MNSO 名创优品 2025年第3季度财报电话会议文字稿中英文

Operator

感谢各位的耐心等待，同时也欢迎参加名创优品集团2025年9月季度业绩发布会。[操作员说明] 我们已于今天早些时候公布了2025年9月季度的业绩表现，您也可以在投资者关系网站上查看我们的演示文稿。首先，我们非常高兴邀请到创始人兼首席执行官叶国富先生，以及我们的首席财务官张先生参加本次网络直播。在开始之前，请参考我们业绩公告中的安全港声明，我们也将做出前瞻性陈述。今天，我们将讨论非国际财务报告准则财务指标。我们已在向监管机构提交的文件中包含并解释了这些指标。同时，我们也已将其与按国际财务报告准则报告的可比指标进行了调整。除非另有说明，本演示文稿中的所有货币均为人民币。此外，我们还为本演示文稿提供了财务和业务幻灯片。[操作员说明] 如果您使用Zoom会议，您将能够在屏幕上看到幻灯片。您也可以在会议结束后在我们的投资者关系网站上查看幻灯片。现在，让我们欢迎叶先生开始演示。

Guofu Ye

各位好，欢迎参加名创优品集团2025年9月季度业绩发布会。本季度，集团继续保持加速增长态势，营收同比增长28.2%，达到我们指引区间的高端。多项关键指标，包括同店销售额和调整后营业利润，均达到或超过我们之前的指引，这体现了我们商业模式的韧性和增长潜力。今天，我将带您回顾季度业绩亮点，并分享我们在战略举措方面的一些见解。在9月季度，总GMV增长28%，营收增长28%。同店销售加速增长，达到中个位数增长。我们的两大旗舰品牌——名创优品和TOP TOY在第三季度均展现出加速的收入增长势头。名创优品品牌增长23%，而TOP TOY实现了111%的卓越收入增长。在盈利能力方面，集团保持了稳定的毛利率44.7%，毛利额接近26亿元人民币，增长27.6%。本季度标志着一个重要里程碑，我们的调整后营业利润首次突破10亿元人民币大关，增长40.8%，达到10.2亿元人民币。我们的调整后营业利润率为17.6%，较第二季度环比改善。接下来，我将带您了解名创优品中国业务、名创优品国际业务和TOP TOY的季度表现。首先从名创优品国内业务开始，营收增长19.3%。这一表现非常出色，无论是与中国同期社会消费品零售总额增长3.4%、实物商品网上零售额增长7.5%相比，还是与我们之前的指引相比。让我特别自豪的是，这一增长来自同店销售增长，表明这是更可持续、运营风险更低的优质增长，反映了我们持续提升名创优品核心运营能力。进入第四季度，同店增长依然强劲，国庆假期表现优异，推动整个10月份实现低双位数的同店增长。本季度，我们在国内净新增102家名创优品门店。截至2025年至今，我们累计净增21家门店。我们的加盟商数量首次突破1,100家。自今年年初以来，我们的加盟网络迎来了具有不同背景和资源的新合作伙伴，不仅提升了名创优品加盟体系的规模，也增强了商业生态系统的成熟度。名创优品中国业务显著跑赢整体消费市场，这根本上得益于我们增强的系统化运营能力。以第三季度'名创优品欢乐假日购物'活动为例。基于对节假日和周末期间多个品类的综合分析，我们预测玩具将是弹性最大的品类。因此，从早期产品开发到库存规划，我们为玩具品类分配了充足的资源和产能，并充分利用了夏季场景。在中国市场，我们在顶级购物区的黄金地段提前布局了夏季高峰期的PoPark门店，而对于我们的常规门店，从创意陈列到促销材料的视觉呈现，都与季节氛围和核心产品亮点深度契合，实现了端到端的定制化运营。结合8月份TNT品牌代言公告，我们最终打造了'对的地点、对的时机、对的产品、对的营销'的强大策略，最大化释放了夏季玩具品类的增长潜力。转向我们的国际市场。第三季度，国际业务营收超过23亿元人民币，增长28%。我们的国际名创优品门店网络本季度净增170家，年初至今净增306家。我们最大的国际市场——美国，实现了超过65%的收入增长，同店销售增长达到低双位数，超出我们的预期。我们在美国的运营举措持续巩固和稳定长期增长，并持续提升新店成功率、品牌认知度以及消费者留存率。从今年开始，我们建立了门店拓展委员会结构和集群式开店模式，在不同地点同时开设多家门店。这实际上提高了管理效率，同时通过强大的品牌曝光度，吸引了大量消费者关注。截至2025年至今，美国市场新会员获取量增长了100%。通过逐步建立与消费者的双向沟通渠道，我们使公司能够更精准地了解消费者偏好。我们的会员计划不仅推动了收入增长，还为提升复购率提供了关键的数据洞察和消费者触点。关于产品组合，我们的IP产品发布节奏如同电影上映，不同季节和月度特色为消费者带来新鲜感，并促进门店活跃度。您可以看到，美妆、消费电子、食品饮料等品类主要服务于提升客单价和消费者进店后的复购。名创优品致力于打造平衡的产品组合，以实现更稳定的门店运营模式，满足不同购物场景下的多样化消费者需求。名创优品在中国和美国市场的强劲表现，让我们对这两个主要国际市场都充满信心。我们在两大市场的经验提供了经过验证的系统化洞察，涵盖四个领域：优化门店选址、打造差异化门店形态、实现精准的产品渠道匹配、以及协调全漏斗营销协同效应，所有这些都有助于巩固运营稳定性和长期增长。国际市场代表了名创优品长期期望的关键机遇。我们将系统性地复制和扩展我们经过验证的运营框架到更多国家和地区。每项举措都着眼于长期持续盈利能力，最终释放全球市场的巨大潜力。 TOP TOY在第三季度实现了111%的出色收入增长，门店数量净增40家，总数达到307家，其中中国292家，海外50家。得益于增强的产品竞争力，特别是我们自有IP的快速扩张，取得了非常好的增长，尤其是我们的自有IP[听不清]。TOP TOY在第三季度实现了中个位数的同店销售增长，毛利率显著优化。TOP TOY还持续提升门店呈现，将自有IP转化为更具沉浸感的体验，继续为我们自有IP和专有IP及品牌做出贡献。本季度，我们实现了两个重要里程碑。首先，我们的全球门店网络数量已突破8,000家大关。我们的品牌足迹遍布全球关键市场，从亚洲到欧洲，从美洲，从成熟的商业区到新兴社区。我们的产品和服务触达不断扩大的消费者群体，标志着我们全球扩张的新篇章。第二个里程碑是我们的季度营收首次突破50亿元人民币大关，同时单季度调整后营业利润也首次突破10亿元人民币。展望未来，我们将从规模驱动增长转向新的发展范式，强调质量和规模并重，沿着高质量发展道路坚定而审慎地前行。实现高质量发展需要战略方向和持续的执行卓越。在过去一个季度，我们的渠道升级和IP矩阵战略都取得了重大突破。在渠道升级方面，我们在深圳高端商场开设了首家名创优品FRIENDS门店。FRIENDS形态代表了名创优品渠道升级的关键创新，具有以下特点：首先，门店设计和产品策划强调IP内容呈现，创造独特的购物体验，类似于基于同步IP发布周期的电影上映安排。其次，依托名创优品全面的品类覆盖和多IP矩阵产品开发，名创优品已成为购物中心选择的主力租户，因此我们能够获得优越位置、有利的租赁条款以及来自商场运营商的更多营销支持。第三，名创优品FRIENDS门店定位为轻奢门店，面向中高端购物中心，代表了名创优品集团的战略渠道细分举措。关于自有IP，截至2025年11月，我们已经签约了16个潮玩艺术家IP，构建了丰富多元的自有IP组合，以丰富IP价值为核心目标。我们的首个艺术家潮流街区已在广州北京路Play Grand门店推出。通过对门店三楼指定区域进行全面场景化改造，我们精准嵌入了TOP TOY IP的独家鸟瞰视角。这个竞争性岛区在短短两周内产生的销售业绩就超过了典型门店整个月的销售结果。此外，我们创造了与IP角色人设相符的氛围装置和互动元素，将每个空间转化为IP故事的延伸。当消费者进入这个沉浸式门店环境时，他们不仅体验到我们系统中角色的魅力和叙事深度，还通过体验式触点加深对IP的理解和情感连接，促进从产品购买到IP认同的有意义转化，强化消费者与IP之间的情感纽带。我相信，从长远来看，名创优品在品类架构和IP组合方面的核心竞争优势将日益凸显。地缘政治和宏观经济不确定性是所有公司面临的普遍挑战。我们已经为此做好了充分准备。名创优品保持着行业最平衡和多元化的IP组合，IP资产涵盖国际知名授权IP、国内头部内容、以及跨多个发展轨道的自有IP。我们广泛的品类覆盖使我们能够根据季节性需求快速调整产品组合和商品陈列。更重要的是，我们还具备精准捕捉新兴趋势和端到端渠道控制能力，使我们的运营更能适应市场变化。展望未来，名创优品将抓住生活方式消费领域的广阔机遇，通过持续的战略演进推动高质量业绩。我的发言到此结束。接下来，我将把时间交给Eason，他将带您了解我们前三季度的财务表现，谢谢。

