2 1 Shi Ji Jing Ji Bao Dao·2025-08-22 12:38Core Viewpoint - MINISO has recorded a profit decline for the first time in four years, but management remains confident, and investment banks view the operational data positively [1][4]. Financial Performance - In the first half of 2025, MINISO achieved revenue of 9.393 billion yuan, a year-on-year increase of 21.1%, and operating profit of 1.546 billion yuan, up 3.4%. However, net profit fell to 906 million yuan, a decrease of 23.1% [1]. - The decline in net profit is primarily attributed to losses from its investment in Yonghui Supermarket, which reported a total revenue of 29.948 billion yuan, down 20.73%, and a net loss of 241 million yuan [4][5]. Operational Highlights - MINISO's same-store sales showed positive growth, and domestic business performance exceeded expectations, while overseas operations expanded steadily [1][7]. - As of June 30, 2025, MINISO had a total of 7,612 stores globally, with 4,305 in mainland China and 3,307 overseas, reflecting a net increase of 30 and 94 stores respectively in the second quarter [7][10]. Future Growth Expectations - Management expects group revenue to grow by 25%-28% in the third quarter, with adjusted operating profit projected to increase by double digits [7]. - For the full year 2025, MINISO anticipates revenue growth of no less than 25%, with adjusted operating profit expected to be between 3.65 billion and 3.85 billion yuan [7]. IP Development Strategy - MINISO is focusing on developing its own IP, aiming to replicate the success of Pop Mart, and has signed contracts with nine promising original toy artists [9][12]. - The company believes that enhancing its own IP will create a sustainable growth driver and differentiate its offerings in the market [9][12]. Business Model Comparison - Unlike Pop Mart, which is cautious about store expansion, MINISO relies heavily on a partner system for rapid growth, with a significant number of partner stores compared to its directly operated stores [10][11]. - MINISO's product offerings are perceived as more accessible compared to Pop Mart's, which may affect brand perception and pricing power if not managed carefully [11][12].