2025年第三季度，名创优品品牌总营收52.2亿元，同比增长23%。其中，中国内地营收29.1亿元，实现 同比增长19%，这一增速更多来自同店拉动。进入四季度，同店增长的趋势依然稳健，10月份同店收入 取得双位数的增长。海外市场方面，三季度营收23.1亿元，同比增长28%。以海外最大的市场美国为 例，三季度美国市场收入同比增长约65%，其中同店实现低双位数增长。2025年至今，美国市场的新会 员增长超过100%。 11月21日，名创优品（09896.HK）公布了2025年第三季度财务报告。财报显示，2025年第三季度名创 优品实现总营收达58亿元，同比增长28%，其中名创优品品牌营收52.2亿元，同比增长23%，TOP TOY 品牌营收5.7亿元，实现111%的同比增长。 本季度，名创优品的毛利润为25.9亿元，同比增长28%，毛利率为44.7%。经调整净利润（Non-IFRS） 7.7亿元，同比增长12%，经调整净利率13.2%。门店增长方面，截至本季度末，名创优品全球门店突破 8000家，同店销售持续向好，实现中个位数的增长。 据财报，名创优品旗下控股的潮玩集合品牌TOP TOY在2025年第三季度保持强 ...

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]