Guofu Ye

Good day, and welcome to MINISO Group 2025 September Quarter Earnings Results Presentation. This quarter, the group continued to deliver accelerated growth with revenue increased by 28.2%, supporting the high end of our guidance. And you can see multi-key indicators, including same-store sales and adjusted operating profit, either met to exceed our prior guidance, demonstrating the resilience and growth potential of our business model. Today, I'm going to walk you through quarterly performance highlights and share with you some of our insights for strategic initiatives. In September quarter, the total GMV grew by 28%, revenue increased by 28%. Same-store sales being accelerated, reaching mid-single-digit growth. Our 2 flagship brands, MINISO and TOP TOY demonstrating accelerating revenue momentum in Q3. MINISO brand grew by 23%, while TOP TOY delivered exceptional revenue growth of 111%. On the profitability front, the group maintained a stable GP margin of 44.7%, and the GP margin approached to RMB 2.6 billion, grew by 27.6%. This quarter marked a significant milestone as our adjusted operating profit crossed RMB 1 billion threshold for the first time, grew by 40.8%, reaching RMB 1.02 billion. Our adjusted operating margin stood at 17.6%, show sequential improvement from Q2. Coming next, I'm going to walk you through our quarterly performance across MINISO China, MINISO International and TOP TOY. Starting with MINISO domestic operation, revenue grew by 19.3%. The performance is outstanding, whether compared with China's total retail sales of the consumer goods grew by 3.4%, while online retail sales of the physical goods grew by 7.5% of the same period or measured against our previous guidance. What makes me particularly proud is the growth was coming from same-store sales growth, indicating high-quality growth that is more sustainable with lower operational risk, reflecting our continued enhancement of MINISO's core operational capacity. Entering into Q4, same-store growth still remained robust with strong National Day holiday performance, driving low double-digit same-store growth for the entire month of October. This quarter, we achieved a net addition of 102 MINISO stores domestically. Year-to-date 2025, we have accumulated a net increase of 21 stores. Our franchise base has already surpassed 1,100 for the first time. Since the beginning of this year, our franchise network welcomed new partners with diverse breakthrough and resources, enhancing MINISO franchise system, not only in scale, but also in business ecosystem sophistication. MINISO China business has significantly outperformed the broader consumer market, fundamentally driven our enhanced systematic operation capacity, take Q3 happy holiday shopping at MINISO campaign as an example. Based upon the comprehensive data analysis across multiple categories during holidays and also weekend, we forecasted that toy would be the category with greatest performance elasticities. Consequently, from the early product development to inventory planning, we allocated sufficient resources and capacities for toy category, and we also leverage the summer scenarios. For China front, we secured a prime location in top-tier shopping district with peak summer periods in advance of the PoPark stores, where for our regular store, everything from creative display merchandising to visual presentation of the promotion materials was deeply aligned with seasonal atmosphere and the core product highlights, achieving end-to-end customized operations. Compiled with the TNT brand endorsement announcement in August, we ultimately created powerful strategies of the right type channel, right timing, right product and the right marketing, maximizing the growth potential of our summer toy category. Turning to our international markets. In Q3, revenue exceeds RMB 2.3 billion, grew by 28%. Our international MINISO store network expanded at a net 170 stores during the quarter with year-to-date net addition of 306 stores. Our largest international market, United States, delivered revenue growth more than 65%, with same-store sales growth in a low double digit, exceeding our expectation. Our operational initiative in U.S. continued to strengthen and stable our long-term growth and continued to improve new store success rate, brand recognition and also with consumer retention across multiple dimensions. Starting from this year, we have a store expansion committee structure and a clustered store opening model, opening multiple stores at the same time in different locations. This can actually improve the management efficiency, and also, with great brand exposure, attracting great consumer attention. Year-to-date 2025, new member acquisition in U.S. market have grown by 100%. By progressively building bidirectional communication channels with consumer, we enable the companies to more precisely understand the consumer preference. Our membership program not only driven our revenue growth, but also providing critical data insights and consumer touch points for further enhancing repeat purchase rate. Regarding the product assortment, our IP product launch cadence operates like the release of the same, different season and monthly features, providing freshness to the consumer and encouraging the store activities. You can see that for beauty, consumer electronics, food and beverage, mainly served to drive the basket attachment and repeat purchase once consumers are in store. MINISO is committed in creating balanced product portfolio to achieve a more stable store operating model to address diversified consumer needs across different shopping occasions. The stronger result of the MINISO in both China and the U.S. market are giving us tremendous confidence in both international markets. Our experience in both major markets has provided proven systematic insights across 4 disciplines: optimizing store site selection, creating differentiated store formats, achieving precise product channel alignment and orchestrating full funnel market synergies, all of which can help to consolidate operational stability and long-term growth. International markets represent our key opportunities for MINISO's long-term expectation. We will systematically replicate and scale up our validated operational framework to more countries and regions. Every initiative is facing on the long-term sustained profitability, ultimately unlocking tremendous potentials of the global markets. TOP TOY delivered outstanding revenue growth by 111% in Q3, store account expanding a net increase of 40 locations, reaching 307 in total, including 292 in China, 50 outside China. Benefiting from the enhanced product competitiveness, particularly the rapid scaling of our proprietary IP, and it's actually achieved a very good growth, especially our proprietary IP, [indiscernible]. TOP TOY achieved a middle single-digit same-store sales growth in Q3 with significant gross margin optimization. TOP TOY also continued to elevate store presentation, transforming proprietary IP into more immersive experience, continue to contribute to our owned IP and proprietary IP and brands. This quarter, we achieved 2 significant milestones. First of all, our global network store number already surpassed 8,000 milestone. And our brand presence is actually in key global markets from Asia to Europe, from Americas, from established commercial districts to emerging neighborhoods. Our product and service are reaching an ever-expanding consumer base, marking a new chapter for our global expansion. The second milestone was our quarterly revenue crossing RMB 5 billion threshold for the first time, while a single quarter adjusted operating profit also break through RMB 1 billion mark for the first time. Moving forward, we will transition from scale-driven growth to a new development paradigm, emphasizing on both quality and scale, taking confidence and measured steps along the pathway of high-quality development. Achieving high-quality development need strategic directions and sustained execution excellence. For the past quarter, both our channel upgrades and IP metrics strategy have delivered significant breakthroughs. On the channel upgrade front, our inaugural MINISO FRIENDS store that has been inaugurated in high mall in Shenzhen. The FRIENDS format represent a crucial innovation with MINISO's channel upgrades with the following features. First of all, store design and product curation emphasize on IP content presentation, creating unique shopping experience akin and movie release schedules based upon the synchronized IP launch reason. Secondly, leveraging MINISO's comprehensive category coverage and multi-IP metrics product development, MINISO has already become an anchor tenant for selecting shopping malls so that we will be able to enjoy primary location with favorable lease terms and more marketing support from the mall operator. Thirdly, MINISO FRIENDS store positioned at accessible luxury store, designed for mid- to primary shopping center represent a strategic channel segmentation initiative for MINISO Group. Regarding proprietary IP, by November 2025, we have already contracted 16 pop toy artist IPs, building a rich and diversified owned IP portfolio with enriching IP value of our core objective. Our first artist at trendy district has already been launched at Beijing Road Play Grand store in Guangzhou. Through comprehensive scenario-based renovation of the designated area of the store on third floor, we precisely embedded the exclusive bird view of our TOP TOY IPs. The competitive island area generated a sales performance exceeding a typical store's entire monthly sales result in just 2 weeks. Furthermore, we created atmospheric installations and interactive elements that align the IP character personas transforming every space into extension of the IP storytelling. When consumer enter this immersive store environment, they not only experience the characters appeal and narrative depths of our system, but also deepen their IP understanding and emotional connections through the experimental touch point, facilitating meaningful transmission from product purchase to IP affinity, strengthening the emotional bond between consumer and IPs. I believe over the longer run, MINISO's core competitive advantage in category architecture and IP portfolio will become increasingly pronounced. Geopolitical macroeconomic uncertainties represent universal challenges to all companies. We are already well positioned for that. MINISO maintained the industry's most balanced and diversified IP portfolio with IP assets spanning international renowned licensed properties, primary domestic content, proprietary IP across multiple development tracks. Our extensive category cover enable rapid product assortment and also merchandising adjustment based upon the seasonal needs. And more importantly, we also have precise capture emerging trends and end-to-end channel control capacity, allow our operation to be more adaptive to the market change. Looking to the future, MINISO will capitalize on the expansive opportunities with lifestyle consumption sector, driving high-quality performance through continued strategic evolution. That conclude my remarks. I mean, next, I will turn the floor to Eason, who will walk you through our first 3 quarters' financial performance, please.

