MINISO Group Holding Ltd (MNSO) 2025 Q3 法說會逐字稿

Thanks for your patience, and also, welcome to join us for MINISO Group 2025 september quarter earnings results presentation. (Operator Instructions)

感謝您的耐心等待，同時，歡迎您參加名創優品集團2025年9月季度業績發表會。（操作說明）

We have already announced the 2025 September quarter performance early today, and you can also check our slides on investor relationship website. First of all, we are very happy to have Mr. Ye Guofu, the founder and the CEO, and also Mr. Zhang, our CFO, to join us for the webcast.

我們今天稍早已經公佈了 2025 年 9 月季度的業績，您也可以在我們的投資者關係網站上查看相關投影片。首先，我們非常高興地邀請到創辦人兼執行長葉國富先生以及財務長張先生參加本次網路直播。

Before we proceed, please refer to the safe harbor statement in our earnings release, and we are also going to make forward-staking statements. Today, we're going to discuss non-IFRS financial indicators today. And we have already included that into and explained that in the filings we filed to the regulators. And we also have already adjusted it with comparable indicators reported by IFRS. Otherwise noted, all the currencies in this presentation are in RMB.

在繼續之前，請參閱我們收益報告中的安全港聲明，我們也將發布前瞻性質押聲明。今天，我們將討論非國際財務報告準則（IFRS）財務指標。我們已經在提交給監管機構的文件中包含了這一點，並對此進行了解釋。而且我們已經根據國際財務報告準則（IFRS）報告的可比較指標對其進行了調整。除非另有說明，本簡報中的所有貨幣均為人民幣。

In addition, we also include financial and business slides for this presentation. (Operator Instructions) If you are using Zoom Meeting, you will be able to see the slides on the screen. And you can also check for the slides after the call on our IR website. Now let's welcome Mr. Ye to start the presentation.

此外，本次簡報還包括財務和業務方面的幻燈片。（操作說明）如果您正在使用 Zoom 會議，您將能夠在螢幕上看到幻燈片。電話會議結束後，您也可以在我們的投資人關係網站上查看投影片。現在讓我們歡迎葉先生開始演講。

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.

大家好，歡迎參加名創優品集團2025年9月季度業績發表會。本季度，集團持續保持加速成長，營收成長 28.2%，符合我們預期的高端水準。

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.

可以看到，包括同店銷售額和調整後營業利潤在內的多項關鍵指標均達到或超過了我們先前的預期，這表明我們商業模式具有韌性和成長潛力。今天，我將帶大家了解季度業績亮點，並分享我們對策略舉措的一些見解。

In September quarter, the total GMV grew by 28%, revenue increased by 28%. Same-store sales being accelerated, reaching mid-single-digit growth. Our two 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%.

9 月季度，總 GMV 成長了 28%，營收成長了 28%。同店銷售額加速成長，達到中位數個位數成長率。我們的兩大旗艦品牌 MINISO 和 TOP TOY 在第三季展現加速成長的營收動能。名創優品品牌成長了 23%，而 TOP TOY 的營收成長尤為突出，達到了 111%。

On the profitability front, the group maintained a stable GP margin of 44.7%, and the GP margin approached to RMB2.6 billion, grew by 27.6%. This quarter marked a significant milestone as our adjusted operating profit crossed RMB1 billion threshold for the first time, grew by 40.8%, reaching RMB1.02 billion. Our adjusted operating margin stood at 17.6%, show sequential improvement from Q2.

在獲利能力方面，該集團維持了44.7%的穩定毛利率，毛利接近人民幣26億元，成長了27.6%。本季標誌著一個重要的里程碑，我們的調整後營業利潤首次突破人民幣10億元大關，成長40.8%，達到人民幣10.2億元。經調整後的營業利益率為 17.6%，較第二季有所改善。

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.

接下來，我將帶您了解 MINISO 中國、MINISO 國際和 TOP TOY 的季度表現。以 MINISO 國內業務為例，營收成長了 19.3%。無論是與同期中國消費品零售總額成長 3.4%、實體商品線上零售額成長 7.5% 相比，或是與我們先前的預期相比，這一業績都非常出色。

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.

讓我特別自豪的是，這一增長來自同店銷售增長，這表明增長質量更高，更具可持續性，運營風險更低，也反映了我們不斷提升名創優品的核心運營能力。

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.

進入第四季度，同店成長依然強勁，國慶假期表現強勁，推動整個 10 月同店成長保持兩位數低點。本季度，我們在國內淨增了102家MINISO門市。截至 2025 年，我們累計淨增門店 21 家。

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.

我們的加盟店數量首次突破了1100家。今年年初以來，我們的加盟網絡迎來了擁有各種突破和資源的新合作夥伴，這不僅提升了 MINISO 加盟系統的規模，也提升了其商業生態系統的成熟度。

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.

名創優品中國業務表現顯著優於整體消費市場，從根本上推動了我們系統化營運能力的提升，以第三季度「名創優品快樂假日購物」活動為例。根據假日和週末期間多個類別的綜合數據分析，我們預測玩具將是表現彈性最大的類別。

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.

因此，從早期產品開發到庫存計劃，我們為玩具類別分配了充足的資源和產能，我們也充分利用了夏季銷售旺季。

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.

在中國市場，我們在PoPark門市開幕前，搶佔了頂級購物區的黃金地段，避開了夏季客流高峰期。對於我們的常規門市，從創意陳列到促銷材料的視覺呈現，都與季節氛圍和核心產品亮點緊密結合，實現了端到端的客製化營運。

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.

結合8月TNT品牌代言公告，我們最終制定了強而有力的策略，包括選擇合適的管道、合適的時機、合適的產品和合適的行銷方式，最大限度地發揮了夏季玩具品類的成長潛力。

Turning to our international markets. In Q3, revenue exceeds RMB2.3 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.

轉向我們的國際市場。第三季營收超過人民幣23億元，成長28%。本季度，我們的國際 MINISO 門市網路淨增 170 家，今年迄今淨增 306 家。

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 US 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.

我們最大的國際市場——美國，實現了超過 65% 的收入成長，同店銷售額也實現了兩位數的低成長，超出了我們的預期。我們在美國的營運舉措持續加強並穩定了我們的長期成長，並持續提高新店成功率、品牌知名度以及在多個維度上的消費者留存率。

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.

從今年開始，我們將實施門市擴張委員會制度和集群式門市開設模式，在不同地點同時開設多家門市。這其實可以提高管理效率，而且，透過極大的品牌曝光度，還能吸引消費者的極大關注。

Year-to-date 2025, new member acquisition in US market have grown by 100%. By progressively building bidirectional communication channels with consumer, we enable the companies to more precisely understand the consumer preference.

截至 2025 年，美國市場新會員數增加了 100%。透過逐步建立與消費者的雙向溝通管道，我們能夠幫助企業更準確地了解消費者的偏好。

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.

我們的會員計畫不僅推動了營收成長，還提供了關鍵的數據洞察和消費者接點，從而進一步提高了復購率。在產品種類方面，我們的IP產品發布節奏是按季節和月份推出相同或不同的特色產品，為消費者帶來新鮮感，並促進門市活動。

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.

