Summary of Key Points
MintLab initially made money by selling daily necessities and international IPs (such as Disney and Sanrio). Now, it has suddenly shifted its focus to developing its own trendy toy IPs, with YOYO being the main product, directly competing with PopMart. Its goal is not only to surpass PopMart in store sales but also to transform its main brand into a leading trendy toy company. YOYO’s sales performance is promising, but it faces two significant challenges: first, the positioning of its subsidiary brand TOP TOY has become awkward; second, whether the IPs can remain popular in the long term is still uncertain.
Why Did MintLab Suddenly Decide to Develop Its Own Trendy Toy IPs? The Success of PopMart Was a Key Motivation
Ye Guofu’s decision was not made out of nowhere. In 2025, PopMart’s popularity soared, with revenue increasing by 184.7% to 37.1 billion yuan, largely due to its own IPs. Ye Guofu stated, “PopMart’s success shows that consumers are willing to spend money, and investors recognize this potential.” Previously, MintLab relied on international IPs (such as Disney figurines) to boost its business, but the profits from these IPs had to be shared with others, and MintLab lacked control over them. In 2025, Ye Guofu realized the need for independent IPs and developed 15 new IPs within a year, with YOYO being the first to receive significant promotion.
How Did YOYO Achieve Sales of 500 Million in Half a Year? Thanks to Three Key Strategies
YOYO’s rapid success can be attributed to MintLab’s existing strengths:
1. Utilizing Store Resources to Attract Customers: In MintLab’s theme stores (such as MINISO LAND in Shenzhen), YOYO’s large models and dedicated display areas are placed in prominent locations to attract attention.
2. Creating Events to Increase Awareness: MintLab organized YOYO birthday pop-ups, launched themed ice cream trucks (similar to PopMart’s Star Man ice cream trucks), and produced limited-edition resin figurines to create a sense of scarcity and drive sales among fans.
3. Global Distribution for Increased Sales: YOYO was introduced in 53 countries within a year, leveraging MintLab’s network of over 8,000 stores worldwide to quickly distribute the products.
As a result, YOYO generated nearly 500 million yuan in sales in the first half of 2026, with monthly sales exceeding 100 million yuan in June and July, exceeding the annual target of 1 billion yuan.
Comparing MintLab with PopMart: Clear Advantages and Disadvantages
Advantages: MintLab has a substantial advantage in terms of its global store network (8,309 stores vs. TOP TOY’s 365), a mature supply chain that allows for quick product integration (e.g., on stationery, cups, and ice cream), and the ability to launch new products frequently, thanks to its experience in selling daily necessities.
Disadvantages: MintLab lacks experience in IP management. It has only started developing its IPs recently, and its IP operations are not as well-established as PopMart’s. For example, it took PopMart nearly a decade to develop successful IPs like LABUBU, which include global exhibitions and city-themed parks that keep fans engaged. YOYO’s revenue is only 1/9 of PopMart’s THE MONSTERS and 1/5 of PopMart’s Star Man. In short, MintLab can sell IP products but does not yet have the expertise to sustain their long-term popularity.
Conflict Between Sister Brands: The Embarrassing Positioning of TOP TOY
TOP TOY was created in 2020 as a dedicated trendy toy brand, targeting products like blind boxes and figurines. However, now MintLab’s main stores (such as MINISO LAND) are also selling trendy toys, with some stores featuring 100% IP-related products, directly competing with TOP TOY. TOP TOY is preparing for an IPO, and its unclear positioning poses a risk to its valuation in the capital market.
The Biggest Question: How Long Can YOYO Remain Popular? The Short Life Cycle of IPs
Both MintLab and PopMart face the challenge of whether their IPs will become obsolete. PopMart’s THE MONSTERS series saw a 7.5% decline in sales in the first half of 2026, indicating that even top IPs can experience fluctuations. While YOYO is currently popular, whether it can maintain this success is uncertain. MintLab is also working on developing another IP, CHOUCHOU, but replicating such success is difficult, as consumer preferences change rapidly, and IPs need constant innovation to remain appealing.
In summary, MintLab’s transition to trendy toys relies on its existing strengths. While the short-term results are promising, its long-term success depends on whether its IPs can continue to attract fans and whether its internal operations can be streamlined effectively.