Eason Zhang

好的。谢谢大家。大家好，欢迎参加我们九月季度的业绩发布会。大家面前是一份出色的成绩单，实际上展示了我们如何利用灵活性和高质量增长来引领未来发展。首先，让我帮大家回顾一下我们相对于指引的表现。我们提供了从收入到同店销售增长（SSSG）和调整后营业利润的4项指引。我们实现了利润目标。关于收入增长指引，大家可以看到，对于SSSG，我们给出的指引是低个位数增长，但我们实现了中个位数增长。但我想分享几点：对于名创优品中国，我们的SSSG实现了高个位数增长；同时对于名创优品国际，我们也实现了中个位数增长。TOP TOY也录得了中高个位数的增长。值得一提的是，我们在国际市场的许多门店都是加盟店，控制力不如直营店。但即使在这样的背景下，我们在全球3000家门店中仍能实现低个位数的正增长。同时，大家也可以看到调整后营业利润也实现了两位数增长，达到50%。对于调整后营业利润率，我们之前的指引是逐月小幅改善，但实际上我们实现了17.86%的净利润率，降幅已从2.3个百分点收窄至2.1个百分点。从收入角度来看，我想请大家注意几点：首先，28.2%的增长，人民币58亿元的收入已经超出了我们的预期。这也是集团收入首次突破50亿元。我们第一季度的收入增长是80.92%，第二季度是23.13%，第三季度是28.2%。大家也可以看到，我们预计第四季度的收入增长将在25%至30%左右，继续兑现我们全年收入增长25%的承诺。接下来让我深入分析一下我们的业务板块：名创优品中国大陆收入增长了90.3%；名创优品国际增长了27.7%，达到23亿元；TOP TOY收入飙升了111.4%，达到5.7亿元，大幅超出我们的预期。按国内与国际划分，集团中国大陆收入增长了25%，国际收入增长了32.9%。按品牌细分：名创优品作为一个GMV接近350亿至400亿元的品牌，我们仍能实现23%的收入增长；而TOP TOY的增长则超过111%，正如我提到的。高质量增长离不开同店销售增长。第三季度SSSG表现良好，推动同店增长达到中个位数水平。其中，第三季度名创优品中国大陆同店销售额实现了高个位数增长，整体收入增长接近20%。10月份继续保持强劲的同店增长势头，达到低两位数增长；而国际同店增长为低个位数。北美、欧洲等战略市场显示出出色的同店表现，美国和加拿大在第三季度也实现了低两位数的同店增长。对于TOP TOY，同店销售额增长了中个位数，符合我们的预期。这一改善是因为我们抓住了战略性和高潜力的产品类别，拥有多重销售机会。我们还优化了产品组合，利用直接采购和国际市场，提升了商品美元容量。同时，我们始终专注于产品，与一线运营协调，加强精细化的产品组合管理，进行定制化产品开发，并打造了一些常规畅销品。更重要的是，我们强调季节性和节假日机会，组织了节假日加IP主题的快闪店来刺激销售表现。我们的直营市场是距离总部管理半径最近的地方，也是我们战略和调整最先见效的地方。国内市场是我们最大、最成熟但也是竞争最激烈的市场。在中国如此激烈的竞争市场中实现正的同店增长，不仅验证了我们采取措施的有效性，也反映了我们快速的市场反应能力和强大的执行力。通过渠道和门店形态的差异化，我们继续探索同店效率的边界，持续开拓长期的门店扩张机会。在我们战略直营市场如美国，也出现了出色的同店表现。门店是最小的盈利单元，就像身体的细胞。追求高质量增长需要对传统商场门店模式之外的门店模式进行精细化优化。我们还积极探索广场店，利用科学决策进行选择性开店、集群开店和精细化人员配置，持续优化门店盈利能力，让最小的盈利单元能够充分发挥潜力，推动未来的高质量增长。我们很高兴看到，包括美国和加拿大在内的国际直营店在第三季度的营业利润率同比有显著改善。我们计划首先在2026年将我们在中美市场的成功经验扩展到东南亚市场。我们在东南亚市场已有近10年历史，像印度尼西亚这样的市场每年为公司贡献可观的利润。然而，随着当地宏观经济下滑和社会动荡，我们面临一定的运营挑战，特别是需要升级渠道产品组合、组织和泰国市场的改进。今年我们已经触底反弹，这将成为我们2023年战略的重点，我们非常有信心在这些市场取得与中国市场在2025年类似的成功。本季度毛利率为44.7%，去年同期为44.9%。回顾2025年前9个月，毛利率为44.4%，去年同期为44.1%。我还提到我们的毛利率已从2021年的27%上升到今天的44%，4年间增长了70个百分点。这一改善源于：首先，国际收入贡献的持续增加；其次，IP战略的升级和扎实执行。随着国际直营业务的持续扩张以及季度间品类结构调整，季节性波动是不可避免的。展望未来，我们将继续专注于平衡产品价格和销量。对于IP产品，我们将坚持产品创新和性价比；对于非IP产品，我们将强调产品盈利能力和质价比，在保持整体毛利率的同时实现更好的销售表现。本季度，扣除股权支付费用和激励后，我们的销售及管理费用（SBC）增长了33.7%，占收入的27.6%。值得注意的是，股权激励（SBC）总额为1.76亿元，较前期显著增加，主要原因是TOP TOY股权激励计划。扣除SBC后的销售费用增长了36.5%。这一增长是因为我们的国际直营店投资，包括人工成本、租赁、折旧和优化，在第三季度增长了40.7%。大家可以看到，第一季度这个数字是71.4%，第二季度是56.3%。所以可以看到直营店的销售费用增长已明显放缓，同时直营店的收入增长接近70%，高于相关费用的增长率，由于我们持续的精细化运营和严格的费用管理，费用增长显著减速。接下来，让我也谈谈YH。我们对YH的投资从上一季度开始影响我们的财务报表。我们采用权益法核算这些交易。YH投资本季度影响我们的净利润1.46亿元，这已包含在非IFRS财务指标中。让我们也谈谈有效税率。按IFRS类别，我们的有效税率为33.9%，去年同期为24.8%。33.9%的税率听起来相对较高，但这并不是真正的税负。这主要是由于股权激励和YH亏损，这些项目在税法下不能在税前扣除，但实际上并未产生所得税减免，导致我们财务报表上的有效税率较高。这些费用总计约3.2亿元。如果排除这些影响非经营性相关项目，我们调整后的有效税率为22.8%，比去年低1%。让我们也谈谈盈利能力。调整后营业利润增长了40.8%，达到10.2亿元。这实际上展示了我们的运营质量。调整后营业利润率为7.6%，下降了2.1%，但与第一季度和第二季度相比有显著改善。调整后营业利润率的下降是由于收入构成的结构性变化。看看我们各主要业务板块，营业利润率要么持平要么改善。例如，国际直营业务保持了低个位数的高营业利润率。中国加盟业务和国际代理业务增长持平，但为什么我们看到2.1%的下降？关键原因是国际直营收入占比持续上升。与轻资产的加盟和代理商业模式相比，该业务的利润率仍存在一定差距，导致整体利润率被稀释。但大家可以看到，由于美国和加拿大已经采用直营模式，国际直营业务的营业利润率将持续改善，特别是我们看到美国直营业务低两位数的增长将提升当地利润率。但我们在不同国家和地区运营，不可避免地会因区域经济和社会环境而面临利润波动。我们的团队仍然年轻，能力需要提升，但增长空间巨大。第三季度调整后净利润增长了11.7%，调整后每股收益增长了12.7%，调整后EBITDA增长了90%。同比也逐季度加速，但调整后EBITDA利润率为23.4%。关于营运资本，我们的库存周转保持强劲高效。截至第三季度，名创优品品牌的库存周转天数为87天，而第一季度和第二季度分别为104天和94天。可以看到我们的库存效率在第三季度有所改善。同时，截至9月30日，我们的现金储备为77.7亿元，保持稳健。我们的经营活动净现金流达到13亿元，净利润现金比率为1.7。资本支出为3.3亿元，自由现金流为9.7亿元。今年前9个月，经营活动净现金流为20.1亿元，超过了同期的调整后净利润。资本支出为7.7亿元，自由现金流为15.5亿元，展示了我们高质量的盈利能力、高效的营运资本管理和稳定的业务，为我们未来的高质量发展提供了动力。最后但同样重要的是，我想带大家看看展望。尽管微观消费数据存在压力和挑战，我们仍有信心实现全年指引：全年收入增长25%，营业利润在36.5亿元至38.5亿元之间。我们预计第四季度收入增长25%至30%，中国和美国同店销售额实现两位数增长。对于全年，我们预计中国和美国同店增长为中个位数。我们预计第四季度营业利润将实现两位数同比增长。由于收入结构变化，营业利润率仍将下降，但降幅将较为温和，接近第三季度水平。北美即将进入购物旺季，中国第四季度将保持快速增长。即使东南亚持续的宏观疲软可能带来一些影响，但我们的全球业务布局将分散我们的运营风险。我们将继续与资本市场沟通进展和预期。非常感谢。谢谢。现在让我们进入问答环节。

