TOP TOY rushes into Hong Kong stocks: 2025 revenue of 3.6 billion, net profit down 66% year-over-year, valuation of 10 billion

Ask AI · Why Doesn’t the Decline in Net Profit for TOP TOY Affect Its Valuation of 10 Billion?

Lei Dijing, Lei Jianping, April 1

Miniso’s lifestyle collectibles brand TOP TOY has updated its prospectus and is preparing to list on the Hong Kong Stock Exchange.

In July 2025, TOP TOY completed its Series A financing with Temasek and other independent investors, raising a total of about $59.4 million. Post-money valuation was about $1.3 billion (about HK$10.2 billion).

In 2025, TOP TOY’s GMV from Mainland China was RMB 4.2 billion, of which the revenue share from self-developed products was 55%.

Annual revenue of RMB 3.587B; net profit down 66% year over year

Established in December 2020, TOP TOY has built a collectibles experience and consumer “home base” for deep communication with younger people, and has already launched the Sanrio series. In 2024, TOP TOY achieved GMV of RMB 2.4 billion in Mainland China, with the revenue share from self-developed products at nearly 50%.

Since opening its first store at Guangzhou Joy City in December 2020, TOP TOY has expanded rapidly in the golden circle areas across more than 80 cities nationwide. It has laid out in more than 80 cities including Beijing, Shanghai, Guangzhou, Shenzhen, and Chengdu, covering more than 100 major core commercial districts.

In August 2025, TOP TOY further enriched its IP portfolio by acquiring multiple designer IPs (such as NINIMO).

The prospectus shows that TOP TOY’s revenue in 2023, 2024, and 2025 was RMB 1.461 billion, RMB 1.9 billion, and RMB 3.587 billion, respectively; gross profit was RMB 459 million, RMB 624 million, and RMB 1.152 billion, respectively;

TOP TOY’s operating profit in 2023, 2024, and 2025 was RMB 290 million, RMB 396 million, and RMB 443 million, respectively; profit during the period was RMB 212 million, RMB 294 million, and RMB 101 million, respectively.

In 2025, TOP TOY’s revenue grew 89%, while profit during the year fell 66% year over year. This is mainly attributed to an increase in share-based payment expenses settled with equity and changes in the carrying value of redemption liabilities generated by preferred shares.

TOP TOY’s adjusted net profit in 2023, 2024, and 2025 was RMB 213 million, RMB 294 million, and RMB 522 million, respectively.

As of December 31, 2025, TOP TOY had cash and cash equivalents of RMB 391 million.

Miniso holds 86.9%

TOP TOY’s executive directors are Sun Yuanwen and Yan Xiaojiao. Its non-executive directors are Ye Guofu and Chang Liangliang; its independent non-executive directors are Wu Lihua, Wang Xiaomei, and Wang Yajing.

Before the IPO, Miniso held 86.9%; SunYW held 3.9%; TOPTOY MANAGEMENT held 3.7%; and YXJ Holding held 0.8%.

Miniso founder and CEO Ye Guofu and Ms. Yang Yunyun (Ye Guofu’s wife) hold and control shares in an aggregate of 789,541,061 ordinary shares of Miniso common stock—representing about 63.7% of Miniso’s total issued shares—through several offshore shareholding vehicles (i.e., Mini Investment), YGF MC Limited, YGF Development, YGF MN Limited, YY Capital, YYY MC Limited, and YYY Development.

Emei Investment under Temasek holds 3.2%, True Light under Temasek holds 0.8%, Oakwise holds 0.6%, and Guo Hua Xie holds 0.2% through Joint Creation Investment.

Once TOP TOY goes public, Ye Guofu’s side will have one more listed company.

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Lei Dijing was founded by media personality Lei Jianping; if reproduced, please indicate the source.