1月30日，名创优品MINISO 2026全球合作伙伴大会在广州举行。名创优品创始人叶国富在发表演讲时 表示，公司孵化的自有IP"YOYO"增长很快，并表示："我们现在正在开发'YOYO'的人形机器人，未来 每家花个几万买个人形机器人，'YOYO'陪伴你终身。如何把AI和IP融合在一起，这是我们下一步的战 略。" 每经记者｜王帆 每经编辑｜王帆 ...

（文章来源：每日经济新闻） 1月30日，名创优品"MINISO 2026全球合作伙伴大会"在广州举行。《每日经济新闻》记者在现场获 悉，名创优品创始人叶国富在发表演讲时表示，公司孵化的自有IP"YOYO"增长很快，并表示："我们 现在正在开发'YOYO'的人形机器人，未来每家花几万元买个人形机器人，'YOYO'陪伴你终身。如何 把AI和IP融合在一起，这是我们下一步的战略。" ...

Group 1 - MINISO officially announced its partnership with China Central Television (CCTV) for the 2026 Spring Festival Gala, marking its first collaboration with the event [1] - The co-branded product series for the Year of the Horse will be launched on February 4 [1]

Core Insights - MINISO Group reported a total revenue of 5.8 billion yuan for Q3 2025, representing a year-on-year growth of 28% [1] - The MINISO brand revenue reached 5.22 billion yuan, with a year-on-year increase of 23%, while the TOP TOY brand revenue surged to 570 million yuan, marking a significant growth of 111% [1] - The group's gross profit for the quarter was 2.59 billion yuan, also reflecting a year-on-year growth of 28%, with a gross margin of 44.7% [1] - Adjusted net profit (Non-IFRS) stood at 770 million yuan, up 12% year-on-year, resulting in an adjusted net profit margin of 13.2% [1] Store Expansion - As of the end of the reporting period, MINISO Group has surpassed 8,000 global stores [1] - The company is launching its upgraded store model, MINISO LAND, in key cities such as Guangzhou, Hangzhou, Chongqing, and Wuhan, with 17 locations opened domestically [1] - The first overseas MINISO LAND opened in Bangkok, Thailand, at Siam Square pedestrian street at the end of October [1] IP Development - By November 2025, MINISO has signed contracts with 16 trendy toy artist IPs, creating a diverse and rich proprietary IP matrix [1]

Core Insights - The founder of MINISO, Ye Guofu, believes that China's IP market is just beginning to explode, with significant potential for overseas expansion, particularly in cultural consumption [1][8] - MINISO LAND, the company's strategic store format, has opened its first overseas location in Bangkok, Thailand, which has exceeded revenue expectations and is part of a plan to open 100 stores in Thailand over the next 3-5 years [3][4][6] Expansion Strategy - Since its international expansion began in late 2015, MINISO has viewed Southeast Asia as its primary overseas base, with Thailand being a key focus due to its young population and cultural similarities to China [3][4] - The company plans to enter major cities in Indonesia, Malaysia, the Philippines, and Singapore, aiming for steady growth rather than rapid expansion [6][7] Store Format and Performance - MINISO LAND stores are approximately twice the size of regular stores, with 75%-80% of products being IP-related, which has attracted significant consumer interest and sales [4][5] - The first MINISO LAND store in Shanghai achieved over 100 million yuan in sales within nine months, indicating strong market potential [4] IP Development - MINISO aims to cultivate its own IP, with a goal of having 70% of its products as proprietary IP and 30% as international IP, reflecting a shift towards becoming a cultural creative company [8][10] - The company has signed contracts with 17 local artists and aims to sign over 20 by the end of the year, emphasizing the importance of developing a robust IP matrix [8][9] Financial Performance - As of June 2023, MINISO operates over 7,600 stores globally, with 3,307 located overseas. The overseas business generated 1.94 billion yuan in revenue in Q2 2025, a 28.6% year-on-year increase, accounting for 42.6% of total revenue [7][8] - The company has reported that its proprietary IP "Youyou Sauce" generated over 40 million yuan in sales since its launch in June 2023, with expectations to exceed 100 million yuan in the following year [10]