你可以看到，對於美容、消費性電子產品、食品和飲料等品類，主要目的是在消費者進入商店後，促進其購買購物車並再次購買。名創優品致力於打造均衡的產品組合，以實現更穩定的門市營運模式，從而滿足消費者在不同購物場合的多樣化需求。

The stronger result of the MINISO in both China and the US market are giving us tremendous confidence in both international markets. Our experience in both major markets has provided proven systematic insights across four 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.

名創優品在中國和美國市場取得的強勁成績，讓我們對這兩個國際市場都充滿信心。我們在兩大市場的經驗為我們提供了四個學科領域中經過驗證的系統性見解：優化門店選址、創建差異化門市模式、實現精準的產品通路匹配以及協調全通路市場協同效應，所有這些都有助於鞏固營運穩定性和長期增長。

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.

國際市場是名創優品實現長期發展願景的關鍵機會。我們將系統地複製和推廣我們經過驗證的營運框架到更多國家和地區。每項措施都著眼於長期的持續獲利能力，最終釋放全球市場的巨大潛力。

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, (inaudible).

TOP TOY 第三季營收成長 111%，門市數量淨增加 40 家，總數達到 307 家，其中 292 家在中國，50 家在中國以外。由於產品競爭力的提升，特別是我們專有智慧財產權的快速擴張，公司實際上取得了非常好的成長，尤其是我們的專有智慧財產權，（聽不清楚）。

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.

TOP TOY 第三季實現了中等個位數的同店銷售成長，並顯著優化了毛利率。TOP TOY 也持續提升門市展示，將專有智慧財產權轉化為更具沉浸感的體驗，並持續為我們擁有的智慧財產權和專有知識產權及品牌做出貢獻。

This quarter, we achieved two 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.

本季度，我們實現了兩個重要的里程碑。首先，我們的全球網路門市數量已經突破了 8000 家大關。我們的品牌影響力實際上已遍及全球主要市場，從亞洲到歐洲，從美洲到成熟的商業區，再到新興社區。

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 RMB5 billion threshold for the first time, while a single quarter adjusted operating profit also break through RMB1 billion mark for the first time.

我們的產品和服務正在惠及不斷擴大的消費群體，標誌著我們全球擴張的新篇章。第二個里程碑是我們的季度營收首次突破人民幣50億元大關，同時單季調整後營業利潤也首次突破人民幣10億元大關。

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.

展望未來，我們將從規模驅動成長過渡到新的發展模式，強調品質和規模並重，在高品質發展的道路上穩步邁出穩健的步伐。實現高品質發展需要策略方向和持續卓越的執行力。在過去的一個季度裡，我們的通路升級和 IP 指標策略都取得了重大突破。

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.

在通路升級方面，我們在深圳一家高級商場開設了第一家 MINISO FRIENDS 門市。FRIENDS 節目形式代表了 MINISO 頻道升級的重要創新，並具有以下特點。

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.

首先，店鋪設計和產品策劃注重IP內容的展示，創造獨特的購物體驗，並根據同步IP發布的原因制定電影上映計劃。其次，憑藉名創優品全面的品類覆蓋和多IP指標產品開發，名創優品已成為精選購物中心的龍頭租戶，因此我們能夠享受優越的地理位置、優惠的租賃條款以及購物中心運營商提供的更多營銷支持。

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.

第三，MINISO FRIENDS 商店定位為中小型購物中心的輕奢商店，代表了 MINISO 集團的策略管道細分舉措。關於自有知識產權，截至 2025 年 11 月，我們已經與 16 位流行玩具藝術家簽訂了知識產權合同，構建了一個豐富多元的自有知識產權組合，從而提升了我們核心目標的知識產權價值。

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.

我們在潮流區的首位藝術家已在廣州北京路Play Grand商店亮相。透過三樓指定區域的全面場景化改造，我們精準地融入了我們頂級玩具IP的獨家鳥瞰視角。

The competitive island area generated a sales performance exceeding a typical store's entire monthly sales result in just two weeks. Furthermore, we created atmospheric installations and interactive elements that align the IP character personas transforming every space into extension of the IP storytelling.

這個競爭激烈的島嶼區域在短短兩週內就創造了超過普通商店整個月銷售額的銷售業績。此外，我們還創造了氛圍裝置和互動元素，使 IP 角色形象與空間相契合，將每個空間變成 IP 故事的延伸。

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.

當消費者進入這種沉浸式商店環境時，他們不僅能體驗到我們系統中人物的魅力和敘事的深度，還能透過實驗性的接觸點加深對IP的理解和情感聯繫，從而促進從產品購買到IP親和力的有效傳遞，加強消費者與IP之間的情感紐帶。

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.

我相信從長遠來看，名創優品在品類架構和智慧財產權組合方面的核心競爭優勢將變得越來越明顯。地緣政治和宏觀經濟的不確定性對所有公司都是普遍存在的挑戰。

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.

我們在這方面已經做好了充分的準備。名創優品擁有業界最均衡、最多元化的智慧財產權組合，其智慧財產權資產涵蓋國際知名的授權IP、國內原創內容以及多個開發方向的自有智慧財產權。

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.

我們廣泛的品類覆蓋範圍能夠快速進行產品分類，並可根據季節性需求調整商品陳列。更重要的是，我們也具備精準把握新興趨勢和端到端通路控制能力，使我們的營運更能適應市場變化。

Looking to the future, MINISO will capitalize on the expansive opportunities with lifestyle consumption sector, driving high-quality performance through continued strategic evolution.

展望未來，名創優品將充分利用生活風格消費領域的廣大機遇，透過持續的策略演進，推動業績的高品質成長。

That conclude my remarks. I mean, next, I will turn the floor to Eason, who will walk you through our first three quarters' financial performance, please.

我的發言到此結束。接下來，我會把發言權交給伊森，請他為大家介紹我們前三個季度的財務表現。

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.

好的。謝謝。大家好。歡迎參加我們九月季度財報發布會。您眼前這份精彩的成績單，實際上展示了我們如何利用靈活性和高品質成長來應對未來的發展。

So first of all, let me help you to review our performance against our guidance. There are four 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.

首先，讓我來幫您回顧一下我們的業績與預期目標的比較。我們從收入、同店銷售收入和調整後營業利潤等方面為您提供四個指導。我們達到了獲利目標。在那裡，您可以看到有關收入增長指導的實際資訊。對於同店銷售成長，我們給出的預期是較低的個位數成長，但最終實現了中等個位數成長。但我想和你們分享幾點。

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.

對於 MINISO 中國，我們實現了同店銷售額接近兩位數的成長；同時，對於 MINISO 國際，我們也實現了中等個位數的成長。TOP TOY 也實現了中高個位數的成長。值得一提的是，我們在國際市場上的許多門市都是加盟店。

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.

這種管理模式的控制力道不如直營店。但即便在這樣的背景下，我們仍能在全球 3000 家門市實現低成長和正成長，同時，調整後的營業利潤也實現了兩位數成長，達到 50%，而我們先前的預期是，調整後的營業利潤率將逐月小幅改善。

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.

但實際上，我們實現了淨利潤，17.86%。而且降幅已經從 2.3% 縮小到 2.1%。從收入角度來看，有幾點我想提請您注意。

First of all, 28.2% of the growth with RMB5.8 billion revenue already go beyond our expectation. It's also the first time for the group's revenue to exceed RMB5 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%.

