MINISO (Minutes): It is expected that same-store sales in both China and the US will achieve double-digit growth in the fourth quarter.

The following are the minutes of MINISO's Q3 FY25 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to "MINISO: Revenue 'Money Printing Machine', Spending 'Paper Shredder'."

MINISO: Revenue "Money Printing Machine," Spending "Shredder"?

On the afternoon of November 21st, Beijing time, $Miniso(MNSO.US) $MNSO(09896.HK) Miniso (9896.HK) (MNSO.N) released its Q3 2025 earnings. By closing inefficient small stores and focusing on larger ones, the company's same-store revenue growth further expanded after turning positive in the second quarter. However, a concerning aspect is the increased expenses associated with store openings in the United States during the third quarter, which impacted the release of profits...

MINISO 3Q25 Quick Interpretation: Overall, MINISO's third-quarter performance was mixed. On the positive side, by closing inefficient small stores and focusing on larger stores, same-store sales growth further expanded after turning positive in the second quarter. However, on the downside, increased marketing and management expenses in the third quarter impacted profit margins. 1. Revenue in line with guidance midpoint: Domestically, by brand, benefiting from the improvement in same-store sales, the main MINISO brand grew by 19% year-on-year, with a trend of acceleration compared to the previous two quarters. TOP TOY, after an 87% high growth in the previous quarter, continued to perform well with a 112% year-on-year growth in the third quarter. Dolphin Research estimates that the average revenue per TOP TOY store has reached RMB 1.92 million (a 74% year-on-year increase). Overseas, despite a slowdown in store openings, overall growth slightly declined to 28%. However, the positive aspect is that same-store growth turned positive through focused store locations and localized operations. Ultimately, the group achieved total revenue of RMB 5.8 billion, a year-on-year increase of 28.2%, slightly exceeding market expectations. 2. Store count continues to rise: In terms of store openings, domestically, after closing a large number of low-efficiency stores in lower-tier cities in the first quarter, the number of stores resumed positive growth in the second quarter, and the pace of store openings slightly accelerated in the third quarter, with growth concentrated in lower-tier markets. Overseas, similar to the second quarter, the strategy shifted from a dispersed layout to focusing on densely populated areas in the United States (California, Florida, New York, etc.) for cluster store openings, enhancing scale effects through optimized logistics routes. 3. Increased spending on expenses: In terms of profitability, due to the increased proportion of low-margin, high-traffic, high-turnover daily necessities and seasonal promotional items in the third quarter, the gross margin slightly declined year-on-year. On the expense side, as MINISO is still in the expansion phase overseas (especially in North America), facing significant upfront investments in store openings, personnel recruitment, and brand promotion, both sales and management expense ratios increased in the third quarter. The adjusted net profit reached RMB 770 million, slightly below market expectations (RMB 810 million). $Miniso(MNSO.US) $MNSO(09896.HK)

TOP Financial Group Ltd. Relocates Headquarters to Singapore for Strategic Expansion

TOP Financial Group Limited has relocated its headquarters from Hong Kong to Singapore, specifically at 101 Cecil Street, Tong Eng Building. This strategic move is aimed at capitalizing on Singapore's strong financial sector and business-friendly environment. CEO Ka Fai Yuen stated that the relocation is part of the company's expansion plan in Southeast Asia, bolstered by the recent acquisition of a capital market services license from the Monetary Authority of Singapore.

Top Financial Group Ltd. Reports Increased Revenues and Net Income for Fiscal Year Ending March 31, 2025

Top Financial Group Ltd. reported total revenues of approximately $3.33 million for the fiscal year ending March 31, 2025, a significant decrease from $8.04 million the previous year. Futures brokerage commissions fell to $1.83 million, while trading solution service revenues decreased to $805,833. Trading gains from over-the-counter derivatives increased to $145,579, and interest income from loans rose to $832,724. The company faced trading losses of $1.42 million, reversing previous gains. Top Financial Group Ltd. aims to expand alternative investments and enhance multi-asset trading capabilities.