MINISO Group Holding Limited

This is the base the whole company was built on. Revenue here crossed RMB 10 billion for the first time in FY2025, up 17% year over year. Store count growth in China is slower than overseas, so most new growth now comes from opening more stores per city and adding higher-price product lines, not from a fast-growing store count.这是公司起家的根基业务。FY2025财年，中国区收入首次突破人民币100亿元，同比增长17%。中国区的门店数量增速慢于海外，因此目前大部分增长来自于单城市门店加密和提高产品单价，而非门店数量的快速扩张。

• MINISO home and lifestyle goods名创优品家居生活用品 — everyday items like storage, bath, and stationery products, priced low and refreshed often.储物、洗浴、文具等日常用品，定价低廉且经常上新。
• MINISO beauty and personal care名创优品美妆个护 — makeup tools, skincare accessories, and travel-size personal items.美妆工具、护肤配件及旅行装个人护理用品。
• IP-licensed collectionsIP授权系列 — Disney, Sanrio, and other licensed character merchandise sold as limited runs.迪士尼、三丽鸥等授权角色周边商品，作为限量款销售。

This is the fastest-growing part of the company, up 29% year over year in FY2025. Growth comes mostly from new store openings in Latin America, Southeast Asia, and the Middle East, run through local franchise and distributor partners rather than company-owned stores. This model keeps MINISO's own capital spending low, but it also means MINISO depends on partners to pick good locations and run stores well.这是公司增长最快的部分，FY2025财年同比增长29%。增长主要来自拉丁美洲、东南亚和中东地区新开门店，这些门店由本地加盟商和经销商合作伙伴运营，而非公司直营。这种模式让名创优品自身的资本支出保持低位，但也意味着公司要依赖合作伙伴去选好店址、经营好门店。

• Franchise store network加盟门店网络 — MINISO supplies the goods and the store design; a local partner funds and runs the store.名创优品提供商品和门店设计，本地合作伙伴出资并运营门店。
• Distributor wholesale经销商批发 — bulk merchandise sold to a local distributor who then supplies stores in that market.批量商品销售给本地经销商，再由其向该市场的门店供货。

The smallest segment by revenue but the fastest-growing, up 95% year over year in FY2025. TOP TOY puts MINISO in direct competition with POP MART, a larger and more established collectibles specialist. This is a newer, less-proven business line than the core MINISO brand.按收入计是最小的业务板块，但增长最快，FY2025财年同比增长95%。TOP TOY让名创优品与规模更大、更成熟的潮玩专营商泡泡玛特（POP MART）直接竞争。相比核心名创优品品牌，这是一条更新、验证程度更低的业务线。

• Blind box figurines盲盒手办 — sealed boxes with a random collectible figure inside, sold as a repeat-purchase, collection-driven product.密封盒内装有随机款式的收藏公仔，属于依赖复购和集齐心理的产品。
• Licensed and in-house IP toys授权及自有IP玩具 — some figures use outside characters under license, others are TOP TOY's own designs.部分公仔使用外部授权角色，部分为TOP TOY自主设计款式。