Miniso is a global value retailer selling trendy, affordable lifestyle products through two brands: MINISO and TOP TOY. MINISO is the flagship brand, selling a broad and frequently refreshed assortment of lifestyle goods, beauty products, and toys at an average price of around RMB 15 per item in China. A key feature of MINISO is co-branded products with licensed IPs such as Disney, Sanrio, and Universal, alongside a growing portfolio of proprietary IPs. TOP TOY, launched in 2020, focuses on collectible and designer toys (blind boxes, vinyl plush, model figures), targets a slightly older demographic, and carries higher average selling prices of around RMB 56 per item. As of end-2025, Miniso operated roughly 8,151 MINISO stores and 334 TOP TOY stores globally. Miniso uses three store models: a franchise-like Retail Partner model in China (its highest-margin, asset-light model); a distributor model for most overseas markets; and direct-operated stores in strategic markets like the U.S. and Europe. In China, Miniso is slowing net new store openings and shifting toward larger-format flagship stores ("MINISO Land") to drive higher average transaction values and same-store sales growth. Overseas, the U.S. is the largest direct-operated international market and the template for further expansion into Europe. TOP TOY is beginning its own international expansion and has filed for a separate Hong Kong IPO. Miniso also holds a 29.4% stake in Yonghui Superstores, a Chinese grocery hypermarket chain, acquired for approximately RMB 6.3B in early 2025.