Eason Zhang

Okay. Thank you. Hello, everyone. Welcome to join us for our September quarter earnings release. In front of you is a wonderful scorecard, which is actually showcasing how we leverage flexibilities and high-quality growth to navigate the future development. So first of all, let me help you to review our performance against our guidance. There are 4 guidance we provide you from revenue to SSSG and adjusted operating profit. We hit our profits. And there you can see actually regarding the guidance of the revenue growth. Well, for SSSG, we gave the guidance of a lower single-digit growth, but we made it mid-single digit. But a few points I'd like to share with you. For MINISO China, we made it to a high single-digit growth for SSSG, while at the same time for MINISO International, and we also made a middle single-digit growth. For TOP TOY, it also registered a mid- to high single-digit growth number. It is also worth mentioning that many of our stores in international market are franchised stores. The control is less than the direct operated stores. But even against such a backdrop, we will be able to have a low and positive growth among our 3,000 stores worldwide, while at the same time, you can also see adjusted operating profit also registered a double-digit growth, reaching 50%, where for the adjusted operating profit margin, our previous guidance was a minor improvement month by month. But actually, we made a net profit, 17.86%. And the decrease has already been narrowed down from 2.3 percentage to 2.1 percentage. From a revenue perspective, there are a few things I'd like to draw your attention to. First of all, 28.2% of the growth with RMB 5.8 billion revenue already go beyond our expectation. It's also the first time for the group's revenue to exceed RMB 5 billion. Our Q1 revenue growth was 80.92%, and also Q2, 23.13%, where for Q3, that was 28.2%. And you can also see that we foresee for Q4, the revenue growth would be around 25% to 30%, continue to deliver our commitment for a full year revenue growth by 25%. Well, let me also dive into our operating segments. MINISO Mainland China revenue grew by 90.3%. MINISO International growth was 27.7%, reaching RMB 2.3 billion. TOP TOY revenue surged by 111.4%, reaching RMB 570 million, significantly exceeding our expectation. Breakdown into domestic versus international, group's Mainland China revenue grew by 25%, and international revenue grew by 32.9%. We'll break down to different brands. For MINISO, as a brand with GMV close to RMB 35 billion to RMB 40 billion, and we'll still be able to manage a revenue growth by 23%. While for TOP TOY, the growth was more than 111%, as I mentioned. High-quality growth is inseparable from SSSG. In Q3, SSSG performed good, which can help to drive the same-store growth by a mid-single-digit number, among which in Q3, MINISO Mainland China same-store sales achieved high single-digit growth. Overall revenue growth was approaching 20%. October continued a strong same-store momentum, reaching a low double-digit growth, while for international same-store growth was a low single-digit number. Strategic markets like North America, Europe showing outstanding same-store performance. U.S. and Canada achieved low double-digit same-store growth in Q3, too. While for TOP TOY, same-store sales grew by mid-single-digit number, in line with our expectation. The improvement is because we captured the strategic and high potential product category with multiple sales opportunities. We also optimized the product assortment. We leveraged direct sourcing and international market, enhancing the merchandise dollar capacity, while at the same time, we always focus on product, coordinating with frontline operation, strengthening the refined product assortment management, conducting customized product development and also create some regular best sellers. More importantly, we emphasize on seasonal and holiday opportunities. We organized holiday plus IP-themed pop-up stores to stimulate the sales performance. Our directly operated market are the closest one to our headquarters management radius and also the first place where our strategies and adjustments take effect. The domestic market is our largest, most mature, but also most competitive intense market. Achieving positive same-store growth in such a fierce competition market in China not only validates our effectiveness of the measures we take, but also reflect our rapid market response capacity and strong execution. Through channel and store format differentiation, we continue to explore the boundaries of the same-store efficiency, continue to open up long-term store expansion opportunities. Excellent same-store performance has also emerged in our strategic directly operated market like U.S. Stores are the smallest profit-generating units, just like the sales of the body. Pursuing high-quality growth requires refined optimization of the store model beyond the traditional mall stores. We also actively explore plaza store. We leverage scientific decision-making to be selective for store opening, cluster openings and refined store staffing, continue to optimize profitabilities for the stores, allow the smallest profit unit can fully realize the potential in driving future high-quality growth. We are very happy to see that for our international directed operating stores, including U.S. and Canada, show significant Y-o-Y improvement in operating profit margin in Q3. We plan to first extend our China-U.S. success experience to Southeast Asia market in 2026. We will be in Southeast Asia market for nearly 10 years. Markets like Indonesia contribute substantial profits to company every year. However, alongside the local macroeconomic downturns and the social unrest, we faced certain operating challenges, especially the need for upgrading channel product assortment, organizational and Thailand improvement. The market optimization, we bottomed out this year. It's going to be the key focus of our strategy in 2023, and we are very confident to achieve success in those markets similar to what we accomplished in China in 2025. This quarter, the GP margin was 44.7%, used to be 44.9% same period last year. Looking at the first 9 months of 2025, GP margin was 44.4%, which was 44.1% last year. And I also mentioned our GP margin has climbed from 27% in 2021 to 44% today, increased by 70 percentage points over 4 years. This improvement stemmed from, first of all, continued increased contribution from our international revenue and also upgrades and solid execution of IP strategy. As international-directed operated business continued to expand along with category structured adjustment between quarters, seasonal fluctuations are inevitable. Going forward, we will continue to focus on balancing product price and volume. For IP product, we will persist in product innovation and value for money. And for non-IP products, we will emphasize product profitability and quality to price ratio, achieving better sales performance while maintaining overall GP margin. For this quarter, deducting the equity payment expenses and incentives, our SBC grew by 33.7%, representing 27.6% of the revenue. It is worth noticing SBC, share-based compensation, altogether totaled RMB 176 million, significantly increased compared with the previous period, primarily due to the TOP TOY equity incentives plan. The selling expenses, excluding SBC, grew by 36.5%. The increase was because our international-directed operational store investment, including the labor cost, leasing, depreciation and optimization grew by 40.7% in Q3. Well, you can see in Q1, this number used to be 71.4%, and 56.3% in Q2. So you can see directly operated store, their selling expenses growth has been clearly slowed down, while at the same time, the directly operated store revenue growth was close to 70% higher than the growth rate of the related expenses with significant deceleration because of our continued refined operation and strict expenses management. Well, coming next, let me also touch upon YH. Our investment in YH began to impact our financial statement last quarter. We accounted for these transactions using the equity method. The YH investment affect our net profit by RMB 146 million this quarter, which has been included from the non-IFRS financial metrics. Well, let's also talk about effective tax rate. With IFRS categories, our effective tax rate was 33.9% compared with 24.8% same period last year. 33.9% of the tax rate sounds to be relatively high, but it's not the true tax burden. It's primarily due to the share-based compensation and YH losses, where those items can't be deducted pretax under the tax law, but they actually didn't generate income tax relief, resulting in a higher effective tax rate on our financial statements. These expenses totaled around RMB 320 million. If we're excluding those impacting the nonoperating related items, our adjusted effective tax rate was 22.8%, 1% lower than last year. Let's also talk about profitability. Adjusted operating profit grew by 40.8% and reaching RMB 1.02 billion. Those were actually showcasing our operating quality. Adjusted operating margin was 7.6%, down by 2.1%, but a great improvement compared with Q1 and Q2. The decline in adjusted operating margin was due to the structural changes of the revenue composition. Looking at each of our major business segments, operating profit margin were either flat or improved. For example, international directed operating business maintained a high operating profit margin by a low single-digit number. China franchise business and international agent business have a flat growth, but why we see a 2.1% decline, the key reason is because international-directed operating revenue proportion continued to go up. The business profit margin still facing some gap compared with asset-light franchise and agents business model, causing dilution of the overall profit margin. But you can see as U.S. and Canada already have the directed operating model, the operating profit margin for international-operated -- directly operated business will continue to improve, especially we see low double-digit growth of the U.S. directly operated business going to bless the local profit margin, but we are operating in different countries and regions. We inevitably face profit fluctuations due to the regional economic and social environment. Our team is still young. Capacity needs to be improved, but there is significant room for growth. Q3 adjusted net profit grew by 11.7%, and adjusted EPS grew by 12.7%, adjusted EBITDA grew by 90%. The Y-o-Y also accelerated by quarter-by-quarter, but adjusted EBITDA margin was 23.4%. For the working capital, our inventory turnover remained robust and efficient. As of Q3, MINISO brand inventory turnover was 87 days compared with 104 and 94 days in Q1, Q2. You see our inventory efficiency improved in Q3. And at the same time, as of September 30, our cash reserve was RMB 7.77 billion, remained robust. And our net cash flow from operating activities reached RMB 1.3 billion with a net cash -- net profit to cash ratio 1.7. Capital expenditure was RMB 330 million. Free cash flow was RMB 970 million. In first 9 months of this year, net cash flow from operating activity was RMB 2.01 billion, exceeding adjusted net profit for the same period. Capital expenditure was RMB 770 million. Free cash flow was RMB 1.55 billion, demonstrate our high-quality profitability, efficient working capital management and our stable business, providing fuel for our future high-quality development. Last, but not least, I'd like to walk you through the outlook. Despite pressures and challenges in the micro consumption data, we remain confident achieving full-year guidance, having a 25% full-year revenue growth and RMB 3.65 billion to RMB 3.85 billion in operating profit. We see Q4 revenue grow by 25% to 30%, with China and U.S. same-store sales achieved double-digit growth. For the full year, we expect the China and the U.S. same-store grow by a mid-single-digit number. We expect Q4 operating profit will register double-digit Y-o-Y growth. Operating profit margin will still decline due to the revenue structural changes, but the decline would be modest, close to Q3. North America is about to enter into peak shopping season. China Q4 will maintain rapid growth. Even continued macro weakness in Southeast Asia may bring some impact, but our global business layout will diversify our operating risks. We will continue to talk to the capital market regarding the progress and the expectations. Thank you very much. Thank you. Let's now move into Q&A session.

