11月21日，名创优品（证券代码：MNSO，股价19.570美元，市值60.550亿美元）发布2025年三季度财 报。该财报显示，2025年三季度，名创优品集团总营收达58亿元，同比增长28%；经调整净利润（Non- IFRS）7.7亿元，同比增长12%。 《每日经济新闻》记者注意到，在11月21日晚间举行的业绩电话会上，名创优品创始人、董事会主席兼 首席执行官叶国富表示，2025年三季度收入增长更多来自同店销售的拉动，这意味着增长质量更高、可 持续性更强，而且经营风险更低，也反映了公司核心运营能力的不断提升。 据名创优品首席财务官张靖京在上述电话会上透露，公司计划在2026年把成功经验首先推广到东南亚市 场。"我们进入东南亚市场接近10年，以印尼为代表的东南亚市场每一年为公司贡献大量利润，但在 2025年，随着当地宏观经济下行和社会动荡，我们的确面临一定的经营挑战，例如渠道可能需要升级、 货盘需要调整、组织和人才也需要升级，这些是我们2026年工作的重点方向之一。"他表示。 谈IP战略：希望核心品类借助IP突破 这几年，名创优品持续推进IP生态，"国际授权IP+独家签约艺术家IP"的模式，也的确为公司贡献了 ...

在名创优品财报的口径中，同店销售指在比较期开始前已开业、截至比较期结束仍在营业、且于比较期 内闭店均不超过30日的门店GMV（成交总额）。它撇除了新开店带来的影响，反映的是成熟门店的业 绩情况。 《每日经济新闻》记者注意到，2024年名创优品曾创下收入新高，但主要是新店数量增长所驱动，而国 内同店GMV下降高个位数，海外同店GMV增速放缓。这意味着规模化扩张背后，单店经营质量并未得 到显著提升。进入2025年，名创优品着力改善经营质量，同店销售明显恢复——从第一季度降幅收窄， 到第二季度转正，再到第三季度实现中个位数增长。 在电话会上，叶国富表示："第三季度国内业务的收入同比增长19.3%，这一增长更多来自于同店（销 售的）拉动，意味着增长质量更高、可持续性更强，而且经营风险更低，也反映了公司核心运营能力的 不断提升；海外市场收入突破23亿元，同比增长28%，最大的海外市场美国收入同比增长超过65%，其 中同店销售低双位数增长，超过了我们此前的预期。" 第三季度，海外收入已占名创优品集团收入的约40%。对于未来的出海计划，叶国富表示，要将中美等 市场已验证过的经验复制并推广至更多国家和地区，每一步都围绕长期可 ...

11月21日，名创优品（MNSO，股价19.57美元，市值60.55亿美元）发布2025年第三季度财报，该季度 名创优品集团总营收达58亿元，同比增长28%；经调整净利润（Non-IFRS）7.7亿元，同比增长12%。 《每日经济新闻》记者注意到，在11月21日晚间举行的业绩电话会上，名创优品创始人、董事会主席兼 首席执行官叶国富表示，第三季度收入增长更多来自于同店销售的拉动，这意味着增长质量更高、可持 续性更强，而且经营风险更低，也反映了公司核心运营能力的不断提升。 近几年，名创优品一边抓出海，一边抓IP战略。对于出海，叶国富称计划将中美等市场已验证过的经验 推广至更多国家和地区。而对于IP战略，业内关心其对外部IP和IP品类的依赖，叶国富表示已布局多项 自有IP，目标是形成刚需品类保流量、IP品类提利润的健康生长结构。 谈出海：把中美市场经验优先推广到东南亚 名创优品今年的三季报，在营收利润双增之外，同店销售的增长尤其值得关注。 在名创优品财报的口径中，同店销售指在比较期开始前已开业、截至比较期结束仍在营业、且于比较期 内闭店均不超过30日的门店GMV（成交总额）。它撇除了新开店带来的影响，反映的是成熟门 ...

Core Viewpoint - Miniso reported a total revenue of 5.8 billion yuan for Q3 2025, marking a 28% year-on-year increase, with significant growth in both its main brand and TOP TOY segment [1] Revenue Performance - Total revenue for Miniso Group reached 5.8 billion yuan, up 28% year-on-year [1] - Revenue from the Miniso brand was 5.22 billion yuan, reflecting a 23% year-on-year growth [1] - TOP TOY brand revenue was 570 million yuan, showing a remarkable 111% year-on-year increase [1] Strategic Developments - Miniso is advancing the plan for a separate listing of TOP TOY on the Hong Kong Stock Exchange [1] - TOP TOY is currently positioned as a trendy toy collection store, primarily focusing on external IP retail, with a relatively small proportion of self-owned IP [1] Operational Insights - During the earnings call, the CEO highlighted that TOP TOY achieved single-digit same-store sales growth in Q3, with a significant improvement in gross margin [1] - The rapid expansion of the self-owned IP 'Nommi' contributed to the performance, and TOP TOY is enhancing store image to create more immersive experience scenarios [1] - The company aims to increase the sales contribution from its self-owned brands and IP [1]

