Core Insights - MINISO Group reported a record high total revenue of 5.8 billion yuan for Q3 2025, marking a 28% year-on-year increase, driven by strong performance in its main brand and the TOP TOY brand [1][2] - The company achieved a significant growth in its global store network, surpassing 8,000 stores, with a focus on international expansion [1][3] Revenue Growth Analysis - The revenue growth rate of 28% in Q3 2025 is an improvement from 19% in the previous quarter, indicating sustained growth momentum [2] - Gross profit reached 2.59 billion yuan, also up 28% year-on-year, with a stable gross margin of 44.7% [2] - Revenue from the main brand in mainland China was 2.91 billion yuan, a 19% increase, while overseas revenue was 2.31 billion yuan, growing by 28% [2] - TOP TOY brand revenue surged by 111% to 570 million yuan, highlighting the potential of the trendy toy market [2] Profitability Insights - Adjusted net profit for Q3 was 770 million yuan, a 12% increase, with an adjusted net profit margin of 13.2% [2] - However, the company's net profit decreased by 31.64% to 443 million yuan, primarily due to rising operational costs associated with rapid expansion [2] Global Expansion Strategy - As of September 30, 2025, MINISO had 7,831 stores globally, with 4,407 in China and 3,424 overseas, reflecting a strategic focus on international markets [3] - The U.S. market showed remarkable performance with a 65% year-on-year revenue increase and over 100% growth in new memberships [3] - The company is transitioning to a "big store" growth model, with the MINISO LAND concept being implemented in major cities [3] Same-Store Sales Performance - Same-store sales achieved mid-single-digit growth in Q3, with double-digit growth recorded in October, indicating improved operational quality [4] IP Strategy and Innovation - MINISO's growth is supported by a dual IP strategy, combining self-owned IP and international licensed IP, enhancing its position in the IP operation field [5][6] - The company has signed 16 trendy toy artist IPs and launched an innovative artist IP area in Guangzhou, generating significant sales in a short period [5] - Collaboration with Disney on the "Zootopia" franchise has led to successful product launches, enhancing brand visibility and sales [6] Future Outlook - The company aims to become a global leader in IP operations, with the recent opening of MINISO LAND in Bangkok marking a significant step in brand value enhancement [6]

Core Insights - MINISO Group reported a total revenue of 5.8 billion yuan for Q3 2025, representing a year-on-year growth of 28% [1] - The MINISO brand revenue reached 5.22 billion yuan, with a year-on-year increase of 23%, while the TOP TOY brand revenue surged to 570 million yuan, marking a significant growth of 111% [1] - The group's gross profit for the quarter was 2.59 billion yuan, also reflecting a year-on-year growth of 28%, with a gross margin of 44.7% [1] - Adjusted net profit (Non-IFRS) stood at 770 million yuan, up 12% year-on-year, resulting in an adjusted net profit margin of 13.2% [1] Store Expansion - As of the end of the reporting period, MINISO Group has surpassed 8,000 global stores [1] - The company is launching its upgraded store model, MINISO LAND, in key cities such as Guangzhou, Hangzhou, Chongqing, and Wuhan, with 17 locations opened domestically [1] - The first overseas MINISO LAND opened in Bangkok, Thailand, at Siam Square pedestrian street at the end of October [1] IP Development - By November 2025, MINISO has signed contracts with 16 trendy toy artist IPs, creating a diverse and rich proprietary IP matrix [1]

Core Viewpoint - MINISO Group reported positive growth in same-store sales, indicating a strong operational performance and effective global expansion strategy [4]. Financial Performance - In Q2 2025, MINISO Group achieved total revenue of 4.97 billion yuan, a year-on-year increase of 23.1% [7]. - The gross margin was 44.3%, up 40 basis points from the same period in 2024 [7]. - Adjusted net profit (Non-IFRS) reached 690 million yuan, growing 10.6% year-on-year, with an adjusted net profit margin of 13.9% [7]. - Revenue from mainland China was 2.62 billion yuan, up 13.6%, while overseas revenue was 1.94 billion yuan, up 28.6% [7]. Store Expansion - As of June 30, 2025, MINISO had 4,305 stores in mainland China, with a net increase of 30 stores in the quarter, including 7 MINISO LAND locations [8]. - The overseas store count reached 3,307, with a net increase of 94 stores in the same period [7][8]. - The MINISO LAND stores achieved high monthly sales averages, with the flagship store in Shanghai generating over 100 million yuan in sales within 9 months [8]. International Market Growth - New flagship stores opened in South Korea, Australia, and Thailand, enhancing the brand's global image and driving strong overseas growth [10]. - In the U.S., new store performance was 1.5 times that of older stores, with revenue growth exceeding 80% year-on-year in Q2 [10]. IP Strategy - MINISO is leveraging a dual-track model of "top-tier licensed IP + signed artist IP" to enhance brand appeal and attract diverse consumer groups [12]. - Collaborations with major IPs like Disney and Sanrio have been successful, with themed events reaching international markets [12]. - The company has signed 9 emerging toy artists and plans to significantly increase this number, focusing on long-term IP development [12]. Future Outlook - The company aims to deepen its IP strategy to ensure sustainable high-quality growth, with a focus on global influence [13]. - MINISO's commitment to IP development is seen as a long-term strategy to drive differentiated and replicable growth [13].