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

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

A September 2026 36Kr compilation identified 21 Chinese companies in toys, trendy IP merchandise, and licensing that each crossed 100 million yuan in H1 2026 IP-derivative revenue. The list includes Pop Mart, Bloks, TOP TOY, Bilibili, Yuewen (China Literature), Alpha Group, Kidsland, and Playmates Toys, among others. The source is a secondary roundup, not an audited industry dataset.

The 36Kr report, published September 23, 2026 and updated October 2, 2026, names the following companies: Pop Mart, Bloks, TOP TOY, Bilibili, M&G Stationery, Jiumu Sundry Society, Yuewen (China Literature), Chanyuan, Alpha Group, Kidsland, Copper Master, DreamIsland, Xiaomang E-commerce, Mainland Toys, Meileya, Xinghui Entertainment, Goldlok Holdings, Playmates Toys, SoftCreate, KaTao, Wahlap Technology, and Shifeng Culture. That is 22 names for a list described as 21 companies. The discrepancy is unresolved in the available source and may reflect an editorial counting error or the treatment of M&G Stationery and Jiumu Sundry Society as separate qualifying entities. Treat the roster as a reported compilation rather than an official ranking.

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, which is why new blind-box and figurine lines appear so often each season.

For collectors, the model explains the pace of releases. A company that owns or licenses a hit character can push it out as a keychain, a large statue, a card set, and a plush within months, each aimed at a different price point and collector. That pipeline feeds the boxes, drops, and packs people chase. It also shapes secondary markets, where the biggest names tend to hold value best. The 36Kr compilation frames this shift as character IP moving from a bonus feature to a primary business for the companies involved.

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. China Literature's IP-merchandise GMV reached 780 million yuan, up more than 60% year on year. 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.

Pop Mart's H1 revenue was 17.17 billion yuan, up 23.8% year on year, with plush revenue at 9.82 billion yuan, up 60%, according to a report on Retail Asia. Its six billion-yuan IPs were THE MONSTERS (associated with Labubu) at approximately 4.45 billion yuan, TWINKLE TWINKLE at 2.65 billion yuan, CRYBABY at 1.63 billion yuan, DIMOO at 1.62 billion yuan, SKULLPANDA at 1.55 billion yuan, and HIRONO at 1.01 billion yuan. MOLLY was reported at approximately 900 million yuan, so it did not exceed 1 billion yuan in the cited H1 figures. Pop Mart also launched first plush releases for Nyota, Zsiga, and Peach Riot, while PUCKY Tap-Tap vinyl-plush keychains gained social-media traction in Asia.

TOP TOY's H1 total GMV was reported at 1.332 billion yuan, with mainland China stores contributing 896 million yuan, up approximately 12.6% year on year. China Literature's merchandise ecosystem includes Yuewen Goods and the Yuewen Ichiban Kuji anime-merchandise brand, according to its H1 2026 earnings call transcript. The company's profit fell sharply for the first half of 2026, The Standard reported, showing that merchandise growth does not guarantee overall profitability.

MINISO's YOYO IP figure is separate from the 36Kr list, and MINISO is not among the 21 named companies. The Bamboo Works has also reported a later nine-month GMV milestone for YOYO, but the H1 figure cited in the roundup is the nearly 500 million yuan in related revenue.

Which figures are confirmed and which are unverified?

Publicly available evidence independently confirms major figures for Pop Mart, TOP TOY, and China Literature, but does not verify every company, product, price, or unit count on the 36Kr list. The claim that every one of the 21 or 22 listed names individually exceeded 100 million yuan in H1 merchandise revenue is not verified by the available evidence. Nor is it clear whether the figures represent revenue, GMV, sell-in, sell-through, licensing income, or combined IP-related sales.

The table below summarizes what is supported and what remains open.

Other unverified points include the exact contribution of each company, brand, IP, or product; unit sales, product counts, release dates, inventory levels, and geographic sales; whether M&G Stationery and Jiumu Sundry Society are separate qualifying companies; and any claim that these companies form an official government, industry-association, or audited ranking. Rumors about upcoming collaborations, limited editions, celebrity endorsements, shortages, or secondary-market prices are also unconfirmed.

Why is this trend getting attention now?

The topic surfaced during H1 2026 earnings season, which showed both broad IP monetization and a 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. Pop Mart's plush growth and its six billion-yuan IPs illustrate the pattern. China Literature's merchandise GMV growth, even as overall profit fell, shows the same push. TOP TOY's store performance and Nommi's cumulative GMV add another data point. That pipeline feeds the boxes, drops, and packs collectors chase. It also explains why so many new lines appear each season and why the biggest names tend to hold value best in secondary markets. For more on how character IP affects resale, see our analysis of the Labubu and Pop Mart revenue slowdown.

How can collectors get into IP collectibles transparently?

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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.