首先，營收達到 58 億元，成長 28.2%，已經超越我們的預期。這也是該集團營收首次突破50億元人民幣。我們第一季的營收成長了 80.92%，第二季成長了 23.13%，第三季成長了 28.2%。您還可以看到，我們預計第四季度營收成長將達到 25% 至 30%，繼續履行我們全年營收成長 25% 的承諾。

Well, let me also dive into our operating segments. MINISO Mainland China revenue grew by 90.3%. MINISO International growth was 27.7%, reaching RMB2.3 billion. TOP TOY revenue surged by 111.4%, reaching RMB570 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%.

那麼，接下來我也將詳細介紹我們的營運部門。名創優品中國大陸地區營收成長90.3%。名創優品國際業務成長27.7%，達到人民幣23億元。 TOP TOY營收成長111.4%，達人民幣5.7億元，遠超預期。以國內和國際細分來看，該集團在中國大陸的收入增長了 25%，在國際的收入增長了 32.9%。

We'll break down to different brands. For MINISO, as a brand with GMV close to RMB35 billion to RMB40 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.

我們將按不同品牌進行細分。對於 MINISO 而言，作為一個 GMV 接近 350 億至 400 億元的品牌，我們仍然能夠實現 23% 的營收成長。正如我之前提到的，TOP TOY 的成長超過了 111%。

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.

高品質成長離不開 SSSG。第三季度，同店銷售額表現良好，這有助於推動同店銷售額實現中等個位數成長，其中，第三季名創優品中國大陸同店銷售額實現了高個位數成長。

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.

整體營收成長率接近 20%。10 月同店銷售持續保持強勁成長勢頭，實現了兩位數的低成長，而國際同店銷售成長則為個位數的低成長。北美、歐洲等策略市場表現出卓越的同店銷售業績。

US 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.

美國和加拿大第三季的同店銷售額也實現了兩位數的低成長。而 TOP TOY 的同店銷售額則實現了中等個位數的成長，符合我們的預期。取得進步是因為我們抓住了具有策略意義和高潛力的產品類別，並獲得了多個銷售機會。

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.

我們也優化了產品種類。我們利用直接採購和國際市場，提高了商品美元產能，同時，我們始終專注於產品，與一線營運協調，加強精細化的產品組合管理，進行客製化產品開發，並打造一些常年暢銷產品。

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.

更重要的是，我們重視季節性和假日的商機。我們組織了以節日和IP為主題的快閃店，以刺激銷售業績。我們直接營運的市場距離我們的總部管理範圍最近，也是我們的策略和調整最先生效的地方。

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.

國內市場是我們規模最大、最成熟，但也競爭最激烈的市場。在中國競爭如此激烈的市場中實現同店正成長，不僅驗證了我們所採取措施的有效性，也反映了我們快速的市場反應能力和強大的執行力。

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 US.

透過通路和門市形式的差異化，我們不斷探索同店效率的極限，不斷開拓長期的門市擴張機會。在美國等我們的策略性直營市場，同店業績也表現優異。

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.

商店是最小的盈利單位，就像人體銷售一樣。追求高品質成長需要對門市模式進行精細優化，而不僅限於傳統的商場門市。我們也積極考察廣場店。

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.

我們運用科學的決策方法，有選擇地開設門市、集群式門市，並優化門市人員配備，不斷優化門市的獲利能力，使最小的利潤單位也能充分發揮潛力，推動未來的高品質成長。

We are very happy to see that for our international directed operating stores, including US and Canada, show significant YoY improvement in operating profit margin in Q3. We plan to first extend our China-US success experience to Southeast Asia market in 2026. We will be in Southeast Asia market for nearly 10 years.

我們非常高興地看到，包括美國和加拿大在內的國際直營門市在第三季實現了顯著的年營業利潤率成長。我們計劃於 2026 年首先將我們在中美市場的成功經驗推廣到東南亞市場。我們將在東南亞市場經營近10年。

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.

像印尼這樣的市場每年都會為公司貢獻可觀的利潤。然而，隨著當地宏觀經濟下滑和社會動盪，我們也面臨一些營運挑戰，特別是需要升級通路產品種類、組織和泰國業務改進。

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.

市場優化方面，我們今年已經觸底。這將是我們 2023 年策略的重點，我們非常有信心在這些市場取得與 2025 年在中國取得的成就類似的成功。本季毛利率為 44.7%，去年同期為 44.9%。

Looking at the first nine 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 four years.

展望 2025 年前九個月，毛利率為 44.4%，去年同期為 44.1%。我還提到，我們的毛利率已從 2021 年的 27% 攀升至目前的 44%，四年內增加了 70 個百分點。

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.

這項改善首先源自於國際收入的持續成長，以及智慧財產權策略的升級和有效執行。隨著國際化經營業務的持續擴張以及季度間品類結構的調整，季節性波動在所難免。

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.

展望未來，我們將繼續致力於平衡產品價格和銷售量。對於智慧財產權產品，我們將堅持產品創新和性價比。對於非智慧財產權產品，我們將專注於產品獲利能力和性價比，在維持整體毛利率的同時，以實現更好的銷售表現。

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 RMB176 million, significantly increased compared with the previous period, primarily due to the TOP TOY equity incentives plan.

本季度，扣除股權支付費用和激勵措施後，我們的SBC成長了33.7%，佔營收的27.6%。值得注意的是，股權激勵（SBC）總額達人民幣1.76億元，較上期大幅成長，主要原因是TOP TOY的股權激勵計畫。

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.

不包括 SBC 的銷售費用增加了 36.5%。第三季度，由於我們在國際市場營運門市的投資（包括勞動成本、租賃、折舊和優化）成長了 40.7%，因此成長幅度較大。你可以看到，第一季這個數字是 71.4%，第二季是 56.3%。

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.

因此，您可以看到，直營店的銷售費用成長明顯放緩，同時，由於我們不斷改善營運和嚴格的費用管理，直營店的收入成長比相關費用的成長率高出近 70%，且相關費用的成長率顯著放緩。

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 RMB146 million this quarter, which has been included from the non-IFRS financial metrics.

接下來，我也想談談YH。上個季度，我們對YH的投資開始對我們的財務報表產生影響。我們採用權益法對這些交易進行了核算。YH 的投資使我們本季的淨利潤減少了 1.46 億元，這已計入非 IFRS 財務指標中。

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.

那麼，我們再來談談實際稅率吧。以國際財務報告準則（IFRS）分類，我們的實際稅率為33.9%，而去年同期為24.8%。 33.9%的稅率聽起來相對較高，但這並非實際的稅負。

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 RMB320 million. If we're excluding those impacting the nonoperating related items, our adjusted effective tax rate was 22.8%, 1% lower than last year.

這主要是由於股權激勵和 YH 虧損，根據稅法規定，這些項目不能在稅前扣除，但實際上並沒有產生所得稅減免，導致我們財務報表上的實際稅率較高。這些費用總計約人民幣3.2億元。如果排除那些影響非經營相關項目的因素，我們調整後的實際稅率為 22.8%，比去年低 1%。

Let's also talk about profitability. Adjusted operating profit grew by 40.8% and reaching RMB1.02 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.

