智通财经APP获悉，周四，名创优品(MNSO.US)涨4%，报22.56美元。消息面上，名创优品旗下潮玩品 牌TOP TOY近日在港交所递交招股书，拟在香港主板挂牌上市。招股书显示，TOP TOY的主要业务是 潮流玩具集合零售，2024年在中国内地实现GMV约24亿元。 此外，华创证券表示，名创优品主业经营拐点显现，海外市场和TOP TOY仍处于高增阶段，同时永辉 超市对公司利润的拖累预计将主要体现在2025年，2026年之后将逐步贡献正向业绩。 ...

周四，名创优品(MNSO.US)涨4%，报22.56美元。消息面上，名创优品旗下潮玩品牌TOP TOY近日在港 交所递交招股书，拟在香港主板挂牌上市。招股书显示，TOP TOY的主要业务是潮流玩具集合零售， 2024年在中国内地实现GMV约24亿元。 此外，华创证券表示，名创优品主业经营拐点显现，海外市场和TOP TOY仍处于高增阶段，同时永辉 超市（601933）对公司利润的拖累预计将主要体现在2025年，2026年之后将逐步贡献正向业绩。 ...

消息面上，名创优品旗下潮玩品牌TOP TOY近日在港交所递交招股书，拟在香港主板挂牌上市。招股 书显示，TOP TOY的主要业务是潮流玩具集合零售，2024年在中国内地实现GMV约24亿元。此外，华 创证券指出，名创优品主业经营拐点显现，海外市场和TOP TOY仍处于高增阶段，同时永辉超市对公 司利润的拖累预计将主要体现在2025年，2026年之后将逐步贡献正向业绩。 名创优品(09896)午后涨超4%，截至发稿，涨3.55%，报43.8港元，成交额1.62亿港元。 ...

来源：智通财经网 名创优品(09896)午后涨超4%，截至发稿，涨3.55%，报43.8港元，成交额1.62亿港元。 消息面上，名创优品旗下潮玩品牌TOP TOY 近日在港交所递交招股书，拟在香港主板挂牌上市。招股 书显示，TOP TOY的主要业务是潮流玩具集合零售，2024年在中国内地实现GMV约24亿元。此外，华 创证券指出，名创优品主业经营拐点显现，海外市场和TOP TOY仍处于高增阶段，同时永辉超市对公 司利润的拖累预计将主要体现在2025年，2026年之后将逐步贡献正向业绩。 ...

（来源：中国商报） 转自：中国商报 值得一提的是，在近一年时间里，TOP TOY非常重视旗舰店和快闪店的建设与运营。TOP TOY上海全 球旗舰店于2025年3月开业，根据公开数据，该店开业当日销售额超100万元，单日客流量超3万；2025 年8月，该店销售额超过700万元。 中国商报（记者 冉隆楠）近日，名创优品旗下潮玩品牌TOP TOY International Group Limited（以下简称 TOP TOY）在港交所递交招股书，拟在香港主板挂牌上市。名创优品也在港交所发布公告称，公司拟 以TOP TOY股份于香港联交所主板独立上市的方式分拆附属公司TOP TOY。 不过，授权IP的到期时间也值得关注。招股书显示，TOP TOY的授权IP中，三丽鸥系列授权区域包括中 国内地和33个海外国家与地区，还有3年到期；迪士尼系列包括中国内地和61个海外国家与地区，还有1 年多到期；蜡笔小新包括中国内地和12个海外国家与地区，还有1年半到期；猪猪侠包括中国内地和13 个海外国家与地区，还有1年多到期。 或许正是意识到了授权IP的授权期限限制，近年来TOP TOY也在加大自研商品的开发力度，并且对营 收增长有 ...

Core Viewpoint - Miniso's stock price increased by 20.16% on August 23, reaching $26.64 per share, with a trading volume of $152 million and a total market capitalization of $8.276 billion [1] Financial Performance - As of June 30, 2025, Miniso reported total revenue of 9.393 billion RMB, representing a year-on-year growth of 21.06% [1] - The company's net profit attributable to shareholders was 906 million RMB, showing a year-on-year decrease of 22.57% [1] Analyst Ratings - On August 22, Miniso received a maintained "Buy" rating from Haitong International, with the target price raised to $27.3 [1] Company Overview - Miniso Group Holding Limited is a global retailer offering a wide range of creative home products [1] - Since opening its first store in China in 2013, the company has successfully launched two brands: Miniso and TOP TOY [1] - According to a Frost & Sullivan report, Miniso's product GMV through its store network reached approximately 18 billion RMB (2.8 billion USD) in 2021, making it the largest private label home goods retailer globally [1] - TOP TOY, launched in December 2020, is a brand that pioneers the concept of trendy toy collection stores [1]

