Q3 2025 MINISO Group Holding Ltd Earnings Call

I will now find digits Yancey gardening this evening.

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So I mean, well be that way too late I mean, b. So I will not go away thinking that didn't work well you can de la Belle has how cool Yogi sushi. The P. P. P. Yeah sure got Google in ancient anxious she owns them away.

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Right.

Yeah.

I'll touch on those away.

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But I'll tell you I mean, it's all yours.

It's Utah on the one you just answered or you Judy.

And if you don't shoot on too long just recharge Joshua.

So to me it turns on problems of us about it up toggle it seemed that Sasha.

Dear children hold a gene you don't push them according to the bill.

Yeah, Todd all horses toggle that's for sure.

Let's see.

Angela or where you were most of the things you're soon going to China.

Jeddah or John you talked a fringe a whole bunch of older. Yes, you don't hear did.

Could you just tell me all grew out of Shanghai.

Designs, Utah, Utah, Ginger G I'm already telling me it turns out the other box.

So tell me if I'm wrong, but.

What about.

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You know what you want.

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Newer charters so your children Canola county, a lot of them.

As it turns out so you can go cut says you shouldn't ghansham.

Okay, Jim we have deep, yes, I know it means all Hershey U and Anita without Chisholm generally these digital content.

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Your question Gordon.

Hungry and when they have I mean, that's what I'm, telling you it sounds like with other switching.

Tony You said you thought sharing time with US suggests I shouldn't do.

June Sundar Teal color Jude J F O N.

It's happening because you know there.

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Did you buy isn't so that sorry that I tell you of course, you see it's only schindler culture at all.

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I Wouldnt meso I'm wondering if you don't need a change in that.

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It's all up I believe so she's on Columbia in General do you somebody told all of Walmart's agenda, you shoot me.

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Junior either woman schedule on Monday and Tuesday.

But you shouldn't carry on what's it do you don't you don't suggest that.

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That answer your call Cassandra and coordinate Chuck should all.

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So you shouldn't.

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No it doesn't cool cut out their home they want that Luca for go.

And then Tom you have been through your thoughts on June.

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To that job one dinner tier.

I'm watching human so Shelby that are put on Sunday nights tissue culture.

Of course, you yet.

There's some work on me versus on the send you some of them did.

Did she.

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So many of us on us Jim.

Chicken of Gymboree, Janie and a shoot and I say that.

Two what you'll want to cut in Georgia.

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Jim could.

What you should take her changed even though the Angel quanta.

Sort of it though.

Councillor Jean when do you see.

Uh huh.

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How else what else I mean, Toyota, it's huntington's or the Cushing Chinese or something one way Truvada Cheung Kong, Yeah, Don do you want to throw down contract.

For two P. M T. Once a chunk condo codelco tissue.

We're able to with our tons you cut skus you need sometimes it.

It isn't one both savant change or something to that.

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Alright, well find out.

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Do you ever see that shows up on it yet.

Bunch at all.

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With me is our chief ended up here Matt.

You seem to forget change you would draw Saddam Tony Yeah, total omi towards neutral Sanjana Sunshine Ashish searching.

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Two what the media center that you bought Chi Chi as Sundar, the Tony Hawk at all John.

If you just don't see it continuing through it you don't you're going to charge for that.

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To what Sanjay said Jim.

So the evidence of that.

Yeah Chi Tung.

So in summary comment.

A few dozen of them.

Sundar somewhat gimbal hostler shoulder every the Qingdao Ninja.

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Well, Tom I mean, do you have any interruption airports, if you're using on a continuous I'm sure you have auto show.

Yeah Susan.

Cause the homeland Huntington petroleum so sue each year there are many mandated content out there.

The woman you saw some big.

I know you've been real high annuity peers until you know if you took out.

The exits with them.

Putting your what you're telling me you're.

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Can you just show up at all and you know people aren't quite as hotels or what are you telling you.

Ginger in Pudong, Shanghai juices going in is a little high.

To be a standout in the chita concurrently.

So the one month.

Children go with you.

There's all kinds of things Susan Belmont Somaliland meso.

Neither Jim audience, Shinji shelf reset our Concord changing being somewhat so you would have done recently.

Children constantly see unfortunately, she turns out.

So whether it's a Monday, though Shannon.

As I mentioned in Houston with AGA. She is a constant challenge to that.

Does that change 10 hotel chunghwa.

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John.

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Charter Hall seemingly room. She always you got strong recruits and I can assure the fintech.

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I'm, just saying that you should one be gotcha.

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Joan for sure Tung Chung goods, your daughter artists and go back and do a shotgun down already to get back in gear.

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Yeah sure Josh sees a show with you or that you sell them.

Musical chosen Jason.

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And we'll make sure that you go with Goldman got that John just yeah, you'd see the Qingdao that Youre now what does that put out a different decision.

Okay you bet.

That island, and you know my math I'm doing something really doesn't change your balance you know yeah, I see double digit weight loss.

And then Brent I think you should let Jose.

You may now good.

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Janine.

Even if you add that was shown that Michele yeah yeah.

Jim.

Yes, how are you set up and think about what it is right.

Now you're going to go with you don't take Oh, Yeah, I can tell him from the Chicago now they got to work on that yeah, yeah, not what any of that but what do you got to tell you yeah.

Do you know why why you're going in and trying to think why Oh.

Why does that like how are people teach in the south east.

Well, how about if you go onto that.

Yeah, Keith I'll call told you Ghansham.

Oh My God. He said he thought Oh, my God that Cindy, yes, you've got to wait till you see gasoline to water.

That was at the I T friends I got meaningful France.

No I think our team does.

Did it get on Oh, my gosh without all kinds of the fashion.

Yeah, I mean, nobody yet you don't think I'm in casual, but yes that could happen, but that's all that's that's yeah, yeah, Kathy hitting two lab would be all pushing it to the idea that you eat ACL.

If you pick them up and talking about them.

Josh I'll say two houses at Agua name and childhood yet.

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You go.

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So that's really I think he'll have taught us how does that one thing is that as you think wacky childhood Yogi would say why are you on that.

How much of that one tool that you found.

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Operator: 我们将进行问答环节。在参加问答环节之前，请标注您的姓名和所在机构，并请注意本次活动将会被录音。本次电话会议提供英语同声传译，您可以在Zoom会议中点击"传译"来选择语言。我们已于今天早些时候公布了2025年第三季度的财报业绩，现在就可以在我们的投资者关系网站上查阅。参加今天会议的有我们的创始人兼首席执行官叶国富先生和首席财务官张进金先生。在我们继续之前，想请大家参阅我们财报新闻稿中的安全港声明。该声明也适用于本次电话会议，因为我们将发表前瞻性声明。请注意，我们今天将讨论非国际财务报告准则的财务指标。我们已在公司财报和提交给美国证券交易委员会及香港联交所的文件中解释了这些指标，并与根据国际财务报告准则报告的最可比指标进行了调节，除非另有说明，货币单位均为人民币。此外，我们还为今天的电话会议准备了包含财务和业务运营信息的PPT演示文稿。如果您正在使用Zoom会议，现在就可以看到，您也可以稍后在我们的投资者关系网站上预览。下面有请叶国富先生开始发言。

