Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][15]. Core Insights - The company reported a total revenue of 4.97 billion yuan for Q2 2025, representing a year-on-year growth of 23.1%. For the first half of 2025, revenue reached 9.39 billion yuan, up 21.1% year-on-year [1]. - The company's gross profit margin improved to 44.3%, an increase of 0.4 percentage points year-on-year, while the adjusted net profit for Q2 was 0.692 billion yuan, reflecting a 10.6% increase year-on-year [1]. - The company has expanded its global store network, surpassing 7,900 stores worldwide, with a net increase of 108 stores in the first half of 2025 [2]. Revenue Breakdown - In Q2 2025, the domestic revenue in mainland China was 2.62 billion yuan, growing 13.6% year-on-year, while overseas revenue reached 1.94 billion yuan, marking a 28.6% increase [1]. - The TOPTOY segment achieved revenue of 0.4 billion yuan in Q2 2025, with an impressive growth rate of 87% [1]. Domestic Market Performance - The domestic same-store sales showed positive growth, with the number of franchisees reaching a historical high. The company anticipates continued same-store sales growth for the full year of 2025 [3]. - The company added 30 new stores in mainland China during Q2 2025, including 7 MINISO LAND stores, enhancing its presence in key cities [3]. International Expansion - The overseas revenue accounted for 39% of total revenue in Q2 2025, with significant growth in various regions, particularly in North America, where revenue increased by 69.7% [4]. - The company opened flagship stores in major global cities, reinforcing its brand presence internationally [4]. TOPTOY Growth - The TOPTOY segment is identified as a second growth engine, with a revenue increase of 87% in Q2 2025. The company has partnered with international IPs and signed contracts with several popular toy artists [5]. - The valuation of TOPTOY reached approximately 10 billion HKD after investment from Temasek, indicating strong market recognition [5]. Future Projections - The company is expected to achieve revenues of 21.2 billion yuan and 25.1 billion yuan for 2025 and 2026, respectively, with adjusted net profits projected at 2.8 billion yuan and 3.8 billion yuan [5].
名创优品（09896）：25Q2点评：全球门店突破7900家，全球化战略驱动高增长