TOP TOY

What TOP TOY does

TOP TOY is a designer toy brand founded in Guangzhou in December 2020 and operated as a subsidiary of MINISO Group Holding Limited (NYSE:MNSO). It retails blind boxes, plush, figurines, building blocks, and accessories through 334 physical stores across 80+ Chinese cities (including the first collectible toy store inside Shanghai Disneytown) plus international locations in Thailand, Malaysia, Indonesia, and Japan, and a 14-language, 16-currency direct-to-consumer storefront at gotoptoy.com backed by a US warehouse. Its product mix combines proprietary original IP — NOMMI, MAYMEI, MEE MEE, MOCHI, MOONIN, ZERO, FOFO (launched February 2026), and GREAT POWER FORTUNE CAT, which together account for over 55% of revenue — with licensed collections from more than 52 IP partners including Disney, Sanrio, Marvel, DC, Queen Studios, and Naruto. Revenue is generated through unit-priced direct sales to collectors and gift buyers, with individual blind boxes priced in the USD 7–45 range and premium collectibles reaching roughly USD 300. In FY2025 the company reported revenue of RMB 1.916 billion (~USD 263M, +94.8% YoY) and adjusted net profit of RMB 523M; Q4 2025 revenue reached nearly RMB 600M (+112% YoY). The business is in active IPO preparation on the Hong Kong Stock Exchange (filing November 2025, resubmission April 2026, target raise ~USD 300M at an implied ~USD 1.3B valuation), and completed a Temasek-led strategic round in July 2025 at a post-money valuation of approximately HKD 10 billion. In November 2025 TOP TOY acquired HiTOY for an undisclosed amount, signaling inorganic consolidation in the designer toy category.

Name

TOP TOY

Legal name

TOPTOY

Website

https://gotoptoy.com

Company type

Private

Founded year

2020

Operating status

Operating

Short description

TOP TOY is a designer toy brand and subsidiary of MINISO that retails blind boxes, plush, figurines, and building blocks through 334 stores across China and Southeast Asia plus a global direct-to-consumer site, serving individual collectors and gift buyers with proprietary IP and 52+ licensed partnerships.

Ownership category

akta.pro rank

Product category

Collectible Designer Toys

NAICS

Hobby, Toy, and Game Retailers (459120), Gift, Novelty, and Souvenir Retailers (459420)

SIC

Retail-Hobby, Toy & Game Shops (5945)

akta.pro primary industry

Collectibles, Trading Cards & Blind Box Toys Retail (CRALAFAI)

akta.pro secondary industries

Pop Culture Collectibles Retail (Figures, Statues, Funko, etc.) (CRALAGAK), Dolls, Plush & Action Figures Retail (CRALAFAD)

Keywords

• Designer toys
• Blind boxes
• Collectible figurines
• Plush toys
• Licensed character merchandise

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices9 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Direct Product Sales: TOP TOY generates revenue primarily through direct-to-consumer sales of blind boxes, plush toys, figures, keychains, and building blocks. Products range from budget items under $15 to premium collectibles up to ~$300. The company sells both licensed IP products (Disney, Sanrio, Naruto) and proprietary original IP products.
2. Licensed IP Products: Revenue from products featuring licensed intellectual property from partners including Disney, Sanrio, Marvel, DC Comics, Queen Studios, and Naruto. TOP TOY collaborates with 52+ leading IP licensors worldwide, with licensed products representing a significant portion of revenue.
3. Proprietary Original IP Products: Self-developed original characters and product lines including NOMMI, MAYMEI, MEE MEE, MOCHI, MOONIN, ZERO, FOFO, and others. These proprietary products account for over 55% of TOP TOY's revenue, providing higher margins than licensed products.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

TOP TOY designs, sources, and sells collectible designer toys—primarily blind boxes, plush toys, figurines, building blocks, and accessories—featuring a mix of proprietary original characters (NOMMI, MayMei, MEE MEE, MOCHI, MOONIN, ZERO, FOFO, Great Power Fortune Cat) and licensed IPs (Sanrio, Disney, Naruto, Crayon Shin-chan, Opanchu Usagi, Butter Bear). Products range from entry-level items around USD 7–15 to premium collectibles up to USD 300+, and are sold both online via the gotoptoy.com global storefront (with a US warehouse) and in 334+ retail stores across China, Thailand, Malaysia, Indonesia, and Japan.

Product overview

TOP TOY is a designer toy brand operating as a subsidiary of Miniso, founded in December 2020, that offers a portfolio of collectible toy products centered on blind boxes, plush toys, building blocks, and figurines. The company distributes both original character IPs (Nommi, MayMei, MEE MEE, MOCHI, MOONIN, ZERO, FOFO, Great Power Fortune Cat) and licensed IPs (Sanrio, Disney, Naruto, Crayon Shin-chan, Opanchu Usagi, Butter Bear). Products are sold through a US-facing e-commerce platform (gotoptoy.com) with US warehouse inventory for faster shipping, as well as physical retail locations across China, Thailand, Malaysia, Indonesia, and Japan. The brand operates a 55%+ self-developed product strategy while maintaining partnerships with over 52 global IP licensors including Marvel, Disney, DC, Queen Studios, and SANRIO.

