TOP TOY, mit einem Schätzwert von 10 Milliarden HK - Dollar.

Recently, Temasek led the fundraising of TOP TOY, and the post - investment valuation was approximately HK$10 billion.

MINISO released its semi - annual financial report.

The financial reports show that in the first half of 2025, MINISO achieved a revenue of RMB 9.393 billion, representing a year - on - year increase of 21.1%. Among them, the revenue in the second quarter was RMB 4.97 billion, a 23.1% increase compared to the previous year. The adjusted net profit increased by 10.6% to RMB 692 million, and the adjusted operating profit was RMB 852 million, an 8.5% increase compared to the previous year.

MINISO explained that the recovery of the company's performance is mainly due to the improvement of the revenue of existing stores. For the first time in four quarters, it recorded a positive revenue growth in existing stores, ending the single - digit decline in the previous quarter.

After the release of the financial reports, MINISO's stock price on the U.S. stock exchange rose by 6.38% and closed at US$22.17. On the Hong Kong Stock Exchange, it rose by 20.58% and closed at HK$47.1.

What's even more remarkable is that MINISO is accelerating the implementation of its own IP strategy. Founder Ye Guofu clearly stated during the results presentation that the company wants to grow with a "two - wheeled model" of "international IPs + own IPs".

Emphasis on large - scale stores

MINISO's revenue mainly comes from the MINISO brand and the TOP TOY brand, as well as a small amount of other income.

In the first half of this year, the revenue of the MINISO brand was RMB 8.649 billion, an 18.1% increase compared to the previous year. Among them, the Chinese domestic market achieved an 11.4% increase in the first half, with a revenue of RMB 5.115 billion. The overseas revenue was RMB 3.534 billion, a 29.4% increase compared to the previous year. The TOP TOY brand achieved a revenue of RMB 742 million during the reporting period, a 73% increase compared to the previous year.

The recovery of the company's performance is mainly due to the improvement of the revenue of existing stores and the implementation of the large - scale store strategy. According to the latest data, in the second quarter of this year, for the first time in four quarters, MINISO recorded a positive revenue growth in existing stores. Among them, the revenue growth of existing MINISO brand stores remained stable compared to the previous year, and the revenue growth of existing TOP TOY brand stores improved from the previous year to a single - digit increase.

The financial reports show that in the third quarter, the revenue growth of MINISO's existing stores in the Chinese domestic market further accelerated. So far, MINISO has already recorded a positive revenue growth in existing domestic stores, and it is expected to continue throughout the year.

Regarding the driving forces behind the revenue growth of existing stores, founder Ye Guofu explained during the results presentation that this is due to the continuous improvement of sales channels, the optimization of the product structure, the development of new products, and the improvement of business processes.

Ye Guofu revealed that MINISO has systematically summarized some proven experiences for the revenue growth of existing stores and has been sharing them with overseas markets since the second quarter. Considering local conditions, this has helped overseas markets learn the strategies for improving the revenue of existing stores from the Chinese market, and initial results have already been achieved.

It is known that the revenue growth of MINISO's existing overseas stores has improved from a mid - single - digit to high - single - digit decline in the first quarter to a single - digit decline in the second quarter. Especially in Europe and North America, the revenue growth of existing stores has recorded a mid - single - digit to high - single - digit increase.

In terms of the number of stores, as of the end of June, the total number of MINISO stores in the Chinese domestic market and overseas was 7,612, including 4,305 domestic stores and 3,307 overseas stores. In the second quarter, 30 and 94 stores were added respectively.

Ye Guofu explained during the results presentation that MINISO no longer focuses only on small - scale stores as in the past. Instead, it uses the MINISO LAND series, flagship stores, regular stores, and pop - up stores to meet different business ecosystems and tap into growth potential.

It is known that the MINISO LAND Global Store No. 1 on Nanjing Road, Shanghai, has already achieved a cumulative revenue of over RMB 100 million just nine months after opening. As of the end of June, MINISO has opened 11 MINISO LAND stores across China, which are distributed in key cities such as Shanghai, Beijing, Guangzhou, and Chengdu, and the average monthly revenue per store is in the millions.

Temasek leads the fundraising of TOP TOY, which will accelerate the IP strategy

Since establishing its store network in the Chinese domestic market in 2020, as of June 30, 2025, TOP TOY has reached a total of 293 stores worldwide, including 283 stores in the Chinese domestic market. The overseas market has gradually built a network since its expansion in 2024. In the second quarter of this year, the brand achieved an 87% revenue increase compared to the previous year. MINISO attributed this in the financial reports to the "strong performance of trendy figure collections" and the "more mature store network".

The financial data confirms the strength of TOP TOY: In the first half of 2025, the revenue was RMB 742.1 million, a 73.0% increase compared to the previous year. The management sent further optimistic signals during the results presentation last night and expects that the number of stores in 2025 will increase by 50% - 60% compared to the previous year, and the company's performance will even grow by 70% - 80%.

It is worth mentioning that according to the financial reports, recently, Temasek led the fundraising of TOP TOY, and the post - investment valuation was approximately HK$10 billion.

During the results presentation last night, founder Ye Guofu systematically explained the "two - wheeled strategy" of "international IPs + own IPs" for the first time and directly said: "Pop Mart's performance is very good, and we are very happy about it. Good performance shows two things: First, consumers buy, and second, the capital market accepts it. This shows that the trendy figure collection market in China is just taking off."

He pointed out that MINISO has already built advantages in product development, marketing, and sales channels when cooperating with international IPs (such as Sanrio and Marvel), but "it lacks its own IPs". However, this shortage will be quickly addressed in two ways.

On the one hand, six months ago, MINISO launched its own IP strategy and signed the first nine trendy figure artists. The "Youyoujiang" series was introduced in June this year, representing a breakthrough from zero to one for its own IP. On the other hand, the brand is accelerating the expansion of its IP portfolio through capital measures - in the first half of the year, TOP TOY acquired a 51% stake in the trendy figure company HiTOY Haichuang Culture with an investment of RMB 5.1 million and acquired three core IPs, "Nommi", "Honey", and "MayMei", which cover different product categories such as plush figures, plastic figures, and mini - figures.

Ye Guofu revealed during the results presentation that the revenue of the "Nommi Sweetheart" series, which was developed based on the HiTOY IP, has already exceeded RMB 100 million in the first half of the year, thus becoming a model for its own IP.

Special note: The content of this article is for information purposes only and does not constitute investment advice. Investors act at their own risk.

This article is from the WeChat account "Venture Capital Daily", author: Xu Cihao, published by 36Kr with permission.