Core Viewpoint - MINISO's CEO Ye Guofu announced a dual-driven strategy of "International IP + Own IP," emphasizing the potential for growth once the company's own IP is strengthened [2][10]. Financial Performance - In the first half of the year, MINISO achieved revenue of 9.393 billion yuan, a year-on-year increase of 21.1%, while profit decreased by 23.1% to 906 million yuan due to investment losses in Yonghui Superstores [4]. - The gross profit increased by 22.6% to 4.157 billion yuan, with the second quarter showing a revenue growth rate of 23.1%, surpassing the previous guidance of 18% to 21% [4]. - Revenue from the domestic market reached 5.11 billion yuan, growing 11.4%, with a second-quarter growth rate of 13.6% [4]. International Market Expansion - The overseas market contributed 3.53 billion yuan in revenue, a year-on-year increase of 29.4%, with the second quarter's revenue at 1.94 billion yuan, growing 28.6% [6]. - The U.S. market saw revenue growth exceeding 80%, and same-store sales showed improvement [6]. Store Growth and Strategy - As of the end of June, MINISO had a total of 7,905 stores, with a net increase of 842 stores year-on-year, including 190 new stores in the domestic market and 554 overseas [7]. - The company plans to add over 500 overseas stores by 2025 while focusing on store quality rather than quantity [7]. Future Projections - MINISO raised its full-year revenue growth guidance to over 25%, up from the initial 22.8% [9]. - The adjusted operating profit for the year is expected to be between 3.65 billion and 3.85 billion yuan [9]. IP Development Strategy - Ye Guofu highlighted the importance of developing the company's own IP, stating that the previous reliance on international IP was insufficient [10]. - The first self-owned IP, "Right Right Sauce," is projected to achieve sales of 400 million yuan this year and exceed 1 billion yuan next year [11]. - Other IPs, such as TOP TOY's "Kuromi," are also expected to see significant revenue growth, indicating a successful model for self-owned IP development [11].

Core Insights - Miniso's Q2 2025 performance exceeded market expectations, marking the first positive same-store sales growth in four quarters [1][2] - The company is accelerating its proprietary IP strategy, with CEO Ye Guofu stating a dual approach of "international IP + proprietary IP" to drive development, directly competing with Pop Mart in the trendy toy market [1][3] Financial Performance - For the first half of 2025, Miniso achieved revenue of 9.393 billion yuan, a year-on-year increase of 21.1%, with Q2 revenue at 4.97 billion yuan, up 23.1% [2] - Adjusted net profit rose by 10.6% to 690 million yuan, while adjusted operating profit increased by 8.5% to 852 million yuan [2] - The recovery in performance is attributed to improvements in same-store sales and the expansion of large store strategies, with same-store sales in mainland China showing positive growth in Q3 [2] Same-Store Sales and Market Trends - Q2 marked the first positive same-store sales growth for Miniso in four quarters, with the Miniso brand's same-store sales remaining flat and TOP TOY brand showing low single-digit growth [2] - The decline in same-store sales in overseas markets has narrowed, with Europe and North America achieving mid to high single-digit growth [2] Strategic Initiatives - Ye Guofu emphasized the importance of the proprietary IP strategy, noting that Miniso has established advantages in product development, marketing, and channel management through international IP collaborations, but lacked proprietary IP [3] - Miniso has signed contracts with nine trendy toy artists for its proprietary IP initiative, with the first product launched in June [3] - TOP TOY acquired a 51% stake in HiTOY, a trendy toy company, expanding Miniso's proprietary IP portfolio [3] Analyst Outlook - Following the earnings release, Nomura raised its revenue and profit forecasts for Miniso for 2025-2027 by 3-4% and 3-7%, respectively, and increased the target price from $24.20 to $25.50, maintaining a buy rating with an implied upside of 22% [4] - Analysts noted that the operation of proprietary IP requires different skill sets compared to third-party IP operations, leaving uncertainty about whether Miniso's proprietary IP strategy can drive sustained sales growth [4]

Core Insights - MINISO LAND, the first of its kind in South China, has opened in Guangzhou, featuring a three-story standalone building with a total area of 1200m² and housing 5500 SKUs, with over 100 types of IP products, making IP products account for nearly 90% of the offerings [1] - On its opening day, the MINISO LAND in Beijing Road achieved sales exceeding 450,000 yuan [1] - MINISO has established 12 MINISO LAND and 1 MINISO SPACE stores in key cities across China, with the global flagship store in Shanghai achieving sales of over 100 million yuan within just 9 months of opening [1] Company Expansion - The company plans to open another MINISO LAND in Guangzhou's Zhengjia Plaza, indicating confidence in the local consumer market's capacity to support two large stores [1] - The CMO of MINISO Group, Liu Xiaobin, expressed optimism about the potential for high growth in the Chinese trendy toy market, suggesting that the industry is still in its early stages and will mature with a diverse range of IP products appealing to various audiences [1]

Core Insights - MINISO LAND, the first of its kind in South China, opened in Guangzhou, featuring 5,500 SKUs and over 100 IP products, with nearly 90% of products being IP-related [1] - The store attracted over 10,000 visitors on its opening day, showcasing the potential of transforming old properties in commercial areas [1] - Since its soft launch on July 5, 2025, the store has introduced 16 product lines, with IP sales accounting for 84.43% of total sales, highlighting the effectiveness of the "IP + scene" business model [1] Company Strategy - MINISO is innovating retail spaces through unique IP designs and aims to build a leading global toy ecosystem [1] - The company employs a "dual-track" IP operation strategy, localizing classic IPs like Disney and Sanrio while also nurturing original IPs to enhance commercialization [1] - The CEO emphasized the role of super IPs and super scenes in revitalizing Guangzhou as an international consumption center [1] Expansion and Performance - Since October 2024, MINISO has been advancing its "big store strategy," with 12 MINISO LAND and 1 MINISO SPACE locations established in key cities across China [2] - The MINISO LAND flagship store on Nanjing East Road in Shanghai achieved over 100 million in sales within 9 months, setting a record [2] - The MINISO SPACE in Nanjing's Deji Plaza is noted as the first Chinese IP space to enter a global luxury shopping district [2]