TOP TOY：借渠道“东风”启航，却陷自有IP与渠道依赖双重困局

ITBEAR科技资讯11-10

近日，名创优品旗下潮玩品牌TOP TOY正式向港交所递交招股书，计划在港股主板上市，拟募资约3亿美元。母公司同步发布公告，确认此次分拆上市计划，并表示分拆后TOP TOY仍为其附属公司。这一动作标志着TOP TOY正式开启独立融资进程，试图在潮玩赛道中进一步巩固自身地位。TOP TOY成立于2020年，恰逢名创优品登陆纽交所后遭遇业绩压力、连续亏损的时期。为寻求新增长点，公司创始人叶国富提出“兴趣...

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TOY核心产品聚焦手办、3D拼装模型及搪胶毛绒三大品类，采用“自研+外采”双轨模式。其中自研产品涵盖自有IP与授权IP，外采产品则主要来自其他品牌IP。这种模式既保证了产品多样性，也试图通过自有IP构建差异化竞争力。财务数据显示，TOP TOY近年营收保持增长态势。2024年营业收入达19.09亿元，同比增长30.64%。门店数量从2022年的117家扩张至2025年上半年的293家，包括直营店、合伙人门店及代理门店。但扩张速度与收入增速存在差异：2024年门店数量近乎翻倍，营收增幅仅31%；而同期泡泡玛特门店增长20%，营收却大涨106.92%。2025年上半年新开门店仅17家，直营店数量甚至减少2家，显示扩张步伐明显放缓。从收入结构看，潮玩产品销售占比超97%，其中经销商渠道贡献近半收入，加盟商、直营门店及其他渠道依次递减。这种以经销商为主的渠道模式虽助力快速铺货，但也带来利润空间压缩问题。2022-2024年，公司毛利率中枢维持在28%-30%，低于布鲁可与泡泡玛特等同行。费用控制方面表现突出，销售费用率长期低于2%，主要得益于轻资产渠道结构及低租金占比。净利润方面，TOP TOY于2023年实现扭亏，2024年及2025年上半年分别盈利2.97亿元和1.8亿元，对应净利率约13.2%。这一水平受制于核心业务盈利能力不足，尤其是自有IP建设滞后。招股书显示，公司目前拥有17个自有IP，远少于43个授权IP及600多个外采IP。2025年上半年，自有IP收入仅610万元，授权IP则贡献6.15亿元，形成鲜明对比。这种“IP集市”模式虽能借助迪士尼、三丽鸥等经典IP吸引消费者，节省营销费用，但也暴露出两大隐患：一是缺乏爆款原创IP导致在Z世代群体中竞争力不足；二是过度依赖外部IP面临授权成本上升、合约到期等风险。行业分析指出，潮玩溢价能力源于IP独特性与情绪价值，而授权IP的同质化问题削弱了产品稀缺性，叠加频繁促销策略，进一步拉低了毛利率。为破解困境，TOP TOY正加速自有IP布局。2025年上半年，公司斥资510万元收购潮玩公司HiTOY海创文化51%股权，获得“糯米儿Nommi”等三大IP，并在交表前追加收购多个IP。叶国富在近期公开场合强调，名创优品将向文化创意公司转型，大力发展自有IP。这一战略调整或为TOP 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