Operator

[操作员指令] 首先，让我们欢迎Michelle提问。

Michelle Cheng

祝贺公司在九月季度取得高质量业绩。我有两个问题。我的第一个问题是关于国内名创优品业务。从宏观角度看，自第二季度以来，尽管消费放缓，我们仍然看到名创优品的同店销售额和整体收入增长持续加速。特别是，我们注意到公司似乎加快了新店铺形式的推出。例如，叶董事长提到了名创优品FRIENDS作为一种新形式。在您之前的采访中，叶董事长，您还提到将翻新80%的国内门店。您能与我们分享这些门店翻新的当前进展、目标吗？单位经济效益如何？您能与我们分享什么信息吗？这实际上是我关于国内名创优品门店的第一个问题。我还有一个关于国际前景的问题。刚才，Eason向我们介绍了第四季度展望。您能否详细说明一下，因为第四季度总是旺季。去年我们看到了一些调整。而今年，进入第四季度旺季，在库存准备、营销、门店运营方面有什么值得注意的吗？您能分享关于明年国际战略规划的工作吗？这就是我的两个问题。

Guofu Ye

我们正在拓展空间。我们从小型店铺升级到大型店铺，拥有更大的门面和更好的展示空间。大型店铺确实能为消费者提供更好的体验，拥有更多的展示空间、更大、更具吸引力的陈列。我们希望让更多消费者享受到美妙的购物体验。此外，开设大型店铺具有更高的进入壁垒。只有名创优品丰富的IP组合和品类布局才能真正支持大型店铺模式。如果没有足够的IP和产品品类，就无法容纳大型店铺。我们2025年的渠道优化已取得初步成功，并积累了系统性的方法论和经验。然而，优化店铺的数量目前还不大。在未来几年，我们将积极规划和实施店铺优化工作，希望明年能优化更多店铺。店铺改造的步伐将是渐进的，我们不会急于求成。最重要的是，我们需要有合适的选址。许多现有店铺已经拥有良好的利润率。我们将基于租约和新店选址来推进我们的战略。谢谢Michelle。让我分享一些最新情况。在前三个季度，我们已经搬迁、扩建和优化了200多家店铺。优化后的样板店显示出显著的店铺效率提升，保持了健康的每平方米销售额，且租金销售比下降了低个位数。这有助于推动高绩效，同时实现公司和加盟商的双赢。双方都从优化店铺中看到了收入和利润的增长。店铺优化将成为我们渠道拓展工作的常规部分。关于第四季度的展望，我想分享几点看法。我认为9月份的订货会非常成功，订货金额创历史新高。5个品类每个都超过了1亿元人民币的订单，所有专业板块都打破了历史记录。品类表现相当显著。对于IP商品，我们有强大的创意前景；对于高性价比产品，我们继续增强成本和定价竞争力。此外，我们的国际本地化IP设计和品类实施已经得到改进。例如，10月在新加坡推出的米奇鱼尾狮限量版，作为机场店独家产品，完美匹配渠道和商品。该产品具有极高的稀缺性和差异化。实际上创造了新的单店销售记录。我们的高管甚至在机场被游客要求借用她的护照，以便他们能购买更多米奇鱼尾狮产品——从初步市场洞察到创意设计，再到物流支持和整合营销，每一步都紧密配合，展示了IP商品店铺运营和营销能力的整合。这是一个非常好且可复制的IP运营模式。以上展示了与IP合作伙伴在整个价值链（包括渠道、产品、运营、设计）上更深层次的合作。本月，《疯狂动物城》电影将在全球上映。昨天，《疯狂动物城》导演也对我们名创优品快闪店给予了高度评价，称赞我们自行设计的产品。我们对长期的国际机遇保持信心。名创优品过去几年在中国和美国市场的成就，让我们对国际市场增长潜力充满信心。在这两个主要市场的实践为我们提供了经过验证的系统性洞察，优化了开店决策机制，创造了差异化的店铺模式，并精准实现了产品渠道匹配和全漏斗营销协同。国际市场是名创优品长期增长的核心潜力领域。这些经过验证的、系统性的运营框架将逐步复制和扩展到更多国家和地区，每一步都以长期可持续盈利能力为中心。最终，我们将能够稳步释放巨大的全球市场机遇。

Guofu Ye

We are extending the space. We upgrade from the small to large with greater frontage and better display space. The larger stores truly provide consumers with a better experience with more display space, larger, more attractive displays. We want to give more consumers a wonderful shopping experience. Moreover, opening large stores has a higher barrier to entry. Only MINISO's extensive IP portfolio and category place can truly support a large store format. If you don't have enough IP and product category, you won't be able to accommodate large stores. Our 2025 channel optimization achieved initial success, and we have accumulated systematic methodologies and experience. However, the number of the optimized store isn't large yet. In the upcoming years, we will proactively plan and implement store optimization work, hoping that we can optimize more stores next year. The pace of the store renovation would be gradual. We are not going to rush for that. Most importantly, we need to have the right location selection. Many existing stores already have a good profit margin. We will advance our strategy based upon the lease and the new store site selection. Thank you, Michelle. Let me just give a few updates. In the first 3 quarters, we've relocated and expanded and optimized more than 200 stores. The optimized sample store show significant store efficiency improvement, maintain healthy sales per square meter and the rent-to-sale ratio declined by a low single digit. This can help to driving high performance while achieving win-win for both companies and franchisees. Both parties have seen revenue and profit growth from the optimized stores. Store optimization will become a regular part of our channel expansion work. Well, regarding the outlook of the Q4, a few points I'd like to share with you. I think the September ordering conference was very successful with record high ordering amounts. 5 categories each exceed RMB 100 million in orders, and all specialized sections broke historical records. Category were quite evidenced. For IP merchandise, we have a strong creative outlook, where for value for money products, we continue to enhance cost and pricing competitiveness. Well, additionally speaking, our international, localized IP design and category implementation has already been improved. For example, the Mickey Merlion limited edition launched in Singapore in October, an airport store exclusive that perfectly match channel and merchandise. The product has extremely scarcities and differentiation. It actually created a new single store record. Our executive bearer was even asked by tourists at the airport to borrow her passport so that they can purchase more Mickey Merlion product from initial market insights to creative design to logistics support to integrated marketing every step worked closely, demonstrating IP merchandise store operation and marketing capacity integration. This is a very good and replicable IP operation model. This above demonstrated deeper collaborations between IP partners across entire value chain, including channel, product, operation, design. This month, Zootopia film would be released worldwide. And yesterday, Director of the Zotopia was also providing us very good comment on MINISO pop-up store by weaving ourself design product. We remain confident about long-term international opportunities. MINISO's achievements in both China and the U.S. market over the past years give us strong confidence in international market growth potential. The practice in the 2 major markets have provided us with proven systematic insights, optimizing store opening decision mechanism, creating differentiated store model and to be precise to have the product channel matching and full funnel marketing synergy. International markets are MINISO's core potential field for the long-term growth. Those proven, systematic, operational framework will gradually be replicated and extended to more countries and regions with every step centered on long-term sustainable profitability. And ultimately, we will be able to steadily release the tremendous global market opportunities.