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Guofu Ye: 大家好，欢迎参加明创优品集团2025年第三季度业绩电话会。本季度集团增长继续加速，营收同比增长28.2%，超过了指引的上限，而同店调整后的经营利润等多项核心指标也达到或是超过了此前的指引，印证了我们业务模式的韧性与增长的潜力。接下来我将与大家分享我们本季度的业绩亮点以及战略规划的一些想法。 第三季度集团整体GMV同比增长28%，收入同比增长28%，集团同店继续加速，达到中个位数，而我们的两大品牌MINISO和TOP TOY收入在三季度都呈现出了加速的态势。MINISO增长了接近23%，而TOP TOY更是取得了111%的强劲收入增加。在盈利能力方面，集团毛利率为44.7%，同比稳定，而毛利接近¥26亿，同比增长27.6%。本季度调整后经营利润首次突破¥10亿，同比增长14.8%，达到了¥10.2亿元。经调整经营利润率为17.6%，较第二季度环比改善。 下面我将从MINISO国内、MINISO海外和TOP TOY三大业务板块为大家介绍本季度业务情况。 首先，MINISO国内业务的收入同比增长19.3%，无论是对比同期国内消费品零售总额同比增长3.4%，实物商品网上零售增长7.5%，还是对比我们的之前的指引，这一成绩都非常优秀。而更令我骄傲的是，这一增数更多来自于同店拉动，意味着增长质量更高，可持续性更强，而且经营风险更低，也反映了明创核心运营能力的不断提升。进入了第四季度，同店增长趋势依然稳健，国庆期间强劲表现更是拉动整个10月份取得了低双位数的同店增长。 本季度国内新增MINISO门店102家，2025年年初至今累计新增21家门店，加盟商数量也首次超过1100个。今年以来，加盟商队伍有不少具有不同背景、不同资源的新伙伴加入，帮助明创加盟商体系不仅在数量上，更是在商业生态上不断提升。 明创优品中国业务今年以来增速远远超消费大盘，背后离不开体系化、拓展能力的提升。以三季度的开心放假逛明创为例，根据周末多品类数据分析，我们精准预判暑期业绩弹性的最大品类将为玩具。因此，从早期开发和备货开始，就为大玩具品类进行了充分的资源调拨与产能保障，围绕夏日场景，为多个头部IP打造了系列主题上新，同时渠道端提前锁定头部商圈暑期黄金档的中庭核心位置，布局快闪活动。而常规门店方面，也从创意展示柜台的重新陈列设计到宣传物料的视觉呈现，均深度贴合了季节氛围与产品核心亮点，实现了全链路定制化运营，叠加8月份时代少年团的代言官宣，最终形成了好渠道、好时机、好产品、好营销的共振，最大化释放了暑期玩具品类的增长潜力。 在海外市场方面，第三季度收入突破¥23亿，同比增长28%，而海外MINISO门店季度内净增长111家，年初至今累计新增306家。我们最大的海外市场美国收入同比增长超过65%，其中同店增长低双位数，超过了我们此前的预期。美国市场一系列运营措施正通过提升新店成功率、品牌的知名度和消费者复购等多个方面，不断地增强美国经营的稳定性和长期可持续的增长性。 今年以来，我们采取了门店拓展委员会和集群开店模式，集中地区、集中时间段，同步开设多家门店，不仅大大提升了管理效率和新店的成功率，还实现了显著的品牌曝光率，吸引了更多消费者的关注。2025年至今，美国市场新会员同比增长超过100%，通过逐步搭建起与顾客双向沟通的渠道，助力公司更精准地把握消费者偏好。会员计划不仅推动了当期的营收增长，还为进一步的提升客单复购率提供了重要数据和触达渠道。 货品货盘方面，我们IP产品的上新节奏就像电影院的档期一样，不同季节月份有不同的系列和主题，不断地为消费者带来新鲜感，主动吸引消费者再次来店。而美妆、3C、食品、食品饮料等其他品类则主要用于带动顾客到店后连带率和复购。明创优品致力于打造均衡的产品组合，从而取得更加稳定的店铺模型，以满足消费者在不同场景的需求。 过去一年，明创在中国和美国市场取得的成绩，让我们对其他海外市场也充满了底气。中美两大市场的实践给我们提供了经过检验的系统性的认知，通过优化开店决策机制，打造差异化店铺模型，精准的货品货区匹配和全链路的营销共振，势必为我们夯实了经营稳定性和与长期增长力。海外市场是明创优品长期增长的核心潜力市场，我们要逐步地将过往验证体系化的拓展框架复制并推广至更多国家和地区，每一步都围绕长期可持续盈利展开，最终稳步释放全球市场巨大的空间。 TOP TOY在第三季度收入同比增长111%，门店数量季度新增14家，达到了307家，其中292家位于国内，15家位于海外。TOP TOY同店的在第三季度增长中个位数，其毛利率显著改善，尤其是自有IP产品的快速放量。同时，TOP TOY正在进一步升级店铺形象，将自有IP专区打造更具场景式的体验场景，更具有沉浸式的体验场景，不断地提升自有品牌和自有IP的销售贡献。 本季度，明创实现了两个里程碑，第一个，全球门店正式突破8000家门店大关，MINISO集团的品牌足迹已深度覆盖全球主要市场，从亚洲到欧美，从成熟商圈到新兴社区，我们的产品与服务正触达越来越多的消费者，全球化布局迈向新的台阶。第二个里程碑是集团的季度营收首次冲破¥50亿元人民币大关，单季度调整后的净利润首次突破¥10亿元大关。未来我们要从规模增长转向质量与规模并重的全新发展阶段，一定要在更高质量发展的道路上坚定地迈出稳健的步伐。而高质量增长则必须要求我们要有清晰的战略和持续推进的执行力。 在过去的一个季度，我们渠道升级和IP矩阵两个战略取得了显著突破。在渠道升级方面，第一家MINISO旗舰店于9月底在深圳海雅缤纷城开业。旗舰店的店型是明创优品渠道升级战略的重要创新，其特别之处和意义主要体现在以下几个方面：第一，店铺设计和产品选择注重IP内容的呈现，根据同步IP上新的节奏和主题，营造出类似电影档期的独特购物体验；第二，得益于明创全品类多IP矩阵的产品开发组合实力，明创逐渐成为一些商场锚定商户，这意味着店铺能够获得更好的位置、更低的租金，以及更多的营销资源等来自于商场的支持；第三，MINISO旗舰店定位轻奢，适于中高端购物中心，是明创优品集团在渠道分层的重要布局。 自有IP方面，截至2025年11月，MINISO已签约16位潮玩艺术家IP，构建了丰富多元的自有IP矩阵，以提升IP价值为核心目标，首个艺术家潮玩街区已在广州北京路乐园店落地，专属于世界观精准植入其中。通过对门店三楼的局部区域进行深度的场景化改造，我们将潮玩IP专属世界观精准植入其中。一个小小的岛台区域，仅仅两周多的时间，就创造出了超常规门店一整个月的销售业绩。另外，我们通过搭建贴合IP人设的氛围装饰与互动装置，让每一处空间都成为IP故事延伸载体。消费者步入门店的场景化区域，不仅能直观地感受潮玩IP的角色魅力和叙事张力，更能通过场景式体验深化对IP的认知与记忆，从而实现从产品购买到IP的认同，深度转化，进一步夯实了消费者与IP的情感链接。 我相信，时间维度越长，明创优品在品类布局和IP矩阵上的核心优势就会越发突出。地缘政治或是宏观环境上的不确定性，是所有企业都要面对的共同挑战，对此我们已有所准备。明创优品拥有行业内最平衡多元的IP组合，在IP储备上不仅有国际知名授权IP，也多项布局了国产精品和自有IP，品类覆盖丰富，能根据季节、节假日以及消费者环境的变化快速调整货盘与陈列，精准捕捉消费趋势。更关键的是，我们还具备有端到端的渠道管控力，这使得我们的调整更为灵活，能够快速适应市场变化。 展望未来，MINISO将锚定兴趣消费赛道的广阔前景，并通过持续的战略升级，驱动公司实现高质量业绩增长。以上是我的讲话内容，下面请CFO为大家介绍公司前三季度的财务情况。

