Core Insights - Miniso reported a total revenue of 4.97 billion yuan for Q2 and the first half of 2025, representing a year-on-year growth of 23.1% [1] - The adjusted net profit (Non-IFRS) for the same period was 690 million yuan, showing a year-on-year increase of 10.6% [1] Store Expansion - As of June 30, 2025, Miniso had 4,305 domestic stores, with a net increase of 30 stores in the quarter [1] - The company also had 3,307 overseas stores, with a net increase of 94 stores in the same period [1] IP Strategy - Miniso is implementing a dual-track model for its proprietary IP, focusing on both top-tier licensed IP and signed artist IP [1] - The company has established partnerships with international IP leaders like Disney and Sanrio to attract a broad consumer base [1] - Miniso is actively signing promising original toy artists globally, having strategically signed 9 toy artists to enhance its IP portfolio [1] Long-term Vision - The Chairman and CEO of Miniso, Ye Guofu, emphasized that the investment in proprietary IP is a long-term strategy aligned with market trends [2] - The company aims to deepen its collaborations with leading global IPs to ensure sustainable growth and stability while building a differentiated and replicable growth driver through its own IP [2]