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 & 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.

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.

Full Value Chain Layout: Building Competitive Moats in the Pop Toy Industry

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.

In the IP incubation and product R&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.

In terms of product R&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.

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.

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.

Taking the Proprietary IP Matrix as the Core: Building a Core Engine for Long-term Growth

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.

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.

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.

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.

Accelerating Global Expansion to Open Up New Growth Space

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.

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.

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.

HONG KONG, Mar 20, 2026 - (ACN Newswire) – The 30th Hong Kong International Film & TV Market (FILMART) and EntertainmentPulse, organised by the Hong Kong Trade Development Council (HKTDC), concluded successfully today. The two events attracted about 8,000 industry professionals from 53 countries and regions, highlighting the development momentum and collaborative potential of the global film and television industry. The events, held over four days, featured over 790 exhibitors across a record high participation of 38 countries and regions, bringing together enterprises from emerging markets like ASEAN members such as Cambodia, Malaysia, Thailand, and Vietnam, and mature film markets such as Canada, France, Italy, Korea, the United Kingdom, and the United States, further exemplifying Hong Kong’s position as a centre for cultural and artistic exchange.

FILMART advances international collaboration in the film and television industry

This year’s FILMART continued to demonstrate its role as one of the region’s most influential film and television trading platforms, bringing together exhibitors, buyers and producers from both emerging and mature markets to facilitate cross-regional collaboration and business cooperations. Participating in FILMART for the first time, the General Manager of COL International Group, Timothy Oh from Singapore, noted that FILMART plays a key role in helping companies expand their international networks, he said: "I am meeting friends and new business partners from Turkey, the UK, the US, and even Brazil. Hong Kong’s role as an international hub helps create a bustling market with many business opportunities for those looking at innovation and what’s next.” Sachitha Kalingamudali, General Manager of another first-time exhibitor Mogo Studios from Sri Lanka, said FILMART exceeded his expectations. "We've met distributors from many countries, and everyone has shown genuine interest. This is a great kickstart for future partnerships." Myanmar film production company aTwentyThree even chose FILMART as its first move to explore the international market, founder Arker Soe Oo connected with distributors from the US and Europe, and expressed plans to bring more productions to the event next year.

Overseas buyers also expressed strong recognition of the exhibition’s business matching effectiveness and the diversity of its content, further affirming that FILMART serves as an efficient platform for advancing collaboration across the global film and television value chain and strengthening market connectivity. Bizhan Tong, a buyer from the UK, commented: “FILMART continues to be one of the most effective platforms globally for driving cross-border collaboration. This year we formed a new strategic partnership with MOFAC, advanced multiple projects across both our and other companies' slates, and saw a highly concentrated run of meetings with partners across Asia translating into tangible co-investment and co-production opportunities.”

AI Hub supports Mainland tech companies in going global

A highlight of this year’s FILMART was AI Hub which had multiple leading AI and technology companies showcasing their latest AI technologies and solutions, attracting buyers and potential partners from around the world for business discussions and exchanges. Through this platform, many Mainland start-ups and established enterprises have accelerated their expansion into overseas markets and built international networks, further enhancing brand visibility and converting opportunities into concrete business outcomes. Zhihan Zhang, Founder and CEO of Daogu Culture Limited, remarked, “Whether it is AI animation, short dramas, or digital humans, the key to the future lies in global strategy. FILMART gathers global industry professionals, facilities connections and exchanges, and enables us to understand the various client needs of different overseas markets.” In addition, the newly established "AI Academy", supported by the Cultural and Creative Industries Development Agency and the Film Development Fund, was well-received. 19 thematic workshops equipped industry professionals with hands-on AI skills and insights into emerging trends.

Producers Connect fosters collaboration between local and global producers

Producers Connect, jointly organised by the HKSAR’s Culture, Sports and Tourism Bureau, the Cultural and Creative Industries Development Agency, the Hong Kong Film Development Council and the HKTDC, united more than 100 producers from Hong Kong and around the world this year. Through a series of networking sessions, panel discussions and workshops, Producers Connect provided a cross-regional platform for creative collaboration, enabling industry professionals to share production trends, explore co-production models and discuss potential projects. The initiative strengthens connections between Hong Kong and the international film and television community, creating more possibilities for jointly expanding into the global market. Speaking at the panel discussion titled “International Coproductions in an Evolving Film Industry Landscape,” Janet Yang, Golden Globe-winning producer, observed: “The world is getting flatter, language is mattering less and less to audiences everywhere.” Producer and director Peter Chan also mentioned: “It’s always difficult to convince the studio, the investor, or now the platform, of a vision you want to make. What you try to do is diversify your investors and partners into different regions.”

48 featured forums and events examine emerging industry trends

Two major forums held alongside FILMART — EntertainmentPulse and the Digital Entertainment Summit — focused on the latest developments in the global film, television and entertainment technology sectors, attracting strong participation from industry professionals. EntertainmentPulse addressed popular topics including artificial intelligence, streaming platform strategies, the rising popularity of short dramas, co-production and financing trends. Industry leaders shared insights on global market strategies and future directions, helping the sector capture emerging opportunities. The Financing & Investment panel, themed “Capital in Motion: Private Financing Promotes Development of Asia’s Film & TV Industry,” explored Asian private investment trends, project financing strategies and planning. Justin Deimen, Managing Partner of Goldfinch International, shared: “We need to allocate more resources and capability towards creative IP valuation. If you cannot value something, you cannot invest in it.”