名创优品集团（NYSE：MNSO，HKEX：9896）在11月21日公布了2025年第三季度财务报告。 报告期内，集团总营收达58亿元，同比增长28%，集团全球门店突破8000家，同店销售持续向好，实现 了中个位数的增长。 名创优品集团控股的潮玩集合品牌TOP TOY在2025年第三季度保持强劲增长，总营收达5.7亿元，同比 大幅增长111%，创单季度营收新高。截至9月末，TOP TOY全球门店数量增至307家，其中海外门店数 已达15家，全球门店渠道网络持续完善。同时，自有IP"Nommi糯米儿"新品在全球持续热销，成为推动 业绩增长的重要引擎，渠道拓展与产品运营双双取得突破。 ...

Core Insights - The article highlights the significant growth of Chinese潮玩 (trendy toys) brands in overseas markets, particularly by泡泡玛特 (Pop Mart), which reported substantial revenue increases across various regions in Q3 2025 [1][4] - The trend of self-owned IPs going global is emphasized, with companies focusing on their own intellectual properties rather than licensed ones [1][4] Group 1: Revenue Growth - In Q3 2025,泡泡玛特's overseas revenue in the Asia-Pacific region grew by 170% to 175%, in the Americas by 1265% to 1270%, and in Europe and other regions by 735% to 740% [1] - The overall export of toys from China, including trendy toys, exceeded 500 billion yuan in the first three quarters of 2025, reaching over 200 countries and regions [1] Group 2: Self-Owned IP Expansion -潮玩 brand HERE奇梦岛 has accelerated the international expansion of its self-owned IPs like WAKUKU and SIINONO, successfully launching multiple pop-up stores in Dubai, Indonesia, and Thailand [2] - 52TOYS showcased its self-owned IPs at major international exhibitions, with its变形机甲猛兽匣 series gaining significant attention and sales in overseas markets [2][3] Group 3: Market Strategy and Localization - The transition from "product export" to "brand export" is noted, indicating a shift towards exporting IP, culture, and complete consumer experiences [4] - HERE奇梦岛 emphasizes the importance of deep localization for emotional resonance, which includes understanding local cultural symbols and social habits [5]

Core Insights - TOP TOY, a潮玩 brand under Miniso, is seeking to raise approximately $300 million through an IPO on the Hong Kong Stock Exchange, aiming to enhance its IP matrix, global market presence, brand marketing, and digital capabilities [1] - Despite being a latecomer in the潮玩 industry, TOP TOY has shown significant growth, positioning itself as the "largest and fastest-growing潮玩集合 brand in China" [2][3] Company Overview - Established in 2020, TOP TOY sells products across various categories, including self-owned IP, licensed IP, and third-party IP, with a portfolio of 17 self-owned IPs [2] - The company is projected to achieve a GMV of 2.4 billion yuan in 2024, ranking third among China's top five潮玩 retailers by retail sales [2] Financial Performance - TOP TOY's revenue is expected to grow from 679 million yuan in 2022 to 1.909 billion yuan in 2024, reflecting a compound annual growth rate of 67.7% [3] - The company turned a profit in 2023, with net profits of 212 million yuan, 297 million yuan, and 180 million yuan for 2023, 2024, and the first half of 2025, respectively [3] Market Strategy - TOP TOY leverages Miniso's supply chain and distribution channels to rapidly market products based on globally recognized IPs, achieving significant sales figures [4] - As of June 30, 2025, TOP TOY operates 293 stores globally, with a significant number being franchise stores, indicating aggressive channel expansion [4] Dependency on Miniso - Miniso remains TOP TOY's largest channel and customer, with sales to Miniso accounting for 36.8%, 53.5%, and 48.3% of TOP TOY's revenue in 2022, 2023, and 2024, respectively [5] Challenges and Risks - The reliance on licensed IP poses a challenge for TOP TOY's long-term profitability, as competition for IP rights increases and costs rise [6][8] - The company has struggled with developing its own IP, leading to a shift towards a lower-risk model of licensed IP [7] Future Directions - TOP TOY is attempting to enhance its self-owned IP portfolio through acquisitions and collaborations with artists, aiming to create unique products that stand out in the market [10] - The company has seen improvements in profitability, with self-developed products accounting for 49.1% of revenue in 2024, up from less than 40% in 2022 [11] Competitive Landscape - The潮玩 industry is characterized by the need for brands to create emotional connections with consumers, as demonstrated by successful brands like泡泡玛特 [12] - TOP TOY's future success will depend on its ability to establish a distinct brand identity and not solely rely on external IP and Miniso's ecosystem [12]