Operator

下一个问题，欢迎汇丰银行的Lina。

Hau

大家都能听到我说话吗？

Operator

是的，请讲。

Hau

Eason和叶先生，祝贺公司IP战略取得成功。我有一个问题想问你们。我知道IP对你们的同店销售增长非常重要。我们看到了一些脉冲式的增长，对于许多投资者来说，我们真的很想知道，当你们刚进行IPO时，你们的增长会有多可持续？你们的产品品类与无印良品相当相似。但你们如何评价非IP产品，特别是来自现有供应商的产品？例如，如果你们要与无印良品进行对标，无印良品在过去几个季度在中国也实现了非常好的增长，我想问你们，这种增长会有多可持续？哪些品类将在近期实现可持续增长？你们的计划是什么？

Guofu Ye

在消费者观念中，我们可以看到最重要且最优秀的是兴趣驱动型消费。同时，最具有前景的也是兴趣驱动型消费。消费者不再仅仅追求产品功能贡献，也开始重视产品背后的审美认同、社交标签、消费体验和精神满足。这将成为消费者的终极追求。展望未来，消费者将为热情买单，为情感买单。这种兴趣驱动、情感连接的消费需求具有更高的粘性和溢价空间，也正成为公司穿越周期、构建差异化竞争力的核心杠杆。IP转型并非放弃我们现有的品类优势，而是通过IP加核心品类双轮驱动，让我们十年积累的经验释放更大价值。我们覆盖家居用品、化妆品、文具、[听不清]、玩具和零食的供应链资源，加上成熟的多品类产品开发能力，这些都是支持我们IP战略实施的绝佳基础。名创优品在全球范围内是非常独特的商业模式。IP赋能不仅仅是打造单点爆款，更是实现全场景渗透。我们产品开发能力的核心在于理解品类，并更好地理解IP如何赋能品类，而非简单地印制一个logo。例如，自11月以来，名创优品的季节性产品增长非常迅速，毛绒袜、围巾和手套成功捕捉并转化了IP带来的流量。我们原有的核心品类在门店中表现[听不清]。包括家居用品、化妆品和文具产品在内的基础品类，贡献了我们稳定的流量和复购，而IP则是增长催化剂，通过合作和相同的销售规则，提升产品设计吸引力和品牌先锋性。我们还可以利用IP热度来推动核心品类销售。这种模式相当独特，因为单一IP品牌缺乏多品类供应链支持，难以实现全场景覆盖。传统的综合商品品牌缺乏成熟的IP开发和运营能力，但我们十年积累的多品类供应链加上IP整合开发能力，使得IP能够快速渗透到高频消费场景中，核心品类可以借助IP突破增长瓶颈。最终形成基础品类引流、品类助推盈利的健康增长结构。

Guofu Ye

We can see within the consumer conception, the most important and the best one is interest-driven consumption. And you can also see the most promising one is also the interest-driven consumption. Consumers no longer just pursue product functionality contributes, but also value the aesthetic identity, social labels, killing experience and spiritual satisfaction behind the product. That would be the ultimate pursuit for consumers. Going forward, consumer will pay for passion, pay for emotions. This interest-driven, emotionally connected consumption demand has higher stickiness and prime space and also becoming the company's core lever to navigating circles and building differentiated competitiveness. The IP transformation is not abandoning our existing category advantage, but rather IP plus core categories do well drive, allow our 10 years of accumulated experience to unleash greater value. Our supply chain resources covering the home goods, cosmetics, stationeries, [indiscernible], toys and snacks, along with the mature multi-category product development capacity, which are a great way to support our IP strategy implementation. MINISO is a very unique business model worldwide. IP empowerment isn't only about single point best seller, but also the full scenario penetration. Our product development capacity's key is understanding category and better understanding how IP can empower categories rather than printing a logo. For example, since November, MINISO's seasonal product has grown very fast, plush socks, scarves and gloves has captured and converted the traffic brought by IP. Our original key category are the perform [indiscernible] store. Essential categories, including home goods, cosmetics and stationery products, contribute our traffic -- stable traffic and repeated purchase, where IP is a growth catalyst, enhancing product design appeal and the brand pioneer through collaboration and same sale rules. We can also leverage IP popularities to boost the core category sales. The model is quite unique because single IP brands lack multi-category supply chain support, making full scenario coverage difficult. Traditional general merchandise brands lack mature IP development and operation capacity, but our 10 years of accumulated multi-category supply chain plus IP-integrated development capacity allows IP to rapidly penetrate into high-frequency consumption scenario, where key categories can leverage IP to break through the growth bottlenecks. Ultimately, forming a healthy growth structure of having essential category men traffic and category boost to profit.

Operator

也让我们欢迎来自花旗集团的魏小坡先生。

Xiaopo Wei

大家都能听到我说话吗？是的，很好。我的第一个问题比较前瞻性。刚才我看到Eason已经提供了第四季度的业绩指引。Eason，你对指引相当保守，所以我认为对此我没有任何疑问。但我可能有一个问题是，美国业务在第四季度有很强的季节性，2026年第一季度会出现季节性下滑。在你的准备发言中，你也提到正在提高运营效率以缓冲季节性影响。能否分享一下从2025年第四季度到2026年第一季度，所谓的季节性下滑趋势是否会与去年相似，还是相比去年同期会收窄？这是我的第一个问题。我的下一个问题，叶先生，你提到了中国IP走向国际市场。你已经签约了16位艺人。那么你可能会将这些IP带到中国以外。叶先生，根据你的经验，在国际市场上，中国IP开展国际业务需要多长时间才能发展起来？这是否会损害你们的盈利能力？

Eason Zhang

让我先回应您关于美国业务季节性问题的提问。叶先生将回答第二个问题。我认为这些问题提得很好。过去3到4年，特别是从2021年开始，我们在美国开展直营业务。第一季度通常是美国的销售淡季。淡季门店销售额通常比第四季度旺季低10%到20%左右。这是美国零售业的普遍现象，但我们可以如何熨平季节性波动呢？一方面是门店运营，另一方面是门店开设。您可以看到我们的美国门店确实拥有很好的经验。一个关键要点是，在前一年的第四季度，您必须确保门店为旺季做好充分准备。今年第四季度，我们将确保所有门店准备就绪，并且不在明年第四季度开设新店，以确保每年前三季度所有门店都能良好运营。例如，在2026年，当我告诉您我们在美国将有多少家门店时？我们需要确保至少一半承诺的门店已经签约。这也是美国零售业的常见做法。在2026年第一季度，您将看到我们有很好的门店开设增长，以在规模上熨平季节性波动。另一方面，在业务运营方面，我们不会平滑或熨平波动，而是会顺应趋势，因为零售的本质是捕捉和满足消费者需求。美国和欧洲市场确实具有很强的季节性和节日属性。这是我们可以努力的方向。消费者在不同季节有非常不同的需求。例如，黑色星期五即将到来，这是消费者消费的旺季，消费意愿达到顶峰。我们已经做好库存准备，优化了供应链，确保有足够的库存来满足消费者在购物节的需求。您可以看到，在美国，第四季度仍将实现良好增长。我们不会因为与明年第一季度相比的季节性差异而放弃第四季度的黄金增长机会。我们将利用季节性红利，通过良好的营销、季节性策略以及战略性库存建设，将季节性波动转化为我们业务的典范。这就是我们尊重市场并能够持续跟随零售发展的方式。您可以看到，名创优品品牌的中国IP出海肯定会利用我们的独特优势，不会让中国IP单打独斗。我们将利用过去授权的IP经验和庞大的IP组合实现相互赋能。例如，本月1日，名创优品加拿大国家旗舰店盛大开业。这样的优质门店为IP出海提供了最佳舞台，代表了名创优品全球IP战略的关键里程碑。加拿大国家旗舰店开业日销售额再次打破了北美新店开业销售记录。如此成功的开业离不开IP的催化作用。活动以[听不清]惊喜为特色，引发人们打卡和购买产品。配合这次门店开业，我们的赠品熊家族首次在海外亮相，设计非常可爱迷人，为开业氛围增添了欢乐能量。中国IP走向国际市场并非从零开始，而是站在巨人的肩膀上实现稳健增长。我们有充分信心利用我们在全球的门店资源和非常成功的经验，将中国IP推向国际舞台。