Meanwhile, FILMART Online IP Catalogue featured more than 2,200 creative IP projects, extending the four-day physical fair into a two-month networking platform helping industry stakeholders continue exploring business opportunities. This initiative further consolidated Hong Kong’s position as Asia’s film and entertainment trading hub. The catalogue will remain open until 27 April, enabling industry participants to transcend geographical boundaries and continue expanding global business opportunities.

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About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With over 50 offices globally, including 13 in the Chinese Mainland, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. 

BAD HOMBURG, GERMANY, Mar 17, 2026 - (ACN Newswire) - Maxon, maker of powerful, approachable software solutions for creators working in 2D and 3D design, motion graphics, visual effects, gaming, and more, today announced the commercial availability of Redshift for Vectorworks. Additionally, the company announced the beta launch of Redshift for Autodesk Revit®. This marks the next major milestone in Maxon's expansion into the Architecture, Engineering & Construction (AEC) market, with additional integrations planned.

Engineered for architects and interior designers, Maxon's AEC solution brings the company's industry-proven cinematic rendering technology, Redshift, and the creative depth of Cinema 4D directly into professional archviz workflows. Designed as a native plugin for leading CAD/BIM platforms, Maxon makes its official entry into the market with Redshift for Vectorworks, which launches alongside the release of Vectorworks 2026 Update 4. The solution enables users to seamlessly move from real-time design previews to high-end, photorealistic renders within a unified ecosystem. Redshift for Revit, now in beta, will launch later this year, with even more integrations planned for 2026 and 2027.

"Maxon's tools have a rich history in media and entertainment, used by the creative teams behind so many popular Hollywood movies to create Oscar-winning visual effects," said Nicolas Burtnyk, Maxon's Executive VP of Rendering. "Now, we're bringing this same magic to architects and interior designers, helping them translate their vision into cinematic visual experiences worthy of big screens."

A New Standard for End-to-End Architectural Workflows

Built on Maxon's robust 3D ecosystem, the new AEC solution provides:

• Archviz in real-time. Architects can visualize designs instantly in real time, then elevate scenes using the same Redshift technology used in feature films - without leaving their CAD environment. Projects can be sent to Cinema 4D with a single click for advanced modeling, animation, simulation, fly-throughs, and rendering.
• Exceptional ease of adoption. Early user testing highlights a key priority: effortless setup, intuitive controls, and fast results, especially for iterative workflows where architects need to explore lighting, materials, and composition quickly.
• Intelligent, production-ready asset libraries. Maxon's platform includes a vast library of assets known as "Capsules" - materials, plants, furniture, and environmental elements - updated monthly and supported by procedural tools and AI-assisted search for rapid scene building and creative iteration. As the Archviz solution evolves, so will its library.
• Full Mac and Windows parity. Whether teams work on Mac, Windows, or a mix of both, Maxon's AEC solution delivers consistent performance and functionality across platforms. Architects can collaborate fluidly, share files with confidence, and maintain unified workflows throughout their design-to-visualization process.
• Better value for architects and studios. Compared with market alternatives, Maxon's first-wave AEC offering launches at a significantly more affordable price, while offering compatibility with broader DCC pipelines, including Maya and Houdini.

See Redshift for Archviz at Upcoming AEC Events

Maxon will be showcasing the capabilities of Redshift for architectural visualization and interior design applications in live demonstrations at the following events in 2026:

• DigitalBAU, March 24-26, Cologne, Germany
• AIA26 Conference on Architecture & Design, June 10-13, San Diego, CA

Redshift for Vectorworks Availability

Redshift for Vectorworks is now available for purchase through either Maxon or Vectorworks (initial language support for English, with additional international versions rolling out through summer 2026). When bundled with Vectorworks, users can benefit from significant discounts on Redshift, making it the most affordable renderer in its category.

Sign Up for Redshift Beta

Redshift for Revit is now open for beta; Redshift for Graphisoft Archicad beta will be released later in 2026. To sign up, visit Maxon Archviz.

Schedule a Press Briefing and Demo

To schedule a press briefing and demo of Redshift for Archviz, contact megan@grithaus.agency.

Download the Redshift for Archviz press kit here.

About Maxon

Maxon makes powerful, yet approachable software solutions for content creators working in 2D and 3D design, motion graphics, visual effects and visualization. Product lines include the award-winning Cinema 4D suite of 3D modeling, simulation and animation technology; the diverse Red Giant lineup of revolutionary editing, motion design and filmmaking tools; the leading-edge, blazingly fast Redshift renderer; and ZBrush, the industry-standard digital sculpting and painting solution available on desktop and on the iPad.

Press Contact
Kristin Canders
Grithaus Agency(e)
kristin@grithaus.agency

SOURCE: Maxon Computers