TOP TOY Chaoyou Brand Grew Strongly, And Overseas Expansion Entered The Fast Lane

In recent years, the tide play market continues to heat up, becoming an important part of young people's cultural consumption. As an independent fashion play brand launched by famous and innovative products, TOP TOY has quickly emerged in the domestic fashion play industry with its positioning and rich product lines since its establishment in 2020. As of June 30, 2024, the number of SKUs (inventory units) of TOP TOY brands has reached about 9800, demonstrating strong product development and market expansion capabilities.

The core categories of TOP TOY include blind boxes, fashion toys, handmade toys, doll models, assembled toys and building blocks, which are popular with young consumers. In terms of product development, TOP TOY has adopted the strategy of signing a contract with international IP to meet consumers' needs for freshness and personalization by developing the image of ChaoPlay products and constantly bringing forth new ones.

In the first half of 2024, TOP TOY ushered in a rapid development period. According to the quarterly and semi annual results of famous innovative products, TOP TOY's revenue in the first half of the year was about 429 million yuan, up 37.9% year on year. This remarkable growth was mainly due to the 13.6% increase in the same store sales and the rapid growth in the number of average stores. At the same time, the average customer price of TOP TOY is about 111.2 yuan, and the average selling price is about 58.8 yuan. Although it has declined year-on-year, it also reflects the efforts made by the brand in optimizing the product structure and improving the consumer experience.

After some achievements in the domestic market, TOP TOY began to look to overseas markets for new growth points. Compared with other independent fashion brands, TOP TOY has the advantage that it can quickly build channels in overseas store networks relying on famous and innovative products. As of June 30, 2024, the number of overseas stores of famous innovative and high-quality products has reached 2753, with a net increase of 266 stores in the first half of the year, a record high. This has provided a solid support for TOP TOY's overseas expansion.

Among many overseas markets, the Southeast Asian market is particularly valued by famous and innovative products and TOP TOY. At the end of August this year, Mingchuangyoupin opened its main store in Indonesia, and its first day sales exceeded 1.18 million yuan, setting a new high in global single day sales. And TOP TOY also appeared in the flagship store of famous and innovative products in Indonesia in the form of store in store, attracting a large number of local consumers' attention. With the expansion of overseas stores of famous and innovative products, TOP TOY's Chaoyou series products are gradually known and loved by local consumers.

It is worth mentioning that the blind box sales of famous and innovative products in Thailand account for 6% of the total performance, which fully demonstrates the potential of Chaoyou products in the Southeast Asian market. This year, TOP TOY opened its first store in Thailand, marking the determination of the famous innovative and high-quality products plan to further seize the market share of Southeast Asian popular games.