未来将继续扩大高辨识的门店网络，提升自有品牌和自有IP 的销售贡献。 名创优品—中国内地市场有序恢复，海外市场延续扩张：1）名创优品中国内地市场上半年收入同比增 长11.4%至51.1 亿元，2 季度同比增速加速至13.6%。2 季度同店同比转正（1 季度：下降中个位数）， 主要由客单价拉动，高线城市恢复好于低线城市。管理层表示，3 季度同店延续了正增长趋势，全年同 店转正可期。门店方面，2 季度扭转了1 季度的关店趋势，净增加30 家（含7 家乐园店）至4,305 家。 2）海外市场上半年收入同比增长29.4% 至35.3 亿元，2 季度同比增长28.6%。2 季度同店改善至低单位 数降幅（欧洲/北美增高个位数，拉美等有所拖累）。2 季度门店净增94家至3,307 家，管理层维持全年 净增500 家海外门店的指引（其中美国80家），但基于更加谨慎的评估，下调了新增门店中的直营比例 （从40-45%下调至35%），我们认为这将有助于资本开支的节省。 Top Toy 延续高增长：Top Toy 上半年收入维持高增长，同比提升73.0%至7.4 亿元， 2 季度录得同比 87.0%的强劲增长（超过此前70-80% ...

名创优品集团董事会主席兼首席执行官叶国富表示："名创优品在自有IP领域的投入，绝不是短期的商 业布局，而是基于时代趋势的长期主义选择。"同时，叶国富表示，名创优品未来就是要把IP这件事情 做足、做透、做深，不仅在中国有影响力，而且在全球有影响力。凭借深化与全球头部IP联名合作，保 障整体经营的可持续性和稳定增长的同时，通过自有IP构建差异化、高爆发、可复制的持续增长驱动 力。 北京商报讯（记者 郭秀娟 实习记者 王悦彤）8月21日，名创优品发布2025年第二季度及半年度财务报 告显示，集团总营收为49.7亿元，同比增长23.1%；经调整净利润（非国际财务报告准则（Non- IFRS））为6.9亿元，同比增长10.6%。 在门店方面，截至2025年6月30日，名创优品品牌国内门店数4,305家，本季度净增30家；海外门店数 3,307家，本季度净增94家。在自有IP方面，名创优品打造 "顶级授权IP+ 签约艺术家IP" 双轨驱动模 式。一方面，与迪士尼、三丽鸥等国际顶级IP达成合作，通过差异化品类和资源优势，借势热门 IP 影 响力吸引广泛消费群体。另一方面，名创优品积极在全球挖掘极具潜力的原创潮玩艺术家 IP ...

Core Viewpoint - Miniso Group reported strong financial results for Q1 2025, with multiple operational metrics exceeding expectations, indicating robust growth and strategic advancements in both domestic and international markets [2][6]. Financial Performance - Total revenue for Q1 2025 reached 4.43 billion yuan, representing a year-on-year increase of 19% [6]. - Gross margin stood at 44.2%, up 0.8 percentage points from the same period last year, marking the highest gross margin for a first quarter in the company's history [6]. - Adjusted EBITDA was 1.04 billion yuan, a 7.5% increase year-on-year, with an adjusted EBITDA margin of 23.4% [6][5]. - Adjusted net profit was 590 million yuan, with an adjusted net profit margin of 13.3% [6][5]. Domestic Revenue Growth - Revenue from mainland China reached 2.49 billion yuan, showing a year-on-year growth of 9% [7]. - The company is implementing a channel upgrade strategy focused on "opening good stores and large stores," achieving significant results with the average performance of new stores up 27% compared to the same period last year [7][9]. International Business Expansion - International revenue for Q1 2025 was 1.59 billion yuan, achieving a 30% year-on-year growth, with overseas revenue contributing an increasing share to total revenue [10]. - As of March 31, 2025, Miniso operated 3,213 overseas stores, maintaining a steady pace of market expansion [10]. - The North American market has seen strategic breakthroughs, with over 300 stores now in operation, focusing on 24 core states to enhance operational efficiency [11]. Brand and Product Strategy - Miniso is focusing on the MINISO LAND store format, which integrates IP elements to enhance brand image and drive sales growth [7]. - The company plans to continue leveraging high-quality IP resources for customized limited products to strengthen its brand positioning [7]. - The subsidiary TOP TOY reported a 59% year-on-year revenue increase to 340 million yuan, with a total of 280 stores [11]. Shareholder Returns - Year-to-date, Miniso has returned approximately 990 million yuan to shareholders, including 260 million yuan in share buybacks and over 100 million USD in cash dividends [11].