Differentiator

Problem solved

Functional benefit

Products and services

• Blind Boxes TOP TOY's flagship collectible category: mystery figurines and plush toys sold in sealed packaging, configured with guaranteed non-duplicate figures across a set and low-probability secret/rare chase variants, designed for individual collectors and gift buyers.
• Plush Toys Soft plush collectibles including keychains, hanging dolls, and plush figures spanning multiple series, featuring both proprietary IP and licensed characters for collectors and gift buyers.
• Building Blocks Semi-mechanical and themed building block sets, often co-branded with licensed IPs, ranging from 200 to 400+ pieces per set, targeted at older children and adult collectors.
• Accessories Collectible accessories including phone chains, keychains, and decorative items that complement the broader toy collectible offering, typically priced under USD 15.
• NOMMI Original IP Proprietary healing-themed plush blind-box IP featuring soft pastel characters, sold across multiple series variations including keychains, dolls, and articulated plush, for collectors seeking self-developed TOP TOY characters.
• MayMei Original IP Proprietary MayMei character IP offered across multiple plush and figure blind-box series, contributing to the 55%+ of revenue generated by self-developed products.
• MEE MEE Original IP Proprietary lamb character IP featuring gentle themes of warmth and sharing, distributed via blind-box collectibles as part of TOP TOY's self-developed product portfolio.
• MOCHI Original IP Proprietary MOCHI character IP released across multiple series including Little Monster, Chirp Good Luck, and Coo Coo Guardians, sold through blind-box collectibles.
• MOONIN Original IP Proprietary MOONIN character IP spanning series such as Fading Childhood and The Shrouded Night, sold as collectible blind-box figures and plush.
• ZERO Original IP Proprietary ZERO character IP featuring a withdrawn-boy character paired with a sentient teddy bear named Null that transforms into a bear coat, sold as blind-box collectibles.
• FOFO Original IP Proprietary FOFO bunny girl character IP launched in February 2026, featuring soft and timid character traits with magical ears that transform into protective hands, sold through blind-box collectibles.
• Great Power Fortune Cat Original IP Proprietary fortune-cat IP featuring blind-bag mystery mini figures, contributing to TOP TOY's self-developed product mix.
• Sanrio Licensed Collection Officially licensed collection featuring Sanrio characters including Hello Kitty, Kuromi, My Melody, Cinnamoroll, Pompompurin, Pochacco, and Hangyodon, available as blind-box series, plush keychains, and collectibles.
• Disney Licensed Collection Officially licensed Disney collection including Toy Story, Stitch, Winnie the Pooh, Zootopia, Mickey & Friends, Frozen, and Coco lines, sold through blind boxes and collectibles.
• Naruto Licensed Collection Officially licensed Naruto Shippuden collection featuring anime-themed blind-box series, targeted at anime fans and gift buyers.
• Crayon Shin-chan Licensed Collection Officially licensed Crayon Shin-chan collection featuring various themed blind-box series for franchise fans.
• Opanchu Usagi Licensed Collection Officially licensed Opanchu Usagi collection featuring cute chaotic plush and keychain blind boxes for franchise enthusiasts.
• Butter Bear Licensed Collection Officially licensed Butter Bear collection available through TOP TOY's storefront as part of its broader licensed character assortment.
• Global Direct E-commerce Storefront (gotoptoy.com) Direct-to-consumer online retail storefront (gotoptoy.com) giving individual collectors access to authentic TOP TOY toys with US warehouse fulfillment for faster North American shipping, multi-language support, and multi-currency checkout.

Quantifiable outcome

• Revenue growth of 94.8% YoY in FY2025 to RMB 1.916 billion
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Pop Mart: Pop Mart is the dominant Chinese designer toy and blind box retailer, with original IPs (Molly, Skullpanda, Labubu) and global expansion. It is the closest direct competitor to TOP TOY in product category, customer base, and business model.
• Funko: Funko is a US-based pop culture collectible company best known for its Pop! vinyl figures and licensed IP partnerships (Disney, Marvel, DC, anime). It is highly comparable to TOP TOY in its reliance on licensed franchises, blind-box-style collectibles, and retail/wholesale distribution.
• Medicom Toy (Bearbrick): Medicom Toy is a Japanese manufacturer of designer collectibles, most notably Bearbrick figures, with deep collaborations across fashion, art, and entertainment IP. It competes in the same premium designer toy category as TOP TOY.
• 52TOYS: 52TOYS is a leading Chinese designer toy and collectible figure brand, often cited alongside Pop Mart and TOP TOY as a top-tier domestic designer toy company with both original and licensed IP products.

Broad incumbents

• MINISO Group Holding Limited: MINISO is TOP TOY's parent company and operates as a broader lifestyle variety retailer with 8,485+ global stores. While not a focused collectible toy player, it provides the retail infrastructure, supply chain, and brand platform on which TOP TOY's growth is built.
• Bandai Namco Holdings: Bandai Namco is a major global toy and entertainment company producing collectibles, figures, and licensed products (including Naruto, which TOP TOY also licenses). It is a broader incumbent in the collectible toy and character merchandise space.
• Sanrio Company: Sanrio is the owner of Hello Kitty and other character IPs that TOP TOY licenses. As an IP licensor, Sanrio is comparable in the pop culture collectibles space and represents both a supplier and a category-defining competitor.

Emerging players

• Tokidoki: Tokidoki is an Italian-designed lifestyle and character brand producing collectible figurines, plush, and accessories. It is comparable to TOP TOY's original IP characters (NOMMI, MAYMEI) in targeting collector enthusiasts with kawaii aesthetics.
• Smiski: Smiski is a Japanese blind box collectible figure brand by Dreams Inc. that is sold in mystery packaging with small collectible figurines — directly comparable to TOP TOY's core blind box product mechanic and collector-driven gifting use case.

Regional players

• Hot Topic: Hot Topic is a US-based specialty retailer of pop culture merchandise, collectibles, and licensed apparel with a strong teen/young-adult collector base. Comparable in customer demographic and licensed IP mix, though primarily a US retailer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/toptoy_online
• Facebookfacebook.com/p/TOPTOYOfficial-61561805333024
• Instagraminstagram.com/toptoy_online_stores

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TOP TOY