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We're also going to leverage our brand premium and parking power to secure the best locations in the commercial districts. This will enable us to continue upgrading our channel while also utilizing our 8,000 stores to obtain high-frequency consumer feedback, providing us with valuable market data. Additionally, we will continue to empower our channel operations, which have a solid foundation, to further improve our product performance.

So that's a reason starting from this year, our store type is going to be more diversified.

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Well, at the same time, even for Minnesota, we have a minus of space, meaningful land, and a minus of friends. In the near future, we are going to have the super mini. So, for regular stores, we do have the regular stores, small stores, pop-ups, and also the train station stores.

By doing so, we're going to be more effective.

Focused on our IP strategy and making sure we're ready to roll out the products for the price-to-quality product.

While many of them will be arguing be unusual I'm showing them, what we show here a little it's a huge order desert team.

Which will make our store presence clearer to the consumer, and will also create good space for our IP strategy to continue to navigate the market development. Thank you.

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Okay, thank you very much.

Thanks, Mr. Ye. Again, coming next, we're going to have a ramble from CIC, to raise a question. Tell me if you hear me? Yes.

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Continued optimization of the company and the two questions. First of all, I see your domestic business continued to grow with more larger and well-performed stores being demonstrated. What will be your next steps for business development? Any store number forecast? My second question.

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For outside China, especially outside the U.S., what would be the rate of the market? Do you see any pressures now? What would be the regional differences and performance differences? Thank you.

Thank you, Amy. And let me just respond to a question.

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We have already confirmed China. We are going to seek high-quality growth in separable for the store growth. We are in China.

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We have a May double digit or even a high double digit growth, which would be supported by SSG Improvement where for this year. Our internal kpi assessment also entered use SSG in and helping that we going to improve our performance in 2026. The SSG 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 uh that are performed way wake or the third party agency market especially in Southeast Asia. And

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But, uh, we are happy to see that, uh, from the beginning to now, the terminal jam we grew is much better than our shipment that you have me grows. In other words, our agency inventories would be quite healthy. They can still travel light in 2026 in some key markets, like Southeast Asia. Gem, they already be accelerated into three with double-digit growth. And we also see that some comparable listed companies in Southeast Asia say October consumption is being improved, but what is the opposing performance?

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Thirdly, we are also being proactive in adjusting the product assortment at the channel. Many of our investors have already joined us for the order meeting with the new Hasting achieved. I surely believe those high orders will continue to be converted into revenue contributions in the next few quarters.

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More importantly, we are very confident that our success in us and China, proven our business ability and residence. We have every confidence to that for overseas Market. We do have the direct sales and agency business directors would be something. We can reach first, which can actually showcase our team Market.

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It's not easy to be aware and managed, and we are adjusting our assortment and the channels. We have already identified the root cause, so let's leave more time for further execution to improve the performance.

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Your equity incentives plan was registered. A high number is also mentioned. There are some good incentives from top toys included into Q3 performance. Is it possible for you to share with us regarding a good incentive plan? What are the KPIs inside, and how might it look in the next quarter?

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While you continue to have such an agreed incentive in the next few quarters. My second question: for Top Toy, I think you drafted a prospector who has already been fired. What would be your IP?

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Oh, schedule for top toy. What would it be? What would be the relationship between you and the top toy? I know you may have some related party transactions.

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The IPO was staying up. What would be the relationship between the two entities, and how can we protect the interests of the stakeholders of the munition? Thank you.

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Um, for this quarter and the next quarter, the expenditure was ready to be high due to the updated incentives plan for Top Toy. As you have already mentioned, for Top Toy, its revenue doubled this quarter significantly, exceeding expectations. We believe the accident team in the accident sector, combined with incentives, can unlock more growth potential.

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Top Toy has always been a fully consolidated subsidiary. Many shareholders also benefited from Top Toy's high growth. The IPO plan is advancing. Now, we are informed about the market. When any progress is made, both the industry and the Top Toy brand are in rapid development periods.

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As a leading player, the top toys market share continues expanding.

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Top Toys also see abundant market opportunities. The only reason for the IPO is the hope that Top Toys can become stronger.

Hockey is that guideline on behalf of Joe Moore.

And continued to expand its business, fully capturing the broad opportunities in the trendway market.

Okay, let me just give one more comment before the end.

Internally, we actually made some long-term discussions.

There's no better strategies.

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Advancing by having both entities, Minister and the top toy, would be the best strategy. We can leverage many sources, the food category, and omni-channel operations, along with our global presence, along with top toy as a specialized trendy toy brand.

The toy market is growing very fast with an expressive growth rate. I believe both businesses would be able to help our business become the top in their market. You were worried about SD6 expenses. It's going to be $100 million for this quarter and another $100 million for next quarter. This is actually a normal accounting practice. After we went public (IPO) for MINISO in 2020, you can say that SBC has been a typical occurrence.

Okay.

Yes.

And the team is going to implement an incentives plan. It's going to be diluted and amortized a few quarters after the IPO. It's going to have a higher impact in the first few quarters, but it will be smaller in the next few quarters. Okay? Thank you. We've understood.

Okay, ladies and gentlemen.

We conclude the earnings call for the September quarter. Thank you very much for your participation. If you have any follow-up questions, please contact our IR team. I wish you a wonderful weekend. Thank you.

The recording has stopped.