Core Insights - The company has experienced a recovery in domestic business, with a 11.4% year-on-year increase in revenue for H1 2025, marking the first positive same-store sales growth in four quarters, indicating effective operational optimization and improved customer traffic [1] - The strategic focus has shifted from quantity expansion to quality enhancement, with a total of 4,305 stores as of H1 2025, netting an increase of 190 stores, and plans to add 100-150 more stores in the future [1] - The company's IP strategy has evolved from a traffic generation tool to a core competitive barrier, with the goal of achieving a GMV of 1 billion yuan from self-owned IPs by the end of the year [1] Domestic Business Performance - Domestic revenue for H1 2025 increased by 11.4%, with same-store sales showing positive growth for the first time in four quarters [1] - The company has closed inefficient small stores and optimized its network structure, resulting in a total of 4,305 stores [1] - The large store formats, represented by MINISO LAND and flagship stores, have significantly increased customer spending and sales per square meter, becoming the core drivers of growth and brand upgrade [1] IP Strategy Development - The IP products have effectively enhanced brand premium and user stickiness, providing strong support for the company's revenue [1] - The company is transitioning from "IP collaboration" to "self-owned IP incubation," with the first self-owned IP "Yoyo Sauce" selling out, validating the company's IP incubation capabilities [1] - The company aims to strengthen self-owned IP cultivation, targeting a GMV of 1 billion yuan for self-owned IPs, establishing it as a strategic pillar for future growth [1] Overseas Business Growth - Overseas business revenue surged by 29.4% in H1 2025, with a total of 3,307 stores, driven primarily by the North American market [2] - The number of stores in North America increased to 394, with GMV skyrocketing by 67.5% to 1.41 billion yuan, benefiting from cluster layout and localized operations [2] - The company plans to open 80 new stores in the U.S. and aims to net over 500 new overseas stores throughout the year [2] TOP TOY Business Performance - The TOP TOY business has shown robust growth, with revenue increasing by 73% and a total of 293 stores [2] - This segment has become a strong second growth curve for the group, contributing significantly to overall performance [2] Operational Efficiency - The collaboration with Yonghui is expected to enhance operational efficiency through supply chain synergies [2] - The successful execution of channel upgrades, IP strategy, and global operations is anticipated to improve growth quality and profit visibility [2] - The company projects EPS for 2025-2027 to be 1.93, 2.58, and 3.26 yuan, maintaining a "buy" rating [2]

Core Insights - The summer consumption boom is driving economic growth, with MINISO LAND achieving impressive sales figures in August, reaching 16 million yuan, setting a record for single-store monthly sales for MINISO globally [1] - IP products are the main driver of performance, accounting for 83% of sales at the MINISO LAND store [1] - The successful implementation of the "large store strategy" and the explosive market potential of MINISO are evidenced by the store's achievement of over 100 million yuan in sales within the first nine months of operation [1] Financial Performance - For the second quarter of 2025, MINISO Group reported total revenue of 4.97 billion yuan, reflecting a year-on-year growth of 23.1% [1] - As of the end of June, MINISO LAND has expanded to 11 stores across major cities including Shanghai, Beijing, Guangzhou, and Chengdu, with an average monthly store efficiency reaching several million yuan [1]

Core Viewpoint - Miniso (MNSO.US) experienced a significant stock increase of over 12%, closing at $24.91, following the release of its financial report for the first half of 2025, which showed a revenue growth of 21.1% year-on-year [1] Financial Performance - For the first half of 2025, Miniso reported a revenue of 9.393 billion RMB, reflecting a year-on-year increase of 21.1% [1] - The profit attributable to equity shareholders was 906 million RMB, which represents a decline of 22.6% year-on-year [1] - Basic earnings per share were reported at 0.74 RMB [1] - The company declared an interim cash dividend of $0.2896 per American Depositary Share or 0.0724 RMB per ordinary share [1] Quarterly Highlights - In the second quarter, Miniso achieved a revenue of 4.97 billion RMB, marking a year-on-year growth of 23.1%, surpassing the management's previous guidance of 18%-21% [1] - Adjusted net profit for the second quarter increased by 10.6% year-on-year to 690 million RMB [1] - Revenue from TOP TOY surged by 87.0%, setting a new record [1] Sales Growth - The company’s Executive Director and Chairman, Ye Guofu, indicated that same-store sales in mainland China turned positive in the second quarter and are expected to accelerate further into the third quarter [1] - Miniso anticipates positive same-store sales growth for the entire year in mainland China [1]

Group 1 - Miniso (09896) announced a share buyback plan, intending to repurchase 6,600 shares at a total cost of HKD 250,600 [1] - The buyback price per share is set between HKD 37.75 and HKD 38 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's revenue for Q1 2025 was 4.43 billion, representing a year-over-year increase of 18.9%. The gross margin was 44.2%, up 0.8 percentage points year-over-year. Operating profit was 710 million, down 4.05% year-over-year, while adjusted net profit was 590 million, down 4.9% year-over-year, with an adjusted net profit margin of 13.3%, down 3.3 percentage points year-over-year [5] - The company expects revenues of 20.54 billion, 24.43 billion, and 28.28 billion for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 21%, 19%, and 16%. Adjusted net profits are projected to be 2.76 billion, 3.35 billion, and 4.06 billion for the same years, with year-over-year growth rates of 1%, 21%, and 21% [6] - Domestic business is shifting from rapid store expansion to a focus on high-quality growth, with same-store sales expected to improve. In Q1 2025, domestic revenue was 2.5 billion, up 9.1% year-over-year, with same-store sales showing improvement from a previous decline [9] - The overseas business is experiencing rapid growth, with Q1 2025 overseas revenue at 1.6 billion, up 30.3% year-over-year, accounting for 36% of total revenue. The number of overseas stores reached 3,213, with a net increase of 95 stores [9] Financial Summary - For 2024A, the company reported total revenue of 16.99 billion, with a year-over-year growth rate of 23%. Adjusted net profit was 2.72 billion, with a year-over-year growth rate of 15% [8] - The company’s financial ratios indicate a return on equity (ROE) of 26.3% for 2024A, with a projected decline to 17.8% in 2025E [11]