名创优品持续深化"开好店、开大店"的渠道战略，已进入"大店驱动增长"阶段，带动同店销售与营收显 著提升。2025年第三季度，名创优品品牌总营收52.2亿元，同比增长23%。其中，中国内地营收29.1亿 元，实现同比增长19%的亮眼成绩，这一增速更多来自同店拉动，进入到第四季度，同店增长的趋势依 然稳健，10月份的同店更是取得双位数的增长。海外市场方面，Q3营收23.1亿元，同比增长28%。以海 外最大的市场美国为例，第三季度美国市场收入同比增长约65%，其中同店实现低双位数增长。2025年 至今，美国市场的新会员增长超过100%。 展望未来，TOP TOY将继续依托"全产业链潮玩集合平台"的定位，深化IP运营与产品创新，加速全球化 布局，致力于打造具有全球影响力的潮玩品牌，推动中国潮玩文化走向世界。 本报讯 11月21日，名创优品集团（以下简称"名创优品"）公布了2025年第三季度财务报告。报告期 内，名创优品持续深化高质量发展战略，经营质量持续提升，整体业绩增长亮眼。营收、同店销售等多 项指标均超过预期，在全球渠道升级与IP运营等战略方向上进一步强化竞争力。 财报显示，2025年第三季度名创优品总营收达58 ...

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 number of global stores surpassed 8,000, with same-store sales showing a mid-single-digit growth [1] Financial Performance - Total revenue for the group reached 5.8 billion yuan, marking a 28% increase compared to the previous year [1] - TOP TOY, a brand under Miniso, achieved a revenue of 570 million yuan in Q3 2025, a significant year-on-year increase of 111%, setting a new quarterly revenue record [1] Store Expansion - As of the end of September, TOP TOY's global store count increased to 307, with 15 of those located overseas [1] - The global store network continues to expand, enhancing the brand's market presence [1] Product Performance - The proprietary IP "Nommi" has been performing well globally, contributing significantly to revenue growth [1] - Both channel expansion and product operations have seen breakthroughs, driving overall performance [1]

名创优品(09896)发布公告，于2025年11月20日该公司斥资8.74万美元回购1.8万股，回购价格为每股 4.8325-4.8750美元。 ...

Core Insights - Miniso achieved a revenue of RMB 5.797 billion for the third quarter, marking a year-on-year increase of 28.17% [1] - The company's profit attributable to equity shareholders was RMB 441 million, a decrease of 31.36% year-on-year [1] - Adjusted net profit for the quarter was RMB 766.8 million, reflecting an increase of 11.7% year-on-year [1] Financial Performance - For the first nine months, Miniso reported a revenue of RMB 15.19 billion, up 23.68% year-on-year [1] - Profit attributable to equity shareholders for the nine months was RMB 1.347 billion, down 25.68% year-on-year [1] - Adjusted net profit for the nine months was RMB 2.0455 billion [1] - Basic earnings per share for the quarter were RMB 0.36, and for the nine months, it was RMB 1.1 [1] Operational Highlights - The CEO highlighted that the company achieved two significant milestones in the September quarter: quarterly revenue exceeding RMB 5 billion and surpassing 8,000 global stores [2] - In mainland China, the company saw a net increase of over 100 stores in the September quarter, with same-store sales showing high single-digit growth [2] - The company is on track to achieve positive same-store sales growth in mainland China for the full year of 2025 [2] International Performance - Same-store sales in overseas markets also showed improvement, with low single-digit growth in the September quarter [2] - The company expects overseas growth to be driven more by same-store sales, which are anticipated to be of higher quality and sustainability [2] - The operating profit margin for overseas direct operations has improved year-on-year, indicating stable enhancement in core operational capabilities [2] Cash Flow and Financial Health - The company reported a net operating cash flow of RMB 1.2996 billion for the quarter, with a cash flow to adjusted net profit ratio of 1.7 [3] - As of September 30, cash reserves stood at RMB 7.77 billion [3] - The net operating cash flow for the first nine months reached RMB 2.314 billion, exceeding the total adjusted net profit for the same period, showcasing strong financial health and effective working capital management [3]

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 Miniso brand generated revenue of 5.22 billion yuan, up 23% year-on-year, while the TOP TOY brand saw a remarkable 111% increase in revenue to 570 million yuan [1] - The group's gross profit for the quarter was 2.59 billion yuan, with a gross margin of 44.7%, indicating strong business growth resilience and profitability [1] - Adjusted net profit (Non-IFRS) reached 770 million yuan, a 12% increase year-on-year, with an adjusted net profit margin of 13.2% [1] - As of the end of the quarter, Miniso Group surpassed 8,000 global stores, marking a significant milestone [1] - Same-store sales continued to improve, achieving mid-single-digit growth, characterized by higher quality and stronger sustainability [1]

智通财经APP讯，名创优品(09896)发布公告，于2025年11月20日该公司斥资8.74万美元回购1.8万股，回 购价格为每股4.8325-4.8750美元。 ...