我們也來談談獲利能力。調整後的營業利潤成長40.8%，達到人民幣10.2億元。實際上，這些都展現了我們的營運品質。經調整後的營業利潤率為 7.6%，下降了 2.1%，但與第一季和第二季相比有了很大的改善。調整後營業利益率下降是由於收入結構的改變所致。

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.

從我們各個主要業務部門來看，營業利潤率要麼持平，要麼有所提高。例如，國際化營運業務維持了較高的營業利潤率，增幅雖小但達到個位數。

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.

中國特許經營業務和國際代理業務成長停滯，但為何出現 2.1% 的下滑？主要原因是國際導向的營業收入比例持續上升。與輕資產特許經營和代理商業務模式相比，該業務的利潤率仍然存在一些差距，導致整體利潤率被稀釋。

But you can see as US 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 US directly operated business going to bless the local profit margin, but we are operating in different countries and regions.

但你可以看到，由於美國和加拿大已經採用了直接營運模式，國際營運（即直接營運）業務的營業利潤率將繼續提高，尤其是我們看到美國直接經營業務的兩位數低成長將有利於當地的利潤率，但我們在不同的國家和地區開展業務。

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.

由於區域經濟和社會環境的變化，我們不可避免地會面臨利潤波動。我們的團隊還很年輕。產能需要提升，但仍有很大的發展空間。

Q3 adjusted net profit grew by 11.7%, and adjusted EPS grew by 12.7%, adjusted EBITDA grew by 90%. The YoY also accelerated by quarter by quarter, but adjusted EBITDA margin was 23.4%. For the working capital, our inventory turnover remained robust and efficient.

第三季調整後淨利成長11.7%，調整後每股盈餘成長12.7%，調整後EBITDA成長90%。年比增速逐季加快，但調整後的 EBITDA 利潤率為 23.4%。就營運資金而言，我們的庫存週轉率保持強勁且有效率。

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 RMB7.77 billion, remained robust.

截至第三季度，MINISO品牌庫存週轉天數為87天，而第一季和第二季分別為104天和94天。您可以看到，我們的庫存效率在第三季有所提高。同時，截至9月30日，我們的現金儲備為人民幣77.7億元，維持穩健。

And our net cash flow from operating activities reached RMB1.3 billion with a net cash -- net profit to cash ratio 1.7. Capital expenditure was RMB330 million. Free cash flow was RMB970 million. In first nine months of this year, net cash flow from operating activity was RMB2.01 billion, exceeding adjusted net profit for the same period.

我們的經營活動產生的淨現金流達到人民幣13億元，淨現金與淨利比為1.7。資本支出為人民幣3.3億元。自由現金流為人民幣9.7億元。今年前九個月，經營活動產生的淨現金流為人民幣20.1億元，超過同期調整後的淨利。

Capital expenditure was RMB770 million. Free cash flow was RMB1.55 billion, demonstrate our high-quality profitability, efficient working capital management and our stable business, providing fuel for our future high-quality development.

資本支出為人民幣7.7億元。自由現金流為人民幣15.5億元，體現了我們高品質的獲利能力、高效的營運資本管理和穩定的業務，為我們未來的高品質發展提供了動力。

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 RMB3.65 billion to RMB3.85 billion in operating profit.

最後，我想帶大家來了解前景。儘管微觀消費數據面臨壓力與挑戰，但我們仍有信心實現全年業績目標，全年營收成長25%，營業利潤達到人民幣36.5億元至38.5億元。

We see Q4 revenue grow by 25% to 30%, with China and US same-store sales achieved double-digit growth. For the full year, we expect the China and the US same-store grow by a mid-single-digit number. We expect Q4 operating profit will register double-digit YoY growth. Operating profit margin will still decline due to the revenue structural changes, but the decline would be modest, close to Q3.

我們預計第四季營收將成長 25% 至 30%，其中中國和美國的同店銷售額將實現兩位數成長。我們預計全年中國和美國同店銷售額將實現中等個位數成長。我們預計第四季營業利潤將實現兩位數年增。由於收入結構變化，營業利潤率仍將下降，但下降幅度不大，接近第三季水準。

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.

北美即將進入購物旺季。中國第四季將持續保持快速成長。即使東南亞宏觀經濟持續疲軟也可能帶來一些影響，但我們的全球業務佈局將分散我們的營運風險。我們將繼續與資本市場溝通，說明進展和預期目標。非常感謝。

Thank you. Let's now move into Q&A session.

謝謝。現在進入問答環節。

(Operator Instructions) First of all, let's welcome Michelle to raise a question, please.

（操作說明）首先，請Michelle提問。

Congratulations on the company's high-quality performance in September quarter. I have two questions. My first question is regarding domestic MINISO business. From the macro perspective, since Q2, despite consumption slowdown, we still see that MINISO's same-store sales and overall revenue growth continue to be accelerated. Particularly, we noticed the company seemed to have accelerated the rollout of the new store format.

祝賀公司在九月季度取得了優異的業績。我有兩個問題。我的第一個問題是關於MINISO在國內的業務。從宏觀角度來看，自第二季以來，儘管消費放緩，但我們仍然看到名創優品的同店銷售額和整體收入成長持續加速。尤其值得注意的是，該公司似乎加快了新門市模式的推廣。

For example, Chairman Ye mentioned the MINISO FRIENDS as a new format. In your previous interview, Chairman Ye, you also mentioned you are going to renovate 80% of your domestic stores. Can you share with us the current progress of those store renovation, the targets? What about the unit economies? Anything you can share with us? This is actually my first question regarding domestic MINISO stores.

例如，葉會長提到了 MINISO FRIENDS 作為一種新形式。葉董事長，您上次接受訪問時也提到過，您將翻新國內80%的門市。能否向我們介紹一下這些門市翻新工程目前的進度和目標？單位經濟效益如何？有什麼可以跟我們分享的嗎？這其實是我對日本國內MINISO門市的第一個問題。

And I also have another question regarding international outlook. Just now, Eason walked us through the Q4 outlook. Is it possible for you to elaborate on that because Q4 is always a peak season. Last year, we saw some adjustment. While for this year, enter into Q4 peak season, is there something worth noticing regarding inventory preparations, marketing, store operations? Can you share your work on the next year international strategy planning? Those are the two questions I have.

我還有一個關於國際視野的問題。剛才，伊森向我們介紹了第四季的展望。能否詳細說明一下？因為第四季歷來都是旺季。去年我們看到了一些調整。今年第四季是銷售旺季，在庫存準備、行銷、門市營運上有哪些值得注意的地方？能否分享一下您明年國際戰略規劃的工作？這就是我的兩個問題。

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.

我們正在擴建空間。我們將店家從小升級到大，擁有更大的店面和更好的展示空間。規模較大的商店擁有更大的展示空間和更大、更吸引人的陳列，確實能為消費者提供更好的體驗。我們希望為更多消費者帶來美好的購物體驗。

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.

此外，開設大型門市的進入門檻更高。只有名創優品豐富的智慧財產權組合和品類優勢才能真正支撐大型門市模式。如果你沒有足夠的智慧財產權和產品類別，你就無法滿足大型商店的需求。

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.

我們的 2025 年通路優化取得了初步成功，我們已經累積了系統的方法和經驗。然而，目前優化後的店鋪數量還不多。未來幾年，我們將積極規劃和實施門市優化工作，希望明年能優化更多門市。店鋪翻新工程將循序漸進地進行。我們不會急於求成。

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.

