Quite a character

Top Toy is another Chinese company having a major impact with its original intellectual property (IP) lineup of characters that includes Great Power Fortune, Gyun Gyun, and Nommi. More original IP characters are in development and are expected to debut later this year.

Launched in December 2020, Top Toy quickly expanded to over 280 physical stores across China.

In 2024, the company achieved a total revenue of 980 million yuan, representing year-on-year growth of 45 percent. Its early business model focused on making collectible toys more accessible by lowering price barriers and offering a wider range of IPs and product categories.

"We wanted to redefine what collectible toys could be — not just limited-edition collectibles, but design-forward, emotional objects that people interact with every day," said Kong Xiao, the brand's marketing director.

In 2022 and 2023, Top Toy pivoted to Chinese-made building toys, noting both rising consumer interest in domestic design and the affordability gap between international giants and local alternatives.

"There's a growing demand among consumers for high-quality but more reasonably priced building toys. We saw that as an opportunity to not just resell, but co-develop and create," said Kong.

In 2024, the brand began to cautiously explore international expansion. A "three stores in three years "model has shaped their rollout in markets such as Indonesia and Thailand, with stores in Japan and Malaysia currently under development.