Eason Zhang

Let me just respond to your questions regarding the seasonality of the U.S. business. And Mr. Ye will answer the second question. I think the questions are well raised. For the past 3 to 4 years, especially starting from 2021, and we started to work for direct operated business in U.S. Q1, generally speaking, is a low sales season in U.S. The store sales in low season will be around 10% to 20% lower than peak season in Q4. This is the common practice of the U.S. retail industry, but how we can iron out the seasonalities. One thing is store operation, where another thing is the store opening. You can see that our U.S. store, they do have a very good experience. A key takeaway is that in Q4 of the previous year, you have to make sure your stores being well prepared for presence. In Q4 of this year, we're going to have all the stores ready and not open new stores next year in Q4 in order to make sure that all stores are well in place in the first 3 quarters of every year. For example, in 2026, when I tell you how many stores we're going to have in U.S.? We need to make sure at least half of those promised stores are already been contracted. This is also a common practice in retail industry in U.S. In Q1 of 2026, you see we have a very nice store opening growth to iron out the seasonality on scale, where on the other side, regarding the business operation, we're not going to smooth out or iron out, but we are going to follow the trend because the essence of the retail is to capture and satisfy the consumer needs. For U.S. and the European market, they do have a very strong seasonality and the festival attributes. This is something we can work on. For consumers, they have very different needs in different seasonality. For example, Black Friday is coming. It's the peak season for consumers to spend, and the consumer willingness to consume were peaked. We have already made inventories ready. We have worked on the supply chain, making sure we have enough inventories to take care of the shopping festival needs from the consumer. And you can see in U.S., Q4 is still going to register good growth. We're not going to give up on the golden growth opportunity in Q4 just because of seasonality difference compared with Q1 of next year. We're going to leverage the seasonality dividends, having good marketing, seasonal disciplines as well as strategic inventory building, translating seasonal fluctuations into an exemplifier of our business. This is how we respect the market and also be able to continue to follow the retail development. Well, you can see that MINISO brand Chinese IP overseas will definitely leverage our unique advantage, not letting China IP to go it alone. We're going to leverage our past licensed IP experience and massive IP portfolio for mutual empowerment. For example, on first of this month, MINISO Canada National flagship store has its grand opening. Such a prime store provided best stage for IP going overseas, representing a key milestone for MINISO global IP strategy. The Canada National flagship store open day sales again broke North American new store open sales record. Such successful opening was inseparable from the IP catalyst. The event was featured by [indiscernible] surprise, triggering people to check in and purchase the product. Coordinating with this store opening, our gifted bear family made its overseas debut with very cute and lovely design that filled with the opening atmosphere as a joy for energy. The Chinese IP go for international market is not starting from 0. It was standing on the shooter of the giants to -- for steady growth. We have every confidence leveraging our store resources worldwide and a very successful experience to bring Chinese IP international wide.

Operator

接下来，让我们欢迎来自瑞银的Samuel，请发言。

Samuel Wang

我也有一个关于美国市场的问题。最近，无论是资本市场还是投资者，我们都发现美国消费市场相对疲软，尤其是美国零售市场的表现不太对劲。我想请问您，您如何看待美国市场，特别是在10月份，美国的同店销售增长会是多少？在这方面，您将采取哪些措施？另外，对于美国市场，具体来说，我们如何看待全年的营收和利润指引？

Eason Zhang

我是Eason。我来回答您的问题。美国市场确实，我们看到一些高频消费数据，特别是来自美国的信贷消费数据相当疲软。但这实际上是外部宏观环境压力，无法避免。我们能做的就是尽力做到最好，全力以赴。我已经向您提到了提到的3个策略。例如，就是要做好节假日准备，提前准备，充足库存和良好适应。现在，我们已经提前完成了节日装饰，创造了节日购物体验。门店库存比去年更加充足。我们预计美国第四季度营收增长将是低双位数增长，其中第四季度营收增长将在50%到55%之间。同店增长将是低双位数增长。对于第四季度，我认为规模增长将比第三季度慢。这是因为我们开店数量和节奏比去年慢，但利润仍将实现健康增长。谢谢，Samuel。

Operator

也让我欢迎来自中信的徐晓芳。

Xiaofang Xu

我有一个关于贵公司自有设计师IP的问题。我确实能感受到公司投资者和消费者对自有设计师IP有很高的期望。展望未来3年，设计师和自有设计IP会是什么样子？您是否会建立一个设计师生态系统，组织潮流玩具社区展览，并投资二手市场？

Guofu Ye

截至6月底，我们已经签约了9个设计师IP。到第三季度，我们签约了16个。我们正在全球范围内积极发掘具有高潜力的原创玩具艺术IP，努力构建名创优品潮流玩具IP版图。当有IP爆火时，它肯定会呈现指数级增长。自有IP体量的上限锚定在万亿级别的兴趣消费市场。Z世代已成为关键消费力量，接近2.6亿人，他们的年消费将超过5万亿元，并且他们乐于为情感价值付费。但同时，自有IP增长始终有风险保障。我们继续通过小批量试销数据迭代来测试市场，但会根据市场需求和反馈调整我们的设计风格和品类。这种模式让自有IP能在非常安全的试错框架内稳步增长，避免了传统IP孵化高投入、高风险和回报不可预测的痛点。我们将继续推进。对于名创优品而言，我们拥有巨大优势：全品类覆盖、全渠道渗透、全球布局、全漏斗运营。我们的门店本身就是主题公园生态系统。名创优品乐园和名创优品朋友店设有自有IP角色打卡区，将IP角色雕塑模型放置在最显眼区域。我们还有像柴犬签售会这样的受众互动区。我们还有专门的产品展示区和互动活动，比如您参观名创优品门店时可以看到的赠品熊家族毛绒玩具。产品是IP生态系统的关键。好产品不会消耗IP，反而会提升IP价值。玉玉二代戒指凭借产品创新和最大化二次创作属性的能力取得了出色的销售业绩。在营销方面，名创优品毛绒节赠品熊吉祥物支持门店开业活动，门店收银区屏幕上播放着可爱的赠品熊家族雪景卡通短片，这有助于增强IP曝光度并强化IP个性和形象。

Guofu Ye

By end of June, we have already signed 9 designer IPs. And by Q3, we signed 16. We are proactively discovering highly potential original toy art IPs globally, working hard to build MINISO trendy toy IP landscape. When there is one IP breaks out, it will definitely show exponential growth. The upper limit for proprietary IP volume is anchored to the trillion level interest to consumption market. Generation Z has already become the key consumption force, close to RMB 260 million of them, and their annual consumption would be more than RMB 5 trillion, and they are happy to pay for emotional value. And -- but at the same time, proprietary IP growth always have the risk backstops. We continue to test market through small batch trial sales data iteration, but adjust our design style and the category based upon the market needs and feedback. Such model allow proprietary IP to grow steadily within a very safe trial and error framework, avoiding traditional IP incubation pain points of high investment, high risk and unpredictable returns. We're going to continue. Where for MINISO, we have a great advantage, full category coverage, omnichannel penetration, global layout, full funnel operation. Our stores themselves are theme park ecosystems. MINISO LAND and MINISO FRIENDS has a checking area with proprietary IP characters, placing IP characters sculptured model in the most prominent areas. We also have audience zones like Shiba signing event. And we also have the dedicated product display areas and interactive activities like the gifted bear family plush [indiscernible] that you can see when you visit MINISO stores. Products are key in IP ecosystem. Good product doesn't consume IP, but actually enhance IP value. Yu Yu second-generation ring [indiscernible] has excellent sales with the product innovation and liability maximizing secondary creation attributes. In marketing, MINISO plush festival gifted bear mascot performed supporting store opening activities, and screens in store checkout areas play cute gifted bear family in cartoon clips in snow form that can help enhance IP exposure and strengthen IP personalities and images.