最重要的是，我們需要選擇合適的地點。許多現有門市的利潤率已經很不錯了。我們將根據租賃協議和新店選址情況來推進我們的策略。

Thank you, Michelle. Let me just give a few updates. In the first three 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.

謝謝你，米歇爾。我來簡單報告一下最新情況。前三個季度，我們已經搬遷、擴建和優化了 200 多家門市。優化後的樣店顯示出顯著的店鋪效率提升，保持了健康的每平方米銷售額，租金與銷售額之比下降了個位數。

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.

這有助於提升業績，同時實現公司和加盟商的雙贏。雙方都從優化後的門市中獲得了收入和利潤的成長。店鋪優化將成為我們通路拓展工作的常規組成部分。

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. Five categories each exceed RMB100 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.

關於第四季的展望，我想和大家分享幾點。我認為9月的訂購大會非常成功，訂單量創歷史新高。五個類別的訂單額均超過人民幣1億元，所有專業板塊都打破了歷史紀錄。類別劃分非常明確。對於智慧財產權商品，我們擁有強大的創新視野；對於物有所值的產品，我們不斷提升成本和價格競爭力。

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.

此外，我們的國際化、在地化的智慧財產權設計和類別實施已經得到了改進。例如，10 月在新加坡推出的米奇魚尾獅限量版，是機場商店獨家發售的，與通路和商品完美搭配。

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.

本產品具有極高的稀缺性和差異化優勢。它實際上創建了一個新的單店記錄。我們的執行代表甚至在機場被遊客要求借用護照，以便他們可以購買更多米奇魚尾獅產品。從最初的市場洞察到創意設計，再到物流支援和整合行銷，每一步都緊密合作，展現了IP商品商店營運和行銷能力的整合。這是一個非常優秀且可複製的IP營運模式。

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 US market over the past years give us strong confidence in international market growth potential.

以上內容展示了智慧財產權合作夥伴在整個價值鏈（包括通路、產品、營運、設計）上更深入的合作。本月，《瘋狂動物城》電影將在全球上映。昨天，Zotopia 的負責人也對我們透過編織自己設計的產品在 MINISO 快閃店給予了非常好的評價。我們對長期的國際機會依然充滿信心。名創優品過去幾年在中國和美國市場的成就，讓我們對國際市場的成長潛力充滿信心。

The practice in the two 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.

在兩大主要市場的實踐為我們提供了經過驗證的系統性見解，優化了門市開設決策機制，創造了差異化的門市模式，更準確地說，實現了產品通路匹配和全通路行銷協同效應。

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.

國際市場是名創優品長期成長的核心潛力領域。這些經過驗證的、系統化的、可操作的框架將逐步複製並推廣到更多國家和地區，每一步都以長期可持續盈利為中心。最終，我們將能夠穩定地釋放巨大的全球市場機會。

Lina, HSBC.

莉娜，匯豐銀行。

Can all of you hear me?

你們都能聽到我說話嗎？

Yes, please.

好的，謝謝。

Hi, Eason and Mr. Ye, congratulate on company's IP strategy success. I have a question to you. I know that IP means a lot for your same-store sales growth. There are some pulse-like growth where we know that for many of the investors, we really would like to know how sustained your growth would be when you just do IPO?

伊森先生和葉先生，祝賀公司智慧財產權策略取得成功。我有個問題想問你。我知道智慧財產權對你的同店銷售成長意義重大。有些成長呈現脈衝式，我們知道，對許多投資人來說，我們真的很想知道，如果公司進行IPO，成長能否持續？

Your product category are quite similar to Muji. But how are you going to comment on the non-IP product, especially from the existing suppliers? For example, if you're going to benchmark with Muji, Muji also registered a very good growth in China for the past few quarters, I'd like to ask you, how sustainable the growth would be? What are those categories that are going to register sustained growth in the near future? What would be your plan?

你們的產品類別和無印良品非常相似。但是，您打算如何評價非智慧財產權產品，特別是來自現有供應商的產品？例如，如果以無印良品為標桿，無印良品在過去幾季在中國也取得了非常好的成長，我想問的是，這種成長的可持續性如何？哪些類別在不久的將來會保持持續成長？你的計劃是什麼？

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.

我們可以看到，在消費者的概念中，最重要、最好的就是興趣驅動型消費。您也可以看到，最有發展前景的也是利息驅動型消費。消費者不再只是追求產品的功能性貢獻，而且重視產品背後的美感身分、社會標籤、體驗和精神滿足感。那將是消費者的最終追求。

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.

展望未來，消費者將為激情買單，為情感買單。這種由興趣驅動、情感連結的消費需求具有更高的黏性和黃金空間，並且正在成為公司駕馭市場格局和建立差異化競爭力的核心槓桿。

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, (inaudible), toys and snacks, along with the mature multi-category product development capacity, which are a great way to support our IP strategy implementation.

IP轉型並非放棄我們現有的品類優勢，而是IP加上核心品類優勢，推動我們10年來累積的經驗釋放更大的價值。我們的供應鏈資源涵蓋家居用品、化妝品、文具、（聽不清楚）、玩具和零食，以及成熟的多品類產品開發能力，這為我們實施智慧財產權策略提供了極大的支持。

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.

名創優品在全球擁有非常獨特的商業模式。IP賦能不僅是針對單一暢銷產品，而是針對整個應用場景的全面滲透。我們產品開發能力的關鍵在於了解品類，並且更能理解智慧財產權如何賦能品類，而不是僅僅印上一個標誌。

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 (inaudible) store.

例如，自 11 月以來，MINISO 的季節性產品成長非常迅速，毛絨襪子、圍巾和手套吸引了並轉化了 IP 帶來的流量。我們最初的重點類別是表演（聽不清楚）商店。

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.

家居用品、化妝品和文具等必需品類為我們帶來了穩定的流量和重複購買，其中知識產權是增長的催化劑，透過合作和相同的銷售規則增強了產品設計的吸引力，並引領了品牌發展。

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.

我們也可以利用IP的流行度來提升核心品類的銷售量。該模型非常獨特，因為單一 IP 品牌缺乏多品類供應鏈支持，因此難以全面涵蓋各種場景。傳統一般商品品牌缺乏成熟的智慧財產權開發和營運能力，但我們10年來累積的多品類供應鏈以及智慧財產權整合開發能力，使智慧財產權能夠迅速滲透到高頻消費場景中，關鍵品類可以利用智慧財產權突破成長瓶頸。

Ultimately, forming a healthy growth structure of having essential category men traffic and category boost to profit.

最終形成一個健康的成長結構，擁有必要的品類流量和品類提升，以實現利潤成長。

Mr. Wei, Xiaopo, Citi.

魏小坡先生，花旗。

Can all of you hear me? Yes, great. My first question is quite forward-looking. Just now, I see Eason has already provided the guidance for the Q4 performance. As Eason, you are quite conservative about the guidance, so I think I don't have any doubt on that.

