Can the revived Miniso replicate the IP path of "POP MART"?

Miniso's Q2 2025 performance exceeded market expectations, achieving positive same-store sales for the first time in four quarters.

More notably, the company is accelerating its layout of its own IP strategy. CEO Ye Guofu clearly stated that it aims to develop through a "dual engine" of "international IP + own IP," directly benchmarking against POP MART's success in the trendy toy market.

Performance Exceeds Expectations, Showing Recovery Momentum

Data before the U.S. stock market opened on Thursday showed that Miniso achieved revenue of 9.393 billion yuan in the first half of 2025, a year-on-year increase of 21.1%, with Q2 revenue of 4.97 billion yuan, a year-on-year increase of 23.1%. Adjusted net profit increased by 10.6% year-on-year to 692 million yuan, and adjusted operating profit was 852 million yuan, a year-on-year increase of 8.5%.

The company's performance recovery is mainly attributed to the improvement in same-store sales and the advancement of its large store strategy. Mainland China's business has achieved positive same-store sales growth in the third quarter and is expected to maintain this throughout the year. The decline in same-store sales in overseas markets narrowed from mid-to-high single digits in Q1 to low single digits in Q2, with the European and North American markets achieving mid-to-high single-digit growth.

The most critical same-store sales metric has shown positive changes. Miniso achieved positive same-store sales growth in Q2 for the first time in four quarters, with same-store sales for the Miniso brand flat year-on-year and same-store sales for the TOP TOY brand improving to low single-digit growth.

Nomura commented that Q2 revenue of 4.97 billion yuan was 3% higher than expected, with quarterly operating profit of 836 million yuan and net profit of 691 million yuan, exceeding expectations by 12% and 8%, respectively. While stabilizing its business, the company’s efforts to balance opening new stores, maintaining same-store sales growth, and investing in IP are beginning to pay off. Management is optimistic about future prospects, raising the full-year revenue growth expectation for 2025 from previously no less than 22.8% to no less than 25%.

Own IP Strategy Benchmarking Against POP MART

Ye Guofu emphasized the own IP strategy at the earnings conference, stating that in the future, the company will walk on two legs with "international IP + own IP" to achieve dual IP-driven development.

He directly mentioned POP MART's success: "POP MART's performance is very good, and we are very happy to see it. Good performance indicates two things: first, consumers are willing to pay, and second, the capital market is willing to pay. This shows that the trendy toy market is just emerging in China."

Ye Guofu believes that Miniso has established advantages in product development, marketing, and channel management through cooperation with international IPs, but lacks its own IP. "With unique advantages in full-category coverage, omnichannel penetration, global layout, and full-link operations, Miniso will also occupy a leading position in China's IP market."

Miniso began its own IP layout six months ago and has signed the first batch of 9 trendy toy artists, among which "Youyou-jiang" was launched in June this year.

More importantly, TOP TOY invested 5.1 million yuan with a 51% stake in the trendy toy company HiTOY Haichuang Culture in the first half of the year. This company owns three core IPs: Nuomi Er (Nommi), Honey (Tianxin), and Mei Mei (MayMei), with annual sales exceeding 100 million yuan Through this acquisition, Miniso's proprietary IP matrix has been expanded, launching the Nommi series of sweet heart products in the first half of the year.

After the earnings release, Nomura raised the company's revenue and profit expectations for 2025-2027 by 3-4% and 3-7%, respectively, increasing the target price from $24.20 to $25.50, maintaining a buy rating, implying a 22% upside potential.

However, analysts also pointed out that operating proprietary IP requires a different skill set compared to third-party IP operations, and it remains uncertain whether Miniso's proprietary IP strategy can become a sustainable driver of sales growth.