财报显示， 公司第三季度收入同比增长28.2%，达到57.966亿元；经调整净利润同比增长11.7%，达7.668亿元。TOP TOY品牌营收5.7亿元，实现 111%的同比增长。 12月16日，据中国新闻周刊报道，近日，有网友发文称，在名创优品(09896.HK)门店购买盲盒时，被要求必须使用手机号注册名创优品的会员， 否则无法购买盲盒。 名创优品一门店工作人员表示，此举是为了打击黄牛，全国门店统一规定。消费者需用本人手机号码注册会员，如果出现无法注册的情况，则由 门店工作人员视情况而定。 当天，智通财经就此事向名创优品人工客服咨询，对方表示，盲盒、搪胶毛绒公仔目前仅对名创优品会员开放购买。注册会员后即可正常下单， 其他品类商品不受影响。 名创优品是名创优品（广州）有限责任公司旗下的全球化零售品牌，由叶国富于2013年创立，总部位于广州市海珠区。2020年10月在美国纽交所 上市。2022年7月实现港交所双重主要上市。 11月21日，名创优品公布了2025年第三季度财务报告。 名创优品集团该季度毛利润为25.9亿元，同比增长28%，毛利率为44.7%。经调整净利润（非国际财务报告准则（Non-IFRS））7 ...

Core Insights - MINISO achieved significant milestones in Q3, surpassing 8,000 stores and recording revenue exceeding 5 billion yuan for the first time, exceeding previous guidance [1][6] - However, the company faced challenges with net profit declining nearly 31.35% year-on-year, marking the largest drop since Q4 of the previous year [1][3] Revenue and Profitability - Q3 revenue reached 5.2215 billion yuan, a year-on-year increase of 22.9%, with the main brand contributing 90.1% of total revenue [6][7] - Despite revenue growth, net profit for the quarter was only 441 million yuan, reflecting a significant decline [1][3] - The adjusted operating profit for Q3 was 1.022 billion yuan, with a profit margin of 17.6%, down from the previous year [10][11] Store Expansion and Strategy - The total number of stores reached 8,138, with a net increase of 718 stores year-on-year [1][6] - The company is implementing a "big store strategy" and plans to upgrade 80% of its stores through a "tenglong huan niao" strategy, which involves closing and reopening stores [3][18] - The MINISO LAND store format has been introduced in major cities, contributing to increased sales [6][22] International Market Performance - Revenue from overseas markets showed strong growth, with Q3 revenue reaching 2.3 billion yuan, a year-on-year increase of 27.7% [7][8] - The U.S. market, in particular, saw revenue growth exceeding 65%, driven by localized operations and strategic store openings [8][9] - The overseas market accounted for 44.3% of total revenue in Q3, indicating a shift towards a more balanced revenue stream between domestic and international markets [7][8] Cost Management and Investment - Sales and distribution expenses increased by 43.5% to 1.4299 billion yuan, reflecting high investment in store expansion, particularly in the U.S. [8][9] - The company is gradually reducing costs, with a notable decrease in the growth rate of sales and distribution expenses from Q1 to Q3 [14][13] - The adjusted operating profit margin is expected to improve as overseas markets achieve localized operations [15][16] IP Strategy and Future Outlook - The company is shifting its focus towards cultural and creative retail, planning to increase the proportion of IP co-branded products from 50% to over 80% [22][23] - The TOP TOY brand has shown significant growth, with Q3 revenue reaching 570 million yuan, a year-on-year increase of 111% [23][27] - The transition to a higher-value IP model poses challenges, particularly for franchisees who must adapt to new operational requirements [29][30]