Blind-Box Brands Tier List 2026
Snapshot 2026-09-10. POP MART FY2025 RMB 37.12bn; TOP TOY 3.587bn; 52TOYS ~1.2% GMV share. SURE FUN via hi.toys.
Snapshot 2026-09-10. Company brands that sell mystery/blind boxes — not character IPs. Quantified leaders: POP MART, TOP TOY, 52TOYS. Others enter NPC on verifiable product lines only.
Blind-box brand tiers 2026
| Tier | Brand | Verified | Focus | Note |
|---|---|---|---|---|
| 夯 | POP MART | FY2025 revenue RMB 37.12bn; H1 2026 17.17bn | Artist IPs, plush pendants, roboshops | HK-listed industry ruler |
| 顶级 | TOP TOY | Prospectus: 2025 revenue RMB 3.587bn (+87.9%); 334 stores | Collectible retail + own IPs (Nommi) | MINISO affiliate |
| 人上人 | 52TOYS, Finding Unicorn | 52TOYS prospectus: #3 China IP-toy GMV (~1.2%); 2024 revenue RMB 630m | Hardcore collectibles; artist lines | Below TOP TOY on disclosed sales |
| NPC | Toycity, Rolife, SURE FUN | No FY HKEX split in this round | Emerging blind boxes; Nanci; Nommi/Maymei | SURE FUN via hi.toys |
| 拉完了 | Bootleg makers | Fake Labubu boxes | Knockoffs | Skip |
Disclosed revenue snapshot
| Brand | Disclosed | Snapshot |
|---|---|---|
| POP MART | FY2025 RMB 37.12bn; H1 2026 17.17bn | HKEX / Reuters |
| TOP TOY | 2025 RMB 3.587bn (+87.9%) | Prospectus via Xinhua |
| 52TOYS | 2024 RMB 630m; ~1.2% GMV share (#3) | China Daily |
| Finding Unicorn / Toycity / Rolife / SURE FUN | No matching FY HKEX line | Qualitative |
Scopes differ: POP MART and TOP TOY include retail and plush; 52TOYS frames blind boxes as a subset of collectible toys. No cross-filing fake market-share decimals.
TOP TOY and SURE FUN
TOP TOY’s own-IP mix hit 5.7% at end-2025; Nommi sales topped RMB 200m. Creative studio: SURE FUN. Authentic stock via TOP TOY / official shops or https://hi.toys — Blind Boxes, Nommi, Maymei.
How we ranked this
Snapshot 2026-09-10. Company brands that sell blind boxes — not character IPs (China art-toy IPs). Quantified rows use filings; others sit in NPC without invented share decimals. Glossary: docs/glossaries/blind-box-brands-2026-glossary.md.
| Source | Snapshot | Basis | Weight |
|---|---|---|---|
| Reuters FY2025 POP MART | 25 Mar 2026 | RMB 37.12bn | Primary |
| POP MART H1 2026 PDF | to 30 Jun 2026 | RMB 17.17bn group | Primary |
| Xinhua TOP TOY prospectus | 3 Apr 2026 | RMB 3.587bn; Nommi > RMB 200m | Primary |
| China Daily on 52TOYS | 26 Mar 2026 | #3 GMV ~1.2%; 2024 RMB 630m | Primary |
| hi.toys | Sep 2026 | SURE FUN / TOP TOY IP channel | Support |
Board pre-filled; extra brands sit unranked in the pool.
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Blind-Box Brands Tier List 2026
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