Core Viewpoint - The article highlights the contrasting performance of Pop Mart and Miniso in the new consumption sector, with Pop Mart continuing to thrive while Miniso faces volatility in its stock price and market perception [1][3]. Group 1: Company Performance - Pop Mart's stock price has increased by 37% since August, with a market capitalization exceeding 400 billion yuan [1]. - Miniso's market capitalization is currently less than 60 billion HKD, with a valuation of only 22 times earnings, indicating a lack of investor enthusiasm [3]. - In the first half of 2025, Miniso reported revenue of 9.393 billion yuan, a year-on-year increase of 21.1%, but its net profit dropped nearly 20% [4]. Group 2: Store Expansion and Revenue - Miniso opened 554 new stores overseas in the first half of 2025, nearly three times the number of new stores opened in mainland China [4]. - As of June 30, 2025, Miniso had a total of 7,612 stores globally, with 3,307 located overseas [5]. - Approximately 75% of Miniso's new stores in the past year were opened overseas, highlighting its focus on international expansion as a key growth driver [5]. Group 3: IP and Brand Strategy - The significant difference in performance between Pop Mart and Miniso can be attributed to their respective approaches to intellectual property (IP) [3]. - Pop Mart's revenue for the first half of 2025 reached 13.876 billion yuan, 1.5 times that of Miniso, with a year-on-year growth of 204.4% [13]. - Pop Mart's gross profit margin was 70.3%, compared to Miniso's 44.3%, showcasing the impact of brand premium and IP operations [14]. Group 4: Challenges and Future Outlook - Miniso's reliance on a retail store model for growth may limit its performance potential, as increasing store density can lead to diminishing returns [6][10]. - The company faces challenges in transforming its business model and effectively leveraging IP to enhance store performance [12][29]. - Miniso has been gradually shifting towards original IP development, with plans to increase investment in this area, which could lead to greater growth if successful [28][31].

Core Viewpoint - The global潮玩 (trendy toy) market is undergoing a significant restructuring, with companies like TOP TOY and泡泡玛特 (Pop Mart) showing remarkable growth, indicating a rapid expansion phase in China's潮玩 industry [1][2][3] Group 1: Company Performance - TOP TOY reported a revenue of 400 million yuan in Q2 2025, marking an impressive year-on-year increase of 87.0%, significantly surpassing the industry average growth rate [2] -泡泡玛特's Labubu IP generated 34.7% of its revenue in the first half of 2025, with a staggering year-on-year growth of 726.6% [2] -泡泡玛特 achieved a gross margin of 70.3%, well above the traditional toy companies' range of 20-30%, due to premium pricing and exclusive strategies [2] Group 2: Market Expansion - TOP TOY has expanded its store count to 293, with 283 located in mainland China, and achieved a total GMV of 1.05 billion yuan in the first half of 2025 [2] -泡泡玛特's overseas revenue surged by 440%, accounting for 40% of its total revenue, with the U.S. and European markets experiencing a growth rate of 480% [2][3] Group 3: Strategic Investments -淡马锡's investment in TOP TOY reflects a long-term investment perspective, recognizing the potential of the Chinese潮玩 market and the global expansion capabilities of名创优品 (Miniso) [3] -名创优品's total revenue reached 4.97 billion yuan in Q2 2025, with a year-on-year growth of 23.1%, and overseas revenue making up 42.6% of its total income [3] Group 4: Future Trends -泡泡玛特 aims to increase its overseas revenue share to 65% by 2027, while also diversifying into new business areas such as theme parks and animation content [6][7] -名创优品 plans to promote 100 Chinese IPs globally, enhancing its brand presence and cultural export [6][7]

Core Insights - TOP TOY's first store in Japan opened in Ikebukuro, Tokyo, achieving sales of over 11 million yen (approximately 530,000 RMB) on its first day, indicating strong overseas expansion momentum [1] - The company recently completed a strategic financing round led by Temasek, resulting in a post-investment valuation of 10 billion HKD [1] - TOP TOY is enhancing its proprietary IP matrix through strategic acquisitions, including well-known IPs Nommi and MayMei, which is crucial for building a "professional trendy toy IP ecosystem" [1][2] Financial Performance - The first-day sales of TOP TOY's Japan store reached over 11 million yen, showcasing the brand's potential in international markets [1] - Nommi, launched in September last year, has already generated over 100 million RMB in revenue [1] Strategic Initiatives - The acquisition of Nommi and MayMei strengthens TOP TOY's capabilities in proprietary IP operation and content innovation [2] - Leveraging its mature supply chain, multi-channel sales network, and brand operation experience, TOP TOY aims to accelerate the productization and commercialization of these IPs [2] - This move reinforces TOP TOY's "IP + industry" dual-driven model and provides essential content support for building a more competitive trendy toy ecosystem [2]