A：The group's same-store sales posted a mid-single-digit growth, with Miniso China achieving a high-single-digit growth, and Miniso overseas seeing significant changes in a year-on-year comparison with low-end growth. Meanwhile, Top Toy achieved growth from mid- to high-end. Among over 3,000 stores globally, maintaining low-end positive growth in same-store sales is very challenging. After adjustments, operating profit saw a double-digit growth, reaching 15%.

A：The adjusted operating profit margin is actually 17.6%, a year-on-year decrease from the previous quarter's 2.3 percentage points to 2.1 percentage points, better than expected.

A：The group's revenue continues to grow, with a year-on-year growth rate of 23.7% from the beginning of the year to the third quarter, and it is expected that the revenue growth in Q4 will be in the range of 25% to 30%. Among them, revenue in mainland China increased by 19.3% year-on-year, overseas revenue grew by about 28% to 2.3 billion, Top toy revenue increased by 111% year-on-year to 0.57 billion, all exceeding previous expectations and guidance.

A：As a brand approaching a GMV of around 350 to 400 billion, Mini brand achieved a 23% revenue growth this quarter; Top toy brand achieved a growth of 111%. The performance of each business segment in the same store was excellent, especially in the mainland of China where Mini's same-store year-on-year growth reached a high-end level, with an overall scale growth close to 20%.

A：The store's growth is benefited from timely grasping strategic product categories and high-potential multi-sales opportunities, optimizing shelf space in overseas markets, and improving supply chain capabilities and product data capabilities through direct procurement. At the same time, strengthening the linkage between products and frontline business, refining the operation of shelf space, creating regular hot-selling products, and attaching importance to holiday operations.

A：In the direct sales market, both mainland China and overseas store growth rates have maintained a good momentum, especially in important direct sales markets such as the United States and Canada. Through refining store models, scientific decision-making, strict selection of store openings, and cluster-based store openings, the operating profit margin of overseas direct sales stores has significantly increased year-on-year. The plan is to expand the China-US experience to the Southeast Asian market by 2026.

A：The gross profit margin has increased from around 27% in year 21 to the current level of 44%, thanks to the execution of overseas business, the increase in overseas income ratio, and the upgrading of the brand and solid implementation of the IP strategy. In the future, we will focus on balancing product quantity and price, adhere to innovation, cost-effectiveness, scarcity, quality-price ratio, and practicality, maintain the stability of the gross profit margin, and achieve better sales performance on this basis.

A：Total expenses in this quarter increased by 33.7% year-on-year, with an expense ratio of 27.6%, mainly due to significant growth in Stock-Based Compensation (SBC) caused by factors such as equity incentives. Sales expenses increased by 36.5% year-on-year, mainly due to increased investment in direct-operated stores, especially overseas stores. With refined operations and strict expense management, the growth rate of expenses for direct-operated stores has slowed down, but still exceeds the growth rate of income.

A：Yonghui Investment had an impact of approximately 146 million on net profit this quarter, which has been excluded in non-IFRS financial indicators. The effective tax rate for this quarter is 33.9%, compared to 24.8% in the same period last year, mainly due to the impact of equity incentives and losses from Yonghui Investment. If non-operating related items are excluded, the adjusted effective tax rate decreases to 22.8%. In addition, adjusted operating profit increased by 15% year-on-year, net profit increased by 11.7% year-on-year, and EPS earnings per share increased by 12.7%.

A：Currently, we are actively promoting store optimization work by expanding store areas, enhancing display spaces, and improving consumer experiences. The large store model not only provides a better shopping environment, but also can showcase more products and increase sales per square foot and revenue due to its larger size. For store renovations, we plan to gradually promote them, focusing on selecting suitable locations and implementing them based on lease agreements and new store locations. In addition, in the first three quarters of this year, we have successfully optimized over 200 stores, with significant sales growth, improved sales per square foot, and reduced rental costs, achieving a win-win situation for both the company and franchisees.

A：In the fourth quarter, we saw several key initiatives, such as the very successful ordering meeting in September, with record high order amounts and several categories breaking the billion mark for single products. All special zones achieved their best performance in history. In addition, through deep cooperation with IP partners, we innovatively launched multiple scarce and differentiated products that were warmly welcomed by the market. For overseas markets, we are confident, as our practice in the Chinese and American markets over the past year has proven our systematic understanding and effective strategies. We will continue to optimize store opening decision-making mechanisms, create differentiated store models, and replicate and promote these validated operational frameworks to more countries and regions through precise acquisition of matching and full-chain marketing resonance, in order to achieve long-term sustainable profitability and tap into the huge potential of the global market.

A：In the first three quarters of this year, through relocation or expansion optimization, our domestic store optimization work has achieved positive results, successfully optimizing more than 200 stores. The optimization samples of these stores show that their sales have significantly increased, the efficiency level has been maintained at a healthy level, and at the same time rental costs have decreased, achieving double growth in both company and franchisee revenue and profit. Therefore, store optimization will become a regular work in our channel expansion.

A：We believe that interest-driven consumption is currently the most trending and potential race track, where consumers not only pursue the practicality of products, but also value the aesthetic identity, social labels, and experience and spiritual satisfaction behind them. Based on interest-driven and emotionally connected consumer demands, there is stronger stickiness and premium space, which will become the core lever for brands to cross cycles and build differentiated competitiveness. The transformation to IP is not about giving up the original category advantages, but driving the dual wheels of AP and core categories, allowing the core capabilities accumulated over the years to unleash greater value. Miniso covers a variety of core supply chain resources in daily department stores, beauty stationery, aroma toys, and other categories, as well as mature multi-category product development capabilities, which is the scarcity barrier supporting the implementation of the IP strategy. The uniqueness of our business model lies in the ability to achieve full-scene penetration of IP empowerment, allowing the heat of IP to contribute to the sales of core categories, forming a healthy growth structure of essential categories, IP-driven categories, and profits.

A：Based on past experience, the average sales of single stores in the US market during the slow season of Q1 will be 10 to 20 percentage points lower than during the peak season of Q4, with corresponding decreases in average transaction value and order quantity. By implementing a strategy of opening stores throughout the year, completing the opening of all stores before the peak season, and operating with precise leverage, utilizing retail industry trends such as holiday peak spending, early planning, adequate inventory, and precise adaptation, we are able to transform seasonal fluctuations into growth opportunities, ensuring that even during peak retail periods like Q4, we can actively leverage seasonal advantages to achieve growth in performance.

A：Miniso will leverage its unique strengths, utilizing past experiences with authorized IPs and a vast IP matrix to empower each other. For example, the successful opening of the Canada flagship store is a key step in the global IP strategy, driving sales through high-quality stores and IP activities (such as the Yu Yu automotive surprise parade). The Mickey Ford bear family also made their overseas debut, breaking sales records for new stores opening in North America. With the help of global store resources, Miniso is successfully expanding its IPs overseas and steadily growing.

A：As of the end of June, 9 designer IPs have been signed, with another 16 to be signed in Q3. We are actively exploring highly potential original toy artists IPs globally to create a IP landscape for creative toys. Through small-scale trial sales and data iteration mode, adjusting design styles and categories based on market feedback, MINGCHUANGYOU can safely achieve steady growth of free IPs within the framework, avoiding the high input and high risk issues of traditional IP incubation. At the same time, MINGCHUANGYOU has built an IP ecosystem through store layout, IP image display, themed activities, etc., and the product itself is also an important part of strengthening IP value.