠道的廣泛性擴大了市場覆蓋並與消費者建立了情感聯繫，公司還建立了強大的生態系統合作伙伴關係。這三者的聯動推動了知識產權價值的最大化，形成了國內潮流玩具企業中罕見的全產業鏈競爭力。</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>以自有知識產權矩陣為核心：構建長期增長的核心引擎</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>通過內部原創知識產權孵化團隊，TOP TOY 創造了許多受歡迎的自有知識產權角色。公司致力於推廣這些自有知識產權，以擴大其在不同市場的影響力，促進更深層次的觀眾參與，並推動持續增長。另一方面，通過收購多個知識產權設計工作室，如 Sure Fun 和 Sugar Pocket，TOP TOY 將 “Nommi” 和 “Ninimo” 等知識產權整合到其自有知識產權矩陣中，加速其知識產權佈局進程。</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 擁有 24 個自主知識產權（IP）。其中，'Nommi' IP 表現突出，2025 年的總交易額超過 2 億人民幣。自主知識產權不僅通過獨特的設計和文化內涵吸引消費者，還通過持續推出新產品系列、創造線下體驗場景和跨界 IP 合作等多樣化運營策略延長其生命週期並放大其價值。</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 繼續與全球頂級 IP 如三麗鷗、迪士尼和蠟筆小新鞏固長期穩定的合作關係。通過對 IP 的再創造，公司的熱門產品不僅迅速提升市場知名度，還積累了成熟的 IP 運營經驗和消費者洞察，為自有產品的發展奠定了堅實基礎。</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>依託自主知識產權矩陣的持續擴展和與主要 IP 的穩定授權合作，公司繼續加大自有產品的佈局。隨着自有產品比例的穩步增加，其規模效應不斷釋放，推動整體毛利率持續改善。展望未來，隨着自有產品收入貢獻的增加和規模經濟的影響，公司毛利率預計將進一步上升，釋放更大的利潤彈性。</p>
</div><p>Accelerating Global Expansion to Open Up New Growth Space</p>
<div class="lb-trans"><p>加速全球擴張，開闢新的增長空間</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，在鞏固中國市場優勢的同時，TOP TOY 正在將業務拓展到海外市場。目前，公司已進入泰國、馬來西亞、印度尼西亞和日本等市場，海外門店數量達到 39 家。在收入方面，TOP TOY 的海外業務比例迅速從 0.6% 上升至 8.2%，充分展示了強勁的海外增長勢頭。</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>在市場潛力方面，海外全球流行玩具市場仍有顯著的增長空間。以北美和歐洲等成熟消費市場為例，當地消費者在流行玩具上的人均消費金額相對較高，對原創 IP 和文化認同的支付意願也十分明顯。然而，當地市場對新興流行玩具類別的佈局仍相對有限，整體市場滲透率處於低水平，未來有廣闊的增量空間和探索潛力。上述市場優勢和發展機遇共同構成了 TOP TOY 專注於佈局上述發達國家市場的核心邏輯和現實基礎。未來，依靠全價值鏈協同的優勢和成熟的 IP 運營經驗，海外市場有望成為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>市場對流行玩具公司的關注本質上是對其 IP 運營能力和可持續性的考量。TOP TOY 憑藉其兩個核心優勢：全面整合的平台和多樣化的 IP 矩陣，展現了清晰的發展邏輯。在流行玩具行業加速整合和消費者需求上升的背景下，如果 TOP TOY 能夠繼續深化全價值鏈的協同效應，加強自主 IP 的影響力，併疊加海外增量市場的逐步增長，預計將能夠在碎片化的市場格局中抓住機遇，進一步鞏固其行業領導地位，釋放長期潛力。</p>
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<div class="lb-trans"><p>版權 © 2026 ACN Newswire。保留所有權利。</p>
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專有知識產權推動增長，海外業務加速擴張 - TOP TOY 爭奪潮流玩具行業的新領導地位