Guofu Ye: 好的，谢谢叶总。各位投资人下午好，欢迎大家来参加我们的季报电话会议。现在大家面前的，像叶总说的，是一份很优秀的答卷，是以灵活和韧性穿越周期而驱动的高质量的业绩增长。我今天讲话的第一部分，我想带大家先review一下我们Q3的guidance。大家可以看到我们Q3给大家的四个主要的guidance，从收入到同店到调整后的经营利润以及经营利润率，我们全部都完成了。我们guidance 25%到28%之后实际完成了28.2%，是落在了guidance range的上限。同店我们之前指引的是集团同店是一个低单位数的增长，最后我们做到了中个位数。在这个中个位数里头，我想有几点值得去提的。首先第一个就是MINISO中国做到了高单位数，然后MINISO的海外也做到了一个环比一个很大的一个变化，一个低单位数，然后我们的TOP TOY是一个中单位数到高单位数的这样的一个增长。特别难得的是，我们在海外其实有非常多的店铺，其实是代理市场的门店。大家知道我们对市场的管控能力是不像直营店那么强的。在这样的情况底下，我们的同店都能够做到一个低单位数的正增长，全球3000多个门店，这是非常不容易的。调整后的经营利润是有一个双位数的增长，15%的增长，也会比之前的预期略好一些。调整后的经营利润率，我们之前的预期是环比改善，同比降幅收窄。实际的情况是，我们的经营利润率做到了17.6%。同比的降幅是从上个季度的2.3个百分点下降到了2.1个百分点。 从收入来看，我想有几点是值得highlight。首先28.2%的增长，58个亿的集团的收入也超过我们之前的预期，也是集团第一次收入超过50个亿。我们集团一季度的收入增速是18.9%，二季度是23.1%，三季度是28.2%。符合我们年初对于逐级加速的判断。今年前九个月我们年对年的增速是23.7%。我们预期Q4整个集团的收入增速在25%到30%这个区间，稳步朝着全年收入增速25%这个目标去迈进。从各个经营分布来看，MINISO中国内地的收入同比增长19.3%，在这一个季度里头。海外的收入，MINISO海外MINISO海外的收入是增长28%左右到23个亿。TOP TOY的收入同比增长111%到5.7个亿，也超过了我们之前的预期和指引。从国内和海外来看，我们的中国内地的收入是增长25%，我们在海外的收入是增长了33%。这个是和我们之前的预期是一致的。从品牌来看，MINISO品牌作为一个接近年度的GMV接近350到400个亿的这样的一个品牌，我们在这一个季度仍然实现了23%的收入的增长。TOP TOY的品牌实现了111%的这样的一个增长。 高质量的增长是离不开同店的。在Q3我们各个经营的分布的同店都表现非常优异，拉动了整个集团的同店增长的中个位数。其中MINISO中国内地的同店增长是达到高单位数的，整体的规模增长接近20%。在10月份我们很惊喜地看到我们继续延续了同店的较高的增速，同店保持在一个低双位数的运行。海外的同店在这个季度增长达到低单位数。其中的战略市场如北美、欧洲，同店表现亮眼。美国、加拿大是我们很重要的两个海外直营市场，Q3的同店增长也在低双位数。TOP TOY的同店在中个位数符合预期。同店的提升得益于我们及时地把握了战略和高潜力、多销售机会的产品类目。同时我们的海外市场及时地优化了货盘，通过采取，比如说直采、增加当地供应链能力、提升商品数据能力等措施去提升我们经营能力。同时我们始终聚焦产品和前线的业务的联动、空前的加强，加强了货盘的精细化的运营能力，进行了定制化的产品开发，重点地打造了一些常规的爆品。同时我们更加重视节庆、季节和节假日的运营。组织了一些，比如说节日成IT主题的快闪来刺激我们在当时的消费表现。 直营市场是我们离总部管理办案经最近的市场，也是我们的战略与调整手段最先触达的地方。我们的国内市场是我们最大、最成熟，也是行业竞争最激烈的市场。在竞争如此激烈的中国线下零售环境底下，我们依然能够做到这样的同店，不仅验证了我们今年以来在方向上的正确性，也反映了我们快速的市场反应能力和团队强大的执行能力。通过渠道的和电台的分化，我们不断地探索电销的天花板，希望能够打开MINISO远期的开店空间。优秀的同店表现在我们的战略直营市场，美国也是这样。我们始终认为门店是企业制造的利润的最小单元，是我们的细胞，寻求高质量的增长离不开店铺模型的精细化打磨。所以除了商场店之外，我们一直在积极地探索Plaza的店型，通过科学决策、远选开店、集群式开店、精细化门店用工模型等等进一步的优化门店的利润率，让门店这个细胞、这个利润的最小单位充分地发挥效能，促进未来的高质量增长。所以我们很高兴地看到，主要包括了美国、加拿大在内的海外直营门店的经营利润率在这个季度同比有了明显的提升。 我们计划在2026年把中美的成功经验首先推广到东南亚市场。我们进入东南亚市场已经接近十年了，以印尼为代表的东南亚市场每一年为公司贡献大量的利润，但在今年伴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。具体的表现在呢，渠道可能需要升级，货盘需要调整，组织和人才也需要升级。这些市场的调整会在今年见底，他们会是我们2026年工作的重点方向之一。我们也很有信心在这些二次创业的市场取得像中国市场今年一样的成功。 本季度的毛利率是44.7%，去年同期是44.9%。2025年前九个月的毛利率是比去年同期的44.1%高了0.3%。我们今年一直在提及的是我们集团的毛利率，从2021年的大概27%的水平到了现在44%这样的一个水平，在四年期间上升了17个百分点。