Core Insights - Miniso Group reported a total revenue of 49.7 billion yuan for Q2 2025, representing a year-on-year increase of 23.1% [1] - The gross margin for the quarter was 44.3%, up 40 basis points from the same period last year [1] - Adjusted net profit (Non-IFRS) reached 6.9 billion yuan, a 10.6% increase year-on-year, with an adjusted net profit margin of 13.9% [1] Revenue Breakdown - For Q2 2025, Miniso's brand revenue was 45.6 billion yuan, a 19.5% increase year-on-year, with domestic revenue at 26.2 billion yuan (up 13.6%) and overseas revenue at 19.4 billion yuan (up 28.6%) [2] - As of June 30, 2025, the number of domestic stores was 4,305, with a net increase of 30 stores in the quarter, while overseas stores totaled 3,307, with a net increase of 94 stores [2] Strategic Focus - The company emphasizes product strength as a core support for high-quality development, leveraging a diversified IP strategy and deepening product categories [2] - The Chairman and CEO, Ye Guofu, highlighted the unique resource endowment of Miniso in building its own IP, focusing on comprehensive category coverage, channel penetration, global layout, and full-link operations [2] - Looking ahead, Miniso aims to deepen its own IP strategy to drive sustainable high-quality growth, ensuring both domestic and global influence through collaborations with leading global IPs [2]