Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a year-on-year revenue growth of 21.06% for the first half of 2025, reaching 9.39 billion yuan, while net profit decreased by 23.1% to 906 million yuan [2] - The company has adjusted its revenue growth guidance for the full year 2025 from not less than 22.8% to 25% due to significant improvements in same-store sales both domestically and internationally [5] - The company has signed contracts with nine toy designers to enhance its own IP matrix, indicating a strategic focus on product development and channel construction [6][7] Financial Performance - In Q2 2025, the company achieved a revenue of 4.966 billion yuan, a 23% increase year-on-year, with a net profit of 490 million yuan, down 16.67% [2][3] - The gross margin for Q2 2025 was 44.28%, showing a slight increase from the previous quarter and year [5] - The company expects revenues for 2025-2027 to be 21.1 billion, 24.9 billion, and 28.5 billion yuan respectively, with year-on-year growth rates of 24%, 18%, and 15% [9] Store Expansion and Performance - The company has expanded its MINISO stores to 4,305 in China, with a net increase of 190 stores year-on-year [3] - The overseas MINISO stores reached 3,307, with a year-on-year increase of 554 stores, maintaining a rapid expansion pace [4] - Same-store sales in the U.S. have shown improvement, recovering to positive growth by Q2 2025 [4] Shareholder Returns - The company returned a total of 1.07 billion yuan to shareholders in the first half of 2025, which includes cash dividends of 730 million yuan and share buybacks of 340 million yuan [8]

Core Viewpoint - The潮玩 industry remains vibrant, with TOP TOY achieving significant growth and attracting investment, indicating a strong market presence and potential for future expansion [4]. Group 1: Business Performance - In Q2 of this year, TOP TOY reported revenue of 400 million yuan, representing a year-on-year growth of 87.0%, with a total of 293 stores [6]. - TOP TOY has launched over 170 new products globally in the first half of the year, enhancing its product competitiveness and brand influence [6]. - The company has introduced its own IP, Nommi, into its portfolio, joining existing original IPs like卷卷羊, thereby strengthening its IP asset library [6]. Group 2: IP Development - TOP TOY established a joint venture with HITOY to operate IPs like Nommi and Maymei, focusing on unique character designs and storytelling [6]. - Nommi features a healing style with a unique movable eye structure, while Maymei embodies optimism and resilience, appealing to diverse consumer preferences [6][7]. - Since its launch in 2024, the combined global sales of Nommi and Maymei have exceeded 100 million yuan, with Nommi consistently ranking among the top three in sales for TOP TOY's rubber plush series [7]. Group 3: Future Strategy - TOP TOY aims to continue leveraging differentiated products and deep IP operations to attract a loyal and high-spending customer base [7]. - The company is focused on promoting the "Chinese潮玩 paradigm" globally and enhancing the潮玩 industry ecosystem, solidifying its position as a leader in the潮玩 sector [7].