Mubang High-Tech Valuation Multiples

Pop Mart was founded in 2010 by entrepreneur Wang Ning and his partners to design, create, and sell pop-culture figure toys based on intellectual properties, or IPs. The company develops toy products by acquiring and self-incubating IPs, as well as collaborating with IP owners thorough exclusive and nonexclusive licensing agreements. Its products have gained widespread popularity in China and have rapidly expanded into overseas markets, such as Southeast Asia and North America, in recent years. To diversify its revenue streams, Pop Mart has also tapped into accessories, building blocks, and theme park operations.

Bandai Namco was established in 2005 through the merger of Bandai (established 1950), a toy manufacturer, and Namco (established 1955), a video game developer and arcade operator. Since then, Bandai Namco has emerged as one of the top entertainment companies in Japan, producing and selling games, toys, animation, and music content for a portfolio of over 400 internationally popular intellectual properties. The company’s most notable franchises—Gundam, Dragon Ball, and One Piece are among the highest-grossing franchises in the world.

Hasbro is a branded play company providing children and families around the world with entertainment offerings based on a world-class brand portfolio. From toys and games to television programming, motion pictures, and a licensing program, Hasbro reaches customers by leveraging its well-known brands such as Transformers, Peppa Pig, and Magic: The Gathering. The firm acquired EOne in 2019, bolting on popular family properties like Peppa Pig and PJ Masks, and has since divested noncore lines from the tie-up. Furthermore, the addition of Dungeons & Dragons Beyond in 2022 offers the firm access to 19 million digital tabletop players.

Games Workshop Group PLC designs, manufactures and sells fantasy miniatures and games related products. It carries the manufacturing activity in the UK and sells the same in the different region of the countries such as Continental Europe, North America, and Asia Pacific. It operates through two segments Core and Licensing . The core segment includes all revenue and expenditure relating to the design, manufacture and sales of their fantasy miniatures and related products. The licensing segment includes all revenue and expenditure relating to licences granted to external partners. The company generates majority of its revenue from the core segment.

Mattel manufactures and markets toy products that are sold to its wholesale partners and direct to retail customers. The company offers products for children and families, including toys for infants and preschoolers, girls and boys, youth electronics, hand-held and other games, puzzles, educational toys, media-driven products, and plush and fashion-related toys. Mattel's owned portfolio includes Barbie, Hot Wheels, Fisher-Price, Thomas & Friends, and American Girl. In addition, it currently manufactures toy products for its segments both internally and externally (through manufacturing partners). Nearly 60% of its net sales were generated from North America in 2025, with the remainder stemming from international markets.

Asmodee Group AB is an entertainment company specializing in tabletop games, miniatures board games, card games, and others to bring people together through great games and amazing stories. The company operates in Sweden, France, Germany, the USA, the UK, Other American and European countries, with the majority of revenue from France.

Bloks Group Ltd is a assembly character toys company in China. Its Bloks System that combines standardization and individuality elements to create popular and fun assembly character toys, address consumers demand for toys that recreate the essence of IP characters, and deliver the joy of assembling. It has nearly 431 SKUs available for sale, including 116 SKUs designed for children under the age of six, 295 SKUs designed for consumers between the ages of six and 16, and 20 SKUs designed or consumers over the age of 16.

TOMY Co Ltd is a Japanese manufacturer of children's toys and merchandise. The company's products include electronic and physical toys, card games, baby care products, and general merchandise. The company's brands include Tomica, Plarail, Licca-chan, and Koeda-chan. It organises itself into five geographical segments: Japan, the Americas, Europe, Oceania, and Asia (other than Japan).

Tonies SE provides an audio entertainment system. The company offers Toniebox, an audio system for kids that plays stories, songs, and others. Geographically, It generates majority of the revenue from Germany.

Spin Master is a children’s entertainment company operating in the $112 billion global toy industry. The company creates, designs, manufactures, and markets a portfolio of products, brands, and entertainment properties across four key categories (outdoor, wheels & action, infant, toddler, preschool & plush, and activities, games & puzzles, dolls, and interactive). Spin Master has increased brand awareness via homegrown brands including Paw Patrol, Rusty Rivets, and Bakugan but has leaned on a robust acquisition strategy to reach adjacent markets through tie-ups like Rubik's, Gund, and Melissa & Doug. The company has global reach, with 29 offices in nearly 20 countries and sales in over 100 markets.

Shanghai Yaoji Technology Co Ltd, formerly Shanghai Yaoji Playing Card Co Ltd a Chinese card company principally engaged in the design, production, and sale of playing cards. It offers Wanshengda series products and Yao Ji series poker products.

Tron Inc is a trusted toy and souvenir designer and developer, selling into theme parks and entertainment venues. It has developed, manufactured, and supplied the entertainment and amusement park industry with exclusive products that are often only available to consumers inside SRM’s customer base venues such as Walt Disney Parks and Resorts, Universal Studios, SeaWorld, Six Flags, Great Wolf Lodge, Dollywood, and Merlin Entertainment. Its product category includes The Smurfs and Zoonicorns, Sammy Sloth, lilita Llama, kyle Koala, and Hanna Hedgehog.

