机构：华西证券 根据公司业绩PPT，25Q2 国内MINISO 同店实现低个位数增长（Q1 为同比下滑），且同店改善趋势延 续至25Q3，截止2025 年8 月15 日，2025 年累计同店已取得同比正增长。公司坚持大店战略，推进门店 升级，根据公司公告，上海南京东路MINISO LAND 店开店9 个月销售额突破1 亿元，25Q2 公司30 家 净增门店中有7 家为MINISO LAND 店。 MINISO 海外保持较快的拓店速度，北美同店环比改善：截止2025H1 末，公司海外MINISO 门店达到 3307 家，YOY+554 家，QOQ+94 家，保持较快的拓店速度。25Q2 公司MINISO 海外同店同比低个位数 下滑，但美国同店Q2 起环比改善，截止2025 年8 月15 日，美国同店已恢复正增长（25H1北美中个位数 下滑）。 鉴于国内及海外同店改善显著，根据公司业绩PPT，公司对2025 全年收入增速指引从不低于22.8%上调 至25%。 25Q2 毛利率保持提升，经营利润率降幅收窄25Q2 公司毛利率44.28%，环比+0.05pct，同比+0.33pct。 毛利率提升主要来自MINISO ...

Group 1 - 52TOYS showcased three new proprietary trendy IPs, CiCiLu and PoukaPouka, at the "2025 TOY HEART EXPO," enhancing its product matrix alongside the previously launched NOOK [1] - Since 2019, 52TOYS has been continuously developing its proprietary trendy IPs, including NOOK, Sleep, and Lilith, and plans to have 35 proprietary IPs by the end of 2024 [1] - The company has also established a sci-fi IP called "Beast Box" and a cultural IP named "Super Activation," indicating a diverse portfolio [1] Group 2 - 52TOYS emphasizes the diversity and differentiation of IP styles, creating various products based on the characteristics of each IP, which include static dolls, movable dolls, wind-up toys, transforming mechas, assembly toys, plush toys, and derivative peripherals [2] - By the end of 2024, 52TOYS will have 80 licensed IPs and has formed long-term stable partnerships with internationally recognized IPs like Disney, while also focusing on nurturing its proprietary IPs across trendy, sci-fi, and cultural categories [2] - The company announced the creation of a content ecosystem for the "Beast Box" IP, which includes novels, comics, and animations, facilitating cross-industry value-added opportunities [2]

Core Viewpoint - 52TOYS is actively expanding its portfolio of proprietary IPs in the toy industry, showcasing new and existing products at the 2025 TOY HEART EXPO, indicating a strong commitment to innovation and market presence [2][4][6]. Group 1: New IP Launches - 52TOYS introduced two new proprietary IPs, CiCiLu and Pouka Pouka, at the expo, alongside their existing IP NOOK. CiCiLu features ocean-themed products, while Pouka Pouka is characterized by a pink aesthetic [2][4]. - The new products include plush hangers and figurines for CiCiLu, and blind boxes and limited plush dolls for Pouka Pouka, catering to diverse consumer preferences [4][6]. Group 2: Existing IPs and Product Expansion - In addition to new IPs, 52TOYS also launched new products under existing IPs like NOOK and SEEK, demonstrating a strategy of continuous product development [4][6]. - The company has been consistently launching proprietary IPs since 2019, with a current total of 35 proprietary IPs by the end of 2024, including various styles such as fantasy and dark themes [4][6]. Group 3: Strategic Partnerships and Future Plans - By the end of 2024, 52TOYS will have 80 licensed IPs, including long-term partnerships with renowned brands like Disney and Crayon Shin-chan, while also focusing on nurturing its proprietary IPs [7]. - The company is set to enhance its IP ecosystem by developing content across various formats, including novels and animations, to create cross-industry value [7].