Core Viewpoint - MINISO Group reported strong financial performance for Q2 2025, with total revenue reaching 4.97 billion yuan, a year-on-year increase of 23.1%, and adjusted net profit of 690 million yuan, up 10.6% [1] Financial Performance - Q2 total revenue was 4.97 billion yuan, a 23.1% increase year-on-year [1] - Adjusted net profit for Q2 was 690 million yuan, reflecting a 10.6% growth [1] - The company announced an interim dividend of $0.29 per American Depositary Share (ADS) [1] - Total share buybacks and dividends for the first half of the year amounted to approximately 1.07 billion yuan, representing 84% of adjusted net profit [1] Revenue Breakdown - Brand revenue for Q2 was 4.56 billion yuan, a 19.5% increase year-on-year [2] - Domestic revenue reached 2.62 billion yuan, growing 13.6% year-on-year [2] - Overseas revenue was 1.94 billion yuan, with a significant increase of 28.6% [2] 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 number of overseas stores reached 3,307, with a net increase of 94 stores in the same period [1] - The company has established 11 MINISO LAND locations in major cities like Shanghai, Beijing, Guangzhou, and Chengdu [1] Global Expansion and IP Strategy - MINISO accelerated its global expansion with new flagship stores opening in Seoul, Melbourne, and Bangkok, contributing to overseas market growth [2] - The U.S. market revenue grew over 80% in Q2, driven by the large store model [2] - The company is implementing a dual-track IP strategy, collaborating with top international IPs like Disney and Sanrio, while also signing original toy artists [2] - TOP TOY, a brand under MINISO, achieved revenue of 400 million yuan in Q2, marking an 87% increase, with a total of 293 stores [2] Leadership Vision - The CEO emphasized the importance of deepening IP collaborations to ensure sustainable growth and to build a differentiated, high-explosive, and replicable growth driver [3]