Core Viewpoint - MINISO reported a revenue of 9.393 billion RMB for the first half of 2025, marking a 21.1% increase year-on-year, with a notable growth in the second quarter of 23.1% [1] Financial Performance - The operating profit for the first half of 2025 was 1.546 billion RMB, reflecting a 3.4% year-on-year increase, while the net profit decreased by 23.1% to 906 million RMB [1] - TOP TOY, a brand under MINISO, achieved a revenue of 742 million RMB (approximately 104 million USD) in the first half of 2025, representing a 73% increase year-on-year, with second-quarter revenue reaching 400 million RMB (approximately 56.1 million USD), up 87% [3][4] Business Expansion - As of June 30, 2025, TOP TOY had a total of 293 stores, with 283 located in mainland China, and added 17 new stores in the first half of the year, resulting in a net increase of 98 stores compared to the same period last year [8] - The management anticipates a 50%-60% increase in the number of stores and a 70%-80% growth in performance for TOP TOY this year [8] Strategic Initiatives - MINISO is shifting its store strategy from relying on small stores to a diversified approach that includes MINISO LAND series, flagship stores, regular stores, and pop-up stores to cater to different commercial ecosystems [8] - The MINISO LAND store in Shanghai achieved over 100 million RMB in sales within nine months, showcasing a new paradigm in interest-based consumption [10] IP Development - The company aims to enhance its IP strategy by focusing on both international and proprietary IPs to drive sustainable growth [16] - MINISO has signed contracts with nine toy artists and has invested 5.1 million RMB to acquire a 51% stake in HiTOY, which has a diverse product line and annual sales exceeding 100 million RMB [18] Market Outlook - The performance of competitors like Pop Mart reinforces MINISO's confidence in the growth potential of the toy market in China, indicating a burgeoning consumer interest and market development [20]