你們都能聽到我說話嗎？是的，太好了。我的第一個問題具有前瞻性。剛才我看到怡安已經發布了第四季業績預期。身為伊森，你在指導方面相當保守，所以我認為我對此沒有任何疑問。

But a question I may have is that US business has a strong Q4 seasonality, where Q1 in 2026 will see seasonal declines. In your prepared remarks, you also mentioned you are improving your operational efficiency to buffer the seasonality impact. Is it possible for you to share with us from Q4 2025 to Q1 2026, whether the so-called seasonal decline trend would be similar to last year or narrow down compared with same period of last year? This is my first question.

但我可能有一個疑問，美國商業的第四季季節性波動很大，而 2026 年第一季將會出現季節性下滑。在您事先準備好的演講稿中，您還提到您正在提高營運效率以緩衝季節性影響。您能否告知我們，從 2025 年第四季到 2026 年第一季度，所謂的季節性下降趨勢是與去年類似，還是會比去年同期有所收窄？這是我的第一個問題。

My next question, Mr. Ye, you mentioned about the China IP go for international market. You have already signed 16 artists. Then you're probably going to bring those IP outside China. Mr. Ye, according to your experience, in international market, for Chinese IP go for international business, how long will it take to develop them there? And whether it's going to hurt your profitability?

葉先生，我的下一個問題是，您提到了中國知識產權走向國際市場的問題。你們已經簽約16位藝人了。那你很可能會把這些智慧財產權轉移到中國境外。葉先生，根據您的經驗，中國知識產權在國際市場上進行國際業務拓展，需要多長時間才能在國際市場上發展？這是否會影響你的獲利能力？

Let me just respond to your questions regarding the seasonality of the US business. And Mr. Ye will answer the second question. I think the questions are well raised.

讓我來回答一下您關於美國商業季節性的問題。葉先生將回答第二個問題。我認為這些問題提得很好。

For the past three to four years, especially starting from 2021, and we started to work for direct operated business in US. Q1, generally speaking, is a low sales season in US. 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 US retail industry, but how we can iron out the seasonalities.

過去三、四年，特別是從 2021 年開始，我們開始在美國進行直接營運業務。一般來說，第一季是美國的銷售淡季。淡季期間，門市銷售額將比第四季旺季低 10% 至 20%。這是美國零售業的普遍做法，但我們如何消除季節性因素的影響？

One thing is store operation, where another thing is the store opening. You can see that our US 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.

店鋪營運是一回事，店鋪開業又是另一回事。你可以看到，我們美國門市的顧客體驗非常好。一個關鍵的結論是，在去年的第四季度，你必須確保你的門市做好充分的準備，迎接即將到來的挑戰。

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 three quarters of every year. For example, in 2026, when I tell you how many stores we're going to have in US.? 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 US.

今年第四季度，我們將做好所有門市的準備工作，明年第四季不會開設新店，以確保每年前三個季度所有門市都能正常運作。例如，當我告訴你2026年我們在美國將擁有多少家店時，你會怎麼想？我們需要確保至少一半承諾的門市已經簽訂了合約。這在美國零售業也是常見的做法。

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 US and the European market, they do have a very strong seasonality and the festival attributes. This is something we can work on.

2026 年第一季度，我們預計門市數量將大幅成長，以消除季節性因素對規模的影響。另一方面，就業務運作而言，我們不會刻意消除或平衡季節性因素，而是順應趨勢，因為零售的本質在於捕捉和滿足消費者的需求。對於美國和歐洲市場而言，它們確實具有非常明顯的季節性和節日屬性。這是我們可以努力的方向。

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.

對於消費者而言，他們在不同的季節會有非常不同的需求。例如，黑色星期五就要來了。現在是消費者消費的旺季，消費者的消費意願也達到了頂峰。我們已經做好庫存準備。我們已經對供應鏈進行了最佳化，確保有足夠的庫存來滿足消費者在購物節期間的需求。

And you can see in US, 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.

在美國，第四季仍將保持良好的成長動能。我們不會因為第四季與明年第一季有季節性差異就放棄這個絕佳的成長機會。我們將利用季節性紅利，透過良好的行銷、季節性管理以及策略性庫存建設，將季節性波動轉化為我們業務的典範。

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.

這樣我們才能尊重市場，並且能夠持續專注於零售業的發展。由此可見，MINISO品牌的中國IP在海外一定會充分利用我們的獨特優勢，不會讓中國IP孤軍奮戰。

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.

我們將利用我們過去在智慧財產權授權方面的經驗和龐大的智慧財產權組合，實現互利共贏。例如，本月1日，MINISO加拿大國家旗艦店將盛大開幕。這樣一家黃金地段的門市為智慧財產權走向海外提供了最佳舞台，代表著名創優品全球智慧財產權策略的一個重要里程碑。

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 (inaudible) surprise, triggering people to check in and purchase the product.

加拿大國家旗艦店開幕首日銷售額再次打破北美新店開幕銷售紀錄。如此成功的開幕離不開智慧財產權催化劑。活動以（聽不清楚）驚喜為特色，促使人們簽到併購買產品。

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 zero.

配合本店開業，我們贈送的泰迪熊家族以非常可愛迷人的設計首次亮相海外，為開業氣氛增添了歡樂和活力。中國知識產權進軍國際市場並非從零開始。

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.

它站在巨人的射手之上——為了穩定成長。我們完全有信心利用我們在全球的門市資源和非常成功的經驗，將中國智慧財產權推廣到國際市場。

Samuel, UBS.

Samuel，瑞銀集團。

I have a question also concerning US market. Recently, no matter for the capital market or investors, we find out the US consumer market has been relatively weakened recently and especially the performance of the retail market in US was not looking right.

我也有一個關於美國市場的問題。最近，無論是資本市場或投資者，我們都發現美國消費市場近期相對疲軟，尤其是美國零售市場的表現並不理想。

I would like to ask you, what do you see in the US market, especially in October, what would be the SSSG in US? In that way, how you're going to find your own measures? And also, for US market, specifically, how we're going to look into a full-year revenue and profit guidance for US market?

我想請教您，您如何看待美國市場，特別是10月的美國市場，您認為美國的SSSG會是多少？這樣一來，你又該如何找到自己的衡量標準呢？另外，具體到美國市場，我們將如何展望美國市場的全年營收和利潤預期？

I'm Eason. Let me just respond to your question. US, indeed, we see some of the high-frequency consumption data, especially credit data consumption from the US was quite weak. But it was actually external macro environment pressure that it cannot be avoided.

我是伊森。讓我回答一下你的問題。確實，我們看到一些高頻消費數據，特別是來自美國的信貸數據，消費情況相當疲軟。但實際上這是無法避免的外在宏觀環境壓力。

What we can do is to strive to be the best of ours and give our all. I have already mentioned to you the three strategies being mentioned. For example, the thing was to take care of the holiday, early preparation, sufficient inventories and good adoptions.

我們能做的就是努力做到最好，全力以赴。我已經向你們提過這三種策略。例如，關鍵在於妥善安排假期，提前做好準備，儲備充足的物資，並採取良好的措施。

Now, we have already been prepared for the decorations ahead of the time, finished creating holiday shopping experience. And the store inventory is more abundant than last year. We expect that the US Q4 revenue growth would be a low double-digit growth, where for Q4 revenue growth would be 50% to 55%. The same-store growth will be low double-digit growth.

