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].