Core Insights - The company reported a revenue of 9.39 billion yuan for H1 2025, a year-on-year increase of 21.06%, while net profit decreased by 23.1% to 906 million yuan [1] - Adjusted net profit for H1 2025 was 1.28 billion yuan, reflecting a 3% increase year-on-year [1] - The company raised its full-year revenue growth guidance from no less than 22.8% to 25% due to significant improvements in same-store sales both domestically and internationally [3] Financial Performance - In Q2 2025, the company achieved a revenue of 4.966 billion yuan, a 23% year-on-year increase, while net profit was 490 million yuan, down 16.67% [1] - The adjusted net profit for Q2 2025 was 690 million yuan, showing a 10.6% increase year-on-year [1] - The gross margin for Q2 2025 was 44.28%, with a slight increase of 0.05 percentage points quarter-on-quarter and 0.33 percentage points year-on-year [3] Store Expansion and Strategy - The number of MINISO stores in China reached 4,305 by Q2 2025, an increase of 190 stores year-on-year [2] - The company continues to implement a large store strategy, with significant sales from upgraded stores like the MINISO LAND store in Shanghai [2] - Overseas, the number of MINISO stores reached 3,307, with a year-on-year increase of 554 stores [2] Product Development and IP Strategy - The company signed nine toy designers to enhance its own IP portfolio, indicating a strategic move towards self-developed products [3] - The collaboration with HITOY to operate new IPs reflects the company's commitment to expanding its product offerings [3] Shareholder Returns - In H1 2025, the company returned a total of 1.07 billion yuan to shareholders, including 730 million yuan in cash dividends and 340 million yuan in share buybacks [4] - The total return to shareholders accounted for 84% of the adjusted net profit for the first half of the year [4]

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].