名创优品第三季度净利下滑超30% TOP TOY收入翻倍

Core Insights - The article highlights the significant growth of the潮玩 brand TOP TOY and the financial performance of Miniso, indicating a strong market presence and expansion strategy. Group 1: Financial Performance of Miniso - In Q3 2025, Miniso reported revenue of 5.797 billion yuan, a year-on-year increase of 28.2%, surpassing the company's previous guidance of 25% to 28% [2] - Despite revenue growth, the net profit attributable to the parent company fell to 441 million yuan, down over 30% from 642 million yuan in the same period last year [2][4] - The increase in sales and distribution expenses, which rose by 43.5% to 1.43 billion yuan, is attributed to investments in direct stores, particularly in strategic overseas markets [2][5] Group 2: Store Expansion - As of September 30, 2025, Miniso had a total of 8,138 stores, achieving a milestone of over 8,000 stores, with a net increase of 718 stores year-on-year [4] - The number of Miniso stores in mainland China reached 4,407, with a net increase of 157 stores, while overseas stores totaled 3,424, with a net increase of 488 stores [4] Group 3: Performance of TOP TOY - TOP TOY's revenue grew significantly by 111.4% to 575 million yuan in Q3 2025, with a total revenue of 1.317 billion yuan for the first three quarters of the year, reflecting an increase of 87.9% [7][9] - The number of TOP TOY stores reached 307, with a net increase of 73 stores year-on-year [7] - TOP TOY has submitted a prospectus to the Hong Kong Stock Exchange, planning to raise approximately 300 million USD, while remaining a subsidiary of Miniso [8]