这当然得益于我们的海外业务、海外战略的不断地执行，海外收入的占比提升，也得益于我们品牌升级和扎实执行的IP战略。随着海外直营业务的逐步拓展和我们季度的这个季度间品类结构的调整，可能毛利率会有一些波动。我们更想讲的是接下来我们会继续注重产品的量价的平衡。一方面我们在IP产品这一盘货上会坚持产品的创新性、性价比、稀缺性，在非IP产品上我们会坚持产品的质价比和实用性，维护好我们的毛利率整体的稳定性，在此基础上做更好的销售表现。 这个季度的扣掉股权支付开支激励费用的总费用是同比增长的33.7%，费用率是27.6%。需要指出的是，这个季度的SBC其实以股份支付的薪酬开支合计有1.76个亿，较往期有比较大的增长。主要是和TOP TOY的一项股权激励计划有关系。销售费用扣掉SBC之后同比增长36.5%。它的增长主要与我们对直营门店，特别是海外直营门店的投入相关，其中包括人工成本、租赁相关的租金、折旧、摊销等等。这些费用在Q3同比增长大概40%。要看到这几个费用在Q1是71%的增长，Q2是56%的增长。所以到Q3这些直营门店的费用增速有明显的放缓，而直营门店的收入增速在这个季度仍然在70%左右，比较快速的这样的一个增长，而且也高于相关费用的增速。费用的增速的明显放缓得益于我们持续的精细化的运营和严格的费用的管理。 接下来我们对永辉的投资在Q2开始对我们的财务报表开始产生影响。这项交易我们使用权益法进行核算。永辉的投资在本季度会影响净利润大概1.46个亿。我们已经在Non-IFRS的财务指标当中进行了剔除和调整。需要指出的是这个季度的有效税率。本季度我们在国际财务报告准则下的有效税率是33.9%，而去年同期的税率是24.8%。33.9%的税率听起来比较高，但它并不反映我们的真实税负。它实际上主要是和前面说的股权激励和永辉的投资亏损的项目有关系。这些项目在税法上它不能够在税前列支扣除，实际上并未产生，实际上并未产生所得税的抵减。因此报表端的有效税率比较较高，这些费用总额大概是3.2亿。如果把这些非经营相关的事项影响剔掉之后，我们这个季度的经调整的有效税率是22.8%，比去年同期还要下降一个百分点。 再看盈利能力，经调整后的经营利润同比增长15%，也首次突破了10亿到10.2亿。这个数字才是真实的反映MINISO核心业务的经营质量的表现。经营利润率是17.6%。虽然降幅是2.1个百分点，但较Q1的4.2个百分点的下降和Q2的2.3个百分点的下降降幅有所缓解。这个经营利润率的下降主要是受到收入的结构性的影响。如果单独去看我们每一个主要的业务分布，经营利润率的同比都是持平或者改善的。你比如说海外直营业务的经营利润率在这个季度同比高了这个LSD，就低单位数。中国地区的加盟业务和海外的代理业务经营利润率是持平的。为什么出现这2.1个百分点的下降呢？主要是因为海外直营收入的占比快速增加。这个业务的经营利润率和我们轻资产的加盟和代理业务相比还有一定的差距，从而对整体的利润率造成了一定的稀释。从方向上看，随着主要的海外直营市场，比如说美国、加拿大相继实现了本地化的经营和优生优育，海外直营业务的利润率有望持续改善，从而带动集团利润率持续向好。特别是我们看到在这个季度美国市场的同店增长的低双位数，会对当地的这个利润率产生一个非常好的这样的一个影响。但是另外一方面，由于我们经营的国家和地区非常多，难免受到不同的地区的经济社会环境的影响而产生一些利润的这个季节性之间的波动。我认为我们团队还年轻，能力需要提升，但空间是非常大的。 调整后的经营，调整后的净利润同比增长11.7%，调整后的EPS每股收益是增长12.7%。跨域净利润的增长，这主要是由于我们持续不断的回购。调整后的EBITDA同比增长19%，同比的增速也是季度加速的。调整后的EBITDA利润率是23.4%。 在营运资本方面，我们的库存周转依旧保持高效和稳健。到Q3，云创优品品牌的库存周转是87天，相比于Q1和Q2的104天和94天，我们的库存效率在Q3得到了很明显的提升。截止到9月30号，我们的现金储备是77.7个亿，依旧稳健。在Q3，我们单季度的经营活动现金流净额是13个亿，净利润比现金和净利润比是1.7。我们的资本开支是3.3个亿，自由现金流是9.7个亿。在2025年的前九个月，我们的经营活动现金流净额是23.1个亿，比我们同期的经调整净利润率要高。我们的资本开支是7.7个亿，自由现金流是大概16个亿。这证明了我们高质量的盈利能力和高效的营运资本的管理能力，也反映出MINISO业务的韧性和我们稳健的造血能力，为我们未来的高质量发展提供了燃料。 最后我想讲一下预期，虽然宏观的消费数据有压力，有挑战，但我们仍然有信心完成中报时给的全年指引，做到25%左右的全年收入增长和36.5%到38.5%的经营利润。我们预计Q4的收入增速是25%到30%。中国和美国的同店在Q4预计都是双位数的增长。全年来看，中国和美国的同店预计都会在中单位数的增长。我们预计Q4的经营利润同比还是双位数的增长，经营利润率同比虽然还是会下降，刚才这个下降我刚才讲解释了，主要是一些收入结构的影响，但是下降的幅度不大，预计和Q3接近。北美马上要进入购物的旺季，中国的Q4仍然会保持快速的增长，虽然东南亚的宏观持续走弱可能会带来一些影响，但MINISO全球性的业务布局会充分地分散我们的经营风险。我们也会持续地与各位沟通我们刚才讲的这些预期的进展的情况。我的讲话到此结束，谢谢。 谢谢Ethan。接下来我们进入问答环节，烦请各位将名称修改为机构加姓名的模式，为了方便更多的分析师和投资人有沟通机会，每个提问烦请控制在两个问题之内。第一个提问来自高盛的Michelle，Michelle你好，请发言。

