Artist IP CommercializationMiniso is expanding into proprietary IPs, with strong growth seen in products like 'Yoyo Jiang' and 'Nommi', which shows the company's ability to efficiently commercialize artist IPs.
China Market ExpansionThe company is focusing on quality expansion in China, with sales showing improvement and a positive growth trend in same-store sales growth.
Margin RecoveryThe US store efficiency improvements are expected to support sequential margin recovery.