Core Insights - MINISO LAND, the first global IP collaboration store of MINISO in Northeast China, opened in Harbin on September 10, attracting a large number of young consumers eager to experience this new retail space [1][3][9] - The store spans nearly 1,300 square meters and features various IP-themed areas, showcasing products from popular franchises like Disney and Sanrio, covering categories such as household goods, stationery, beauty, and home decor [1][4] Company Overview - Since its establishment in 2013, MINISO has rapidly expanded its presence as a global retail brand, with a total of 7,905 stores worldwide as of June 30, 2025, marking a net increase of 842 stores year-on-year [3] - The brand's operating profit for the first half of 2025 was 1.546 billion yuan, reflecting a 3.4% increase from the previous year [3] Strategic Development - MINISO LAND represents a strategic store format that focuses on immersive IP consumer experiences, differing from traditional MINISO stores by offering a larger space, thematic design, and a wider product range [4][7] - The collaboration with the Harbin shopping center aims to create a trendy and engaging shopping environment that resonates with the target demographic of young consumers [5][9] Market Trends - The opening of MINISO LAND in Harbin highlights several market trends, including a significant shift towards younger consumers, an increase in emotional and social consumption needs, and the rise of IP-driven economic growth [9][11] - The establishment of this store is expected to enhance Harbin's commercial ecosystem, attract more quality commercial resources, and meet the evolving consumption demands of the younger population [11]

Core Viewpoints - Miniso demonstrates a clear global layout advantage as a lifestyle goods collection store, capitalizing on the trend of trendy toys and leveraging mature operational capabilities to create proprietary IP products [1] - The management remains optimistic about the offline retail format, showing determination and resources to drive transformation in offline retail channels and product strategies, aiming to meet the demand for quality and affordable products among Chinese consumers [1] - The company's overseas expansion, particularly the establishment of direct stores in the U.S., provides a solid foundation for sustained growth [1] Financial Performance - In Q2 2025, Miniso achieved revenue of 4.966 billion yuan, representing a 23.1% increase, surpassing the guidance of 18-21% [1] - Operating profit reached 836 million yuan, up 11.3%, while net profit attributable to shareholders was 490 million yuan, down 17.2% [1] - Adjusted net profit was 691 million yuan, reflecting a 10.6% increase, primarily due to costs associated with derivative products and the impact of investment losses from Yonghui Supermarket [1] Strategic Initiatives - The company has successfully implemented a large store strategy, opening 200 flagship stores over 400 square meters, which accounts for 5% of the 4,305 Miniso stores in China [2] - This strategy contributed to a 12.6% year-on-year growth in domestic Miniso offline GMV for Q2 2025, with same-store sales showing positive growth [2] - In North America, the company reached 3,307 overseas stores, with a net increase of 94 stores and a 22.9% growth in offline store GMV [2] IP Development - Miniso is building its proprietary toy IP system, having signed contracts with 9 artists and launched popular products like YOYO Sauce [2] - The Top Toy brand has expanded to 293 stores, including a historic breakthrough with 10 overseas locations, achieving revenue of 402 million yuan in Q2 2025, a significant increase of 87% [2] - The brand's recent strategic financing led by Temasek has resulted in a valuation of 10 billion HKD [2]