Telling own stories

Domestic production of IP collectibles is also witnessing strong growth.

"We've seen progress, but many local IPs lack deep content ecosystems. To build a long-term following, there needs to be more storytelling, more consistency — (similar to) what international brands have developed over decades," said Kong.

Top Toy's own strategy includes both self-developed IPs and collaborations with well-known franchises.

Currently, self-developed products make up about half of the company's offerings, with plans to raise that to 70 percent in the coming years. At the same time, the company continues to invest in offline experiences. While e-commerce grows, Kong sees physical stores as vital: "It's about immersion. Walking into a well-designed toy store is different from scrolling on your phone — it's sensory, emotional, and social."

Looking ahead, Kong sees value in building not just products, but communities. Through in-store events, social campaigns, and user-generated feedback channels, the company is trying to create what he calls "a participatory ecosystem".

"We want to move from a brand-to-consumer to co-creation model. That's where the next wave of collectible toy culture will come from," said Kong.