現在，我們已經提前做好了裝飾準備，營造了節日購物體驗。而且商店庫存比去年更充足。我們預計美國第四季營收成長將達到兩位數低水平，第四季營收成長將達到 50% 至 55%。同店銷售額成長將為兩位數低段。

Well, for Q4, I think the scale growth would be slower than Q3. It's because we are slower than last year for numbers of the stores opened and the cadence, but still, the profit is going to generate a healthy growth. Thank you, Samuel.

我認為第四季的規模成長速度會比第三季慢。這是因為我們今年的門市開業數量和節奏都比去年慢，但即便如此，利潤仍將實現健康成長。謝謝你，塞繆爾。

Xu, Xiaofang, Citic.

徐曉芳，中信。

I have a question regarding your proprietary designer IP. I can surely feel the company investors and the consumers have a high expectation of a proprietary designer IP. Looking to the next three years, how the designer and the proprietary design IP may look like? Are you going to have a designer ecosystem organizing the trendy toy communities exhibitions, where you invest in the secondhand market?

我有一個關於貴公司專有設計智慧財產權的問題。我完全可以感受到公司投資者和消費者對專有設計師智慧財產權抱有很高的期望。展望未來三年，設計師和專有設計智慧財產權可能會發展成什麼樣子？你們打算建立一個設計師生態系統，組織潮流玩具社群展覽，並投資二手市場嗎？

By end of June, we have already signed nine 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.

截至6月底，我們已經簽署了九項設計師智慧財產權協議。到第三季度，我們簽下了 16 人。我們正積極主動在全球發掘極具潛力的原創玩具藝術IP，努力打造MINISO潮流玩具IP格局。當一個IP爆紅時，它一定會呈現指數級成長。專有智慧財產權數量的上限與萬億美元級的興趣消費市場掛鉤。

Generation Z has already become the key consumption force, close to RMB260 million of them, and their annual consumption would be more than RMB5 trillion, and they are happy to pay for emotional value. And -- but at the same time, proprietary IP growth always have the risk backstops.

Z世代已成為主要的消費力量，人數接近2.6億人民幣，每年消費額將超過5兆元人民幣，而且他們樂於為情感價值買單。但同時，專有智慧財產權的成長總是有風險保障的。

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.

我們透過小批量試銷資料迭代不斷測試市場，但會根據市場需求和回饋調整我們的設計風格和產品類別。這種模式允許專有智慧財產權在非常安全的試誤框架內穩步發展，避免了傳統智慧財產權孵化過程中高投資、高風險和不可預測的回報等痛點。

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.

我們將繼續。而對於名創優品來說，我們擁有巨大的優勢：品類全面覆蓋、全通路滲透、全球佈局、全通路營運。我們的門市本身就是主題樂園生態系統。

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.

名創優品樂園和名創優品朋友設有專有IP角色的結帳區，並將IP角色的雕塑模型放置在最顯眼的位置。我們還有像柴犬簽名會這樣的觀眾區。

And we also have the dedicated product display areas and interactive activities like the gifted bear family plush (inaudible) 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.

我們也有專門的產品展示區和互動活動，例如您在參觀 MINISO 門市時可以看到的贈送的熊家族毛絨玩具（聽不清楚）。在知識產權生態系統中，產品至關重要。好的產品不會消耗智慧財產權，反而會提升智慧財產權的價值。

Yu Yu second-generation ring (inaudible) 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.

Yu Yu 第二代戒指（聽不清楚）憑藉產品創新和最大限度地發揮二次創造屬性，銷售業績優異。在行銷方面，MINISO毛絨玩具節贈熊吉祥物參與了支持門市開幕的活動，門市收銀台的螢幕上播放著可愛的贈熊一家卡通短片，以雪景的形式展現，這有助於提升IP曝光度，強化IP個性和形象。

Runbo, CICC.

Runbo，中金公司。

Maybe we will move to our next analyst first.

或許我們會先聯絡下一位分析師。

Shi Di, Huatai Securities.

施迪，華泰證券。

Yes. My question is regarding your China business. I find out your store format is more in retail, including the SPACE, LAND, and FRIENDS stores and flagship stores. And can you break down on the appropriate proportion structures of different store types in sequential expansion plans? And for your store renovation and upgraded stores, how it's going to drive your domestic business growth?

是的。我的問題與貴公司在中國的業務有關。我發現你們的店家模式更偏向零售業，包括 SPACE、LAND 和 FRIENDS 等品牌的店家以及旗艦店。您能否詳細分析一下在分階段擴張計劃中不同類型門市的適當比例結構？那麼，您的店鋪翻新和升級將如何推動您的國內業務成長？

In the near future, we're going to have two 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.

在不久的將來，我們將推出兩種類型的門市模式，不同的模式將有不同的虛擬體驗和標誌。第一個是仙境和常規商店——我們利用有意義的空間、有意義的土地和有意義的土地為人們提供仙境體驗。

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.

但同時，我們也有常規門市，對高線城市和新興城市進行基準測試，要求選址優越，以確保門市能夠覆蓋盡可能多的客流量。

Looking at the quantities and different store types, more will still be the flagship stores and existing store location optimization expansion, where we have two logos for the regular stores. We have two store types.

從數量和不同的門市類型來看，更多的是旗艦店和現有門市位置優化擴張，而我們為普通門市設計了兩個標誌。我們提供兩種類型的門市。

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.

當消費者來到我們的門市，看到我們的外觀設計，他們一定會明白哪些是 MINISO LAND、FRIENDS 和 SPACE，哪些是一般門市。同時，我們也可以看到——我們將繼續推進旗艦店和門市的翻新，利用我們的品牌優勢和價格競爭力，佔據商業區的最佳位置，並不斷升級我們的通路。

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.

我們也將利用 8000 家門市，獲得良好且高頻次的消費者回饋，為我們提供市場數據，繼續推動通路升級，並為進一步提升產品性能奠定堅實基礎。所以，從今年開始，我們的門市類型將會更加多元。

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.

同時，就連 MINISO 也推出了 MINISO SPACE、MINISO LAND 和 MINISO FRIENDS 等系列。在不久的將來，我們也將推出超級名創優品（Super MINISO）。嗯，就普通商店而言，我們有普通商店、小型商店、停車場商店以及火車站商店。

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.

透過這樣做，我們將更加專注於我們的智慧財產權策略，確保我們真正推出物美價廉的產品，這將使我們的門市在消費者心中更加清晰，也將為我們的智慧財產權策略繼續引領市場發展創造良好的空間。

Runbo, CICC.

Runbo，中金公司。

Can all of you hear me?

你們都能聽到我說話嗎？

Yes.

是的。

My name is Runbo. Congratulate on the continued optimization of the company. And two questions. First of all, I see your domestic business continue to go up with more larger and well-performed stores being demonstrated. What would be your next year business development and your store number forecast?

我的名字叫潤波。恭喜公司持續優化營運。還有兩個問題。首先，我看到貴公司國內業務持續成長，開設了更多規模更大、業績更好的門市。您明年的業務發展計畫和門市數量預測是什麼？

My second question, for outside China, especially outside China, US, what would be the retail market you see now? Do you see some pressures? What will be the regional difference -- performance difference?

我的第二個問題是，對於中國以外的地區，特別是美國，您認為目前的零售市場狀況如何？你看到有壓力嗎？區域差異——即表現差異——會是什麼？

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.

