Investment Rating - The report maintains an "Add" rating for the retail industry [1] Core Insights - Miniso's subsidiary TOP TOY has completed a strategic financing led by Temasek, achieving a post-transaction valuation of approximately HKD 10 billion [3][8] - TOP TOY is experiencing rapid growth, with a revenue of CNY 742 million in H1 2025, representing a year-on-year increase of 73%. The GMV for TOP TOY stores in mainland China reached CNY 795 million, up 52.6% year-on-year [3][8] - The overall market for entertainment toys in China is projected to reach CNY 101.8 billion in 2024, with a year-on-year growth of 43% and an expected CAGR of 15.8% from 2024 to 2029 [3][9] - TOP TOY has generated positive operating profit with an operating profit margin of 6.9% in H1 2025, despite a slight decline in same-store sales [3][9][10] - The financing will help TOP TOY achieve a value reassessment and supplement the capital needed for its rapid development [10] Summary by Sections Industry Viewpoint - TOP TOY's strategic financing led by Temasek has positioned it for continued growth, with a significant increase in store count and revenue [3][8] Market Performance - The retail index increased by 4.55% during the week of August 18 to August 22, 2025, indicating a positive market trend [11] Company Valuation Table - The report includes a valuation table for various companies in the retail sector, with Miniso's stock trading at a P/E of 18x based on 2025E earnings [17][19]