Investment Rating - The investment rating for Miniso (9896.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on strong performance metrics and growth potential. Core Insights - Miniso reported a revenue of 15.19 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 23.7%. The adjusted net profit for the same period was 2.046 billion yuan, with an adjusted net profit margin of 13.5% [1][2] - The company's same-store sales growth in China reached low double-digit levels in October 2025, indicating a strong recovery and growth trajectory [2] - The TOP TOY segment showed exceptional performance with a revenue increase of 87.9% year-over-year, contributing significantly to overall growth [1][2] Summary by Sections Financial Performance - For Q3 2025, Miniso achieved a revenue of 5.797 billion yuan, a year-over-year increase of 28.2%. Domestic revenue was 2.909 billion yuan (yoy +19.3%), while overseas revenue was 2.312 billion yuan (yoy +27.7%). TOP TOY's Q3 revenue was 575 million yuan (yoy +111.4%) [2] - The adjusted operating profit margin for Q3 was 17.6%, showing a narrowing decline of 2.1 percentage points, indicating improved profitability [3] Store Expansion - As of the end of Q3 2025, Miniso had a total of 8,138 stores globally, with 4,407 in China and 3,424 overseas. The company opened 718 new stores year-over-year, with 75.7% of new openings in overseas markets [3] Profit Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 2.703 billion yuan, 3.438 billion yuan, and 4.232 billion yuan, respectively, with corresponding P/E ratios of 16.4X, 12.9X, and 10.5X [4][6]

Core Insights - Miniso has launched the "IP Genius Youth Program," offering annual salaries ranging from 1 million to 10 million yuan to attract top IP creation talents globally, aiming to enhance original IP incubation and build its own IP matrix [1] - The initiative is intended to draw young talents for original IP development [1] - Miniso reported its Q3 2025 financial results, revealing that its toy brand TOP TOY achieved revenue of 570 million yuan, marking a 111% year-on-year growth [1] Group 1 - The "IP Genius Youth Program" aims to strengthen Miniso's original IP capabilities [1] - The salary range for the program is set between 1 million and 10 million yuan [1] - TOP TOY's revenue growth indicates a successful expansion in the toy market [1]

Core Insights - MINISO has launched the "IP Genius Plan" to recruit top IP creators globally with annual salaries ranging from millions to tens of millions, aiming to enhance original IP incubation and build its own IP matrix [1] Group 1: Recruitment Strategy - The "IP Genius Plan" will be open for recruitment year-round, with no restrictions on nationality, educational background, or major [1] - The focus is on creativity, aesthetic ability, and artistic influence, targeting creators who have made a mark in their professional fields [1] Group 2: Creator Qualifications - Applicants must have notable achievements, such as winning professional awards or having their works exhibited or collected by professional institutions [1] - Candidates should also possess keen perception and a strong desire for expression [1] Group 3: Benefits for Selected Creators - Successful candidates will receive a competitive salary, a free creative environment, and access to a top-tier mentorship system [1] - MINISO will provide global ecological resource support, creating a comprehensive creative incubation and operation platform for creators [1]

Core Insights - Miniso reported a 28.2% year-on-year increase in revenue for the third quarter, reaching 5.7966 billion yuan [1] - The adjusted net profit grew by 11.7% year-on-year, amounting to 766.8 million yuan [1] Financial Performance - Revenue for the third quarter was 5.7966 billion yuan, reflecting a significant growth compared to the previous year [1] - Adjusted net profit reached 766.8 million yuan, indicating a positive trend in profitability [1]

Core Insights - MINISO reported a total revenue of 5.8 billion yuan for Q3 2025, marking a 28% year-on-year increase, with the MINISO brand revenue at 5.22 billion yuan (up 23%) and TOP TOY brand revenue at 570 million yuan (up 111%) [2] - The gross profit for the quarter was 2.59 billion yuan, reflecting a 28% increase, with a gross margin of 44.7%. Adjusted net profit reached 770 million yuan, a 12% increase, with an adjusted net profit margin of 13.2% [2] - As of the end of Q3 2025, MINISO's global store count exceeded 8,000, with same-store sales showing positive growth [2] Revenue Breakdown - MINISO brand revenue in mainland China was 2.91 billion yuan, a 19% year-on-year increase, primarily driven by same-store sales [2] - The overseas market generated 2.31 billion yuan in revenue, up 28% year-on-year, with the U.S. market seeing a 65% increase [2] - Same-store sales in October continued to show double-digit growth [2] Store Expansion - As of September 30, 2025, MINISO had 7,831 global stores, including 4,407 in mainland China and 3,424 overseas, with net additions of 102 and 117 stores respectively in the quarter [3] - The MINISO LAND store format is expanding in major cities, with 17 locations opened in key domestic markets [3] IP Development - MINISO has signed contracts with 16 toy artists for its own IP development and is collaborating with Disney's "Zootopia" for a major product launch [4] - TOP TOY brand revenue reached 570 million yuan in Q3 2025, a significant 111% increase, with 307 global stores, including 15 overseas [4] - TOP TOY's flagship store in Guangzhou and its first store in Japan have opened, achieving notable sales figures [4]