我是伊森。讓我回答一下你的問題。在中國，我們已經確認，我們將在中國尋求高品質的成長，這與門市成長密不可分。在中國，我們實現了兩位數中段甚至兩位數高段的成長，這將得到同店銷售額成長的支持。

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.

今年，我們的內部 KPI 評估也引入了 SSSG，希望我們能在 2026 年提高績效。2026 年 SSSG 的目標尚未確定，但我們希望能夠擁有業界一流的 SSSG。

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.

就國際業務而言，第三季表現疲軟的國際市場是第三方代理市場，尤其是在東南亞和拉丁美洲市場。宏觀經濟存在一些季節性因素。例如，當地貨幣匯率波動以及消費稅的變化。

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.

但我們很高興看到，從一開始到現在，終端 GMV 的成長遠好於出貨 GMV 的成長。換句話說，我們的代理庫存會相當健康。即使到了2026年，他們仍然可以輕裝出遊。在一些重點市場，例如東南亞，第三季GMV已經加速成長，實現了兩位數的成長。我們也看到東南亞有一些類似的上市公司，例如10月的消費情況有所改善，但我們仍在觀察其表現。

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.

第三，我們也將積極主動調整產品組合管道。許多投資者已經參加了訂單會議，並見證了業績的新高峰。我堅信，在接下來的幾個季度裡，這些高額訂單將繼續轉化為收入貢獻。

More importantly, we are very confident that our success in US 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.

更重要的是，我們非常有信心，我們在美國和中國的成功證明了我們的商業能力和韌性。我們對此完全有信心。對於海外市場，我們有直銷和代理業務。

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.

直接銷售是我們首先可以實現的，這實際上可以展現我們關鍵的市場感知能力和快速反應能力，而代理市場在某種程度上並不容易管理好，我們正在調整產品組合和通路。我們已經找到了根本原因。讓我們留出更多時間進行後續執行，以提高效能。

Anne, Jefferies. Can you hear me?

安妮，杰弗里斯。你聽得到我嗎？

I have two questions to you. Now, you see your equity incentives plan was registered a high number. Eason also mentioned there are some equity incentives from TOP TOY included into Q3 performance. Is it possible for you to share with us regarding equity incentives plan?

我有兩個問題想問你。現在，您可以看到您的股權激勵計劃註冊數量很高。易森也提到，第三季業績中包含了一些來自TOP TOY的股權激勵。您能否與我們分享股權激勵計畫的相關資訊？

What are the KPIs inside? And how it may look like in next quarter? Will you continue to have such equity incentives in the next few quarters?

內部的關鍵績效指標（KPI）是什麼？那麼下個季度又會是什麼樣子呢？未來幾季你們還會繼續提供這類股權激勵嗎？

My second question for TOP TOY, I think your drafted prospectus has already been filed. What would be your IPO schedule for TOP TOY? What would be the relationship between you and the TOP TOY? I know you may have some related party transactions. And many of the profit and sales being given to TOP TOY.

我向 TOP TOY 提出的第二個問題是，我認為你們擬定的招股說明書已經提交了。TOP TOY的IPO計畫是什麼？你和頂級玩具之間會是什麼關係？我知道你可能有一些關聯方交易。而很多利潤和銷售都給了 TOP TOY 公司。

But once TOP TOY has been IPO-ed or spin offed, what will be the relationship between the two entities? And how can we protect the interest of the stakeholders of the MINISO?

但是，一旦 TOP TOY 上市或分拆，這兩個實體之間會是什麼關係呢？我們該如何保護名創優品利害關係人的利益？

For this quarter and the next quarter, the expenditure was relatively high due to the equity incentives plan for TOP TOY. As you have already mentioned that for TOP TOY, its revenue doubled this quarter, significantly exceeding expectation. We believe excellent team in excellent sector combined with incentives, they can release more growth potential.

由於 TOP TOY 的股權激勵計劃，本季和下季的支出相對較高。正如您之前提到的，TOP TOY 本季的收入翻了一番，大大超出了預期。我們相信，優秀的團隊身處在優秀的產業，再加上激勵機制，可以釋放更大的成長潛力。

TOP TOY has always been MINISO's fully consolidated subsidiary. So MINISO shareholders were also benefited from TOP TOY's high growth. The IPO plan is advancing now. We will inform the market when any progress being made. Both industry and the TOP TOY brand are in rapid development period.

TOP TOY 一直是 MINISO 的全資子公司。因此，MINISO 的股東也從 TOP TOY 的快速成長中受益。IPO計劃目前正在進行中。如有任何進展，我們將及時向市場通報。產業和 TOP TOY 品牌都處於快速發展期。

As a leading player, TOP TOY's market share continues expanding from user to category to region. We continue to explore the boundary. TOP TOY also see abundant market opportunities. The only reason for IPO is hoping TOP TOY can become stronger and continue to expand its business, fully capture the broad opportunities in the trendy toy market. Okay.

作為行業領導者，TOP TOY 的市場份額持續擴大，從用戶群擴展到產品類別，再到地區範圍。我們繼續探索邊界。TOP TOY 也看到了大量的市場機會。TOP TOY上市的唯一原因是希望公司能夠變得更強大，繼續擴大業務，並充分掌握潮流玩具市場的廣大機會。好的。

Let me just give one more comment for Anne. Internally, we actually made some long-term discussion. There's no better strategies to advance by having both entities, MINISO and TOP TOY, would be the best strategy. We can leverage MINISO's full category and omnichannel operation and global presence along with TOP TOY as a specialized trendy toy brands.

我再補充一句關於安妮的話。我們內部確實進行了一些長期的討論。沒有比同時擁有 MINISO 和 TOP TOY 這兩個實體更好的發展策略了，這將是最佳策略。我們可以利用 MINISO 的全品類和全通路營運以及全球影響力，再加上 TOP TOY 這個專業的潮流玩具品牌。

The trendy toy market is growing very fast with explosive growth rate. I believe both business would be able to let our business to be the top one in the dual market. You were worried about SBC expenses. It's going to be RMB100 million for this quarter and another RMB100 million for next quarter.

時尚玩具市場正以爆炸性成長速度迅速發展。我相信兩家公司都能使我們的公司在雙市場中佔據領先地位。你之前擔心SBC的費用。本季將撥款1億元人民幣，下季也將撥款1億元。

It's actually a normal accounting that after we have been IPO-ed. For MINISO, in 2020, after IPO, you can see that SBC and the team equity incentives plan, it's going to be diluted and amortized a few quarters after the IPO, and it's going to have higher IPO in the first few quarters, but going to be smaller in the next few quarters.

實際上，這是我們上市後正常的會計處理方式。對於 MINISO 而言，在 2020 年 IPO 之後，你可以看到 SBC 和團隊股權激勵計劃，將在 IPO 後的幾個季度內被稀釋和攤銷，並且在最初幾個季度會有較高的 IPO 收益，但在接下來的幾個季度會降低。

Ladies and gentlemen, we conclude the earnings call for 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.

女士們、先生們，我們九月季度的財報電話會議到此結束。非常感謝您的參與。如有任何後續問題，請聯絡我們的投資者關係團隊。祝你周末愉快。謝謝。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄稿中的英文陳述是由現場通話中的口譯員翻譯的。本次活動的翻譯人員由活動贊助公司提供。