TOP TOY is valued at HK$10 billion.

Recently, Temasek led the investment in TOP TOY, and the post - investment valuation reached approximately HK$10 billion.

Mingchuang Youpin released its half - year "report card".

The financial report shows that Mingchuang Youpin achieved a revenue of 9.393 billion yuan in the first half of 2025, a year - on - year increase of 21.1%. Among them, the revenue in Q2 was 4.97 billion yuan, a year - on - year increase of 23.1%. The adjusted net profit increased by 10.6% year - on - year to 692 million yuan, and the adjusted operating profit was 852 million yuan, a year - on - year increase of 8.5%.

Mingchuang Youpin said that the company's performance recovery was mainly due to the improvement of same - store sales. It achieved positive same - store sales growth for the first time in four quarters, ending the mid - single - digit decline in the previous quarter.

After the release of the financial report, Mingchuang Youpin's US stocks closed up 6.38% at $22.17. Its Hong Kong stocks soared 20.58% and closed at HK$47.1.

What's more noteworthy is that Mingchuang Youpin is accelerating the layout of its own IP strategy. Its founder, Ye Guofu, clearly stated at the earnings meeting that it will be driven by the "international IP + own IP" dual - wheel strategy.

Focus on Large - scale Stores

Mingchuang Youpin's operating revenue mainly comes from the Youpin brand and the TOP TOY brand, and there is also a small amount of other income.

In the first half of this year, the revenue of the Mingchuang Youpin brand was 8.649 billion yuan, a year - on - year increase of 18.1%. Among them, the business in the Chinese mainland achieved a year - on - year growth of 11.4% in the first half of the year, with an income of 5.115 billion yuan; the overseas business income was 3.534 billion yuan, a year - on - year increase of 29.4%. The TOP TOY brand achieved an income of 742 million yuan during the period, a year - on - year increase of 73%.

The performance recovery was mainly due to the improvement of same - store sales and the promotion of the large - scale store strategy. According to the latest data, Mingchuang Youpin achieved positive same - store sales growth for the first time in four quarters in the second quarter of this year. Among them, the same - store sales growth of the Mingchuang Youpin brand was flat year - on - year, and the same - store sales growth of the TOP TOY brand improved to a low - single - digit growth rate year - on - year.

The financial report disclosed that in the third quarter, the same - store sales growth of Mingchuang Youpin in the Chinese mainland further accelerated. As of now, the domestic Mingchuang has achieved positive same - store sales growth and is expected to continue to maintain it throughout the year.

When talking about the driving factors of same - store growth, Ye Guofu, the founder of Mingchuang Youpin, believed at the earnings meeting that it was due to continuous channel upgrading, product structure optimization, new product launches, and improvements in operational actions.

Ye Guofu revealed that Mingchuang Youpin has systematically sorted out some mature same - store growth experiences and began to export them to overseas markets in the second quarter. In line with local actual conditions, it helps overseas markets fully learn the same - store sales improvement strategies from the Chinese market, and initial results have been achieved.

It is reported that the same - store sales growth rate of overseas Mingchuang Youpin improved from a mid - to high - single - digit decline in the first quarter to a low - single - digit decline in the second quarter. Among them, the same - store sales growth rates in the European and North American markets achieved mid - to high - single - digit growth.

In terms of the number of stores, as of the end of June, the total number of Mingchuang Youpin stores of the Mingchuang Youpin brand in the Chinese mainland and overseas markets was 7,612, including 4,305 domestic stores and 3,307 overseas stores. In the second quarter, there were a net increase of 30 and 94 stores respectively.

Ye Guofu said at the earnings meeting that Mingchuang Youpin will no longer rely on small stores as in the past. Instead, it will meet different business ecosystems through the MINISO LAND series, flagship store series, regular store series, and pop - up stores to do incremental business.

It is reported that the Shanghai Nanjing East Road MINISO LAND Global No. 1 store has been open for only 9 months, and the cumulative single - store sales have strongly exceeded 100 million yuan. As of the end of June, Mingchuang Youpin has deployed 11 MINISO LAND stores across the country, covering core cities such as Shanghai, Beijing, Guangzhou, and Chengdu, with an average monthly store efficiency of millions.

Temasek Leads the Investment in TOP TOY, Accelerating IP Layout

Since the launch of the store network construction in the Chinese mainland in 2020, as of June 30, 2025, the number of TOP TOY stores globally has reached 293, of which 283 are located in the Chinese mainland. The overseas market has gradually formed a network since the expansion started in 2024. In the second quarter of this year, the brand achieved an 87% year - on - year revenue growth. Mingchuang Youpin attributed it to the "strong performance of trendy toy products" and the "more complete store network" in the financial report.

The financial data confirms the explosive power of TOP TOY: the revenue in the first half of 2025 reached 742.1 million yuan, a year - on - year increase of 73.0%. The management further released an optimistic signal at last night's earnings meeting, expecting the number of stores to achieve a 50% - 60% year - on - year growth in 2025, and the performance growth rate to reach 70% - 80%.

It is worth mentioning that, according to the financial report disclosure, recently, Temasek led the investment in TOP TOY, and the post - investment valuation reached approximately HK$10 billion.

At last night's earnings meeting, Ye Guofu, the founder of Mingchuang Youpin, systematically elaborated on the "international IP + own IP" dual - wheel drive strategy for the first time and said bluntly: "The performance of Pop Mart is very good, and we are very happy to see it. Good performance shows two things. First, consumers are willing to pay. Second, the capital market is willing to pay. It shows that the trendy toy market is just emerging in China."

He pointed out that Mingchuang Youpin has established advantages in product development, marketing, and channels in cooperation with international IPs (such as Sanrio and Marvel), but "it only lacks its own IP", and this shortcoming is being quickly made up in two ways.

On the one hand, Mingchuang Youpin started the layout of its own IP half a year ago and has signed the first batch of 9 trendy toy artists. Among them, the "Youyoujiang" series was launched in June this year, marking a breakthrough from 0 to 1 for original IPs. On the other hand, the brand accelerates the expansion of the IP matrix through capital means. In the first half of the year, TOP TOY subscribed for capital contributions of 5.1 million yuan and took a 51% stake in the trendy toy company HiTOY Haichuang Culture, obtaining three core IPs, namely "Nommi", "Honey", and "MayMei", covering multiple categories such as plush, plastic, and cute particles.

According to Ye Guofu's disclosure at the earnings meeting, the sales of the "Nommi One - Bite Sweetheart" series developed based on the HiTOY IP exceeded 100 million yuan in the first half of the year, becoming a benchmark case for its own IP.

Special statement: The content of this article is for reference only and does not constitute investment advice. Investors shall bear their own risks for any operations based on this.

This article is from the WeChat public account "Venture Capital Daily". Author: Xu Cihao. Republished by 36Kr with authorization.