Core Viewpoint - MINISO reported a revenue of 9.393 billion RMB for the first half of 2025, marking a 21.1% increase year-on-year, with a notable growth in the second quarter of 23.1% [1] Financial Performance - The operating profit for the first half of 2025 was 1.546 billion RMB, reflecting a 3.4% year-on-year increase, while the net profit decreased by 23.1% to 906 million RMB [1] - TOP TOY, a brand under MINISO, achieved a revenue of 742 million RMB (approximately 104 million USD) in the first half of 2025, representing a 73% increase year-on-year, with second-quarter revenue reaching 400 million RMB (approximately 56.1 million USD), up 87% [3][4] Business Expansion - As of June 30, 2025, TOP TOY had a total of 293 stores, with 283 located in mainland China, and added 17 new stores in the first half of the year, resulting in a net increase of 98 stores compared to the same period last year [8] - The management anticipates a 50%-60% increase in the number of stores and a 70%-80% growth in performance for TOP TOY this year [8] Strategic Initiatives - MINISO is shifting its store strategy from relying on small stores to a diversified approach that includes MINISO LAND series, flagship stores, regular stores, and pop-up stores to cater to different commercial ecosystems [8] - The MINISO LAND store in Shanghai achieved over 100 million RMB in sales within nine months, showcasing a new paradigm in interest-based consumption [10] IP Development - The company aims to enhance its IP strategy by focusing on both international and proprietary IPs to drive sustainable growth [16] - MINISO has signed contracts with nine toy artists and has invested 5.1 million RMB to acquire a 51% stake in HiTOY, which has a diverse product line and annual sales exceeding 100 million RMB [18] Market Outlook - The performance of competitors like Pop Mart reinforces MINISO's confidence in the growth potential of the toy market in China, indicating a burgeoning consumer interest and market development [20]

Core Insights - The event held by Miniso featuring the "Gifford Family" in Guangzhou aimed to create an immersive healing experience targeting the emotional needs of young people [1][2] - The emotional resonance generated by the event led to significant social media engagement, highlighting the importance of emotional value as a core driver of consumption [2] - Miniso's dual-engine strategy of "collaboration + originality" has resulted in the successful launch of various IPs, with the "Gifford Family" achieving notable sales figures [3][4] Group 1 - The "Gifford Family" event transformed the venue into a mental refuge through interactive installations and plush toys, catering to the emotional needs of young consumers [1] - Social media topics related to the event, such as MinisoHugTeam, gained traction, with users sharing personal stories of emotional support from the plush toys [2] - The "Gifford Family" generated over 63 million yuan in sales in Q1 2025, with the Gifford Bear leading the plush category at 48 million yuan [3] Group 2 - Miniso's design centers in China, South Korea, Japan, and the United States support the complete incubation cycle of original IPs, from creative development to product launch [4] - The "Gifford Family" uses skin-friendly materials to create emotional connections, with physical stores serving as channels for storytelling and emotional engagement [4] - Miniso is entering a phase focused on deepening emotional value in its IP operations, aiming to create a warm narrative that resonates globally [4]