Core Insights - MINISO Group reported a total revenue of 5.8 billion yuan for Q3 2025, representing a year-on-year growth of 28% [1] - The MINISO brand revenue reached 5.22 billion yuan, with a year-on-year increase of 23%, while the TOP TOY brand revenue surged to 570 million yuan, marking a significant growth of 111% [1] - The group's gross profit for the quarter was 2.59 billion yuan, also reflecting a year-on-year growth of 28%, with a gross margin of 44.7% [1] - Adjusted net profit (Non-IFRS) stood at 770 million yuan, up 12% year-on-year, resulting in an adjusted net profit margin of 13.2% [1] Store Expansion - As of the end of the reporting period, MINISO Group has surpassed 8,000 global stores [1] - The company is launching its upgraded store model, MINISO LAND, in key cities such as Guangzhou, Hangzhou, Chongqing, and Wuhan, with 17 locations opened domestically [1] - The first overseas MINISO LAND opened in Bangkok, Thailand, at Siam Square pedestrian street at the end of October [1] IP Development - By November 2025, MINISO has signed contracts with 16 trendy toy artist IPs, creating a diverse and rich proprietary IP matrix [1]

格隆汇11月21日丨名创优品(09896.HK)公告，11月20日耗资8.74万美元回购1.8万股，每股回购价4.8325- 4.875美元。 ...

Core Insights - Miniso achieved a revenue of RMB 5.797 billion for the third quarter, marking a year-on-year increase of 28.17% [1] - The company's profit attributable to equity shareholders was RMB 441 million, a decrease of 31.36% year-on-year [1] - Adjusted net profit for the quarter was RMB 766.8 million, reflecting an increase of 11.7% year-on-year [1] Financial Performance - For the nine months ending September 30, the company reported a revenue of RMB 15.19 billion, up 23.68% year-on-year [1] - Profit attributable to equity shareholders for the nine months was RMB 1.347 billion, down 25.68% year-on-year [1] - Adjusted net profit for the nine months was RMB 2.0455 billion, with basic earnings per share of RMB 1.1 [1] Operational Highlights - The company surpassed a significant milestone with quarterly revenue exceeding RMB 5 billion and global store count surpassing 8,000 [2] - In mainland China, the company achieved a net increase of over 100 stores in the quarter, with same-store sales showing high single-digit growth [2] - The company is on track to achieve positive same-store sales growth in mainland China for the full year of 2025 [2] International Performance - Same-store sales in overseas markets improved to low single-digit growth, with strong performance in strategic markets like North America and Europe [2] - The operating profit margin for overseas direct operations has improved year-on-year, indicating enhanced core operational capabilities [2] Cash Flow and Financial Health - The company reported a net operating cash flow of RMB 1.2996 billion for the quarter, with a cash flow to adjusted net profit ratio of 1.7 [3] - As of September 30, cash reserves stood at RMB 7.77 billion, with net operating cash flow for the first nine months reaching RMB 2.314 billion [3] - The strong cash flow and financial position highlight the company's robust profitability and efficient working capital management [3]

Core Insights - Miniso's revenue for Q3 2025 increased by 28.2% year-on-year to RMB 5.7966 billion, surpassing the company's previous guidance of 25% to 28% growth [1] - The company's same-store sales growth showed an upward trend across all three operating segments, contributing to a mid-single-digit growth at the group level [1] - The gross profit for Q3 2025 rose by 27.6% year-on-year to RMB 2.5901 billion, with a gross margin of 44.7% [1] Financial Performance - The net profit for the period was RMB 443.2 million, down from RMB 648.3 million in the same period last year [1] - Adjusted net profit increased by 11.7% year-on-year to RMB 766.8 million, with adjusted earnings per American Depositary Share (ADS) of RMB 2.48 (USD 0.35), reflecting a 12.7% increase [1] - Operating cash flow for Q3 was RMB 1.2996 billion, with a ratio of operating cash flow to adjusted net profit of 1.7 [4] Store Expansion - As of September 30, 2025, the total number of stores reached 8,138, marking a net increase of 718 stores year-on-year [2] - Miniso stores numbered 7,831, with a net increase of 645 stores, while stores in mainland China totaled 4,407, reflecting a net increase of 157 stores [2] - TOP TOY had 307 stores, with a net increase of 73 stores [2] Strategic Insights - The CEO highlighted significant milestones, including quarterly revenue surpassing RMB 5 billion and global store count exceeding 8,000 [3] - Same-store sales in mainland China achieved high single-digit growth, with a net increase of over 100 stores in the quarter [3] - The overseas same-store sales also improved, with low single-digit growth, particularly in strategic markets like North America and Europe [3] Operational Efficiency - Adjusted operating profit grew by 14.8%, with an adjusted operating profit margin of 17.6%, indicating a narrowing decline quarter-on-quarter [4] - Adjusted EBITDA increased by 18.8%, with an EBITDA margin of 23.4% [4] - Cash reserves reached RMB 7.77 billion as of September 30, 2025, demonstrating strong financial health and effective working capital management [4]