除了极具竞争力的薪酬，成功入选者将获得自由创作环境、顶尖导师培养体系，以及MINISO全球生态 资源支持，有潜力的原创IP将实现从创意到产品的完整孵化链路。 责任编辑：刘万里 SF014 新浪科技讯 11月21日下午消息，名创优品发布"IP天才少年计划"，以百万至千万年薪面向全球招募顶尖 IP设计人才，以加强原创IP孵化，构建自有IP矩阵，向全球领先的IP运营平台升级。 据悉，名创优品"IP天才少年计划"将常年开放招募，不限国籍、不限院校、不限专业，重点关注创造 力、审美力与艺术影响力。报名者需在专业领域崭露头角，如作品获专业奖项，已展出或被专业机构收 藏等，还应具备敏锐的感知力与强烈的表达欲。 ...

人民财讯11月21日电，11月21日，名创优品(09896.HK)发布"IP天才少年计划"，以百万至千万年薪面向 全球招募顶尖IP设计人才，以加强原创IP孵化，构建自有IP矩阵，向全球领先的IP运营平台升级。该计 划将常年开放招募，不限国籍、不限院校、不限专业，重点关注创造力、审美力与艺术影响力。 ...

Core Insights - MINISO Group (NYSE: MNSO, HKEX: 9896) reported a total revenue of 5.8 billion yuan for Q3 2025, representing a year-on-year growth of 28% [1] - The company has surpassed 8,000 global stores, with same-store sales showing a continued positive trend, achieving mid-single-digit growth [1] - MINISO LAND, a flagship store type for channel upgrades, has opened 17 locations in key domestic cities such as Guangzhou, Hangzhou, Chongqing, and Wuhan, with the first overseas store launched in Bangkok, Thailand [1] - The company is enhancing its IP ecosystem by implementing a dual-driven strategy of "international licensed IP + exclusive signed artist IP," solidifying its industry position [1] - As of November 2025, MINISO has signed contracts with 16 trendy toy artist IPs, creating a diverse and rich proprietary IP matrix [1]

报告期内，集团总营收近58亿元，同比增长28%，其中名创优品品牌营收52.2亿元，同比增长23%； TOP TOY品牌营收5.7亿元，创单季度营收新高，同比增长111%，全球门店达30家。 | In and IDE was you can be says. I'd Dr. and | | | 未經審計額外資料 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (以千元呈列,属百分比外) | | | | | | | | | | 截至9月30日止三個月 | | | | | | 截至9月30日止九個月 | | | | 同比 | 2024年 | 2025年 | | | 2024年 | 2025年 | | 同比 | | 人民幣千元 人民幣千元 | | | 千美元 | | | 人民幣千元 人民幣千元 | 千美元 | | | 吸入 | | | | | | | | | | 名創優品品牌 | 4.249.307 | 5,221,476 | 733,456 | 22.9% | 11.573.972 | 13,870,480 | 1,948, ...

Group 1 - The core financial performance of Miniso Group for Q3 2025 shows total revenue of 5.8 billion yuan, a year-on-year increase of 28%, and adjusted net profit of 770 million yuan, up 12% year-on-year [1] - The company's strategy focuses on "opening good stores and large stores," entering a "large store-driven growth" phase, significantly boosting same-store revenue [1] - In Q3 2025, Miniso's brand revenue reached 5.22 billion yuan, a 23% increase year-on-year, with mainland China revenue at 2.91 billion yuan (up 19%) and overseas revenue at 2.31 billion yuan (up 28%) [1] Group 2 - The U.S. market, Miniso's largest overseas market, saw revenue growth of approximately 65% year-on-year in Q3, with same-store sales achieving double-digit growth [1] - The number of new members in the U.S. market has more than doubled in 2025 [1] - As of September 30, 2025, Miniso's global store network reached 7,831 locations, with 4,407 in mainland China (net increase of 102) and 3,424 overseas (net increase of 117) [1] Group 3 - Miniso's "Miniso Land" stores are expanding rapidly in global high-end cities and high-potential business districts, with 17 stores opened in China by Q3 [2] - The first overseas "Miniso Land" store opened in Bangkok, Thailand, marking a brand upgrade and new phase of globalization in Southeast Asia [2] - The subsidiary brand "Top Toy" reported strong growth with total revenue of 570 million yuan in Q3 2025, a 111% increase year-on-year, and a total of 307 global stores [2] Group 4 - Miniso's founder and CEO emphasized the company's core advantages in IP operations, category structure, and channel control, aiming to explore new growth patterns in the interest consumption sector [2]