Rastar Group is a Chinese company involved in the development, manufacturing, and sale of model cars in China. It also manufactures RC auto model, Die cast car, Ride-on products, and baby safety car seats. The company sells its products in China and also exports its products to the international countries.

Genda Inc is a pure holding company engaged in management support for several subsidiaries in entertainment businesses. The company has two business segments: Entertainment Platform Business and Entertainment and Content Business. The company generates the majority of its revenue from the Entertainment Platform Business segment, which is engaged in developing "Karaoke," which operates karaoke facilities and distributes equipment, and "Food & Beverage (F&B)," which provides food and drinks as a platform to deliver "Food as Entertainment". The Entertainment and Contents Business includes Character Merchandising (MD), which plans and provides product and events that utilize the characters that appear in IPs and the worldview and appeal of those IPs, as well as anime production and publishing.

Guangdong Qunxing Toys JSC Ltd is a China-based company engaged in developing, designing, producing and selling electrical toys. The company's main products include baby car series, children computer, baby toys, electric car series, mobile phone series, and others.

Universal Entertainment Corp is a Japanese manufacturer of gaming machines. The company's primary business, which constitutes the majority of consolidated revenue, is to manufacture and sell Pachislot and Pachinko gaming machines, and related parts and peripherals. Universal Entertainment also operates the Okada Manila casino resort in Manila Bay, Philippines. In addition to gaming operations, the company has businesses in media content, broadcasting, online games, and restaurants. The company derives the vast majority of income domestically.

Funko Inc is an USA based pop culture consumer products company. It creates whimsical, fun, and different products that enable the customer to express their affinity for their favorite through the movie, TV show, video game, musician, or sports team. The company's current products are principally figures, fashion accessories, apparel, plush products, accessories, homewares, and NFTs. The company sells its products through a diverse network of retail customers across multiple retail channels, including specialty retailers, mass-market retailers, and e-commerce sites. The company generates the majority of its revenue from the core collectibles products.

Jakks Pacific Inc is a multi-product line, multi-brand toy company that designs, produces, markets, sells and distributes toys and related kid-targeted consumer products, inclusive of kids indoor and outdoor furniture, costumes and various product lines in the sporting goods and home furnishings space. Its products offering include Traditional toys and electronics such as Action figures, Toy vehicles, Dolls and accessories, Ride-on toys, Toys for pets, and others. The company's products have been divided into two segments: (i) Toys/Consumer Products and (ii) Costumes.

Aurora World Corporation manufactures dolls and other stuffed toys. The company also engages in character design, brand marketing, etc. It operates in the gift industry. Its overseas branches are in the United States, Indonesia, Hong Kong, United Kingdom.

Mandarake Inc is a Japan-based company engaged in the purchase and sale of Japanese cartoon-related secondhand books, goods, and animation-related products. It provides mail-order sale of comics, magazines, DVDs, games, and costume along with an auction of books, toys, celluloid pictures, animations, and acting scripts.

AS Co SA is engaged in the production & distribution of toys, games and other products. The company's product categories are Educational, which includes scientific games, family board games and toy computers. Its brands include Nenuco, Pinypon, Plexi Flexi, StickerZ, SuperSand and art greco.

Hour Loop Inc is a technology-enabled consumer products company that uses machine learning and data analytics to design, develop, market, and sell products. Hour Loop predominantly operates through online retail channels such as Amazon, Walmart, and Hourloop.com. The Company, as an Internet marketplace seller, sells products in multiple categories, including home/garden decor, toys, kitchenware, apparel, and electronics. It has only one segment, which is online retail (e-commerce).

Character Group (The) PLC is engaged in the design, development, manufacture, and international distribution of toys, games, and giftware, including licensed products based on film, television, comic, and digital characters. The Group designs and distributes a wide range of toys and playthings across Pre-school, Boys, Girls, and Activity and Crafts categories, with brands such as Goo Jit Zu, Peppa Pig, and Sticki Rolls. Its principal markets are the United Kingdom and Scandinavia, with operations across Europe and the rest of the world, and international expansion is a key area of focus. The Group partners on an exclusive basis with overseas toy producers, serves toy retailers, independent stores, and distributors, and generates the majority of its revenue from the United Kingdom.

Lexibook Linguistic Electronic System SA is a France-based company engaged in producing and selling leisure electronic products and toys. It sells its products under its name and through licenses. The company’s products include educational tablets, toys, laptops, alarm clocks, calculators, educational games, interactive games, audio and visual products, translators, and other products. It sells the products in France and also exports internationally. The group sells Electronics, Toys, and Other products, of which the majority of the revenue is generated from the sale of electronic products.

Kolejkowo SA engaged in creating and operating detailed miniature model exhibitions that depict vibrant scenes of everyday life, complete with moving trains, vehicles, and figures.