21 Chinese Firms Top 100M Yuan in IP Merch (H1 2026)

Which Chinese companies surpassed 100 million yuan in IP derivative revenue during H1 2026?

A new H1 2026 roundup reports that 21 Chinese companies in toys, trendy IP merchandise, and licensing each crossed 100 million yuan in IP-derivative revenue. The list includes Pop Mart, Bloks, TOP TOY, Bilibili, Yuewen, Alpha Group, Kidsland, Tong Shifu, Xinghui Entertainment, Goldlok Holdings, Playmates Toys, Wahlap Technology, and Shifeng Culture, among others. The scale confirms character IP is now a core revenue engine, not a niche add-on.

What is IP derivative revenue, and why does it matter for collectibles?

IP derivative revenue is money earned by turning an intellectual property, such as a character, franchise, or mascot, into physical or digital products. Think blind boxes, figurines, plush, trading cards, and cross-border fandom merchandise. The licensing model behind it lets one popular design spawn many collectible formats.

For collectors, this matters because it explains why so many new blind-box and figurine lines appear each season. Companies that own or license a hit character can release it as a keychain, a large statue, a card set, and a plush within months, each aimed at a different price point and collector.

How big are the leading IP franchises in H1 2026?

The clearest scale signals come from the largest players. Pop Mart reported six IPs above 1 billion yuan each and 11 IPs above 100 million yuan in H1 2026. MINISO said its YOYO IP generated nearly 500 million yuan in related revenue, and TOP TOY's Nommi surpassed 300 million yuan in cumulative GMV.

These figures show a widening gap between blockbuster characters and long-tail licensing. A handful of franchises drive most of the money, while dozens of smaller IPs fill out catalogs. That split shapes what you see on shelves and in secondary markets, where the biggest names hold value best.

Why is this trend getting attention now?

The topic surfaced during H1 2026 earnings season, which showed both broad IP monetization and the split between hit characters and long-tail licensing. To sustain growth, companies are leaning harder on blind boxes, figurines, plush, cards, and cross-border fandom merchandise.

For a mystery-box and collectibles audience, the takeaway is simple: character IP has moved from a bonus feature to a primary business. Companies that can convert one popular mascot into several collectible formats are the ones posting the strongest numbers, and that pipeline feeds the boxes, drops, and packs collectors chase.

How can collectors get into IP collectibles transparently?

As character IP scales, so does demand for a fair way to collect it. On TroveDrops you can browse the mystery boxes built around real tech, sneakers, luxury, and collectibles, then either ship the item you win or sell it back to credit.

Before you open anything, we recommend checking the odds and the math. You can browse boxes and their published odds and read how our system works on the provably-fair verification page. Every result is verifiable, so you know the draw was not tampered with. That transparency is the honest reason to start with TroveDrops rather than an opaque box.

Mara covers mystery boxes, drop odds and consumer protection — translating how these platforms actually work into plain English so readers can play smart and avoid scams.