Guofu Ye: 叶总，Ethan，感谢这个提问的机会。那也恭喜公司有这个就是很稳健，而且就是真的是高质量的一个成长的业绩。那我这边有两个问题想请教一下。第一个问题是关于国内名创这一块，就是从其实以宏观的角度来看，二季度以来其实整个消费是放缓的。那我们刚刚看到其实公司在这个二季、三季的业绩，包括同店跟收入都还是在加速。那尤其这几个月我们看到这个新店型的推出也是加速蛮多的。刚刚叶总也提到这个IP Friends的MINISO Friends的这个新店型。那在前一阵子我们也有听到这个叶总有接受一个访谈，有提到说要重开这个国内80%的门店。所以能不能也请叶总分享一下说我们现在在看这个门店改造的这个策略上，现在的一些进度，目标或是这个门店的这个UE这些有没有一些多一点东西可以跟我们分享现在跟明年的一些策略重心。所以主要是这个国内名创这边门店的这些想法。那第二个问题是关于这个海外的这个展望，就是刚刚Ethan也大概聊了一下说我们这个四季的一个目，四Q的一个目标。那能不能再讲多一点这个，因为四Q其实是一个蛮重要的旺季，那我们也理解说去年其实有很多的调整在做。那今年在这些备货、行销、门店运营这一块，有没有什么值得关注的地方？那有没有现在对明年这个海外，一些战略策略，战略规划的一些想法可以先跟我们分享一下？那这个是第二个问题关于这个海外，谢谢。 短中期的核心位置，核心正线主动线路。第三个是扩大的面积，以小换大，1000多个小店都200方以下的，换成了更大的店，更大的面宽，这样更大的面积就带来更好的陈列空间。大店确实给消费者带来更好的体验，更大更漂亮的陈列。我们希望给更多消费者带来更美好的逛街体验。第二个是大店更有门槛，名创这么大的IP，这么多的IP矩阵和品类宽度才能撑起大店。如果品类不够，IP不够，你是撑不起大店的。2025年渠道优化首战告捷，我们积累了成体系的方法论和经验，但是优化的门店数量不算多，未来几年会全自信地做好门店优化的规划和实施工作，希望明年可以优化更多的门店。门店的改造的节奏上会循序渐进，不能太着急，最好是会有合适的位置。很多老店利润率也不错，会根据租约和新店的选址情况来推进。 好，Michelle，谢谢你的问题。我很快地就叶总刚才的发言进行一个补充。今年前三个季度呢，我们通过换址或者扩建优化，大概在国内优化了超过200个门店。我们看到虽然这个优化的样本的门店，店效的增长是非常多的，并且保持了健康的坪效。同时呢，租售比是下降的第一个位数，撬动了更高业绩的同时呢，实现了公司和加盟商的双赢。公司和加盟商从优化后的门店获得的收入和利润都是有非常好的增长的。所以门店的优化会成为我们渠道拓展方面的一个常态化的工作。好，谢谢，请您继续。 关于第四季度与明年展望，我们可以看到以下几个动作。第一呢，9月份的订货会非常成功，订货金额创新高，有五个品类单品，单品类破亿，所有专区都突破历史最佳，品类上比较均衡。IP货盘我们有强大的创意输出，自家比货盘我们继续提升成本和定价的竞争力。对于IP的理解和设计力又有提升，比如新加坡10月份推出的米奇鱼尾狮限定款，产品继续有吸取特性和差异化，只有只在名创有。机场门店限定款渠道和货品完美匹配，创新了创造了新的单店记录。我们的高管贝拉在机场还被游客借护照想多买几个米奇鱼尾狮，从前期市场洞察到创意设计，到物流支持，到整合营销，每一个环节紧密配合，体现出了IP单商品门店运营和营销。以上很好地体现了我们跟IP方的深度合作能力，从渠道、产品、运营、设计等等全链条的合作。这个月疯狂动物城大电影全球上映，昨天疯狂动物城的导演也在名创的快闪店对我们的产品设计，设计产品赞不绝口。对于海外市场的空间，我们非常有信心。过去一年，名创在中国和美国的市场取得了取得的成绩，是我们对海外市场增长空间抱有充分的信心和底气。中美两大市场的实践给我们提供了经过检验的系统性认知，优化开店决策机制，打造差异化店铺的模型，精准地获取匹配和全链路的营销共振。海外市场是名创优品长期增长的核心潜力场，这些经过验证的形成体系化的作战框架，未来将被逐步复制并推广至更多的国家和地区，每一步都围绕长期可持续盈利展开，最终稳步释放全球市场的巨大空间。 谢谢Michelle。谢谢。 下一个请回一下。 谢谢。下一个提问来自HSBC的Lina。Lina。 能听到我说话吗？ 能听到，谢谢Lina，你好。 好，Ethan你好，叶总好，管理层好。恭喜公司在IP策略取得这么大的一个成功。那我想请教的问题就是说，其实IP对我们同店的拉动或者整个增长其实有一些脉冲式的增长。那我想，投资者也，也比较关心我们的增长就是比较有持续性。我记得我们在IPO的时候品类其实更像MUJI，其实我们对非IP产品，特别是老供应商的那些品类，我们是怎么样一个看法？因为它虽然是非IP，就是没有增速那么快，但比如说看到我们对标的，比如像MUJI在中国，过去几个季度也取得很好的一个增长。所以我就想请教一下，管理层对这个持续性的这些就是，增长的品类是怎么样一个看法或者规划？ 我们看到消费者消费这个赛里，消费力，最好的赛道就是兴趣消费，而且这个最有趋势的、最有潜力的也是兴趣消费。我们认为未来的消费者不仅仅追求产品的实用性，更看重其背后的审美认同、社交标签、治愈体验与精神满足。这我认为这是消费者终极体验、终极的追求。以后消费者会越来越为热爱买单、为情绪买单的体现。这种基于兴趣驱动、情感连接的消费需求具有更强的粘性与溢价空间，也成为品牌穿越周期构建差异化竞争力的核心抓手。而如今的IP化转型绝不是放弃原有的品类优势，而是IP加核心品类的双轮驱动，让十年沉淀的核心能力焕发更大的价值。我们覆盖了日用百货、美妆、文具、香熏、玩具、IP零食等11个核心品类的供应链资源，以及成熟的多品类产品开发能力，这些正是支撑IP战略落地的稀缺壁垒。名创在全世界范围内都是非常独特的商业模式，让IP的赋能不是单点爆款，而是全场景渗透。我们的产品开发能力核心是等品类，更等IP如何能赋能品类，而非简单的一个LOGO。比如说11月份以来，名创季节性产品增速非常高，毛绒、袜子、围巾、手套这些品类很好地承接了转化IP带来的流量。原有的核心品类是业绩压长时日用百货、美妆、文具等刚需品类，贡献稳定的客流和复购，支撑门店的日常运营。而IP是增长的加速器，通过联名款主题系列提升产品设计感和品牌溢价，同时借助IP热度反哺核心品类销量。这种模式的稀缺性在于单一IP的品牌缺乏多品类的供应链支撑，难以实现全场景覆盖。传统杂货品牌则没有成熟的IP开发与运营能力，而我们十年积累了多品类供应链加IP融合开发能力，让IP能够快速渗入到高品消费场景。核心品类借助IP突破增长瓶颈，最终形成了刚需品类保留量、IP品类体力等的健康增长结构。 好的，谢谢叶总的分享。下一个提问来自花旗的小波，小波你好。 你好，请问听到吗？ 能听到，小波总。 好的，那我第一问题，一个前瞻性的，本来我们想问四Q的前瞻的，刚才看到的那个，Ethan总其实把四Q的指引你说了，介于过去几季度，Ethan总那个对指引都是比较的，保守吧，我们也没有什么疑问。那我更想往前，问一下，就是过去的一段时间，我们都知道美国的因为四Q的这个季节性很高，在一Q呢，就会有个季节性的回落。那刚才叶总还有Ethan的Prepared Remarks也有提到说，其实我们现在在逐步的改善这个经营效率，在缓冲这个季节性，能不能给我们分享一下，看过去四Q到明年一Q实际上季节性的这种回落是不是会比今年、明年的这个季节性回落会比去年的四Q到今年一Q这个回落的幅度要小。这是第一个问题。第二个呢，叶总在上次季报里边也第一次提到了中国IP出海，刚刚也提到了有16个艺术家已经签名了。那么相信可能叶总下一步就是像分享的一样，就会向海外出海。那么从叶总的这个经验来看，在海外业务中，中国IP在海外销售这种出海，相对于我们已经在的这个海外业务，需要多长的培育时间，会对盈利有负面影响吗？谢谢。