Operator

接下来，我们有请中金公司的润波。

Runbo Yang

也许我们先请下一位分析师提问。也欢迎华泰证券的石迪。您能听到我吗？

Di Shi

是的。我的问题是关于贵公司的中国业务。我发现你们的门店形式更多是零售业态，包括SPACE、LAND和FRIENDS店以及旗舰店。能否详细说明不同门店类型在后续扩张计划中的适当比例结构？对于你们的门店改造和升级门店，这将如何推动国内业务增长？

Guofu Ye

在不久的将来，我们将拥有两种门店模式，不同模式将有不同的视觉形象和标识。第一种是奇趣乐园和常规门店——我们利用有意义的空间、有意义的场地和有意义的土地为人们提供奇趣乐园体验。但同时，我们也有常规门店，对标更高层级和新兴层级城市，要求黄金地段，确保能够覆盖尽可能多的客流量。从数量和不同门店类型来看，旗舰店和现有门店位置优化扩张仍将占主导，常规门店我们有两种标识。我们有两种门店类型。当消费者来到我们的门店，看到我们的外观设计时，他们一定会明白什么是MINISO奇趣乐园、MINISO朋友和MINISO空间，什么是常规门店，同时我们还将继续致力于旗舰店和门店翻新，利用我们的品牌影响力和议价能力获取商业区的最佳位置，并持续升级我们的渠道。我们还将利用8000家门店获得良好且高频的消费者反馈，为我们提供市场数据，持续赋能渠道升级，并为进一步提升产品表现奠定坚实基础。这就是为什么从今年开始，我们的门店类型将更加多样化。同时，即使是对于MINISO，我们也有MINISO空间、MINISO奇趣乐园和MINISO朋友。在不久的将来，我们还将推出超级MINISO。对于常规门店，我们有常规门店、小型门店、停车场门店和火车站门店。通过这样做，我们将更加专注于我们的IP战略，确保我们真正推出物有所值的产品，这将使我们的门店形象对消费者更加清晰，同时也为我们的IP战略创造良好空间，以持续引领市场发展。

Guofu Ye

In the near future, we're going to have 2 kinds of the store models, different models are going to have different VE and logo. The first one is the Wonderland and the regular stores for -- we leverage meaningful space, meaningful land and meaningful land to provide people a Wonderland experience. But at the same time, we also have the regular stores, benchmarking the higher tier and the newer tier cities, asking for the prime location, where we're going to make sure it can cover as many as the traffic possible. Looking at the quantities and different store types, more will still be the flagship stores and existing store location optimization expansion, where we have 2 logos for the regular stores. We have 2 store types. When consumers come to our store, when they look at our exterior design, they will surely understand what are those MINISO LAND, FRIENDS and SPACE, what are the regular stores, where at the same time, we can see still -- we're going to continue to work on the flagship store and the store door renovation, where we're also going to leverage our brand priming and bargain power to leverage the best location in the commercial districts and continue to upgrade our channel. We're also going to leverage 8,000 stores to have a good and high-frequency consumer feedback to provide us the market data and continue to empower our channel upgrading and also lay a solid foundation to further improve our product performance. So that's the reason starting from this year on, our store type is going to be more diversified. Well, at the same time, even for the MINISO, we have MINISO SPACE, MINISO LAND and MINISO FRIENDS. And in the near future, we're also going to have the Super MINISO. Well, for regular stores, we do have the regular stores, small stores, car parks and also the train station stores. By so doing, we're going to be more focused on our IP strategy and making sure we really roll out the product for the price to quality product, which will make our store presence more clear to the consumer, which will also create good space for our IP strategy to continue to navigate the market development.

Operator

接下来，我们将请中金公司的润波提问。

Runbo Yang

大家都能听到我说话吗？

Operator

是的。

Runbo Yang

我是润波。祝贺公司持续优化。我有两个问题。首先，我看到贵公司国内业务持续增长，更多大型且表现良好的门店正在展示。贵公司明年的业务发展和门店数量预测如何？我的第二个问题是，对于中国以外的市场，特别是美国市场，您如何看待当前的零售市场？是否看到一些压力？不同地区之间的表现差异会如何？

Eason Zhang

我是Eason。让我来回应您的问题。在中国市场，我们已经确认，我们将追求高质量增长，这与门店增长密不可分。在中国，我们预计将实现中双位数甚至高双位数的增长，这将得到同店销售额增长改善的支持。对于今年，我们的内部KPI考核也引入了同店销售额增长指标，希望我们能在2026年改善业绩。2026年的同店销售额增长目标尚未最终确定，但我们希望能在行业内实现最佳的同店销售额增长表现。关于国际业务，在第三季度，表现疲软的是第三方代理市场，特别是在东南亚和拉丁美洲市场。存在一些宏观经济季节性因素，例如当地货币汇率波动以及消费税变化。但我们很高兴看到，从年初至今，终端GMV增长远好于我们的发货GMV增长。换句话说，我们的代理库存将相当健康。他们在2026年仍能轻装上阵。在一些关键市场，如东南亚，GMV在第三季度已经加速增长，实现了双位数增长。我们也看到东南亚有一些可比上市公司，比如10月份消费有所改善，但我们仍在观察其表现。第三，我们也将积极调整产品组合和渠道。许多投资者已经参加了我们的订货会，并取得了新的高度。我坚信这些高订单将在未来几个季度持续转化为收入贡献。更重要的是，我们非常有信心，我们在美国和中国的成功证明了我们的业务能力和韧性。我们对此充满信心。对于海外市场，我们确实有直销和代理业务。直销是我们能够首先触及的领域，这实际上展示了我们的关键市场感知能力和快速响应能力，而代理市场在管理上相对不那么容易，我们正在调整产品组合和渠道。我们已经确定了根本原因。让我们留出更多时间进行进一步执行以改善业绩。

Eason Zhang

I'm Eason. Let me just respond to your question. In China, we have already confirmed, in China, we are going to seek for high-quality growth, inseparable for the store growth, where in China, we have a mid-double-digit or even high-double-digit growth, which would be supported by SSSG improvement. Well, for this year, our internal KPI assessment also introduced SSSG and hoping that we're going to improve our performance in 2026. The SSSG target for 2026 are not being confirmed yet, but we hope we can have the best-in-class SSSG in our industry. Regarding international business, in Q3, the international market that performed weak are the third-party agency markets, especially in Southeast Asia and Latin American markets. There are some macroeconomic seasonalities. For example, the local currency exchange rate fluctuations and also the consumption tax changes. But we are happy to see that from beginning to now, the terminal GMV growth is much better than our shipment GMV growth. In other words, our agency inventories would be quite healthy. They can still travel light in 2026. In some key markets, like Southeast Asia, GMV already been accelerated in Q3 with a double-digit growth. And we also see there are some comparable listed companies in Southeast Asia, say October consumption stay improved, but we're still observing the performance. Thirdly, we will also be proactive in adjusting the product assortment channel. Many of our investors have already joined us for the order meeting with the new heights being achieved. I surely believe those high order would continued to be converted into revenue contribution in the next few quarters. More importantly, we are very confident that our success in U.S. and China proven our business ability and resilience. We have every confidence to that. For overseas market, we do have the direct sales and agency business. Direct sales would be something we can reach first, which can actually showcase our key market sensing capacities, fast response, where agency market, it was somewhat not easy to be well managed, and we are adjusting the assortment and the channel. We have already identified the root cause. Let's leave more time for further execution to improve the performance.

Operator

最后一个问题，来自Jefferies的Anne。您能听到我吗？

Kin Shun Ling

我有两个问题想请教您。首先，我们看到您的股权激励计划登记了较高的数量。Eason也提到TOP TOY的一些股权激励已计入第三季度业绩。您能否与我们分享关于股权激励计划的情况？其中的关键绩效指标是什么？下一季度会是什么样子？未来几个季度是否会继续实施此类股权激励？我的第二个问题是关于TOP TOY的。我认为您的招股书草案已经提交。TOP TOY的IPO时间表会是怎样的？您与TOP TOY之间的关系将如何？我知道可能存在一些关联交易。许多利润和销售额都给了TOP TOY。但一旦TOP TOY完成IPO或分拆上市，两个实体之间的关系将如何？我们如何保护MINISO利益相关者的权益？

Guofu Ye

本季度和下一季度，由于TOP TOY的股权激励计划，支出相对较高。正如您已经提到的，TOP TOY本季度收入翻倍，远超预期。我们相信优秀的团队在优秀的行业结合激励措施，能够释放更多增长潜力。TOP TOY一直是MINISO的全资合并子公司。因此MINISO股东也从TOP TOY的高速增长中受益。IPO计划目前正在推进中。有任何进展时我们会及时通知市场。整个行业和TOP TOY品牌都处于快速发展期。作为领先企业，TOP TOY的市场份额从用户到品类再到区域都在持续扩大。我们继续探索边界。TOP TOY也看到了丰富的市场机会。IPO的唯一原因是希望TOP TOY能够变得更强大，继续扩大业务，充分把握潮流玩具市场的广阔机遇。好的，让我再给Anne补充一点。实际上，我们在内部进行了一些长期讨论。没有比让两个实体——MINISO和TOP TOY——共同发展更好的战略了。我们可以利用MINISO的全品类和全渠道运营以及全球布局，结合TOP TOY作为专业潮流玩具品牌。潮流玩具市场增长非常快，具有爆发性增长率。我相信这两项业务将使我们能够在双市场中成为顶尖企业。您担心股权激励费用。本季度将是1亿元人民币，下一季度还有1亿元人民币。实际上，在我们完成IPO后，这是正常的会计处理。对于MINISO来说，在2020年IPO后，您可以看到股权激励和团队股权激励计划将在IPO后的几个季度内被稀释和摊销，前几个季度会较高，但在接下来的几个季度会变小。

Operator

女士们、先生们，我们九月季度的财报电话会议到此结束。非常感谢各位的参与。如有后续问题，请联系我们的投资者关系团队。祝大家周末愉快。谢谢。[本记录中的英文陈述由现场电话会议的口译员提供。]