Core Insights - Miniso's Q2 2025 performance exceeded market expectations, marking the first positive same-store sales growth in four quarters [1][2] - The company is accelerating its proprietary IP strategy, with CEO Ye Guofu stating a dual approach of "international IP + proprietary IP" to drive development, directly competing with Pop Mart in the trendy toy market [1][3] Financial Performance - For the first half of 2025, Miniso achieved revenue of 9.393 billion yuan, a year-on-year increase of 21.1%, with Q2 revenue at 4.97 billion yuan, up 23.1% [2] - Adjusted net profit rose by 10.6% to 690 million yuan, while adjusted operating profit increased by 8.5% to 852 million yuan [2] - The recovery in performance is attributed to improvements in same-store sales and the expansion of large store strategies, with same-store sales in mainland China showing positive growth in Q3 [2] Same-Store Sales and Market Trends - Q2 marked the first positive same-store sales growth for Miniso in four quarters, with the Miniso brand's same-store sales remaining flat and TOP TOY brand showing low single-digit growth [2] - The decline in same-store sales in overseas markets has narrowed, with Europe and North America achieving mid to high single-digit growth [2] Strategic Initiatives - Ye Guofu emphasized the importance of the proprietary IP strategy, noting that Miniso has established advantages in product development, marketing, and channel management through international IP collaborations, but lacked proprietary IP [3] - Miniso has signed contracts with nine trendy toy artists for its proprietary IP initiative, with the first product launched in June [3] - TOP TOY acquired a 51% stake in HiTOY, a trendy toy company, expanding Miniso's proprietary IP portfolio [3] Analyst Outlook - Following the earnings release, Nomura raised its revenue and profit forecasts for Miniso for 2025-2027 by 3-4% and 3-7%, respectively, and increased the target price from $24.20 to $25.50, maintaining a buy rating with an implied upside of 22% [4] - Analysts noted that the operation of proprietary IP requires different skill sets compared to third-party IP operations, leaving uncertainty about whether Miniso's proprietary IP strategy can drive sustained sales growth [4]
复苏的名创优品,能复刻“泡泡玛特”的IP之路吗?