Guofu Ye: 好，谢谢您的问题。我来回答您的第一个关于美国的这个季度前瞻的问题，叶总回答您中国IP出海这个问题。我觉得您问题问得非常好。这也是我们一直在思考的。如果从过去三到四年美国我们的经营数据来看，我们从2021年开始把美国接回来做的，这个季节性正常来讲Q1淡季，是美国零售整个季节都淡。那么我们的淡季的单店平均销售额会比Q4的旺季大概低个10%到20%左右。那么客单价和订单的数量都会相应地减少。这是美国零售行业正常的现象。那么我们怎么样去应对这个季节性呢？一方面我想，这个在开店上，另外一方面在经营上。就是说我们现在美国当地团队，他们有非常成熟的当地运营的经验。那比如说我们一个很好的takeaway，就是你得在全年的旺季，比如说Q4之前，就把全年的这个门店给七七八八的，就可能100%的开好了。我们今年Q4美国还会开一些门店，但到美国，美国到明年Q4应该就不会开店，就专心冲业绩了。这个是一个很好的一个点。那么怎么样能够做到前三个季度就把这个店开出来呢？特别是第一季度，那可能比如说我到明年年初出来给大家讲，美国，美国明年开多少个门店的时候，那个时候我们要做到可能我们一大半的门店都已经签好约了。这个也是美国零售行业优秀的零售行业一个普遍的做法。所以可能明年Q1我们能看到，比如说有，有，会有一个比较不错的这个，比如说开店的增长。那一方面从规模上去应对这个季节性，另外一方面，我们在经营上的核心的策略也不会刻意地去抹平，而是去顺势而为，精准地借力。因为我们认为零售的本质，我觉得还是要捕捉和满足消费者的需求。美国和这个，比如说欧美市场鲜明的季节性和节假日消费的特征，恰恰是值得名创生根的这个增长的红利。消费者在不同的季节有不同的需求和导向，比如说下周就到黑五了，那是美国一年当中最重要的消费的季节。那么这个消费者的提前，这个消费的意愿和购买力是在峰值。那对此我们今年做的是提前的布局，充分的备货和精准的适配。我们已经联动好了供应链，保障好了美国的库存充足，全力地承接这次的节日的消费的需求。那，那，今年美国的Q4肯定还会很好，但我们也不会因为说担心环比要掉下来有波动，而放弃Q4这个黄金零售的黄金期的增长机会。相反，我们还会主动地利用好这个季节性的红利，通过比如说节日的营销，场景化的陈列，精准的备货，把这种季节性的波动转化为一个可预期也可放大的业绩增长节点。那么我想这也是对消费市场这个规律的尊重，也是零售业务顺势而为的核心逻辑吧。那么接下来请叶总回答那个另外一个问题。 名创在中国IP出海，肯定要发挥我们独特的优势，优势，不让中国IP单打独斗，从零起步，而是要用我们过去授权的IP的成熟经验和庞大的IP矩阵做好相互赋能。比如说这个月1号，MINISO加拿大国家旗舰店盛大开业，这么优质的店铺给IP出海搭建了最好的舞台，是MINISO全球IP战略落地的关键一笔。加拿大国家级旗舰店开业首日销售，再次刷新了北美新店开业的销售记录。这么成功的开业离不开IP的助燃，现场也有悠悠的汽摩惊喜巡游，引发了热烈打卡与抢购热潮。配合这次门店开业，MINISO吉夫特寻家族首次亮相海外，造型非常软萌可爱，现场开业氛围充满快乐能量。中国IP出海不是从零开始，因为有了名创优品，而是站在巨人的肩膀上稳步成长。所以我们也很有信心，过去有名创优品全球的店铺资源，会成功地带领中国IP出海。 好的，谢谢叶总，谢谢Ethan。 好，谢谢您。 谢谢小波总的问题，谢谢Ethan叶总的分享。下面的问题来自UBS的Samuel。 Samuel。 感谢Ethan总。 好的，谢谢。也感谢Ethan总和叶总的提问的机会。然后，那我这边问题也是，就是承接刚才关于美国这边的，因为，近期的话，资本市场以及投资者们也看到说美国的这个整体的消费市场、消费环境，那，几个零售公司可能爆出来业绩都会讲到现在的环境可能会稍微弱一些。那在美国市场这样的一个情况下，不知道我们，我们看到的这个一个情况是怎么样的，比如说我们10月份的这样美国市场的一些，同店的情况是怎么样。那么在这种情况下，我们，打算如何应对呢？就是另外就是美国市场Q4这边，我们从，就是说从具体上来讲，我们如何展望，咱们今年这个，收入和利润的情况呢？ 好，谢谢Samuel。我是Ethan，我来回答您的问题。这个美国消费数据我们也看到，近期一些这个数据，高频数据，消费、消费卡的这个，这个信用卡的消费数据也比较弱，但这属于外部宏观环境的压力了。整个消费行业应该无法避免的，我们名创、MINISO要做的就努力做好自己，全力以赴。刚才我也分享了，目前我们已经做好的就是刚才我说的那三个点，为了应对holiday season，这个我们做到的那三个点，这叫提前布局、充分备货和精准的适配。目前我们已经做好了，下周开始的这个，这个，这个holiday season的这样的一些很多的装饰，完成节假日购物场景的打造，门店的备货比去年做得更好。所以我们目前预计美国在四季度的同店仍然会有低双位数的增长。那么美国整个四季度的收入的规模还是在大概50%到55%这样的一个区间，它还是很快，同店的Q3、Q4应该都是这个双位数的增长。那么Q4可能规模的增长比Q3略慢，主要就是因为我们今年其实开店的数量和节奏比去年慢了一些，但我们，我们预计，今年这个利润还是会有一个更健康的这样的一个增长的。谢谢Samuel。 好，谢谢Ethan的分享。接下来的问题来自中信的徐小芳老师。 叶总好，Ethan好，朱总好。我的问题是关于咱们自有设计师IP这块的那个，能感受到公司投资人和消费者对咱们的自有设计师IP非常的期待。想请教一下，如果我们，放眼未来三年的话，咱们的自有IP大概能做到怎样的一个体量，然后咱们会像那些IP公司那样去经营一个设计师的生态，举办一些潮玩展，组建一些社群、线上的社区，然后以及可能去投资一些二手市场吗？谢谢。 到6月底，我们已经签了9个设计师IP，到Q3签了16个。我们在积极地在全球挖掘极具有潜力的原创潮玩艺术家IP，全力打造名创潮玩的IP版图。当有一个IP跑出来的时候，它一定是指数性的增长。自有IP的体量上限，锚定的是兴趣消费的万亿级赛道。当前Z时代已成为消费主力，这一群，这一群体近2.6亿人，这仅仅是中国的消费群体，年消费规模超过¥5万亿，其中为情绪价值、情感、共鸣买单的意愿极强。而且自有IP的增长始终有风险兜底，我们是通过小单、次销和数据迭代的模式不断地测试市场反应，再根据全员反馈调整设计风格和品类。这种运营模式能让自有IP在一个非常安全的试错框架内稳步增长，规避传统IP孵化的重投入、高风险、回报难预测痛点。 谢谢叶总。 好了，徐老师，刚才那个设备有一点问题，叶总您继续。

Guofu Ye: 名创的优势是全品类覆盖、全渠道渗透、全球化布局、全链路运营。我们的门店就是一个生活乐园生态，MINISO Land、MINISO France，有自有IP形象打卡区域，在最显眼的区域放置IP形象的雕塑模型，还有开设艺术家专区，例如七宝的签售会，也有专门的产品陈列区和互动活动，例如吉夫特家族毛绒系列，大家去逛门店就能看到。而产品是IP生态中关键的环节，好的产品不仅不是消耗IP，反而是在增强IP的价值。拥有第二代指环爱神系列，销售情况非常不错，产品富有创意、创新性和可玩性，二创属性拉满。营销方面，名创毛绒鞋、吉夫特裙、人偶表演助力开店活动，我们在门店收银区放置屏幕上，也有播放我们吉夫特家族的可爱卡通短剧，增强IP曝光度以及强化IP的个性和形象。 好的，谢谢叶总的分享，谢谢小芳老师的问题。接下来的问题来自CICC润博。润博你好，请发言。 润博您已经解除静音了，现在应该可以听到您的声音。 那我们可以先暂时进入下一个提问的分析师。下一个提问来自华泰证券的石迪。石迪你好，可以听到吗？ 请问可以听到吗？ 可以。 好好好，叶总好，Ethan总好，感谢这个提问机会。那我这问题其实主要是关于咱们国内业务这块，因为我们也看到国内的店型其实现在更加丰富，包括这个Space、Land、France还有旗舰店。所以想展望一下，就是说在后续的这个展店计划当中，这几种类型的门店大概的比例结构，然后我们这种门店多样化的这种升级类的门店和我们存量门店的这个调整升级，分别对于咱们国内业务这边的这个驱动力大概是多少，可能是这个问题，感谢。 未来会有，我们MINISO会有两种店铺模型，会不同的店型，会有不同的VI和LOGO应用，一个是乐园系店型，一个是常规店型。乐园系店型，我们的用的LOGO就是这个MINISO Space、MINISO Land、MINISO France这种乐园感。另外一种定位，这种叫定位新一线、一线和新一线商圈投资，会保持对点位的高要求，一定要有好的位置，但会利用好品牌上升期尽量增加有效的覆盖力。从不同的门店类型数量来看，更多的还是旗舰店和老店的选址优化，就是另外一种店型就是常规店。那么常规店我们用的是我们购物袋LOGO，两个LOGO红红的放在门头，所以我们有两种两大店型，两盘货、两套VI，消费者未来一看就知道，这个一个是乐园系，一个是常规系。我们那么从不同的门店类型门店的数量来看，更多的还是旗舰店和老店的优化和扩建，这是常规店。我们会充分利用好名创优品的品牌势能和溢价能力，占据优质的商业点位，循序渐进地做好我们的渠道升级。同时我们会用全球8,000家门店，也是高频消费反馈渠道，能够持续快速地给我们提供市场数据，促进我们货盘开发，进一步地给我们渠道升级和分化，打好产品成功的基础。所以我们现在这个未来，我们包括今年开始，我们的店铺店态形象、店型非常丰富，而且主要是两种乐园系和常规系，我们乐园系又分几个名字，就是Space、Land和France，未来还有Super MINISO超级名创。那么常规有常规旗舰店和小店，还有这个高铁店，就是这种快闪店。我们这样的下去的话，这个MINISO会对未来的IP战略和自有品牌的货都有清晰的概念，消费者也很清楚。那么我们的内部打法也很清楚，对IP的这个创造会营造更好的发展空间。我就讲这么多吧。 好的，感谢叶总的详细解答。 好，谢谢华泰证券的问题，谢谢叶总的分享。接下来的问题来自于中金的润博。润博您好，现在能听见吗？ 请问可以听到吗？ 可以。 好的。叶总、Ethan总，你们好，我是中金的分析师杨润博，也非常感谢这次提问的机会，也恭喜公司经营上的一个持续改善。主要可能想请教一下两个方面，第一个就是我们也的确看到名创国内业务逐渐还是有一个持续的提升，我们有了更多的大店好店，所以想再请教一下对于明年国内的一个大的业务思路，包括同店的要求，我们是否有进一步的明确。那第二个点就是刚刚其实大家也有提到海外，那当下咱们在美国以外的这些地区面对的零售环境大概是一个怎么样的表现，那我们是不是会有一些压力或者其他的反馈，那分地区的表现上是否有一些差异？以上两个问题，谢谢。 好，谢谢润博，谢谢我来回答您的问题。第一个，中国区明年同店，首先是这样，就是我们确定了中国区一定是要高质量的增长，高质量的增长一定离不开同店的增长。那么中国区今年这个中双位数，可能到Q4，可能高双位数的这样的一个增长里头，肯定是有非常强的同店在里面做支撑的。那么我们今年在内部的管理上，在KPI的考核上也引入了同店的概念，那么相信我们明年一定能够做得更好。所以现在你说讲明年的同店，这个目标还没定下来，但我们有一个目标永远不变，就是我们希望能够追求行业里头最优秀的同店水平。那关于海外这个零售，Q3海外表现的相对弱的地方，主要是第三方的代理市场，比如东南亚和拉美的地区。东南亚拉美的环境，特别是宏观环境、社会环境，有一些周期性，有一些动荡，包括货币，包括当地货币的汇率的波动、消费税的变化等等。但很健康的是，我们看到了年至今这几个季度，终端的GMV的增速是始终好于我们的出货收入的增速的。这意味着什么？说明我们终端代理商的库存是很健康的。那么2026年他们可以轻装上阵。那么我们在一些重要的市场，比如说东南亚，三季度的这个GMV已经有加速了，可能是双位数的这样的一个增长。我们也看到其他一些东南亚的一些可比的上市公司也提到了说10月份的消费环境有一定的好转，但是我们还在观察这个趋势。第三就是我们也在积极地采取一些措施，比如说货盘和渠道的调整。9月份，有很多投资人到我们的这个订货会现场，也去看过我们的订货会的金额是创了新高的，相信这个新高的订货会也会在未来的几个季度，转化成我们的收入贡献。另外我们很有信心的就是，因为我们今年在中国内地，在美国的这样的一个经验，那么印证了我们的业务能力和韧性，印证了这个方向的正确性，我们是很有信心的。海外我们分直营和代理两个业务，直营是属于我们管理的半径最先触达的市场，那反映出我们的这个，比如说敏锐的市场的感应，感应能力，快速的反应能力，高效的执行能力，这都不用讲。但代理市场，它属于总部管理半径相对来讲较远的市场，那么其渠道的升级和货盘需要做一些调整。那么我们现在已经找到一些定位到原因和方向，剩下的就交给时间，交给执行，谢谢。 好的，谢谢Ethan总的详细解答。 好，谢谢。 好，今天最后一个问题来自Jefferies的Anne，Anne您好。您可能需要就是点一下解除静音。 Hello，听到吗？ Anne，能听到。 Hello Ethan，hello叶总，想问一下，就两个小问题。第一，就是说很多客户会看到那个我们的那个股权激励的那个部分就是比较高一点。那刚才Ethan也讲了，就是说包含了一些Top Toy那边的那个股权激励，那可以跟我们分享一下，就是说这个股权激励来说，有什么一些KPI，就是之后会有怎么，会是怎么样呢？就是说这个这个季度有了之后，会不会还是持续会有？第一，这个是第一个问题。那第二个问题，是想问一下那个Top Toy那边，我们已经交了一个招股，就是这个第一稿的一个招股了，那我不知道我们的时间表是怎么样，但是就是说也想理解一下我们跟那个Top Toy那边的关系，因为其实我们有一些关联的交易，而且我们其实我们是有蛮多的一个盈利给，跟销售给那个Top Toy的，就是说上市之后，我不知道我们的跟他的那个关系是怎么样，怎么去保护我们那个MINISO方面的股东的权益，谢谢。 这个季度和下个季度的这个费用较高的主要是跟Top Toy团队的激励相关。大家也看到了Top Toy这个季度的收入翻倍，大幅超出了预期。我们相信优秀的团队在优秀的赛道，这么好赛道，配合激励能更加的充分的释放出更大的增长潜力。TT一直是名创优品的完全并表的子公司，所以名创股东也会受益于Top Toy的高增长。上市计划正在推进中，有任何进度我们也会及时公告。行业和Top Toy品牌均处于高速的发展期。Top Toy作为头部玩家，市场份额不断扩大，从用户、品类和地区等多个维度，Top Toy都能看到大量的市场机会。上市的唯一原因就是希望Top Toy能够借此更快的壮大，充分把握潮玩赛道的广阔机会。 谢谢叶总。我可能做一个很快的补充，就您提到这个问题，我们其实在内部也讨论过很久了，其实我们实在想象不到一个更好的这样的一个战略了，就是现在我们觉得名创和Top Toy这个战略是最好的。为什么？我们既能够利用名创这个全品类、全渠道、全球化和全链路运营的这样的一个优势，同时也有TT这样的一个专业的这样的一个潮玩的品牌。那么在潮玩市场，中国潮玩市场在一个快速增长、行业高景气度爆发的情况底下，我想这两个业态都非常有机会能够跑出来，在各自领域成为头部的玩家。另外您关心的这个SBC的费用，这个季度有一个多亿，下个季度到Q4还会有一个多亿，这其实是公司上市前后的一个正常的这个会计处理的这个要求。如果我们把时间翻回到，比如说名创2020年上市前后，你会看到就是我们产生的相关的这个股权激励的费用、团队激励的费用，会在上市之前一两个季度和上市之后的几个季度，去给它摊销完。所以那几个季度的这个SBC的费用会比较大的，之后就会比较小了。下个季度可能还是会跟这个季度差不多一个类似这样的一个规模的进入。谢谢。 好好了解了解，谢谢。 好的，以上就是这次业绩电话会的全部内容，非常感谢大家的参加，后续有任何问题也可以随时与我们IR团队联系。好，谢谢大家，祝大家有个美好的周末，拜拜。